A blockchain technology-based fifth-generation (5G) network brand called GiGA Chain along with related blockchain-based services can enhance security. They can’t just only enhance security but also help in preventing cyber attacks that happen on connected devices.
On 16 April 2019, the telecommunications service provider of South Korea KT Corporation who has introduced the brand. The provider has also introduced the services.
It is expected that the internet of things (IoT) devices will increase more by 2021. It is important to ensure the safety of the devices and the blockchain can provide a safety assurance to the devices.
A technology called GiGA Stealth technology is built using the blockchain. Anonymous hackers attack more to the IoT devices. Hacking attempts can be prevented through the technology because the technology makes IP address an invisible to hackers.
KT Corporation has also introduced a platform called GiGA Chain Blockchain as a Service (BaaS). The main purpose of introducing the platform is to help organizations in using those applications which are based on the blockchain technology. Digital assets such as money, property or anything of value can be exchanged through smart contracts. The digital assets can be exchanged in a transparent way without the involvement of intermediaries. The smart contracts can be handled through the platform.
KT Corporation is considered as the largest telephone company across South Korea. It was established on 10 December 1981. There are three segments of this company viz., the Customer/Marketing Group, the Finance Business Group, and the Others Group. The purpose of the Customer/Marketing Group is to offer various telecommunication services. The purpose of the Finance Business Group is to offer various financial services. Services such as information technology & network services, global business services, and satellite television services are included in the Others Group, according to the LinkedIn account of Reuters.
Local governments of South Korea issue local vouchers to their residents. The vouchers can be digitized through the blockchain of KT corporation.
Gimpo is a city situated in Gyeonggi Province, South Korea. The city is using a blockchain technology-based payment system of the KT corporation. Only those residents can pay through the system who receive the vouchers. It is stated that not only users but also merchants can benefit from the system, Korea Times reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]