Blockchain

Samsung SDS, a partial owner of IT solutions maker South Korea Tech Corporation, expects a medical claims processing system this month.

According to a report by CoinDesk Korea on Wednesday, Samsung SDS Vice President Yun Shim said at the 2019 Blockchain Seoul event that the firm has been piloting the system since August this year. Samsung’s SDS owns 22.6 percent of Samsung Electronics and 17.1 percent of Samsung T&T.

Yun added that medical facilities and insurers are taking part in pilots to test efficiencies and the system will be operational soon this month, another local local news report said.

The operating network is designed to streamline the complex process now in which the patient receives a receipt for services rendered and submits documents to the insurance company, who must then confirm their correctness before paying the claims.

The company says that although most Koreans are well insured and do not have to pay, they usually do not file a lawsuit because of the complexity of the trials.

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The new Blockchain Health Network is close to hospitals, pharmacies, insurers and other industry companies. When the system is running, users will be notified of the KakaoTalk message after treatment. You can then click on the recipient button and the insurance claim button, after which their information is sent to the insurer.

Blockchain technology is used to share personal medical information. Samsung’s SDS believes the network will reduce the burden on medical facilities, reduce claims processing time and reduce medical costs by up to 70 percent.

In June, Samsung’s SDS announced that it had already signed up for several major hospitals. The list includes Samsung Hospital, Severne Hospital, and Korea University Medical Center, among other institutions. The company then announced that the new system would be operational in August 2019.

The network is built on Nexledger, an enterprise blockchain platform originally created in 2017. Samsung’s SDS claims that Nexledger is used for 110 blockchain projects and holds 51 patents.