South Korea IoT Insurance Scheme Gets Government Backing

Veteran insurer Kyobo Life has won the correct to grapple South Korea’s Blockchain Internet of Things (IoT) pilot.

As reported yesteryear the local tidings outlet Business Korea, the system volition characteristic contributions from several province agencies amongst the aim of “laying a foundation for IoT promotion.”

In improver to Kyobo Life, the country’s Ministry of Science, ICT as well as Future Planning as well as the National Information Society Agency volition too accept part. Several businesses, including Blockchain startup theloop, are already signed up.

"This is the commencement illustration where the insurance manufacture is fully connected amongst fintech as well as introduces a novel service," Kim Wook, senior managing manager of digital conception at Kyobo told the publication.

“If the service is commercialized inward the future, nosotros volition survive able to render a amend service yesteryear utilizing diverse fintech technologies."

The regime volition contribute fiscal incentives to participating members, amongst the initial focus to survive the utilisation of Blockchain for insurance-related payments.

“The center technology scientific discipline [...] is that of providing a service which enables an automatic payment of small-scale amounts of insurance money, such every bit indemnity insurance payouts to policyholders,” Business Korea explains.

Cointelegraph reported final calendar month that Republic of Korea had croak the second-largest Ethereum trading marketplace position inward the world, highlighting increasing Blockchain involvement inward the country, non to the lowest degree from flagship tech fellowship Samsung.

Across the edge inward the North, meanwhile, hackers were exposed every bit actively attempting to pocket bitcoins from neighboring wallets.