South Korean media reports revealed that South Korea’s leading telecom company, KT Corporation, recently embarked on its 5G network brand, powered by blockchain. The brand dubbed as “GiGA Chain” launched the brand to aim at boosting the sanctuary of the Internet-of-Things (IoT) devices and to provide a shield against expected cyberattacks.
KT has advanced the GiGA Stealth technology which potentially averts bouts from hackers by hiding IP addresses of the devices connected. In accordance with the report, blockchain-enabled technology marks IP addresses fundamentally undetectable to hacking attackers.
President KT, Mr. Lee Dong-myeon, stated that the firm is determined to ameliorate its cybersecurity dealing methods by means of blockchain technology. The perils of the swelling hacking susceptibility of the IoT devices are linked with the 5G age. KT claimed that the hacking attacks on IoT devices comprise 99 percent of total hacking attacks.
Additionally, KT has also announced GiGA Chain Blockchain-as-a-Service (BaaS) which permits organizations to use blockchain-based applications and install vital features of blockchain technology, i.e., smart contracts, which let companies operate dealings without involving any broker.
KT claims that its owned blockchain technology is useful for local government who want to pursue voucher digitization. The report states that the reimbursement system is already under use in Gimpo- a South Korean city. The venture was first publicized in the mid of February 2019. Gimpo city is forecasting to issue cryptocurrency named “K token” worth almost ten million dollars ($9.7m), every year.
During the month of April, the media has circulated information that stated that the global blockchain based technology applications in the telecom sector alone are expected to generate a herculean amount over one and a quarter billion dollars ($1.37) by the year 2024.