South Korea’s KT Introduces ‘GiGA Chain’ Blockchain Platform

May 9, 2019

South Korea’s KT Business Group recently announced the launch of “GiGA Chain” — a fifth-generation (5G) network-based blockchain technology — which is aimed at preventing cyber attacks and increasing security for devices connected to the mobile carrier’s network.

According to a report by The Korea Times, KT revealed that it has innovated a GiGA Stealth technology that will make the IP addresses of all devices “invisible” to cyber-criminals and hackers.

Lee Dong-myeon, President of KT, disclosed during a press conference at the company’s headquarters in Seoul that the company has resolved to devise high-assurance cybersecurity measures using its blockchain technology. As nearly all hacking attempts on devices connected through the Internet of Things (IoT) are carried out by anonymous hackers, its GiGA Chain is designed specifically to fight against these hacks.

Seo Young-il, Senior Vice President and Head of the Blockchain Biz Center at KT, said, “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.”

Moreover, KT revealed its GiGA Chain BaaS (Blockchain-as-a-Service) platform that will allow organizations to use blockchain-based applications. With this new platform, companies can utilize key features of blockchain technologies. Smart contracts top the list of useful applications of blockchain, as they enable companies to exchange services without the need for intermediaries.

One client of KT’s blockchain-enabled payment system is Gimpo City in South Korea’s Gyeonggi Province. The payment system allows residents to use local vouchers issued by the city to make payments via blockchain.

Source: www.koreatimes.co.kr

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