Blockchain Application for Insurance: A Use Case of Healthcare Industry
As Blockchain technology permanently logs all the transactions between the participants, it provides a transparency level that is not available in the current insurance world. There are various middlemen throughout the health insurance policy’s life-cycle.
The information is exchanged between numerous stakeholders and it takes a huge time for the cycle to run from one to another end. Hence, Blockchain can help the health insurance sector to avoid such inefficient processes. Using Blockchain, each of the participants can individually load only the information, which is relevant to the shared contact.
Benefits of Implementing Blockchain Technology in Insurance Industry
As of now, only few health insurance companies are running the projects incorporating Blockchain to enhance the growth and the market share. Because, it is a new development, smart insurers are considering the long-term benefits.
The insurer can even work with the digital transformation companies to develop and design Blockchain solutions to target some certain requirements instead of utilizing a one-size-fits-all approach.
Goal of Implementing Blockchain Technology
The Blockchain mainly emphasis on the implementation of a user-friendly, user-oriented, and an easiest method for maintaining any health information such as patient records, prescription scripts, etc. Apart from this, it can:
- Improve the security as well as integrity by giving a better management of the patient data.
- Call for a better quality of the clinical trial records.
- Lessen the regulatory and compliance costs.
- Set up new practices and standards.
- Optimize the interactions between insurance organizations, healthcare professionals, and policyholders.
- Form the partnerships with the leading ventures with the help of Blockchain technology.
Blockchain potential for a health-care organization depends upon whether the hospitals, clinics, or any other organizations are ready to adopt the new technologies. The best part about the Blockchain is that it offers a distributed ledger and hence, provide a greater transparency.
Sofocle has already developed fresh Blockchain and Cryptocurrency for the Healthcare client. It possesses vast experience of developing Smart Contracts in Ethereum and Hyperledger. They have in-house team Blockchain codes who have the experience of working with clients from various geographies and can provide effective Blockchain development services. To know more about their service, you can email them at success@sofocle.com.
