Kyobo Life, one of the biggest insurance providers in the South Korea, was selected by the South Korean authorities as the main operator of its Blockchain project. Kyobo is anticipated to facilitate checks and pilot experiments with the South Korean authorities’ Blockchain platform. Kyobo Life was contracted by the national data Society organization under the Ministry of science, ICT and future planning. The insurance organization emphasized that its developers and researchers will specially focus on the improvement and checking out of the internet of things systems based on Blockchain technology.
Together with Kyobo Life, different emerging South Korean Blockchain and financial technology startups such as D. Lemon, The Loop and One were contracted by the Ministry of science to collaborate with the studies and improvement group of Kyobo. Even though the funding was not disclosed, Business Korea showed with Kyobo that every of the organizations involved would be funded by the Ministry of science until the project is finished.
Kim Wook, a senior managing director of virtual innovation at Kyobo Life, said:
“That is the first case in which the insurance industry is connected with financial technology and introduces a new service. If the provider is commercialized in the future, we can be able to offer a better service by using several financial technology technologies.”
The Kyobo Life Consortium, which incorporates the above noted startups, will make use of the base Blockchain codebase created by the Ministry of science, ICT and future planning and enforce it to a system especially designed for insurance organizations and healthcare agencies. The Consortium found out that the company’s project would focus on automating small quantities of insurance payments to healthcare.
Business Korea stated:
“The Kyobo Life Consortium will conclude an agreement with main hospitals within the Seoul metropolitan region and conduct a pilot project concentrated on small quantities of insurance money under 300,000 won by the end of these 12 months. After a stabilization phase within the future, Kyobo Life plans to enlarge its offerings to all Kyobo Life clients across the South Korea.”
As seen within the initiative of the South Korean authorities and its organizations, each the public and the personal sectors of South Korea are focusing at the improvement of Blockchain and studies of rising technologies including Ethereum. In However, South Korea used to operate the second biggest Ethereum exchange marketplace at the back of the United States. Moreover, the China’s Blockchain and cryptocurrency industries’ adoption of Ethereum allowed China to overtake South Korea in terms of buying and selling volume and marketplace share. The Chinese Ethereum exchange marketplace accounts for 10.5 % of the worldwide marketplace. In March, a South Korean province additionally effectively applied Blockchain technology to process voting for its citizens.
Nam Kyung Pil of the Gyeonggi-do province said:
“Blockchain will change the world within some years as smartphones did. We will complement the boundaries of representative democracy with a few direct democracy systems by the usage of Blockchain technology.”