KT Company, South Korea’s biggest telecom company, has introduced its blockchain-powered fifth-generation (5G) community logo, native information company The Korea Occasions stories on April 16.
Referred to as “GiGA Chain,” the logo intends to spice up the protection of Web-of-Issues (IoT) gadgets and to offer protection to them from cyberattacks, the document says.
As part of the brand new logo, KT evolved GiGA Stealth generation that forestalls hacking assaults by way of hiding the IP addresses of the attached gadgets. In keeping with the document, the blockchain-enabled tech makes IP addresses just about invisible to hackers.
Lee Dong-myeon, president of the longer term platform trade workforce at KT, mentioned that the corporate made up our minds to reinforce its assurance cybersecurity measures the usage of blockchain amid the hazards of the expanding hacking vulnerability of IoT gadgets related to the 5G technology. Within the article, KT argued that hacking assaults on IoT gadgets account for 99% of total hacking assaults.
As part of the announcement, KT additionally offered GiGA Chain Blockchain-as-a-Provider (BaaS) that allows organizations to make use of blockchain-based programs and deploy key options of blockchain, together with sensible contracts, that let firms to function transactions with out involvement by way of a intermediary.
KT added that its blockchain tech can be utilized for the digitization of vouchers that native governments have issued to their citizens. In keeping with the document, the South Korean town of Gimpo has already been the usage of the company’s blockchain-based cost gadget since April. The undertaking used to be first printed in mid-February 2019, with Gimpo town making plans to factor over $nine.7 million value of KT’s cryptocurrency, dubbed “Okay token,” in step with 12 months.
Previous in April, international marketplace analysis retailer Analysis and Markets printed a document claiming that global blockchain programs in telecom will generate $1.37 billion in income by way of 2024.
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