South Korea's top telecom company, KT, introduced "Network Blockchain", a blockchain system applied to a commercialized telecom network, claiming it is the world's first commercialized blockchain network.
The blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers or personal computers operated by individuals, countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.
KT said Tuesday that its Network Blockchain would be utilized in the verification of personal information and energy management. The company plans to increase the number of transactions made per second (TPS) to 100,000 by 2019 from the current 2,500 by using its super-fast internet connection.
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