South Korea Telecom Giant Will Use Blockchain To Ease Phone Insurance

South Korean telecom giant will collaborate with Samsung to request insurance companies using Blockchain technology.

SK Telecom is a South Korea based telecommunications firm that has announced a new system of submitting documents of phone insurance through blockchain technology. This new custom will wash out the old fashioned company’s paper processing methods.

Previously, the users had to go to a technical repair office to get insurance benefits for damaged mobiles. Users then would receive a receipt that they had to forward to the insurance company through email or fax. The new system will benefit SK Telecom users to skip the old process and complete everything online quickly and securely.

One of the plus points of this new system is that electronic certificates will help the company to safely manage inquiries sent to insurance companies. The new system will also help in preventing document forgery.

The service centers of SK Telecom and insurance companies will cut down the costs and improve processing speed enabling resolving consumers' complaints in a minimal time. Samsung Galaxy series will be the first one to be compatible with the new service.

The sales manager of SK Telecom, Kim Seong-soo said that the adoption of Blockchain technology will expand to “various service areas in the future.”

Back in May, Samsung had announced a standalone turnkey security solution that secures cryptocurrency transactions on smartphones and tablets.