KT Confirms Blockchain Patents

Major telecoms firm KT in South Korea has applied for a number of patents with blockchain technology. These patents have been applied for over the course of the past few months and range fairly widely in their intended use cases.

The two patents were for Blockchain-based transportation fare payment system and method on August 14th last year and on February 24th this year, a patent application was filed about a payment and settlements system for transportation fees.

The blockchain-based transportation payment process relates to a system for processing payments using cryptocurrency, local currency, mileage, and other types of digital rewards. Additionally, the payment system aims to prevent the leak of confidential personal information and individual transaction details.

There are also pending patents for claims payments. KT filed for a patent on June 28th, 2018 titled “Devices and methods for paying insurance based on isomorphic encryption and blockchain.” This patent was published on January 8th this year.

These recent applications coincide with an apparent game plan from KT regarding their blockchain applications that are already in action across South Korea. Just last month, KT announced a local payment solution with blockchain technology in Iksan City called Dairoam. That payment solution is meant to boost Iksan’s local and internal payments ecosystem by supporting local businesses and consumers with a generous incentives program. The reduced cost of utilizing blockchain for payments and settlements systems is supposedly being returned to the end users in Iksan who enjoy a 10% payback when adding money to the system.

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