South Korean Insurance Giant to Use Blockchain Tech for Mobile Messages
Major South Korean insurance firm KB Insurance plans to implement a blockchain-enabled mobile message delivery system for its clients.
According to a June 9 report by industry news outlet Ledger Insights, KB will use the system jointly developed with local telecommunication firm KT Corp starting next month.
The service will at first deliver payment and termination notices to auto insurance customers, but the firm plans to expand it to all its customers. The purpose is to reduce mailing costs and non-delivery of notifications.
Blockchain ensures the message delivery
The new message delivery solution uses blockchain to send insurance policy changes or pending payment notifications and ensure that the user receives the message. Information sent using the system will be logged with a blockchain certification system of the Korea Internet & Security Agency.
The blockchain logging process gives the message delivery system the same legal validity held by registered mail and allows the insurer to prove that the notification reached the customer.
Users can receive notifications after they opted-in for the service. Notifications can be received without installing an additional application and follow the user even after they change their address and mobile number. The service will be only available to KT, SK Telecom and LG U+ mobile service customers.
Blockchain adoption moving forward
New applications of blockchain technology make the news increasingly often. As Cointelegraph reported earlier today, a Japanese blockchain firm recently announced a blockchain-enabled mobile application for shareholder voting.
Recently, Microsoft launched the beta version of its decentralized identity solution based on Bitcoin’s (BTC) blockchain.