ICO is one of the most valuable blockchain projects in South Korea that have secured a planned partnership with Kyobo Life, the country’s largest insurance firm together with Samsung in order to develop Blockchain Global Services.
Kyobo Life is specially created for a blockchain-based automated insurance claiming services which have partnered with ICON and its development team to work with other regulated financial institutions such as KOFIA and 25 security firms, so that, they could develop blockchain applications which could be arranged and commercialized at a greater scale.
Both the companies Kyobo Life and ICON established an official Memorandum of Understanding (MOU) to use the blockchain in mechanizing the difficult insurance claiming procedure.
Presently, many insurance companies and healthcare centers are depending on old-fashioned networks and hardware such as fax machines to let the patients receive their insurance payment, however, with a scheduled pilot test in September, Kyobo Life and the ICONLOOP development team are preparing to launch an official operation in October which will mark the positioning of the first blockchain global based insurance system combined by one of the major insurance companies in Asia.
According to Jonghyup Kim, Foundation Council Member at ICON Foundation and CEO of ICONLOOP, Kyobo, and ICONLOOP have planned to expand the platform along with many more participants to systematize the claiming process. With more insurance and hospitals providers on board, ICONLOOP will go from an experimental test in September 2018 and then it will launch a formal operation starting October.
As per the news revealed in Cryptoslate, being a blockchain global investment company the South Korean government’s inventiveness to include it as one of the essential technologies in the fourth manufacturing revolution partnered with Kyobo Life’s interest towards the potential of blockchain technology. The ICON-Kyobo partnership will be the first step towards a large commercialization of blockchain in South Korea’ protection sector.
Recently, ICON was nominated by the Korea Ministry of Science & ICT to participate in the “Cultivating Innovative Youth Talents 2018” program, which was aimed to help many youth talents who are expert in the industrial revolution and core technologies such as blockchain.
The post ICON Teams With Insurance Firm Kyobo Life To Develop Blockchain Global Services appeared first on OWLT Market.
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