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    Samsung SDS Tests a New Blockchain Medical Claims Processing System

    Samsung SDS, the blockchain wing of Korean electronics giant Samsung, is testing a medical insurance claims processing system that has been developed on a blockchain network. To pilot the new system, Samsung SDS revealed it is working with a bunch of medical providers and insurance companies from around the world to examine the performance as well as the effectiveness of the new system.

    As CoinDesk reports, if the system is successful it is expected to be rolled out later this month. Yoon Shim, Samsung SDS vice president, revealed that the firm launched the piloting program in August this year. Shim was speaking during the Blockchain Seoul 2019 event.

    According to Shim the aim of the new system is to ease the challenging process that patients have to go through while filing for medical claims or refunds for medical services rendered from the insurance companies. Shim explained that while most people have medical insurance covers and are not supposed to pay most of the medical expenses from their own money, the majority are hesitant to file for claims as the process is very complex. The new system, she said, would help in connecting hospitals, pharmacies, insurers as well as other health-related firms to make the process easier for users.

    According to Shim, once the system is up and running, patients will get an instant message via the KakaoTalk messenger once they are treated. They will then be able to send the receipt to their respective insurers using just a single click to file their claims.

    The blockchain technology is being utilized to share personal medical data and information among the right companies. According to Shim, the new network will aid in the reduction of the paperwork or workload involved in medical care-based companies, reduce the waiting times involved once a patient has filed for claims as well as lessen the claims’ processing costs by more than 70 percent.

    Samsung Hospital, Severance Hospital, and Korea University Medical Centre are among the institutions that Samsung CDS is working with and plans are underway to add extra institutions in the future. The new system has been developed on the Nexledger blockchain network.

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    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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