Telecom Giant Thinks Blockchain Can Make Phone Insurance More Convenient

South Korean telecommunications firm, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will do away with the company’s current antiquated paper processing methods.

Before now, users had to visit a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. Successful visits would conclude with a claim receipt, which they then had to forward via email or fax to the insurance company.

Cooperation with Samsung

SK Telecom' new system will allow the telecom giant’s customers to skip this outdated process, and complete everything online quickly and securely.

The announcement states that replacing paperwork with electronic certificates will help the company to safely manage inquiries sent to insurance companies. They also hope that this new method will help to prevent document forgery.

Saving money with the blockchain adoption

SK Telecom expects mobile phone service centers and insurance companies to cut costs and improve processing speed, allowing them to resolve customer complaints in a timely manner.

The company states that Samsung’s Galaxy series will be the first phone compatible with the new service.

Kim Seong-soo, SK Telecom’s sales manager, expressed that the adoption of Blockchain technology will expand to “various service areas in the future.”

On May 26, Samsung announced a standalone turnkey security solution that secures cryptocurrency transactions on smartphones and tablets.

Cointelegraph previously reported that South Korea’s NongHyup (NH) Bank will introduce a blockchain-based mobile ID system, developed by a tech consortium of firms such as Samsung Electronics and LG Uplus.