South Korean Telecom Giant, KT Launches Blockchain-Based Platform for Contracts

News / 30.03.2020

South Korea’s Telecommunications giant KT has reportedly launched a blockchain-based electronic document integration platform for contracts called KT Paperless.

This blockchain-based solution will enable users to create, distribute, and store contracts. Also, once contracts have been uploaded onto the platform, the users can as well use it to check when they have been opened, signed or altered.

KT Paperless Electronic Contract is a service that subscribes via identity verification in the form of a pre-existing contract. When signing the contract, the solution checks for alterations through time stamping authority (TSA).

The KT Paperless solution is particularly useful for signing multiple contracts of the same form, such as franchise contracts or work contracts, or for signing multiple contracts at once. According to the company, as high as 5000 contracts can be created at a time.

The electronic registration is done on mobile, with the same effect as postal registration. It is stored for three months in the subscriber’s electronic mailbox. However, documents requiring long-term storage can be transferred to a blockchain-based document storage.

Electronically signed contracts or public agency notices can be sent by electronic signature. Users can also verify whether they have sent and received documents, as well as the viewing time.

The KT Paperless Electronic Document Storage electronically stores both paper documents and electronic documents, while keeping the original copy in blockchain storage. The encrypted hash value and the original copy are kept together, which is retrieved when the documents are lost or require proof.

According to Dong-Sik Yoon, head of KT Cloud, the company expects KT Paperless Service to reduce costs and change business processes by reducing the document management, as well as management of enterprises and individuals.

Going forward, the company is also planning to introduce various electronic document-based services such as electronic certificates and electronic receipts, based on the paperless platform.

Featured image courtesy of KT – [KT SAT Photo]. Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.