According to Cryptonews, Two of South Korea’s biggest conglomerates will team up to create a blockchain-based insurance offering. The deal will see the Lotte Group’s insurance arm, Lotte Insurance, join forces with the Hyundai Group’s blockchain and crypto subsidiary Hdac for an unprecedented cooperation effort. As local media disclosed, the deal will also involve another leading insurance provider, Insurovo, and software firm TmaxData. Hdac operator Hyundai BS&C, the Hyundai Group’s IT services and construction arm, will also join the project. The firms said they will co-build a “convergence platform” that will make use of blockchain technology and blockchain-powered decentralized ID (DID) authentication developments.

Tracy Chen