South Korea's leading mobile carrier, Korea Telecom (KT), said Tuesday that it plans to use new telecommunications system powered by blockchain security solutions.
KT's digital infrastructure project, dubbed "Future Internet," will let people and businesses earn rewards for using their own data instead of portal operators like Google, which currently monopolize access to private data, said one of the company's chief researchers, Seo Young-il.
Speaking to the The Korean Herald, the head of the company's blockchain center at the Institute of Convergence Technology said:
"By using blockchain technologies, data will be secured from hackers 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 end goal is for KT 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 reportedly said that "blockchain will be [among the] central technologies for digitalization in the 'fourth industrial revolution.'"
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