This South Korean company joined forces with Samsung to forward requests to insurance companies using Blockchain technology.
South Korean telecommunications firm, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will do away with the company’s current antiquated paper processing methods.
Before now, users had to visit a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. Successful visits would conclude with a claim receipt, which they then had to forward via email or fax to the insurance company.
Cooperation with Samsung
SK Telecom’ new system will allow the telecom giant’s customers to skip this outdated process, and complete everything online quickly and securely.
The announcement states that replacing paperwork with electronic certificates will help the company to safely manage inquiries sent to insurance companies. They also hope that this new method will help to prevent document forgery.
Saving money with the blockchain adoption
SK Telecom expects mobile phone service centers and insurance companies to cut costs and improve processing speed, allowing them to resolve customer complaints in a timely manner.
The company states that Samsung’s Galaxy series will be the first phone compatible with the new service.
Kim Seong-soo, SK Telecom’s sales manager, expressed that the adoption of Blockchain technology will expand to “various service areas in the future.”
On May 26, Samsung announced a standalone turnkey security solution that secures cryptocurrency transactions on smartphones and tablets.
Cointelegraph previously reported that South Korea’s NongHyup (NH) Bank will introduce a blockchain-based mobile ID system, developed by a tech consortium of firms such as Samsung Electronics and LG Uplus.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.