KB Insurance Plans To Implement Blockchain-Enabled Mobile Message Delivery System

KB Insurance, the South Korean insurance firm, has planned to implement a blockchain-enabled mobile message delivery system for its clients.

On June 9, it has been reported by industry news outlet Ledger Insights that KB will use the system jointly developed with local telecommunication firm KT Corp starting next month.  

However, at first, the service will deliver payment and termination notices to auto insurance customers, but the firm plans to expand it to all its customers, as the purpose is to reduce mailing costs and non-delivery of notifications.

The blockchain logging process gives the message delivery system the same legal validity held by registered mail https://t.co/K8MOcFASNB — Cointelegraph (@Cointelegraph) June 11, 2020

It has been analyzed that the new message delivery solution uses blockchain to send insurance policy changes or pending payment notifications and ensure that the user receives the message. Information sent using the system will be logged with a blockchain certification system of the Korea Internet & Security Agency.

Likewise, the blockchain logging process gives the message delivery system the same legal validity held by registered mail and allows the insurer to prove that the notification reached the customer.

Users can receive notifications after they opted-in for the service, where notifications can be received without installing an additional application and follow the user even after they change their address and mobile number.

Thus, the service will be only available to KT, SK Telecom and LG U+ mobile service customers.

Source: Cointelegraph | Image: Pixabay

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