Korea University and 30 major blockchain companies are going to form a consortium and set up their own blockchain platforms for medical, financial, and distribution industries.
They are going to commercialize world’s first ‘blockchain medical information system’ with Korea University at the center. This system is a new medical system, which combines hereditary information to a blockchain platform, and it prescribes personalized treatment methods and medicines. They are also going to set up South Korea’s first ‘health information exchange’ by integrating gathered data.
According to industries, Korea University is going to form a ‘private blockchain platform development’ consortium with 30 major blockchain companies such as Samsung SDS, Mirae Asset, Kyobo Life Insurance, Shinhan Bank, DAYLI Finance, Finotek, and Doublechain and start working on development of blockchain platforms. They are going to create comprehensive platforms based on blockchain for medical, financial, and distribution industries.
They are going to develop ‘blockchain medical information system’ with Korea University’s Medical Center at the center. This system will analyze clinical information, hereditary information, and life style information and present corresponding treatment methods. Korea University’s Medical Center has already secured large-scale funds for relevant research.
This system, which interworks with a blockchain platform, will create medical dApp (decentralized application) and provide personalized medical treatment based on AI (Artificial Intelligence). It will give out ‘Health Coin’ for patients or people who provide their genes. Korea University’s Medical Center will also set up South Korea’s first ‘health information exchange’ that integrates enormous amount of Big Data by utilizing hereditary information that are gathered with a blockchain platform.
Korea University and blockchain companies will also commercialize a financial platform called ‘Crypto Banking Service’ through industrial-education cooperation.
This service supports ‘banking without Banking service’ that does not have a need for a bank. Crypto Banking Service will make many financial services such as wire transfer and payment into direct transactions through decentralization and take care of every financial services such as loan, investment, and insurance through a comprehensive blockchain platform. Korea University is going to start a pilot project of ‘Blockchain InsurTech’ by establishing a co-op composed of about 3,000 faculty members from Korea University.
Korea University will receive about $463.50 (500,000 KRW) of insurance (type of security deposit) from faculty members who will join this union and manage their insurance coverages through blockchain. It will return entire amount of insurance if faculty members do not face car accidents and others and it will resolve any accident by paying insurance through blockchain technology if there is an accident. Every process will be taken care of based on blockchain-based Smart Contract and without any insurance company or an agent.
Besides these medical and financial blockchain platforms, Korea University and blockchain companies will also set up a platform for distribution industry and create business models in various industries. Blockchain platforms that will be established in different industry have higher security than public and private blockchains and they will be connected to next-generation internet technology (SCION) with fast speed. It will be the first attempt of combining blockchain-related nodes to Korea University’s patents on next-generation internet technologies. Korea University is planning to prevent any security threat in advance by tunneling blockchain nodes through next-generation internet. Their goal is to implement most safe and fastest financial and medical platforms.
Korea University’s Blockchain Research Institute, which will be established on the 25th, will perform every project. It will also look for unicorn companies at the same time through blockchain platforms. Korea University is planning to open a blockchain business incubator with its Blockchain Research Institute. Participating companies can use Korea University’s blockchain platforms for their businesses as well as blockchain qualified professionals from Korea University.
Development of blockchain technologies for real-time distribution of large data will be done by Professor Lin Ho (Computer Engineering Department) who is also the director of Blockchain Research Institute. Various research will be done by different professors such as Professor Jung Ik-rae (development of a technology for designing blockchain agreement algorithms), Professor Oh Hak-joo (development of a technology for verifying safe Smart contract), Professor Joo Jae-geol (development of a technology for monitoring machine learning-based blockchain transactions), Professor Lee Hui-jo (development of a technology for verifying weak points of open sources), and ETH University from Switzerland (development of network to respond to internet DDoS attacks).
Besides these developments, Professor Lee Dae-hee of Korea University’s Law School will be responsible for legal and systemic supports while Professor Lee Yong-kun of Computer Department and Professor Lee Sang-heon of Korea University’s College of Medicine will be responsible for support and care of startups and research on medical information respectively.
Staff Reporter Gil, Jaeshik | email@example.com & Staff Reporter Jung, Yongcheol | firstname.lastname@example.org