KT Corporation, the biggest telecommunications company in South Korea, has announced its plans to introduce a blockchain-as-a-service (BaaS) platform in March 2019.
The company recently unveiled the concept of the innovative platform to prospective clients, disclosing that KT is looking to enhance the implementation and accessibility of blockchain-based services in the country.
The move comes after the company in July 2018 launched a commercial network through its Blockchain Center, offering blockchain-based data security and transparency for individual and corporate clients.
Local news outlet iNews24 reported that Seo Young-il, Senior Vice President and Head of KT’s Blockchain Center, said, “The KT BaaS platform will lower barriers to entry into the blockchain sphere and build an ecosystem that can grow with its partners.” He affirmed, “We will be further developing the blockchain industry in South Korea.”
The company said that 43 companies had attended the platform announcement. All clients reportedly demonstrated interest in exploring how the adoption of blockchain technology may enhance their business operations.
The South Korean government has shown signs of interest in developing blockchain technology, as well as promoting the adoption of blockchain-based applications for businesses in the country. Recently, the administration announced that the government will allocate $1 billion to fintech and blockchain startups by 2022.
Meanwhile, KT is reportedly seeking to expand its operations, with plans to develop and introduce its own cryptocurrency in Gimpo city, Gyeonggi Province. With news that the company might launch the crypto this April under the name K Token, analysts forecast the cryptocurrency will have an annual issuance of approximately 11 billion won or $9.8 million.
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