KT recently announced it has partnered with the Industrial Bank of Korea (IBK) and Bellsoft, an unmanned money exchange kiosk operator, to launch a currency exchange service based on blockchain. The service seeks to provide fast and secure transactions with a monitoring system.
“We are planning to demonstrate KT’s blockchain platform’s capabilities and excellence in various financial services sectors by jointly launching IBK’s unmanned exchange reservation service,” said Yoo Yong-kyu, head of KT’s Blockchain Business Center.
This blockchain-based money exchange service allows customers to make reservations for foreign currencies on a mobile application or PC before they receive money at unmanned kiosks at various locations such as hotels, shopping malls, bus terminals and airports.
According to KT, a blockchain platform is being developed to process transaction data transfer between IBK’s main network and unmanned kiosks operated by Bellsoft. The service avoids double transactions and malfunctions using blockchain to monitor the whole process.
Set for commercialization in 2020, the service will first be tested by the bank’s technology demonstration laboratory.
Newest Blockchain Project By KT
The blockchain-based currency exchange service is KT’s latest addition to its extensive blockchain initiatives. In 2018, KT announced that it had developed a blockchain protocol capable of 10,000 transactions per second. In March, the telecom giant rolled out the GiGA Chain Blockchain as a Service (BaaS) platform for enterprise blockchain applications.
Other blockchain projects by KT include its local currency platform, a blockchain solution to manage billing between telecoms companies for roaming, and a platform to authenticate halal food.
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