KT SAT, South Korea’s Satellite Operator Wants to Introduce Blockchain Into The Industry

By Rishma Banerjee

As per reports from the local newspaper EDaily on Friday, Nov. 23, KT SAT, South Korean satellite operator which has been for 50 years Korea’s one and only operator is interested in exploring the avenues in which blockchain could be incorporated within the satellite industry.

KT SAT has plans to bring blockchain and cybersecurity companies together via their new workgroup, the KT SAT Eco Alliance, so as to facilitate reseach about how blockchain can be integrated into their satellite technologies. The alliance aims to bring together companies focusing on the Internet of Things (IoT), cybersecurity, 5G, as well as distributed ledger technologies (DLT) such as blockchain.

KT SAT, which launched two satellites in 2017 provide the resources of the group by being a member of KT group. The coverage, they claim, have become wider now, providing differentiated satellite communication services globally to their many customers and partners.

The company, is owned by South Korea-based telecommunications company KT Corporation. They are now planning to expand their field by enabling events, workshops, and seminars about IT tech fields like password security, the blockchain, and maritime satellite communication.

CEO of the company Han Won-sik is of the opinion that marketing is another very important aspect for the company to focus on at the moment. He said,

“In order to lead the domestic and global satellite market, we must continue to search for new services through new ICT convergence…we will look for business opportunities that can provide total solutions and platform services.”

However, they are not the only space company to be dabbling into blockchain technology. Blockchain company Consensys acquired space startup Planetary Resources, recently in a partnership that promises to bring blockchain technology into space in an effort to “democratizing and decentralizing space endeavors to… unlock untapped human potential.” Planetary Resources, Inc., formerly known as Arkyd Astronautics, is an American company founded in 2009 whose main goal is to “expand Earth’s natural resource base” by developing and deploying the technologies for asteroid mining.

ConsenSys Founder and Co-founder of Ethereum Joe Lublin spoke about the acquisition and said,

“Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution.”

Another company to recently launch the world’s first Venture Capital crypto fund dedicated to the space sector is Spacebit Capital, who has future plans to tokenize commercial space missions.