The blockchain is widely considered to be one of the most revolutionary forms of technology in modern society. While it is typically used for recording financial transactions in real time, the blockchain is also being studied and explored by enterprises around the world for its abilities to store additional data in a safe and cost-effective manner.
According to leading data and analytics firm GlobalData[1], South Korea is a solid leader in the blockchain community. Businesses like Korea Telecom (KT), for example, are already working to determine how the blockchain can be used to lessen production expenses and generate new types of revenue. Representatives of the South Korean telephone giant have already joined with Sprint and Japan’s SoftBank to launch a “blockchain-powered data roaming service” in the coming weeks. Executives say the company has big plans to use the blockchain to power “finance, IoT, smart energy and healthcare businesses.”
Speaking with Bitcoin Magazine, the principal technology analyst at GlobalData, Lynnette Luna, says she believes the move will pave the way for more South Korea–based companies to implement blockchain technology into their operations, thus boosting the nation’s reputation as one of the world’s largest cyber hubs.
“It dominates the local landline and broadband internet market,” she explained when describing KT’s size and breadth of power. “KT sees revenue arising from enabling the secure and efficient exchange of data among people and businesses, and by allowing people to control their own data. This is particularly attractive at a time when users are increasingly unhappy with how companies like Google control and exploit their information.”
South Korea’s blockchain-friendly ecosystem is also attracting businesses from neighboring countries like Japan, whose social messaging platform Line[2] is set to launch a blockchain subsidiary known as Unblock within South
