Blockchain technology could soon boost medical tourism in South Korea

In Busan, a South Korean public-private consortium announced its intention to build a blockchain-driven medical tourism platform. There is currently no deadline for the launch.

According to Gyeongnam Ilbo, the initiative will be led by the Bank of Busan. They seek to establish the platform within the country’s second largest city in terms of population. The main objective of the group is to strengthen the medical tourism sector.

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The consortium includes Etoro National University Hospital, Dong-A University Hospital, Gosin Gospel University Hospital, Samyuk Busan Hospital and Knet Co.

Banking services offered through the platform

The agreement states that local companies will join forces with the banking sector, specifically with the Bank of Busan, to launch a mobile application for smartphones called „Regional Mobile Medical Tourism Platform“.

The banking institution intends to channel all medical tourism-based transactions through the blocking chain application, especially those seeking plastic surgery and other cosmetic procedures. They intend to do so by offering currency exchange and account opening services.

The platform will also connect patients with medical institutions within Busan.

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Bin Dae-in, Busan Bank executive, told the local media:

„The Busan Bank will actively cooperate to make Busan the best medical tourism district in Korea. We will play a role in revitalizing the local medical tourism business.

The medical tourism industry is increasingly popular on the Asian continent. Recently, a major South Korean insurance company, KB Insurance, announced plans to implement a mobile message delivery system using blockchain for its customers.

On June 10, Cointelegraph reported that South Korean merchants are willing to accept the digital yuan as a payment method in the near future.