[Courtesy of KT]
SEOUL -- South Korea's largest telecom company, KT, developed a new blockchain-based verification system to calculate international roaming charges in real-time. The company hopes to see its Smart Contract technology standardized as a next-generation system.
Current roaming services allow people to use their own phones when traveling overseas, but billing cannot be processed in real-time as data must be verified by clearing houses which work on behalf of telecom companies to compare and check roaming data.
The process takes about 30 days and requires telecom companies to pay for verification. Because of the complicated process, it is hard for users to take appropriate action if they receive miscalculated bills.
KT said in a statement on Wednesday that its new technology uses a network of blockchain to verify and charge roaming fees in real-time.-time. Blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.
reporter
Park Sae-jin
swatchsjp@ajunews.com
