ICONLOOP, the Korean blockchain technology company has announced the launch of the ‘Lifelong Healthy Life’ service in beta version. ‘Lifelong Healthy Life’ is a disease prediction service running on top of the blockchain developed in collaboration with Kyobo Life Insurance Co., Korea’s largest life insurance company as well as LifeSimantics Co., a digital health company.
The ‘Lifelong Healthy Life’ is a service which utilizes disease prediction algorithms developed based on health care and pre-health check data to forecast disease risk (over a 3 year period) and provide the comparative analysis of insurance coverages against actual risk data from insurance providers.
The project aims to implement an empirical model combining in InsureTech, digital healthcare, and blockchain data authentication technology. ICONLOOP is an entitled business partner for the ‘FinTech Demonstration Project 2018’ by the Ministry of Science and Information Technology and Communication (MSIT) and the Korea Internet & Security Agency (KISA), ICONLOOP has formed a consortium with Kyobo Life and LifeSemantics since May 2018.
Unlike the existing insurance coverage analysis system, which measures future health risks based on the current insurance subscription data, ‘Lifelong Healthy Life’ service offers insurance products based on forecasts of future risks to provide reasonable and more affordable health care options for customers.
In addition, by sharing the results of personal information certification on the blockchain, insurance holders can access and manage their health data and insurance information on their own, in alignment with the Personal Information Protection Regulations (GDPR). Once the customer’s health examination records are passed to the blockchain-based authentication system, the data provided is made immutable being stored on the blockchain.
ICONLOOP has built the blockchain authentication system for the ‘Lifelong Healthy Life’ based on ‘loopchain’. Loopchain is a blockchain engine that can be customized across the stack from the engine to application, allowing differentiated permission settings across nodes participating in the blockchain in order to respond to various tasks and compliance. Kyobo Life Insurance claims loopchain has successfully demonstrated its blockchain finance platform and now expects to scale its service into the ‘Life record’ management system or ‘My data’.
“We plan to expand our blockchain authentication system so that the InsureTech businesses based on disease prediction data infrastructure could be operated with security and derived services can be released at the same time. We aim to hyperconnect with the heterogeneous blockchains through the ICON smart contract base while keep operating system tests and verification processes to expand the scope to first-class medical data management.”
The ICONLOOP, developer of CHAIN ID — Korea’s first joint authentication blockchain system with Korea Financial Investment Blockchain Consortium, also participated in the Seoul Metropolitan Blockchain Demonstration Project. Also, ICONLOOP has been selected as a blockchain technology consultant for ‘Building the Next Generation Election System based on Intelligence Information Technology’, supervised by Korea National Election Commission (NEC).