SK Telecom launches blockchain-based phone insurance claims service ‘Initial’
South Korea-based telecoms giant SK Telecom today launched their blockchain-based mobile phone insurance compensation service and app named Initial with cooperation from Samsung electronics and domestic insurance companies. With this service, it is possible to apply for and process paperless mobile phone insurance claims.
Through the Initial service and app, users receive a repair statement and receipt from their area service center. These can be sent to the insurance company directly from the app for review. By using blockchain technology, documents submitted over the Initial app are not subject to forgery or leakage.
SK Telecom commented that the service meets the social demands that now emphasize the untact culture which the Coronavirus has left us with for the time being. In addition, service centers and insurance companies can reduce processing time and delays with the app due to inherent greater organizational efficiency. The DID aspect of Initial ensures that each user’s personal information cannot be hacked. Sign in and registration confirmation for the app is done through the PASS app common among major ISP’s in South Korea.
In addition to the great boost in convenience, Initial is also the first product launched by the DID Alliance which includes financial, technical, and security companies from across South Korea.
Starting with this mobile phone insurance service, the DID Alliance plans to have Initial support over 30 electronic certificates in the financial, medical, public, and educational fields within the year. It is also planning to commercialize the certificate verification service of major domestic financial institutions and large enterprises.
These services will be implemented in tandem between SK Telecom and Samsung electronics, then later with other corporate companies as the reach of the implementations increases. Users who sign up for the existing SK Telecom mobile phone damage insurance products and use Samsung Galaxy devices can use the service through the Initial app and will be automatically registered.
SK Telecom explained that they plan to lead the digital certification market to prove identity, qualification, and ownership. This comes as the Korean government ended the never-loved Digital Authentication Certification program this year. Therefore, the market for secure digital certification programs will be wide open for any firm or consortium to take the lead. In fact, today ICON also announced a significant bridge-series investment to help develop their MyID DID platform. The market is certainly becoming ripe for a front-runner in the digital information field.
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