Terra established CHAI Singapore, Two major parties in blockchain, LG and Kakao teamed up, MediBloc Launched its Insurance claim App.
Terra Established the Singapore Corporation for Blockchain Payment Service
The Korean blockchain project Terra is well known as a project, building a stable coin ecosystem, a stable value cryptocurrency. Terra has partnered with Timon, Yanolja, Lightning Market, and other major E-commerce platforms in Korea. The company has been also operating a difference Corporation, called CHAI, a simple mobile blockchain payment service.
According to anonymous reports, Singapore has a corporation with the same name as Chai Corporation, whose major shareholder is Co-Founder Shin Hyun and Kwon Do-Terra.
The industry estimates that the Korean domestic payment business will be in charge of Chai Corporation Korea and overseas projects will be operated by Chai Corporation Singapore in the future.
As the Korea government does not provide clear guidelines for cryptocurrencies, Terra tried to launch Terra X, a payment system using stable coins in the first half of 2019. The company also has partnered with Chai Corporation Korea. But the results were vague and industry experts assumed that the blockchain payment system using crypto will not be authorized by the government in the end.
Under the circumstances, Terra is looking into overseas service, those overseas projects and products will be undertaken by Chai Corporation Singapore. Shin Hyun-sung and Kwon Do-hyung both have said in September that he plans to advance to Mongolia and Singapore at the Upbit Developer Conference. In particular, he cited the “Payment Services Act 2019” as the reason for entering Singapore first.
this Act has been passed by the Singapore Parliament in January 2019 and approved by the President in February, the law provides a legal permit for payment of digital tokens. Mr. Shin mentioned, “In Singapore, customers can pay directly with cryptocurrency.”
LG CNS Partners with Ground X, Klaytn to Expand Blockchain Business
LG CNS announced on Nov 21st that it signed a strategic partnership with Kakao’s Blockchain subsidiary, GroundX in Seoul to expand the blockchain business.
Through this partnership, those two companies plan to establish a compatible technological system of blockchain functions and services owned by each company and explore new business opportunities.
LG CNS launched Monachain, a private blockchain platform for enterprise in May last year. Since then, the Korea Mint Corporation has set up a local currency payment platform called ‘CHAK’.
Also a month later, LG U Plus sets up a blockchain-based system using LG CNS’s Monachain to pay insurance for lost or damaged mobile phones. The data of the Insurance claim system by LG will be shared in real-time with LG Electronics and KB Insurance. Customers do not have to submit insurance documents, such as service center repair details or receipts, to the insurance company.
MediBloc Unveiled its Blockchain-based Insurance Claim Service, “MediPass”
According to its announcement, MediBloc, a global medical information platform, has launched MediPass, a blockchain-based simple insurance claim service on Nov 21st.
MediPassis a simple insurance claim service that allows you to download medical records and file a claim for damages within 10 seconds.
In the meantime, the insured had to go through complicated and cumbersome processes such as paying medical bills first and claiming copies of receipts, faxing the Internet, and visiting them for claims. Some have given up on claims because of complicated procedures.
With MediPass, patients can download the receipts and details of medical insurance claims from the hospital to their device and forward them to the insurer. Claims submitted by the patient are proved authentic on the blockchain.
After enrolling through MediPass, subscribers can download medical records with up to “Five Clicks” from the app and claim them with insured insurance in 10 seconds. In addition, it is possible to confirm and claim all unclaimed medical records within three years of the expiration of claims for loss insurance.