South Korean Government asks Insurance Company to test Blockchain Technology
An Insurance provider in South Korea, by the name of Kyobo Life was selected by the South Korean Government to test and operate it’s Blockchain pilot project. Kyobo Life, the government owned insurance company will be collaborating with Blockchain Technology startup ‘The Loop’, InsurTech specialist D Lemon and hospital medical record service company ‘One’.
As per the information in local publishings of South Korea, Kyobo Life along with other collaborating entities were contracted by the country’s National Information Society Agency under the Ministry of Science, ICT and Future Planning.
The insurance company mentioned that it’s developers and researchers will focus on the development and testing of Blockchain-based Internet of Things (IoT) systems.
All the partnering firms will first use the blockchain platform that has already been developed by Ministry of Science, ICT and Future Planning and then will deploy it to a system that is designed for the insurance and healthcare sector. The main focus of the project is to automate the processing of amounts of insurance premiums to healthcare.
The firms after developing the project will collaborate with hospitals in Seoul and will conduct a pilot project which will target small amount of insurance premium amounting less than 3,00,000 WON ( around Rs.17000). Once this scheme is successfully executed and is in stabilization phase, Kyobo life will open this service to all Kryobo Life insured customers.
If this project of South Korean Government is successful, it will be the world’s first blockchain based insurance product.
Interest in Blockchain Technology is rising in every part of the world and numerous firms/startups are researching, working and testing out Blockchain-build platforms in various sectors.
It is not the first Blockchain project that is been witnessed in South Korea. Earlier in the month of March, a South Korean province also successfully utilized Blockchain technology to process voting for its residents
Bitcoin, the first product built using Blockchain Technology is also gaining worldwide popularity due to it’s inherent features given by the Blockchain