Medibloc said Tuesday that it has signed a memorandum of understanding with PolicyPal Network to build a platform that can invigorate insurance products and create a medical information ecosystem.

MediBloc is a patient-centered healthcare platform based on block-chain technology. The company's platform stores integrated medical information such as the patient's medical record and lifelog, and provides the data to doctors when visiting medical institutions.

Also, researchers can use Medibloc's platform to collect medical data regardless of country or region.

PolicyPal, launched in 2016, is an insurance application that utilizes machine learning and artificial intelligence. The company later launched the PolicyPal Network, which combines block-chain technology. The company plans to use the technology to lower insurance barriers and solve the overall security-related problems of encryption assets for the financially underprivileged.

The PolicyPal Network attracted about 20 billion won ($17.8 million) in investment through an initial coin offering (ICO) earlier this year. It is a member of Singapore Fintech Association and ACCESS.

Medibloc plans to combine the PolicyPal Network’s decentralized insurance protocols with its healthcare data, which will enable a customized system and allow patients to make automatic insurance claims.

The application will allow optimized insurance products for individual patients based on their past medical records and health logs collected from wearable devices, as well as providing discount rates based on additional collected data.

“PolicyPal Network and MediBloc expect to provide the best benefit to patients through insurance products designed based on patient's past and current medical data,” Medibloc CEO Kho Woo-kyun said.