After much digging online for an effective way to stop this pesky application that is highly de-centralised and a big pain to blocked, I finally found a way to do it. It has been working perfectly fine on our corporate network, and we have had no complaints of users being denied access to legitimate web destinations (that are in compliance with our security policy of course). I used Squid-proxy running on an OpenBSD server to carry out the below. The choice of OS to run the proxy on is subjective (I chose OpenBSD as my network OS of choice for its proven security record and excellent reliability) and has no effect over the actual blocking mechanism. The same can be accomplished on any other BSD or Linux flavor.
Download the paper in PDF format here.