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South Korean telecom giant KT has launched its fifth-generation (5G) network-based blockchain technology brand "GiGA Chain,” The Korea Times reported.
The GiGA Chain Blockchain as a Service (BaaS) platform will allow organizations to use blockchain-based applications. It will enable companies to easily make use of blockchain technology and smart contracts, allowing them to exchange value (money, property, etc.) transparently and without the need for intermediaries.
Seo Young-il, senior vice president and head of blockchain biz center at KT, said that while many companies want to use the BaaS platform to enhance their security measures, they face many challenges in developing their own systems due to the dearth of blockchain developers and the huge amount of time and money required.
"To make more companies use this service, we recently completed the development of the GiGA Chain BaaS platform and launched it in March,” Seo said.
In addition of GiGA Chain, KT also launched related blockchain-based services which would help improve security and thwart cyberattacks on connected devices. The company has developed GiGA Stealth technology that will shield IP addresses of the connected devices by making them "invisible" to hackers, thereby preventing hacking attempts.
"The IoT devices have IP addresses, so hackers can easily find the addresses of these devices on search engines such as Shodan. The GiGA Stealth technology makes the devices virtually invisible by masking their IP addresses," Seo explained.
The company has launched its blockchain-based payment system, which is already being used by Gimpo City in Gyeonggi Province. Residents receiving local vouchers from the city can use the system to make payments.
"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.
"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.”
