KT Corp., a leading South Korean telecommunications company, is the latest company to enter the blockchain space, with plans to launch a blockchain-based e-document platform.
It is collaborating with 14 other organizations to develop the E-document Digital Transformation (DX) One Team, according to the press release. with the overarching goal of lowering carbon emissions
KT will develop a blockchain-based e-document platform based on the capabilities of its existing digital platforms as part of the project. From document creation to storage, distribution, and application, the platform will manage the entire document lifecycle.
The platform will also allow project participants to customize it by supporting a variety of e-document services.
The project’s initial goal is to convert 4.5 billion paper documents into e-documents per year, resulting in a reduction in carbon emissions of 129.6 billion tons per year.
In March of last year, the company launched another blockchain-based document platform dubbed ‘Paperless’KT, aimed at enterprise users and offering three services: contract creation, document registration, and electronic storage.
“We expect KT Paperless Service to improve the business process by reducing corporate document management and costs,” said Yoon Dong-Sik, a KT official.
The company created a document blockchain portal that does not require users to download any software or apps. Paperless was also built with APIs to integrate with existing document management systems.
Carbon emissions and blockchain
Carbon emissions have dominated the global environmental conversation over the last decade, and the emergence of blockchain technology has been viewed as a solution to the problem.
Organizations all over the world have been courting the technology that reduces emissions. For example, the European Union published a report indicating that the technology can track and report on reducing a value chain’s carbon footprint.