Tapping Into New Business Opportunities
KT, Korea's leading telecom company, will apply blockchain technology to Internet of Things (IoT) security and regional currency projects. In addition, the company will also enter the blockchain service platform (BaaS) business to help companies easily use blockchain technology.
KT unveiled its blockchain brand “GiGA Chain” and introduced its key strategic blockchain projects in a meeting with reporters at KT Square in Gwanghwamun, Seoul on April 16. Its blockchain projects included “Giga Stealth,” a security solution for the blockchain IoT; “Giga Chain BaaS,” a cloud-based platform for blockchain development; and “Good Pay,” a blockchain-based regional currency platform.
Giga Stealth safeguards home electronics products that are connected to the Internet of Things. KT presented a vision to solve the security instability of IoT services which will grow explosively in the 5G era. KT will first apply Giga Stealth to 5G networks. The company plans to foster a blockchain network market by applying Giga Stealth to the B2B IoT market.
Users can freely set conditions of Good Pay, a local currency platform, such as areas, companies and periods by using distributed ledger technology and smart contracts of blockchains.
KT will also provide Giga Chain BaaS which helps companies without blockchain technology to easily develop blockchain services.