Blockchain-powered medical data marketplace Longenesis and biotechnology company Insilico Medicine have entered into an agreement with South Korean hospital Gil Medical Center to create a blockchain-based health data management solution. The development was announced in a press release published on April 23.

As part of the collaboration, the parties intend to develop a blockchain-powered platform based on Bitfury’s Exonum blockchain framework to increase the efficiency of data collection, boost medical research processes and ensure transparent management of patient consent.

Longenesis will reportedly provide a secure ecosystem for Gil Medical Center to upload, store and manage patients’ private data, allowing patients to control and access their data as well. The platform also aims to address compliance with the Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR) regulations as the hospital also provides services to foreigners.

Earlier in April, Bitfury and Longenesis jointly launched production of a blockchain-based consent management system for the healthcare industry that addresses compliance with GDPR and HIPAA.

In mid-March, another major hospital in South Korea’s capital city of Seoul, Seoul Medical Center, announced plans to launch a blockchain-based platform aimed to improve its medical services. The project dubbed “Smart Hospital” aims to boost data accuracy and reduce processing timing for the aforementioned hospital.

As reported in February, in order to promote the country’s blockchain projects, the Seoul Metropolitan Government revealed the establishment of the “Seoul Innovation Growth Fund,” with the goal to invest more than $1 billion in blockchain and fintech startups by 2022.