Korea Telecom, leading mobile carrier of South Korea stated that it intends to deploy blockchain security solutions for its upcoming telecommunications system.
Seo Young-il, company’s chief researchers stated that “Future Internet”, a digital infrastructure project led by Korean Telecom will enable businesses and people reap awards for avoiding the data provided by Google or similar portal operators that have considerable influencing accessibility to the private data using own data and provide their own data in its place.
While talking to The Korean Herald, The Company’s blockchain center at the Institute of Convergence Technology head said, “With Block technologies, the data will stay protected from security violator, as the user will providing their own data on the basis of trust and don’t have to be dependent on the OTT business of third-party.
The end objective of Korean Telecom is to restructure the network infrastructure of South Korea with the help of blockchain technology in the coming few years. The company is also making preparation to introduce data roaming service based on blockchain by June with the cooperation of worldwide network operators such as Japan-based tech giant and from the US, Sprint. With respect to fintech, Korean Telecom has already integrated k-Coin which is cryptocurrency in its mobile coupon service. Youl-il stated that in fourth industrial revolution blockchain will be among the prime technologies in terms of digitalization.
In the present era, the blockchain technology has been deployed in the majority of the business processes leaving a productive effect on the operation efficiency and cost factor.