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Samsung SDS Is Testing Blockchain-Based Medical Insurance Network

Samsung SDS, the IT unit of South Korean electronics king Samsung, has started pilot testing of its medical insurance network based on blockchain. To test the new system of medical claims processing, Samsung SDS has signed a number of medical institutions and insurers that were offered to assess the performance and effectiveness of the system.

As CoinDesk Korea has reported, the medical claims processing system is expected to go live later this month. During the Blockchain Seoul 2019 event that lasted from September 27 till October 4, Samsung SDS vice president Yoon Shim revealed that the company had started testing the system in August this year.

Samsung SDS believes that blockchain can be efficiently used when it comes to handling personal medical data. The system it offers, or blockchain healthcare network, is built on Nexledger, blockchain platform developed by Samsung in 2017, and suggests the link between medical institutions, hospitals, pharmacies, insurers and allows users to receive a message on the KakaoTalk messenger after treatment and claim insurance just by pressing a button, instead of messing about with the complicated claiming procedure. The system will check the receipt for services provided and submit the documents to the insurance company automatically.

Samsung Hospital, Severance Hospital, and Korea University Medical Center are already among those institutions that have signed to the blockchain healthcare network. In the nearest future, the system is likely to gain popularity, as it has the potential to reduce the workload at medical institutions, cut down the amount of time needed for processing claims and reduce the cost of these procedures by up to 70 percent.

Samsung SDS was set up in 1985 as the ICT arm of the Samsung Group. It is 22.6% owned by Samsung Electronics, and 17.1% belongs to Samsung C&T. Operating in 30 countries, Samsung SDS offers solutions that utilize advanced analytics platforms, AI, and blockchain technologies. The branch serves a range of industries including financial services, smart manufacturing, global logistics, and retail. Last year, Samsung SDS reached KRW 10 trillion in revenue, ranking 22nd in the global IT services market and 3rd in the manufacturing and energy sector. Besides, SDS won several awards at the international UX Design Awards last year. The Samsung SDS CX Innovation Team exhibited a total of 10 items at the event, and eight of these were awarded.

According to Brand Finance UK, Samsung SDS is the 12th most valuable IT services brand in the world. The company has strategic agreements with CMC, the second-largest ICT service company in Vietnam, and VMware, a leading software innovator.

Samsung SDS Is Testing Blockchain-Based Medical Insurance Network

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