South Korean Insurance Uses Blockchain Technology For Mobile Messages


South Korea’s premier insurance company KB Insurance plans to implement a blockchain-enabled mobile messaging system for its clients.

According to a June 9 report by industry news outlet Ledger Insights, KB will use a system co-developed with local telecommunications company KT Corp starting next month.

The service will initially send out payment and termination notices to auto insurance customers, but the company plans to expand it to all of its customers. The goal is to reduce shipping costs and not send notifications.

Blockchain can ensure message delivery

The new messaging solution uses blockchain to send insurance policy changes or pending payment notifications and ensure that users receive messages. Information sent using the system will be recorded with the blockchain certification system of the Korea Internet & Security Agency.

The blockchain record-keeping process provides the same legal legitimacy messaging system as registered mail and allows insurance companies to prove that the notice reached the customer.

Users can receive notifications once they opt-in to the service. Notifications can be received without installing additional apps and follow users even after they change their address and mobile number. This service will only be available to KT, SK Telecom and LG U+ cellular service subscribers.

Blockchain adoption moving forward

New applications of blockchain technology make news more and more frequent. As reported earlier today. A Japanese blockchain company recently announced a mobile application with blockchain for shareholder election.

Recently, Microsoft launched a beta version of a decentralized identity solution based on the Bitcoin (BTC) blockchain.

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