ICONLOOP Pilots 'Pyeongsaeng Teunteun Life,' a Blockchain-Based Disease Prediction Service, with Kyobo Life Insurance and Life Semantics
"Pyeongsaeng Teunteun Life" (Lifelong Healthy Life) is a service that uses a disease prediction algorithm — developed on the basis of health checkup data and the preliminary health screening data collected when signing up for insurance — to inform customers of the risk of illnesses that may arise within three years, and that links to a coverage analysis system to compare and analyze insurance products reflecting the customer's actual risk factors.
Unlike existing insurance policy analysis systems, which advise on future risk based on a customer's current insurance coverage, the prediction-based "Pyeongsaeng Teunteun Life" can design insurance products around forecast results for future risk, providing customers with well-reasoned consulting.
By sharing the results of personal data verification within a blockchain platform, policyholders can also manage their own health and insurance information in one place — preparing the service for Europe's GDPR (General Data Protection Regulation), which emphasizes individuals' right to self-determination over their personal data. When a customer's health checkup records are transmitted to the blockchain-based authentication system, the information provided is stored on the blockchain so that tamper-proof data can be shared.
ICONLOOP built the blockchain authentication system for "Pyeongsaeng Teunteun Life" on loopchain, its in-house blockchain engine. loopchain is a blockchain engine that can be customized across the full stack from engine to application, and is distinguished by its ability to set differentiated permissions for the nodes participating in the blockchain, allowing it to accommodate a variety of business processes and compliance requirements. ICONLOOP, which last year already unveiled a blockchain financial platform with Kyobo Life Insurance using blockchain-based smart insurance claims, can extend the platform further to serve LifeRecord management systems or MyData applications.
The project aims to implement a proof-of-concept model combining insurtech, digital healthcare, and blockchain authentication in support of the government initiative to "promote public health by reducing medical spending and expanding welfare." ICONLOOP was selected as a principal contractor for the 2018 Fintech Pilot Program, supported by the Ministry of Science and ICT and initiated by the Korea Internet & Security Agency (KISA), and has been developing the health-checkup-based disease prediction algorithm and "Pyeongsaeng Teunteun Life" since May in a consortium with Kyobo Life Insurance and Life Semantics.
"We plan to expand the application of our blockchain authentication system so that insurtech businesses based on disease prediction information can operate more securely and a variety of derivative services can be launched," said ICONLOOP CEO JH Kim. "We will steadily continue system testing and inspection so that first-class medical information can also be managed as a record, while aiming to interoperate with other blockchains on the basis of ICON smart contracts."
Alongside ICON, a global interchain project, ICONLOOP is also active in blockchain technology development projects at home and abroad. These include the development of CHAIN ID, the world's first joint blockchain authentication service for the financial investment industry; participation in the Seoul Metropolitan Government's blockchain pilot project; the establishment of an informatization plan for a next-generation election system led by the National Election Commission; the construction of a blockchain-based next-generation insurance platform with Kyobo Life Insurance; and the signing of a business agreement with SK Inc. C&C on blockchain business for the financial sector. In particular, as the technology lead for the financial investment industry blockchain consortium — which brings together the Korea Financial Investment Association and 26 Korean securities firms — it owns Korea's only proprietary solution specialized for financial companies.
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