South Korea’s largest telecom firm KT implemented blockchain tech to prevent hacks of connected IoT devices.
KT Corporation, South Korea’s largest telecom firm, has launched its blockchain-powered fifth-generation (5G) network brand, local news agency The Korea Times reports on April 16.
Called “GiGA Chain,” the brand intends to boost the security of Internet-of-Things (IoT) devices and to protect them from cyberattacks, the report says.
As a part of the new brand, KT developed GiGA Stealth technology that prevents hacking attacks by hiding the IP addresses of the connected devices. According to the report, the blockchain-enabled tech makes IP addresses virtually invisible to hackers.
Lee Dong-myeon, president of the future platform business group at KT, said that the company decided to improve its assurance cybersecurity measures using blockchain amid the risks of the increasing hacking vulnerability of IoT devices associated with the 5G era. In the article, KT argued that hacking attacks on IoT devices account for 99% of overall hacking attacks.
As a part of the announcement, KT also introduced GiGA Chain Blockchain-as-a-Service (BaaS) that enables organizations to use blockchain-based applications and deploy key features of blockchain, including smart contracts, that allow companies to operate transactions without involvement by a middleman.
KT added that its blockchain tech can be used for the digitization of vouchers that local governments have issued to their residents. According to the report, the South Korean city of Gimpo has already been using the firm’s blockchain-based payment system since April. The project was first revealed in mid-February 2019, with Gimpo city planning to issue over $9.7 million worth of KT’s cryptocurrency, dubbed “K token,” per year.
Earlier in April, global market research store Research and Markets published a report claiming that international blockchain applications in telecom will generate $1.37 billion in revenue by 2024.
