ICONLOOP, Kyobo join forces to launch blockchain-based disease prediction beta service
ICONLOOP Inc. has joined forces with Kyobo Life Insurance and digital health service provider LifeSemantics to test run blockchain-based disease prediction beta system “Lifetime Healthy Life”.
The test-run service is now in the pipeline mainly serving the executives as well as the ranks and files of Kyobo Life Insurance.
Built around ICONLOOP's distributed ledge-based blockchain engine loopchain, the “Lifetime Healthy Life” system can diagnose and predict ailments risks that stand the chance of occurring in the three years to come, running its ailments prediction algorithm.
The capability allows insurants or insurance policy architects to compare and analyze the pros and cons of various life and healthcare insurance policies in sync with its risk guarantee analytics system.
The three-party consortium has written the ailment prediction system algorithm by structuring its prediction recipe around pre-medical checkup datasets.
The "Loopchain" is ICONLOOP's home-grown indigenous modular, multichannel, multi-tiered blockchain engine that comes built with self-produced agreement algorithm, enabling system operators not only to add, or delete modules at their disposal, but also prioritize network access levels in various tiers.
Unlike Kyobo’s current life insurance policy analysis system that offers consultation services on future risks simply profiling insurants’ personal information, the ‘Lifetime Healthy Life” system can enable insurance policy architects to design the most optimal and user-friendliest insurance policies for their insurants, as it allow them to take into account various predictive scenarios on future risks.
Especially, the built-in 'loopchain" engine allows insurants to share personal information certification procedures and thus collectively manage and supervise various information on their insurance coverage and personal wellness.
In other words, it can authenticate insurants’ medical check-up information and store it immutably with no chance of counterfeits or forgeries.
The test-run service of the system was to keep up with the government national wellness promotion policy initiative aimed at implementing a real proof model that runs on an integrated system of insuretech, digital healthcare, and blockchain authentication technologies.
The blockchain-based system gets in compliance with the rule of EU’s GDPR law that took effect starting from May 2018 to respect self-determining rights of personal information, .
ICONLOOP has worked on the development of the "Lifetime Healthy Life" system in a joint-effort with its two consortium partners Kyobo Life Insurance and LifeSemantics since May as a project leader of "the 2018 FinTech Pilot Project". Sponsored by the Ministry of Science, Technology, and Information, the 2018 FinTech Pilot Project was initiated by the state-funded KISA(Korea Internet & Security Association).
"We plan to expand the penetration of the blockchain authentication system not only to securely manage the disease prediction data-based insuretech business, but also roll out various derivative business models. We will continue to test and upgrade the system to allow it to keep track of top-tier medical check-up and diagnosis information. On the top of that, we aim to interoperate our ICON smart contract platform with other blockchain platforms," said Kim Jong Hyup, CEO with ICONLOOP
Written by Hwang Chi-Kyu email@example.com
Edited by Jason Kang firstname.lastname@example.org