Samsung SDS, known as an IT solution developer which is partially owned by the South Korean tech conglomerate, is expecting to roll out a blockchain based claims processing system this month, the latest crypto news show.
According to a report shared on CoinDesk Korea, the vice president of Samsung SDS named Yoon Shim spoke at the Blockchain Seoul 2019 event and said that the firm has been piloting the system since August this year. For those of you who don’t know or don’t remember, Samsung SDS is 22.6% owned by Samsung Electronics and 17.1% owned by Samsung C&T.
The blockchain news show that Yoon is confident about the medical institutions and insurers participating in the pilot to validate the effectiveness. He noted that the system will go live soon this month, based on another local news report.
The network is being rolled out and aims to simplify a process which is now complex, Samsung SDS notes. The process basically involves a patient getting a receipt for services rendered and submits the documents to the insurance company, which then must verify their accuracy before the insurance claims are paid.
Even though most of the Koreans are well insured and should have no out-of-pocket expenses, Samsung SDS believes that they will often not file claims because of the complicated procedure. In this manner, the “blockchain healthcare network” is seen as a major innovation which is expected to link hospitals, pharmacies, insurers and other companies in the sector.
When the system is fully operational, users will receive a message on the KakaoTalk messenger after treatment. They can then press a receipt button and an insurance claim button – after which their information will be sent to the insurer.
All of this proves that big things are ahead for blockchain technology. It is used for the sharing of personal medical information and as Samsung SDS stated, the network will reduce the workload at medical institutions, make the waiting times shorter (for claims processing) and reduce the cost of processing medical claims by up to 70%.
In June, Samsung SDS said that it had already signed a number of major hospitals to the blockchain healthcare network, and that they are in active talks with other institutions. The names of the signed include Samsung Hospital, Severance Hospital and Korea University Medical Center.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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