A public-private consortium has come together in South Korea to employ blockchain technology in boosting the country’s medical tourism. According to local reports, the consortium will be launching a blockchain-powered platform to make this possible. The consortium is made up of seven institutions including Dong-A University Hospital, Pusan National University Hospital, Gosin University Gospel Hospital, Samyuk Busan Hospital, and payment brokerage company Knet Co. Ltd. Busan is the second largest city in South Korea and this initiative is led by Busan Bank, which is located in the Busan Metropolitan City. Busan Bank announced on June 18 that they had signed a business agreement to build the platform. Boosting medical tourism in South Korea The agreement is focused on building a “cycle of mutual growth” with local businessmen while also boosting the medical tourism business. This will be done through the combination of the banking process of Busan Bank and the special medical tourism business in Busan. Their goal is to build a blockchain-based smartphone app—called “Regional Mobile Medical Tourism Platform—that will directly connect foreign medical tourists with participating medical institutions. Busan Bank use the blockchain-powered app to channel all medical tourism-related transactions. “The Busan Bank will actively cooperate to make Busan become the best medical tourism specialty district in Korea,” said Bin Dae-in, president of Busan Bank. "We will play a role in revitalizing the local medical tourism business," he added. Busan Bank was selected as a blockchain regulated free zone operator in Busan last July which will help promote the new medical tourism initiative.