The list of endless possibilities of the blockchain technology just keeps getting bigger, each and every single day. The immutable ledger was initially used to only store the records of financial transactions made on the Bitcoin network. However, blockchain technology has undergone many changes since then. Almost every centralized solution can be made more efficient by using the blockchain.
The healthcare industry has been one of the few industries that has undergone very few technological changes. The outdated techniques that are used to share information as well as to process claims take a very long time. In order to revolutionize the healthcare industry and make it very efficient, Aetna and other health insurers have teamed up with IBM to develop a blockchain based solution.
Blockchain Solution for the Healthcare Industry
The healthcare industry is an industry that requires a lot of communication as well as any time available information. However, not many realize these requirements. Medical data is extremely valuable for conducting researches as well as for treating patients.
However, due to non-availability of this information, a lot of time is wasted on doing the same work all over again. The same problem occurs even while treating patients in hospitals. If the treatment procedure for a particular disease was available online, then the time required to devise the treatment could have been cut short.
The current procedure followed to process insurance claims is also very labor intensive and takes a lot of time. In this fast-paced world, such slow processing speed is not acceptable. Additionally, there is a lot of paperwork involved in this process. All this is not very convenient for us.
Aetna and other health insurers have partnered with IBM to create a blockchain based solution for this problem. As the information on a blockchain is accessible from anywhere and at any time, it would help to optimize medical researches and treatments.
In order to solve the problem faced during insurance, the blockchain makes use of smart contracts to process the claims at a very rapid rate without any fraudulent transactions. This would not only help speed up the insurance claiming process but will also make it more trustable.
This blockchain solution for the healthcare department will help to cut the excess costs, duplication and the excess time requirement that has plagued this industry forever. With this system in place, the healthcare department can work on matters that are more concerning such as an epidemics, etc. Thus, blockchain technology would help in the process of revolutionizing the healthcare industry.
The healthcare industry is extremely vast and is spread across the world. With the implementation of a blockchain based solution, all related information will be available whenever it is required. Currently, only a few organizations are working towards the development of this project.
However, more organizations are set to join this partnership. By improving the condition of the healthcare industry, we can expect a major decrease in the outbreak of epidemics as well as improve the health conditions around the world.