Myongji Hospital, a South Korean hospital, has announced its partnership with BICube, a local tech company, to develop a blockchain powered medical service platform. They have signed a Memorandum of Understanding to accomplish the goal.

Reportedly, the duo have planned to use blockchain technology to build a healthcare information exchange system. The medical service platform will allow updating of hospital related information for public access. In addition, the goal is to develop a hybrid cloud platform, comprising of a public and a private cloud. The hybrid cloud will give patients the ability to share their medical information with other medical institutions upon authorization.

Moreover, according to sources, the medical services platform will be commercialized by 2019. Moreover, the Korean government has also announced plans to invest $35 million in 2019’s budget on blockchain technologies.