Samsung SDS is set to launch a blockchain-driven medical claims processing platform this month! Samsung SDS is an IT solution designer is a part of the South Korean tech conglomerate. Decentralized Medical Insurance mechanism tested by Samsung SDS.

Yoon Shim, vice president of the Samsung SDS, announced in a Korean media report at the 2019 Blockchain event in Seoul, that the company has led the project since August 2019. Samsung Electronics holds 22.6% ownership and Samsung C&T has 17.1% ownership in Samsung SDS.

Yoon noted that health establishments and insurance companies are interested in the pilot to ensure successful operations and, based on another local news report, the program will be functional this month.

In order to simplify the current process, the network is being developed. In the current process, a patient receives a receipt for services and sends records to the insurance firm, which has to validate its accuracy before claims are paid.

Although most Koreans are well insured and are not required to spend anything from their pockets, the company says they often do not file claims due to difficult procedures.

Hospitals, pharmacies, insurers and other enterprises in the market are being linked to the current “blockchain healthcare network.” When the device is functional, users would receive a text message from the KakaoTalk messenger, following medical treatment. Users can then push a confirmation key to receive the receipt and an insurance claim button to send the details to the insurance company.

Personal medical information is shared through the blockchain mechanism. Samsung SDS claims that the network could considerably reduce the burden at medical institutions, eliminating wait times for receiving claims, and decreasing medical claims processing charges by up to 70%.

Samsung SDS said in June that the blockchain health care network has already on-boarded a number of major hospitals. This list consists of:

  • Samsung Hospital
  • Severance Hospital
  • Korea University Medical Center

Other potential organizations are under consideration, and intended to launch in August, 2019.

Nexledger, a blockchain business application originally developed in 2017, is the basis for the network. Samsung SDS claims that Nexledger, which has 51 patents, is utilized in the implementation of 110 blockchain ventures.

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