Leading South Korean telecommunication firm KT Corp. is the latest entity to venture into a blockchain with plans to launch an e-document platform powered by the technology.
According to the press release, it is partnering with 14 other entities to develop the E-document Digital Transformation (DX) One Team’ with a broad goal of reducing carbon emissions.
Under the project, KT will establish a blockchain-based e-document platform by building on the abilities of its existing digital platforms. The platform will handle the lifecycle of the documents from creation, storage, distribution, and application.
The platform will also enable customization for the participants in the project with support for a variety of e-document services.
The project’s initial target is to convert 4.5 billion paper documents into e-documents per year, translating to lowering carbon emissions by 129.6 billion tons annually.
In March last year, the company launched another blockchain-based document platform dubbed ‘Paperless’KT targeting enterprise users offering three services, including drawing up a contract, registration of the document, and electronic storage.
“We expect KT Paperless Service to reduce corporate document management and costs so that it will improve the business process as well,” said Yoon Dong-Sik, an official from KT.
The company established a portal for its document blockchain that does not require users to download any app or software. Furthermore, Paperless was designed to integrate with existing document systems using APIs.
Blockchain and carbon emissions
Over the past decade, carbon emission has dominated the global environmental conversation, and the emergence of blockchain technology has been viewed as an option to handle the issue.
Globally, organizations have been courting the technology curbing emissions. For instance, the European Union published a report indicating that the technology can track and report on reducing the carbon footprint across a value chain.