Cryptocurrency analyst. Founder and editor at btcpeers.com
Healthcare and Blockchain — Of Smart Contracts, Insurance, and Supply Chain; with a Hint of AI
Blockchain, the running engine behind most cryptocurrencies, is an adaptable technology with the potential to revolutionize almost every major industry. It was designed initially for managing transactions and maintaining consensus via a decentralized public ledger, all while avoiding the need for intermediaries. In the end, blockchain was much more; a highly scalable technology that could store and transfer data securely without the need for third parties, offering new ways for industries to manage and review data.
To this came smart contracts, programmable if/then statements that could be implemented in the blockchain network. This made it possible to calculate and execute decisions with stored data quickly and efficiently without the need for human processing.
Many projects have been founded to explore how this technology can be used to improve services. One major industry that stands to benefit from Blockchain is healthcare. Hospital records, insurance claims, medical verifications, and the medical supply chain all have the potential to be improved drastically with blockchain systems.
This article will examine how blockchain can make the healthcare industry more efficient, safe, and secure.
Records and Insurance Claims
Effective communication between hospitals and insurance providers is key to delivering timely responses to filed claims. Today, hospitals must comply with certain legalities regarding the handling of patient documents. Ensuring patient confidentiality can make it difficult for insurance providers to get the documents needed when making claim decisions.
This can cause lengthy processing times and claim denial that leave both patients and hospitals billions in debt annually. Some have cited this as a major reason for the rising cost in healthcare.
Blockchain can help ease this line of communication. The cryptographic technology behind blockchain can provide the needed security to transfer patient data files to insurance providers. Future development might even bring integrated blockchain ledgers between hospitals and insurers into use that allow both parties to update case files in real time.
Smart contracts can then be employed by insurers to assess data — replacing…
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