According to leading data and analytics firm GlobalData, South Korea is on its way to become 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.”
South Korea’s blockchain-friendly ecosystem is also attracting businesses from neighboring countries like Japan, whose social messaging platform Line is set to launch a blockchain subsidiary known as Unblock within South Korea’s borders. The purpose of the subsidiary will be to further study the blockchain and determine how it can best be applied to the company’s remaining divisions. Line will also make “strategic investments” in blockchain projects outside itself to potentially branch out and build applicable business partnerships.
As the nation leads the blockchain revolution, neighboring regions are also taking the bait and looking into how blockchain technology can best be utilized to further cement operational security and efficiency. News recently spread, for instance, at Dubai’s Futures Blockchain Summit about the formation of the Mobility Open Blockchain Initiative (MOBI). The group is composed of multiple technology and automotive companies seeking to understand the blockchain and how it can be used to enhance vehicle production, make transportation more accessible, and bring industry costs down.