KT Corporation, South Korea’s Largest Telecom firm recently launched its blockchain -powered fifth-generation (5G) network brand. The news was announced by local news agency The Korea Times.
Called “GiGA Chain,” the brand intends to boost the security of Internet-of-Things (IoT) devices and to protect them from cyber attacks,
the report says.
KT developed GiGA Stealth technology that prevents hacking attacks as a part of the new brand. The technology prevents hacking by successfully hiding the IP addresses of the connected devices. Per the report, blockchain-enabled technology makes the addresses invisible to hackers.
Lee Dong-myeon, president of the future platform business group at KT, said“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.”
As a part of the announcement, KT also introduced GiGA Chain Blockchain-as-a-Service (BaaS) which will enable organizations to use blockchain-based applications and deploy key features of blockchain. These also include smart contracts, that allow companies to operate transactions without involvement by a middleman.
KT further added that its blockchain tech can be used for the digitization of vouchers that local governments have issued to their residents. Per the report, the South Korean city of Gimpo has already been using the firm’s blockchain-based payment system since April. The project first came to light in mid-February 2019, with Gimpo city planning to issue over $9.7 million worth of KT’s cryptocurrency.
In another news reported by CoinMarketFeed, The Russian Prime Minister recently welcomed an initiative to tap blockchain in agreements over gas supplies by the country’s state-owned gas giant Gazprom.’
In the initial stages, the project will be tested solely by industrial customers. Also, per the report, Medvedev has endorsed Gazprom’s project. He claims that blockchain technology has great prospects in the Russian industry.
Medvedev also highlighted that the new initiative is of prime importance as it represents a real use-case of blockchain implementation. In early February, Gazprom’s oil subsidiary Gazprom Neft tested blockchain tech implementation in the supply chain of logistical resources.
Further, in 2018, Gazprom Neft established a partnership with a Russian subsidiary of Raiffeisen Bank International to issue a bank guarantee via blockchain.
In early March United Russia, the ruling party of the Russian Federation launched a blockchain-based platform for electronic voting. The federation also launched an upgraded website with the added function of e-voting. Vyacheslav Sateyev, the IT Head further mentioned that the vote-counting process will be implemented using distributed ledger technology.