Longenesis – a blockchain-powered medical marketplace and Insilico – a biotech company have joined forces with South Korean hospital Gil Medical Centre to develop a blockchain-based health data management system. The news was first announced in a press release on 23 April.

As part of this collaboration, the companies have announced intentions to create a blockchain-powered platform which is based upon Bitfury’s Exonum blockchain framework. This will increase data collection effectiveness, bolster medical research processes and ultimately ensure full transparency of patient consent.

In addition to this, Longenesis will allegedly provide a safe ecosystem for Gil Medical Center to upload, store and manage all client’s private data which will also allow patients access and control over their private information. Furthermore, the platform will also address issues pertaining to compliance with the Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR) regulations. This is because the hospital also provides its services to foreigners.

Back in April, Bitfury and Longenesis co-launched production of a blockchain-based consent management system for the healthcare industry in an effort to address compliance issues with GDPR and HIPAA.

Gil Medical Center, however, is not the first medical institution to announce plans for blockchain-related endeavours. Earlier in March, Seoul Medical Centre also announced plans to launch a blockchain-powered platform with the goal of improving medical services. The project was aptly called “Smart Hospital” and its aim is the boosting of data accuracy and a reduction in processing times.

As announced back in February, in an effort to promote the country’s blockchain goals, the Seoul Metropolitan Government revealed the creation of the “Seoul Innovation Growth Fund,” with the ultimate goal of investing more than $1 billion in blockchain and fintech companies by 2022.