South Korea’s largest telecom company KT Corporation, has launched its 5G (fifth generation) network brand that is powered by Blockchain technology. This is according to a Korea Times report on April 16th.
Codenamed as GiGa Chain, the integration of the Distributed Ledger Technology on the 5G network aims to provide fool-proof security for Internet-of-Things (IoT) devices that will be using the service.
About GiGa Chain
GiGa Chain is developed using the GiGa Stealth technology that hides IP addresses of connected devices on an Internet of Things system. This is the best approach to preventing cyber-attacks as IP addresses are usually used by hackers to identify victims of online attacks.
According to the full report, the integrations of DLT on the GiGa Chain platform will ensure that the hackers will not be able to view any IP addresses on an IoT network. This is because Blockchain technology has key privacy and anonymous features that use Cryptography to code entries on the ledger.
Blockchain Reduces Vulnerability Of IoT Systems
The president of KT’s future platform business group Lee Dong-myeon reveals that KT decided to adopt Blockchain technology since it is ideal for reducing the vulnerability of IoT systems. In the 5G era, Leon notes that Internet of Things devices are targeted by hackers 99% of the time, and it is, therefore, crucial to fortify the infrastructure to guarantee cybersecurity.
KT Also Launched Its BaaS Solution
The announcement also reveals that the South Korean telecom giant has rolled out the GiGa Chain BaaS (Blockchain-as-a-Service) solution. This is a service that allows individuals and organizations to create Blockchain-powered platforms that have key features of DLT such as smart contacts, decentralization, on-platform Tokens, peer-to-peer capabilities, privacy, permissioned access, etc. and to deploy them for clients to use.
It is expected to play a crucial role in ensuring that the rate of Blockchain adoption surges so that DLT can revolutionize traditional industries such as e-commerce, finance, remittance, and many more.
KT’s Blockchain Technology Is Attracting Users
The integration of Blockchain technology with the 5G network on the GiGa Chain and the creation of the GiGa Chain BaaS cases are not the first instances of KT’s use of Blockchain to offer different solutions.
In mid-February 2019, the KT Blockchain team deployed a DLT system that allows digitization of vouchers that South Korean local governments issue to some residents. The city of Gimpo has been using the blockchain-based payment system from April 2019 where $9.7 million worth of KT’s cryptocurrency-K Token- are set to be issued over the next year.
Blockchain Adoption Is On The Rise In The Telecoms Industry
In early April, Research and Markets, a global market research store, published a report showing that the telecoms industry’s Blockchain applications are set to rake in $1.37 billion in revenue in the next 5 years.
On the other hand, 5G technology is an emerging digital cellular solution that offers superfast connectivity. It can be offered by different Internet Providers such as KT from where IoT users can adopt it. Blockchain technology is vital in securing the system as is evident in GiGa Chain’s model.