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Blockchain technology could soon spur medical tourism in South Korea

June 20, 2020

In Busan, a South Korean public-private consortium announced its intention to build a blockchain-based platform for medical tourism. There is currently no publication deadline.

According to Gyeongnam Ilbo, the initiative is led by the Bank of Busan. They want to establish the platform within the second largest city in the country in terms of population. The main goal of the group is to strengthen the medical tourism sector.

The consortium includes Pusan ​​National University Hospital, Dong-A University Hospital, Gosin Gospel University Hospital, Samyuk Busan Hospital and the payment brokerage company Knet Co. Ltd.

Banking services offered through the platform

Blockchain technology could soon spur medical tourism in South KoreaBlockchain technology could soon spur medical tourism in South Korea

The agreement provides for local companies to work with the banking sector, particularly Busan Bank, to launch a mobile application for smartphones called the “Regional Platform for Mobile Medical Tourism”.

The banking institution intends to channel all medical tourism-based transactions through the use of blockchain, particularly those looking for plastic surgery and other cosmetic procedures. They try to do this by offering currency exchange and account opening services.

The platform will also connect patients to medical facilities in Busan.

Promotion of South Korean medical tourism in Asia

Bin Dae-in, a senior executive at Busan Bank, told local media:

“Busan Bank will actively work to make Busan the best specialized medical tourism district in Korea. We will play a role in revitalizing the local medical tourism business.”

The medical tourism industry is becoming increasingly popular on the Asian continent. A large South Korean insurance company, KB Insurance, recently announced plans to implement a blockchain mobile messaging system for its customers.

On June 10, Cointelegraph reported that South Korean traders are ready to accept the digital yuan as a payment method in the near future.