Blockchain represents a new standard for the way information is shared and a host of companies such as telecom operator Korea Telecom (KT) and messaging apps Line and Telegram are working to determine how they can use the technology to save on costs and generate new revenue, says leading data and analytics company GlobalData.

In South Korea, KT is taking an early lead with plans to launch a blockchain-powered data roaming service in May 2018. The carrier is cooperating with global network operators including Sprint and Japan’s SoftBank. In the long term, KT plans to use blockchain to power finance, IoT, smart energy and healthcare businesses.

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. Line will also make strategic investments in various blockchain projects outside of its own platform.

On the other hand, Telegram has raised a total of $1.7bn to build its own blockchain architecture Telegram Open Network (TON), host its currency Grams and compete with Mastercard and Visa. Telegram argues that scalability, ease of use and an engaged user base are all areas where it will have strength and where Bitcoin and other currencies are failing in their quest to become mainstream.