Leading South Korean telecom firm adopts blockchain for carbon ambitions
A major South Korean telecommunication company, KT Corp, has outlined plans to create a fully electronic documentation service, utilizing blockchain technology to contribute to environmentally conscious ambitions.
The telecommunications firm currently provides around 90% of the nation’s fixed-line mobile networks, as well as a further 45% of broadband high-speed internet services.
The e-document venture titled “E-document Digital Transformation (DX) One Team” will be a collaborative effort between fourteen businesses with the established objective of reducing the network’s carbon emission output.
Once implemented, the initiative will digitize the entire tenure of the paper-based documentation process ranging from creation through to storage and finally customer distribution.
The numeral goal is to convert 4.5 billion paper documents into e-documents each year, considerably reducing carbon emissions by 129.6 billion tons.
In March 2020, the firm launched a blockchain-based platform called Paperless to support businesses and organizations in digitally creating and storing contract documents.
An official from KT Corp, Yoon Dong-Sik shared his views on the impact of the paperless system at the time:
“We expect KT Paperless Service to reduce corporate document management and costs so that it will improve the business process as well.”
Last week, we reported that supply chain management platform VeChain launched a similar blockchain initiative to support businesses in tracking and reporting their carbon production data.