Main South Korean insurance coverage agency KB Insurance policy to implement a blockchain-enabled cellular message supply system for its shoppers.
In keeping with a June 9 report by trade information outlet Ledger Insights, KB will use the system collectively developed with native telecommunication agency KT Corp beginning subsequent month.
The service will at first ship cost and termination notices to auto insurance coverage clients, however the agency plans to broaden it to all its clients. The aim is to cut back mailing prices and non-delivery of notifications.
Blockchain ensures the message supply
The brand new message supply answer makes use of blockchain to ship insurance coverage coverage modifications or pending cost notifications and make sure that the person receives the message. Info despatched utilizing the system will probably be logged with a blockchain certification system of the Korea Web & Safety Company.
The blockchain logging course of provides the message supply system the identical authorized validity held by registered mail and permits the insurer to show that the notification reached the shopper.
Customers can obtain notifications after they opted-in for the service. Notifications may be obtained with out putting in an extra software and observe the person even after they alter their tackle and cellular quantity. The service will probably be solely out there to KT, SK Telecom and LG U+ cellular service clients.
Blockchain adoption shifting ahead
New functions of blockchain expertise make the information more and more usually. As Cointelegraph reported earlier right this moment, a Japanese blockchain agency lately introduced a blockchain-enabled cellular software for shareholder voting.
Not too long ago, Microsoft launched the beta model of its decentralized identification answer primarily based on Bitcoin’s (BTC) blockchain.