South Korea’s Telecom Giant KT Launches DLT-Powered 5G Brand to Prevent Hacks
Helen Partz's original article for cointelegraph.com reduced by 41%
KT Corporation, South Korea's largest telecom firm, has launched its blockchain-powered fifth-generation network brand, local news agency The Korea Times reports on April 16. Called "GiGA Chain," the brand intends to boost the security of Internet-of-Things devices and to protect them from cyberattacks, the report says. As a part of the new brand, KT developed GiGA Stealth technology that prevents hacking attacks by hiding the IP addresses of the connected devices.
Lee Dong-myeon, president of the future platform business group at KT, said that the company decided to improve its assurance cybersecurity measures using blockchain amid the risks of the increasing hacking vulnerability of IoT devices associated with the 5G era. In the article, KT argued that hacking attacks on IoT devices account for 99% of overall hacking attacks. According to the report, the South Korean city of Gimpo has already been using the firm's blockchain-based payment system since April.
Earlier in April, global market research store Research and Markets published a report claiming that international blockchain applications in telecom will generate $1.37 billion in revenue by 2024.
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