South Korea’s leading telecommunications company, KT Corp, is becoming the latest firm to join the blockchain movement by leveraging this technology to launch an electronic document platform. Not only does this initiative aim to reduce costs associated with paperwork, but it could also help limit greenhouse gas emissions into the environment.
According to the company’s press release, they are collaborating with 14 other entities to develop the “Electronic Document Digital Transformation Group” with the larger goal of reducing carbon emissions.
Blockchain technology helps reduce costs for paperwork.
With this project, KT will establish a blockchain-based electronic document platform that incorporates the capabilities of current digital platforms. This new platform will manage the entire lifecycle of documents, from creation and storage to distribution and usage.
This platform will also allow participants in the project to customize it with support from various electronic document services. The initial goal of the project is to convert 4.5 billion paper documents each year into electronic formats. This transition is expected to reduce carbon emissions by 129.6 billion tons annually.
In March of last year, the company launched another blockchain-based document platform called “Paperless”, targeting enterprise customers by offering three services, including contract design, document registration, and electronic storage of those documents.
Paperless is designed to integrate with existing document systems through APIs.
The company has established a common portal for documents on that blockchain, allowing users to read them without downloading any applications or software. Furthermore, Paperless is designed to integrate with existing document systems through APIs. The new platform can now be viewed as an extension of the company’s previous Paperless initiative.
For many years, blockchain technology and its applications have often been seen as a source of carbon emissions due to the high energy consumption involved in processing. Interestingly, this technology is now being utilized to mitigate carbon emissions globally.
Not only South Korean telecoms but many other organizations around the world are also applying blockchain in various fields to reduce carbon emissions. A report from the European Union has also indicated that blockchain has the potential to track and report on reducing carbon emissions in supply chains.
