EncryptoTel weekly digest 17.07.20

3 min readJul 17, 2020

Blockchain for insurance, Visa is looking for blockchain developers and blockchain in Space

South Korean Telecom Giants Launch Blockchain-Based Insurance Solution

South Korean telecommunications company SK Telecom and a division of LG corporation — mobile operator Uplus — are launching a blockchain-based service for insurance payments. It aims to translate the process of insurance claims and payments without submitting paper documents. The solution has been designed for mobile phone insurance only.

A solution called Mobile Phone Initial Insurance Compensation can process insurance claims by receiving documents directly from a service center. The blockchain application will be used by the operators of the service center to issue a repair certificate and receipts in the form of an electronic certificate. This digital document is sent directly to the insurance company for review, which speeds up the processing of claims. Currently, customers are forced to first pay an advance for the repair of an insured mobile phone, and then submit a repair report and receipts to the insurance company.

Statistics: American adults spend an average of 3 and a half hours on mobile applications per day

Adults in the United States spend more than 4 hours on average using mobile Internet. At the same time, 88% of the time is spent on mobile applications and only 12% on browsers on mobile devices. The share of applications is growing every year. According to eMarketer’s forecast, by 2022, American adults will spend 4 hours 11 minutes on the Internet via mobile devices, of which 3 hours and 47 minutes will be spent on mobile applications and only 23 minutes on browsers.

The most popular applications, which account for the most mobile traffic, remain social networks and instant messengers, including video messaging.

Visa is looking for blockchain developers

Payment giant Visa has posted a vacancy for blockchain developers. According to the published vacancy, the developers will start creating decentralized applications.

Applicants need to have experience with Ethereum, as well as skills with Bitcoin, Ripple, R3 blockchains and the Solidity programming language.

The new hires will be part of the team that builds innovative “non-card” payment products for Visa. “The candidate will work for VISA Global Commercial Payments, the team will create a new payment system using blockchain technology and a distributed ledger.”

Forecast: global mobile data traffic to reach 171.3 million terabytes per month by 2027

The pandemic has triggered an increase in demand for mobile Internet and forced analysts to revise their forecasts for the future development of the industry. According to the latest report, the global mobile data traffic market, which is now estimated at 35.5 million terabytes per month, will grow to 171.3 million terabytes per month in 2027. The average annual growth rate is 25.2%. The fastest growing segments will be video transmission (+ 27.1% per year, up to 120.3 million terabytes) and social networks (+ 25.7% per year).

The largest markets for mobile data traffic will remain the United States, which now accounts for 26.9% (about 9.5 million terabytes), and China. The latter will grow at a rate of 31.7% per year and reach 43.3 million terabytes by 2027, which exceeds the global level of mobile data traffic in 2020.

Space: blockchain will help in the development of the Solar System

NASA astronaut Chris Hadfield believes blockchain technology has the potential to play an important role in the exploration of the Solar System. A retired Canadian Air Force colonel and former ISS commander believes the technology could be used in many areas, from installing nodes on satellites to tracking mining operations on the Moon. According to Hadfield, blockchain acts as a “natural complement” for verifying the correctness of the processed data — from assembling individual units to launching missiles.

“We are beginning to realize that a node can be placed in Earth’s orbit. This is how the security and globalization of the blockchain can be achieved. Technology is a natural consequence of the reduced cost of access, increased reliability and an understanding of how all the processes on the planet can be built, ”Hadfield suggested in an interview with Forkast.

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