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Can Blockchain Technology Revolutionize Healthcare Industry?

Cigna and Sentara Healthcare used blockchain technology in order to join a new health utility network. The network is basically designed to form a secure ecosystem of healthcare organizations. These organizations can use the blockchain in order to build, share and deploy solutions for bringing an ultimate digital transformation in the Healthcare industry.

The network has other members like Health Care Service Corporation (HCSC), PNC Bank, Aetna, and Anthem and these members explore the blockchain with the main aim to address various industry challenges like enabling secure and frictionless healthcare information exchanges, promoting efficient claims and payment processing, and maintaining current and accurate provider directories. More members from other health organizations, startups and Independent Software Vendors (ISVs) will be added to this network and they will expand use cases and benefit the industry in results.

New ways are required to address payments for the healthcare ecosystem. IBM has collaborated with PNC Bank in order to use blockchain technology with the main aim to create shared efficiencies, improve the value of care and drive adoption of bundled payments as a reimbursement mechanism. These two organizations will demonstrate the solution during the Healthcare Information and Management Systems Society (HIMSS) Conference, PR Newswire reported.

Rajeev Ronanki, a chief digital officer of Anthem Inc said, “We came together to create the health utility network realizing the need to improve transparency and interoperability in the industry in order to improve healthcare for all Americans. Engaging additional members across partner levels and industry perspectives will increase the network’s reach and ability to deliver high-value solutions.”

The full-service Blockchain company Bitfury and the revolutionary blockchain-based Life Data Marketplace platform Longenesis collaborated with the decentralized platform connecting healthcare facilities with radiologists Medical Diagnostic Web in order to create Next-Generation Healthcare Blockchain with the main aim to share, maintain and secure medical imaging and diagnostics data. They have announced about their collaboration with Medical Diagnostic Web on February 11, 2019, Medium reported.

The CEO of Bitfury Valery Vavilov said, “Blockchain technology can strengthen patient data security by providing a tamper-proof record of patient history while simultaneously providing an avenue for doctors to more easily share information. The digitization of trust that blockchain offers, paired with the medical potential of AI algorithms, has the ability to revitalize medical systems all over the world.”

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Shabnam Dhar is a Copy Editor for OWLT Market.

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