South Korean telecom giant KT to build blockchain-based donation service

South Korean telecom giant KT has announced its plans to develop a blockchain-based peer-to-peer donation platform, ZDNet reported.

The platform will be developed in collaboration with affiliate KT Group Hope Sharing Foundation. It will be a private blockchain managed by KT’s central server and will be initially used in the donation affiliate. The company plans to eventually launch the service as a full public blockchain.

Using the blockchain solution, members will be able to track how and where their donations are used.

According to the report, KT is going to trial the blockchain platform in a donation program for Laos children this year. It plans to upgrade the platform in 2019 to enable members to make their donations directly to the recipients.

KT is operating a blockchain taskforce since 2015 and recently showcased a blockchain-powered commercial network, capable of handling 2,500 transactions per second (TPS). In August, it partnered with Shinhan Bank to develop a blockchain platform with the goal of leveraging local governments' recent efforts to introduce digital vouchers.