South Korean telecoms giant KT has unveiled details of its highly anticipated blockchain platform. The company says it is the “world’s first to apply blockchain technology to a commercial network,” and will be capable of handling 100,000 transactions per second by 2019.
KT has been working on a blockchain-powered energy trading network since earlier this year.
TV channel KBS reports that the trading platform will allow South Korean energy traders to sell electricity to Korea Electric Power Corporation (KEPCO), the largest electric utility company in the country, with peer-to-peer sales also enabled. KT officials say that traders will be able to make real-time energy sales via the platform, which will become operational before the year’s end.
Per Kukmin Ilbo, KT is also planning to make its platform available to the owners of electric vehicles (EVs).
The company also says its blockchain platform is “hack-proof” (as it does not expose users IP addresses), and plans to use its product in conjunction with its telecoms operations. KT says it will use the platform to allow customers to settle roaming charge fees in real-time, and states that it has begun pilot schemes in South Korea, China and Japan.
KBS reports that Seoul has also given its blessing to forthcoming blockchain-powered platforms that will enable livestock management, the issuing of mortgages and the management of medical information.
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Author: Tim Alper
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