Aju Business Daily

SEOUL -- KT, South Korea's largest telecom company, joined hands with Lemon Healthcare, a Seoul-based mobile healthcare solution company, to co-develop and start the operation of a blockchain-based smart hospital platform service later this year.

Blockchain technology, a decentralized network that uses computer resources as encrypted virtual ledgers, has a virtually impenetrable security system and is favored by many information-handling industries such as logistics, healthcare and online banking.

KT said in a statement on Thursday that it will jointly develop a blockchain-based smart service for hospitals with Lemon Healthcare to begin the service later this year. KT will use "GiGA Chain BaaS (Blockchain as a Service)", the company's blockchain development platform, to ensure the data integrity of medical data files while Lemon Healthcare connects some 40 major hospitals using its mobile healthcare platform.

"KT will help companies successfully do business through 'GiGA Chain BaaS' service that drives the 5G ultra-safety era," KT's Blockchain Biz Center head Seo Young-il was quoted as saying. He said KT will vitalize patient-centered data businesses.

The platform will store and manage various critical information including prescription records, medical certificates and medical charts using encryption technology. KT plans to expand the number of partner hospitals to 200 by the end of 2019 and target the global market later.

Because of strong security characteristics, blockchain technology is widely adopted in the medical sector to sort, manage and store critical medical information safely. Pharmaceutical companies use a secure network to fight counterfeit drugs. The global medical blockchain market will reach $3.2 billion by 2026, according to Ireland-based market research firm Research and Markets.