South Korea’s Telecom Giant KT Launches Blockchain Platform for Contracts!
South Korea’s largest telecommunications conglomerate, KT, is launching a blockchain platform for contracts named KT Paperless.
The platform allows users to build, distribute, and store electronic contracts. Once contracts have been uploaded on the KT Paperless blockchain, users can check and track whether they’ve been modified or tainted.
KT Paperless targets academies, hospitals, and gyms
KT Paperless is targeting institutions that have various contractual interactions with customers, including academies, hospitals, and gyms. Due to the restricted scaling capacity of its blockchain, up to 5,000 contracts can be produced per day on the platform.
The idea of unalterable contracts on the Paperless platform is similar to registered mails, in that users can check when a contract is opened, viewed, and signed. The timestamp technology, which is used by virtually every major enterprise-grade blockchain network, enables accurate tracking of user activity.
Soon, KT will also allow users to upload paper contracts to the KT Paperless blockchain network, utilizing it as a storage platform. KT Paperless users will be directly aided with consumer support from KT’s Internet Data Center (IDC), and the corporation plans to roll out more products on the blockchain platform in the upcoming months.
“KT Paperless will reduce the labor and costs involved in dealing with contract storage for both corporations and individuals,” Yoon Dong-Sik, business manager at KT Cloud/DX, stated.
South Korean corporations are stepping up blockchain initiatives
Attempts to implement blockchain technology by South Korea’s top financial institutions and conglomerates adjust with the central government’s idea to be at the vanguard of commercializing blockchain technology.
In January 2020, Samsung’s information technology subsidiary, Samsung SDS, built a blockchain service on top of the firm’s native enterprise blockchain for insurance payments and contracts.
The announcement of KT Paperless comes soon after KB Kookmin Bank’s entrance into the cryptocurrency custody market, as South Korea increasingly welcomes cryptocurrency and blockchain technology.
It also follows KT’s collaboration with the government of Busan to develop a local digital currency for department stores, supermarkets, and small retailers.
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