It’s widely known how Bitcoin and other cryptocurrencies evoke a sense of uncertainty in the minds of the investors the world over. But, Blockchain technology does the exactly opposite. A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. It has been seen of late that the countries such as Japan and South Korea have taken it in a long way.
The leading data and analytics company GlobalData said that KT in South Korea is taking is taking early leads with plans to launch blockchain-powered data roaming service in May 2018. The company plans to use blockchain technology to power power finance, IoT, smart energy and healthcare businesses.
The carrier is cooperating with global network operators including Sprint and Japan’s SoftBank.
Lynnette Luna, Principal Technology Analyst at GlobalData, says: “KT’s adoption of blockchain is likely to have a significant impact on the South Korean market as it dominates the local landline and broadband Internet market. KT sees revenue arising from enabling secure and efficient exchange of data among people and businesses and 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.”
In the OTT messaging market, Telegram and Kik are embarking on cryptocurrency strategies while Japan-based social messaging platform Line and Kakao are researching blockchain applications.
Line is set to launch a blockchain subsidiary – Unblock – in South Korea to study blockchain technology and determine how it can be applied into the various platforms of the company.