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16 December
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Asia

KT launched its fifth-generation 5G network-based blockchain technology

System help prevent cyber attacks and pay for your buying

Photo: KT

/NOVOSTIVL/ KT launched its fifth-generation (5G) network-based blockchain technology brand "GiGA Chain" and related blockchain-based services that can enhance security and help prevent cyberattacks on connected devices, the mobile carrier said Tuesday. This article appeared in The Korea Times.

While the number of internet of things (IoT) devices are expected to grow to 30 billion by 2021 thanks to the enhanced connectivity of 5G, KT said blockchain technologies are essential to ensure the safety of the connected devices.

To offer high level security technologies in the 5G era, it developed a GiGA Stealth technology that literally makes IP addresses of the connected devices "invisible" to hackers.

Given 99 percent of hacking attacks on the IoT devices are conducted by anonymous hackers, KT said its GiGA Stealth technology will be effective to prevent those hacking attempts.

Gimpo City in Gyeonggi Province has already been using the firm's blockchain-based payment system starting April. Residents who receive local vouchers from the city can make payments using the system.

"Gimpo is scheduled to issue a total 11 billion won ($9.7 million) worth of local vouchers for its residents in 2019. Korea is expected to issue overall local vouchers worth 2 trillion won ($1.76 billion) in 2019, and we expect more regional governments to adopt KT's blockchain-based payment system that is convenient and safe," Seo said.

KT said its blockchain-based payment system can benefit both users and merchants.

"Users are just required to download the mobile app and present a QR code to sellers. Business owners had to visit local banks to exchange vouchers for real money but they can avoid those hassles by using KT's blockchain-based payment system," he said.

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