SK Telecom to Launch Blokchain-powered Mobile Insurance

The South Korean-based telecommunications firm SK Telecom has announced a blockchain-based document submission process for mobile phone insurance. Samsung’s Galaxy series would be the first phone compatible with the new service. 

Before now, users had to go through a lot of steps, including a visit to a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. The new protocol will replace the company’s current antiquated paper processing methods. 

Replacing paperwork with electronic certificates will help the company to manage inquiries sent to insurance companies safely. The company also hopes that this new method will help in preventing document forgery. 

Kim Seong-soo, SK Telecom’s sales manager, noted that Blockchain technology’s adoption would expand to various service areas in the future. Earlier, Samsung had announced a standalone turnkey security solution that secures crypto transactions on smartphones and tablets.