KT Corporation Launches Blockchain Platform to Store Contracts

South Korea's largest telecommunications company, KT Corporation, is launching a blockchain platform to store contracts. The KT Paperless blockchain platform is designed for paperless storage of documents, focused on institutions that have great contractual relationships with customers — hospitals, educational institutions, gyms. The platform allows users to create, distribute and store electronic contracts. Due to the limited scalability of the blockchain, up to 5,000 contracts per day can be created on the platform.

Business manager at KT Cloud/DX, said

«KT Paperless will reduce the labor and costs involved in dealing with contract storage for both corporations and individuals».

The concept of unalterable contracts on the Paperless platform is similar to registered mails: users can check when a contract is open, signed and viewed. The technology of time stamps, which is used in almost every large enterprise-grade blockchain network, allows you to accurately track user activity. The corporation intends in the coming months to roll out more products on the blockchain platform.

Image courtesy of Coinrussia

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