Skip to content

SK Telecom uses blockchain technology to optimize processes in mobile phone insurance

July 4, 2020

The South Korean telecommunications company SK Telecom announced a blockchain-based procedure for submitting documents for mobile phone insurance. This new protocol eliminates the company’s outdated paper processing methods.

Previously, according to Itbiznews, users had to go to a technical repair office to get insurance coverage for their damaged equipment. Successful visits ended with a damage receipt, which should then be sent to the insurance company by email or fax.

Cooperation with Samsung

With the new SK Telecom system, customers of the telecommunications giant can skip this archaic process so that it can now be carried out completely online quickly and safely.

SK Telecom uses blockchain technology to optimize processes in mobile phone insuranceSK Telecom uses blockchain technology to optimize processes in mobile phone insurance

The announcement says that By replacing paperwork with electronic certificates, the company can process requests to insurance companies much more securely. They also hope that this new method will help prevent document falsification.

Save money by introducing blockchain

SK Telecom expects mobile service centers and insurance companies to cut costs and improve processing speedThis enables them to resolve their customers’ complaints much more efficiently.

The company claims that the series The Samsung Galaxy will be the first phone model to be compatible with this new service.

Kim Seong-soo, Sales Manager at SK Telecom, said that the introduction of blockchain technology will be expanded to “different service areas in the future”.

May 26th Samsung announced a turnkey, stand-alone security solution that secures cryptocurrency transactions on smartphones and tablets.

As Cointelegraph has previously reported, South Korean NongHyup (NH) Bank will launch a blockchain-based mobile identification system developed by a technology consortium between companies such as Samsung Electronics and LG Uplus.