The South Korean giant Korea Telecom (KT) has officially announced that it plans to introduce a new communications system based on the blockchain technology.
The KT mobile giant’s project has been entitled “Future Internet” and has as a basic concept rewarding customers for their support offered to the company rather than to remunerate a virtual portal, such as Google.
Being asked by The Korean Herald, the head of the KT’s blockchain center at the Institute of Convergence Technology stated that:
“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.”
However, the main reason why Telecom is getting involved in such a venture project is to develop the South Korea’s infrastructure. They want to redefine the country’s economic system by using a security technology in order to digitize information and managing them more efficient.
Telecom is set to improve its mobile data roaming service. It will be designed on digital blocks and is expected to be launched by June 2018. The company works in collaboration with Sprint and Softbank giants in order to install the K-Coin network in the reward service.
“Blockchain will put an end to the current internet era and open a new one providing ‘super’ security and greater value for data”, according to The Korean Herald.
The project seems to have a significant potential. Being the most influential mobile company in South Korea, Telecom will be able to fidelize its customers with the new service for sure.