KT announced on November 5 that it has developed a blockchain-based digital asset management system that increases efficiency of business processes by applying blockchain technology to its internal IT asset management system.
Through the system, KT was able to share its inspection contracts and results with its partners in real time, reducing the maintenance of its IT assets from two weeks to less than a week.
In addition, blockchains were applied to software license management systems utilized in the enterprise, which automated the software use application and approval process. It used to take about two days to complete the application process, but now it can be used simultaneously with the application.
Based on this know-how, KT is planning to commercialize next-generation digital asset management solutions that enable secure distribution of corporate IT assets such as exchange of electronic documents and software usage.
"KT blockchain-based digital asset management system is a successful example of how companies distribute and manage digital assets through blockchain technology," said Seo Young-il, director of KT Convergence Technology Center. "We will develop this technology to expand into various areas, including exchange of electronic documents between companies, management of real assets, and prevention of illegal use of IT assets,"