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South Korean insurance giant uses blockchain technology for mobile messaging

June 11, 2020

South Korea’s leading insurance company, KB Insurance plans to implement a blockchain-enabled mobile messaging system for its customers.

According to a report by the industry news agency Ledger Insights on June 9, KB will start using the system, developed in collaboration with local telecommunications company KT Corp, next month.

The service will initially send payment and cancellation notifications to auto insurance customers, but the company plans to extend them to all of its customers. The goal is to reduce shipping costs and non-delivery of notifications.

Blockchain ensures the delivery of the message

South Korean insurance giant uses blockchain technology for mobile messagingSouth Korean insurance giant uses blockchain technology for mobile messaging

The new messaging solution uses blockchain to send changes to the insurance policy or pending payment notifications and to ensure that the user receives the message. Information transmitted with the system is registered with a blockchain certification system of the Korean internet and security agency.

The blockchain registration process gives the messaging system the same legal validity as certified emails. and enables the insurer to prove that the message has reached the customer.

Users can receive notifications after choosing the service. Notifications can be received without installing an additional application and follow the user even after changing their address and mobile number. The service is only available to customers of the mobile service KT, SK Telecom and LG U +.

Advances in blockchain adoption

New applications of blockchain technology make messages more and more common. As Cointelegraph reported earlier today, a Japanese blockchain company recently announced a blockchain-based mobile app for shareholder voting.

Microsoft recently released the beta version of its decentralized identity solution based on the Bitcoin Blockchain (BTC).