The South Korean-based telecommunications firm, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will replace the company’s current antiquated paper processing methods. Before now, users had to go through a lot of steps, including a visit to a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. Successful visits would conclude with a claim receipt, which they then had to forward via email or fax to the insurance company.
SK Telecom collaborates with tech giant Samsung.
The South Korean-based telecommunication company SK Telecom’ new system will allow the telecom giant’s customers to skip this outdated process and complete everything online quickly and securely. According to the official statement, replacing paperwork with electronic certificates will help the company to manage inquiries sent to insurance companies safely. The company also hopes that this new method will help in preventing document forgery. The South Korean telecommunication company revealed that Samsung’s Galaxy series would be the first phone compatible with the new service. Kim Seong-soo, SK Telecom’s sales manager, noted that Blockchain technology’s adoption would expand to various service areas in the future. Earlier, Samsung had announced a standalone turnkey security solution that secures crypto transactions on smartphones and tablets.
Regulators take a serious look at blockchain technology amid the pandemic.
The blockchain technology is currently being used in many fields across countries as regulators take a serious look at the benefits of the technology. Blockchain technology underpins most cryptocurrencies as all transactions are permanently recorded on a digital ledger that can not be hacked or altered. The technology is being utilized in many fields, including healthcare and logistics around the world. As reported earlier, one of the world’s leading mining companies, BHP Group, announced that it completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies.