KT Builds Blockchain Electronic Contract System for S-Oil
[Asia Economy Reporter Koo Chae-eun] KT has decided to establish a blockchain-based electronic contract system with S-Oil by the end of April this year.
According to KT on the 11th, this construction contract was signed as part of S-Oil's digital technology business innovation. KT plans to build a blockchain electronic contract system called 'Giga Chain BaaS' for S-Oil. S-Oil supplies petroleum products to more than 2,500 gas stations and charging stations, as well as numerous corporate clients. Through this construction project, S-Oil and its clients will be able to conduct, manage, and conclude most contracts online simply by accessing the blockchain electronic contract system, without using the paper contracts previously utilized. Therefore, it is expected that the tens of thousands of contracts and agreements handled annually by S-Oil will be managed more efficiently, greatly improving convenience and cost-effectiveness.
Additionally, by easily accessing the electronic contract system, users can enhance contract security and reliability more than before through ▲original document verification to prevent contract forgery ▲contract management via Public Key Infrastructure (PKI) private certificates ▲management of contract history data.
Kim Jong-chul, Head of KT Blockchain Biz Center (Executive Director), said, “Since 2017, KT has been making various attempts through blockchain, including launching and commercializing an electronic document management system. Starting with the S-Oil blockchain electronic contract system contract, we will provide various blockchain services that can realize new value centered on customers.”
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Meanwhile, KT continues to discover practical services in blockchain usage fields, such as winning projects for local currencies and Busan Bank digital vouchers, and plans to continue efforts to supply the blockchain electronic contract system to other oil refiners and more.
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