Korea Telecom, which is the leading mobile carrier in South Korea, said on Tuesday about its plans to use new telecommunications system powered by blockchain security solutions.
The digital infrastructure project, called "Future Internet," will help people and businessmen to earn profits for using their own data instead of portal operators like Google, which monopolize acess to private data at this moment, according to the company’s chief researcher Seo Young-il.
The head of the company’s blockchain center at the Institute of Convergence Technology said they will be able to secure data from hackers by using blockchain technologies as transmitted through the unforgeable blockchain network and users will be transmitting their own data with one another based on trust with no need to rely on third-party OTT businesses.
The final purpose for Korea Telecom is to rebuild South Korea's network infrastructure using blockchain technology over the next few years.
KT is preparing to launch a blockchain-enhanced data roaming service by June, cooperating with global network operators such as US-based Sprint and Japan's tech giant Softbank. With regards to fintech, KT already incorporated the cryptocurrency platform K-Coin into its mobile coupon service.
Young-il said, that blockchain technology will be in the center among digital technologies during forth industrial revolution.