SK Telecom, the South Korean telecommunications firm, has announced a blockchain-based document submission process for mobile phone insurance, as this new protocol will do away with the company’s current antiquated paper processing methods.
It has been reported by Itbiznews that users had to visit a technical repair office to receive insurance benefits for damaged phones. Successful visits would conclude with a claim receipt, which they then had to forward through e-mail or fax to the insurance company.
However, SK Telecom’s new system will allow the telecom giant’s customers to skip this outdated process, and complete everything online quickly and securely.
The announcement states that replacing paperwork with electronic certificates will help the company to safely manage inquiries sent to insurance companies, as they also hope that this new method will help to prevent document forgery.
Also, SK Telecom expects mobile phone service centers and insurance companies to cut costs and improve processing speed by allowing them to resolve customer complaints in a timely manner.
The company states that Samsung’s Galaxy series will be the first phone compatible with the new service.
Thus, Kim Seong-soo, the Sales Manager of SK Telecom, expressed that the adoption of blockchain technology will expand to “various service areas in the future.”