SEJONG Telcom, Inc. has formed a consortium with IRM Co., Ltd., and Pusan University Hospital in order to create a platform that will allow medical image data and blockchain-based data management.
Sejong Telecom Consortium has been selected as the blockchain Technology Validation PoC (Proof-of-Concept) project that supports blockchain related services before they are commercialized by the National IT Industry Promotion Agency. This project aims to build cloud PACS systems (Picture Archiving Communication Systems), a blockchain system and a service for NFT issuance. The consortium hopes to improve the security and use of medical data through this project by converting existing medical PACS into NFTs and moving them onto the blockchain.
This project has a significant impact on the development of a platform that allows for the safe trading of domestic medical data. The value of Korean medical information is estimated at 2 trillion won but it is used only in limited ways because of its exclusivity and closed nature. Professionals in the industry have expressed concerns about the poor quality data and privacy violations on the illegal medical data markets in Korea. This market is estimated to be worth more than 10 billion dollars.
Sejong Telecom was previously selected as the Busan Blockchain City demonstration operator. They led the development and implementation of a blockchain-based platform for medical My Data, B-Healthy. This new project will benefit from the expertise and know-how gained through their previous projects.
The consortium will also issue NFTs to establish a platform for data usage fees and to clarify the ownership of future medical data. This will help lay the groundwork for an exchange of medical video NFTs in the future. This will help to solve the problem of hospitals monopolizing or privatizing their data, and also contribute to the growth of the My Data Industry and the widening of medical data use.
Sejong Telecom will be responsible for setting business direction, managing operations, directing research and development and developing blockchain systems. The project involves developing NFT-issuance for medical images, and developing systems to store and transmit radiographic images, pathology images, and surgery pictures in an international standard format. IRM will create a cloud-based platform for the storage and transmission of radiographic images, surgery images and pathology images in an international standard format, as well as implement web services to medical institutions and their patients. The Pusan University Hospital will upload video data, provide a testbed environment, run and manage the consent process, and operate and manage the personal information consent.
Sejong Telecom Director Wang Young-Jin said that “we have played a significant role in expanding and commercializing the blockchain business by successfully completing various projects in finance and education.” He also added that “this technology verifying project has allowed Sejong Telecom form a portfolio of business activities, including NFT issuance, the opening and operation of exchanges.” The recycling of medical information is expected to have a high added value.