- South Korean telecom, KT, recently announced the launch of its new blockchain platform.
- The platform, called KT Paperless, will target institutions with many contractual interactions with consumers.
- In the future, the company plans to allow the upload of paper contracts, as well as to roll out more blockchai
The blockchain industry has surged quite a bit in South Korea. and many new businesses have announced blockchain initiatives. The most recent one seems to be the country’s largest telecom, KT. The company has launched a blockchain platform meant for contracts, calling it KT Paperless.
Abandoning papers for blockchain
The name itself reveals the goal behind the project. That goal is is to cut the use of paper by relying on the blockchain. The platform will record and safely store all data, with no need to rely on paper contracts anymore.
Users will have the ability to create, distribute, and store contracts in their electronic form. After uploading them, users can verify the contracts and keep track of them at any time. This will allow them to ensure that contracts were not manipulated in any way.
But, launching the platform is only the first step. Next, KT Paperless plans to target various institutions with many contractual interactions. This will include things like gyms, hospitals, academics, and many others.
While the platform certainly has a valuable use case, it is also limited by its scaling capacity. As it is right now, it can only create around 5,000 contracts per day.
Even so, the technology could potentially be game-changing, and still relatively familiar to the users. The concept of unalterable contracts itself is not new. In fact, it is similar to registered mails, as it allows users to see various details. But, thanks to the timestamp technology, it allows for precise tracking of any activity.
KT Paperless already has plans for the future
The company’s long-term plans are to start allowing users to upload even paper contracts to its blockchain. That way, the network can start serving as a storage platform for old contracts. Meanwhile, the users of KT Paperless will also have help from KT’s IDC (Internet Data Center).
The company will introduce other products on its blockchain platform in due time. Its business manager, Yoon Dong-sik confirmed as much. He revealed that “KT Paperless will reduce the labor and costs involved in dealing with contract storage for both corporations and individuals.”
As mentioned, the move comes after South Korea’s government decided to commercialize blockchain. The whole country is embracing this and crypto technology. Multiple high-profile businesses are already making similar moves.