KT Corporation Launches Its Blockchain-Based Platform for Contracts
KT Corporation, the giant South Korean telephone company, has launched a platform for contracts dubbed KT Paperless.
The blockchain technology-based KT Paperless will be a document integration platform that will allow its users to formulate and distribute contracts. It will serve as their storage point from where they can see activities such as opening, signing, or alterations on the contracts, using the timestamp technology.
Users can also confirm whether they sent documents, confirm the receipt and viewing times, and notices on electronically signed documents received via electronic signature.
The platform will especially be helpful for users who want to sign several contracts using the same forms. The corporation revealed that the document integration infrastructure could create up to 5,000 contracts at a time.
KT Paperless will follow an ID verification subscription model in the form of an already existing contract. Users will register on mobile devices, following a process similar to the normal postal registration.
Their documents will remain in the mailbox for three months, but those with longer storage requirements will move to the blockchain-based storage.
The platform will support the storage of both electronic and paper documents. The original copy is assigned a hash value and stored in the blockchain storage. It will serve as the backup to be retrieved if the documents are lost or required as proof.
According to the corporation’s KT Cloud executive, the conglomerate expects the platform to cut costs significantly by simplifying document, enterprise, and personnel management.
They will also be introducing other electronic services centered on the management of documents like receipts and certificates using a paperless platform.
KT Paperless is notably not the only blockchain-based innovation for the telecommunication guru. They had earlier introduced a blockchain-based fifth-generation network brand called GIGA Chain.
Finance Yahoo reported that KT Corporation’s GIGA Chain project intended to protect devices by strengthening the Internet of Things’ security.