KT Will Develop The Platform For Donations P2P Based Blockchain

KT will develop a blockchain-based peer-to-peer (P2P) donation platform, the South Korean telecommunications operator said.

State-owned firm KT is South Korea’s first telephone company and as such it dominates the local landline and broadband Internet market, serving about 90 percent of the country’s fixed-line subscribers and 45 percent of high-speed Internet users.

A  cooperation agreement has been signed with KT Group Hope Sharing Foundation for the joint development of the platform.

The Fund will allow members to track how and where their donations were spent, and the service will be a private blockchain managed by a Central KT server.

KT will test the blockchain for the first time in the Laos children’s donation program planned for the next year. It will update the service to allow members to donate directly to recipients.

The telecommunication company hopes that the provision of direct donations will increase the number of recipients and will facilitate further donations.

In July, the company applied the blockchain to its commercial network and said it would reach 100,000 transactions per second by next year.

KT also used blockchain in its mobile gift card service. In addition, the TV company plans to use them to pay utility bills.