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Samsung SDS to Launch Blockchain Insurance Network in South Korea

17 October 2019 11:05, UTC

Samsung SDS, an IT solutions developer, partly owned by a South Korean conglomerate, plans to deploy a blockchain-based claims processing system.

Samsung SDS Vice President Yoon SHIM announced at Blockchain Seoul 2019 that the company has been piloting the system since August this year. He also added that medical institutions and insurers took part in a pilot experiment to confirm effectiveness, and the system will be launched in the near future, this month.

The deployable network is aimed at simplifying the process in which the patient receives a receipt for the services provided and transfers the documents to the insurance company, which then must check their accuracy before the claims are paid.

The new “blockchain healthcare network” will link hospitals, pharmacies, insurers and other companies in this sector. Blockchain is used to exchange personal medical information. Samsung SDS believes that the network will reduce the workload in medical institutions, reduce waiting times and reduce the cost of processing medical claims by up to 70%.