Leading South Korean telecommunications firm, SK Telecom, has revealed a blockchain-based document submission process for mobile insurance. This new protocol will do away with the firm’s present antiquated paper processing methods.
Earlier from now, users had to go to a technical repair office to receive insurance benefits for their damaged phones, consistent with Itbiznews. Successful visits would conclude with a claim receipt, that they then had to forward via email or fax to the some insurer provider.
Samsung Galaxy Mobile Insurance
SK Telecom’ new system will now permit the telecom giant’s users to skip this outdated process, and thereby complete everything online quickly and securely.
The announcement adds that by replacing the paperwork with electronic certificates will help the firm to securely manage inquiries sent to insurance companies. They also hope that this new method will help to stop document forgery.
Reducing Associated Prices Using Blockchain
SK Telecom expects mobile service centers and insurance companies to further reduce their costs and improve processing speed, thereby allowing them to resolve customer complaints within a timely frame.
The company states that Samsung’s Galaxy series would be the primary phone compatible with the new service.
SK Telecom’s sales manager, Kim Seong-soo, expressed that the adoption of Blockchain technology will expand to “various service areas within the future.”
Earlier on 26th May, Samsung outlined a standalone turnkey security solution that secures crypto transactions on smartphones as well as tablets.
As reported earlier, South Korea’s NongHyup [NH] Bank will launch a blockchain-based mobile ID system, developed by a tech consortium of firms like Samsung Electronics along with LG Uplus.