Myongji Medical Complex, one of the largest hospitals in South Korea, has announced that it is partnering with a local blockchain company to develop a DLT-based medical services platform for its patients.

The sprawling medical facility in Goyang has recently signed a Memorandum of Understanding (MoU) with Korean company BICube, which itself is basically a machine learning startup. The two parties have agreed to use the blockchain technology to create a kind of information exchange system for the healthcare industry.

A press release stated: “[The aim is to] build a hybrid cloud [platform] that combines a public cloud and a private cloud.”

Once the platform is ready to be deployed, the two partners aim to commercialize it by 2019.

South Korea is one of the leading proponents and innovators of the DLT and has full government support behind these endeavors. The government has recently earmarked USD 35 million for investment into next year’s budget – triple the amount allocated in the last fiscal year. If one accounts for private digital exchanges and other blockchain projects in the country, the total equity of the sector reaches a multi-billion dollar valuation.

While the government has cracked down against the illegal use of cryptocurrencies and initial coin offerings (ICOs) because of security breaches, the country is well on its way to becoming a global leader in the sector.

 

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