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

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    BnkToTheFuture Makes A Strategic Investment In Blockpass
    BnkToTheFuture, a pioneering global online investment platform which has facilitated the investment ...

    September 23, 2020

    E-Commerce: Taking To The Skies With Drone Deliveries
    In the context of the e-commerce sector, the drive for digitization is reflected in the use of drone...

    September 23, 2020

    Maybank Expands Digital Lending With SME Digital Financing
    Maybank today unveiled its 10-minute approval digital financing solution for Small and Medium sized ...

    September 22, 2020

    A Podcast Interview With Todd McDonald
    Our Eighth Podcast in the ABR Podcast Series. Hello and Welcome Everyone To Another Installment in O...

    September 21, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us