The technology that began with Bitcoin in 2009 promises to provide a secure and interoperable exchange of real-time data between suppliers, payers, and patients when it comes to cryptocurrencies. All the digital currencies including bitcoin, omg crypto, litecoin, etc. use the same technology.
It should be noted that blockchain is on the verge of becoming the next major innovation in the health care sector, and both insurance organizations and providers see a true value in it that can more effectively manage the work of the branch. Blockchain has been described as an encrypted distributed book. Each transaction is a block in the ledger, linked like a chain.
Similarly, blockchain can help payers and suppliers resolve payment disputes by automatically verifying and authorizing information, leading to faster claims payments. It can also be applied to the health of the population by providing providers and taxpayers access to patient databases.
However, and on prior authorization, a doctor may use blockchain to make the request instantly to the insurance company, cutting off brokers for direct access to encrypted information in a secure manner.
According to Chris Kay, Director of Innovation at Humana, he said, “The blockchain eliminates the need for a third party to leverage and distribute data. Transactions can be closed in real-time. ” I also mentioned Kay, “Everyone who is part of the transaction has access to the network”, “No need for an intermediary. Blockchain allows verification instantly”.
In this way, the ability to share and exchange data in an interoperable way can result in significant cost savings and increased security, he said.
According to Bruce Broussard, Humana’s CEO, he has also called blockchain the next major health technology innovation. But the concept of blockchain is still so new that it is still not widely accepted by the industry.
According to Sarah Thomas, director of the Deloitte Health Solutions Center, “Few health insurers are actively investing in the blockade chain as it is still very new, but some are beginning to consider investments and pilot technology,” Thomas also points out “Many health insurers are still trying to understand the full capabilities and requirements of blockchain, and how it could fit into their future technology strategy”.
Also, Thomas commented that blockchain is in a unique position to help with interoperability, as it is able to bring together decentralized entities and improve data security.
It is essential to mention that, ninety percent of the dollars that are invested in the blockchain do not go to health care, but to Bitcoin or financial companies.
According to Diego Espinosa, president of Healthcoin, reported, “Investors are coming”, which has a finance fund in hedge fund management. “We will begin to see it emerge in 12 to 18 months”.
Also, Espinosa commented, technology is not for technology, but as a means to simplify and improve the health experience for everyone, in a timely and truthful manner.