The move to bring blockchain beyond cryptocurrency confines — and toward more commercial use cases — continues, with far-flung projects making headlines. In the telecom world, South Korean firm KT said it has applied blockchain to its commercial network.
The telecom, as reported by ZDNet, has built nodes that have brought blockchain to its national network, specifically its “ultra-fast” offering that is tied to processing speed. The move will bring processing speed from the current 2,500 transactions per second to as many as 10,000 transactions per second.
That rate will reach 100,000 transactions next year, according to Seo Yeong-il, who serves as the head of the company’s Blockchain Center. He said at a press conference that “public blockchains have low processing speed and capacity, while private blockchains have low transparency.
By applying blockchain onto our ultra-fast network, we have overcome both obstacles.” The company has also applied blockchain technology to help protect consumers, by helping security tied to internet access. The firm stated that instead of relying on an IP address, the telecom will have identification (ID) layers that correspond to each address, based on blockchain.
KT will use blockchain to come to bear on the energy market, this time in tandem with cryptocurrencies. In this case, cryptos will be used for tax returns and municipal payments. Read more from pymnts.com…
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