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Korean J Financ Stud > Volume 48(4); 2019 > Article
Korean Journal of Financial Studies 2019;48(4):417-447.
DOI: https://doi.org/10.26845/KJFS.2019.08.48.4.417    Published online August 31, 2019.
Blockchain in Health Insurance: Sharing Medical Information and Preventing Insurance Fraud
Daehyeon Park1, Doojin Ryu2
1Graduate Student, Sungkyunkwan University
2Professor, Sungkyunkwan University
블록체인 기술을 통한 보험시장의 정보비대칭 해소방안: 의료정보공유와 보험사기 예방을 중심으로
박대현1, 류두진2
1성균관대학교 대학원생
2성균관대학교 교수
Correspondence:  Doojin Ryu, Tel: +82-2-760-0429, Fax: +82-2-760-0950, 
Email: sharpjin@skku.edu
Received: 28 February 2019   • Revised: 9 June 2019   • Accepted: 28 June 2019
Abstract
Blockchain technology is mainly analyzed in terms of efficient insurance transactions with real-time transparency and smart contracts. However, little academic research has focused on reducing information asymmetry in the insurance market and preventing insurance fraud using blockchain technology. This study theoretically suggests that the adoption of blockchain technology reduces information asymmetry in the health insurance market by enabling market participants to share medical information effectively and safely. Blockchain technology partially prevents soft insurance fraud by sharing medical information in real time and automatically filing insurance claims. Smart contracts based on blockchain technology prevent insurance fraud by eliminating the opportunity for the insured party to make false claims. In addition, blockchain technology prevents collusion between insured parties and providers because it can limit information manipulation by automatically recording medical information in blocks.
Key Words: Alternative Finance, Blockchain, Information Asymmetry, Insurance Fraud, Medical Information
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