Blockchain is gaining traction as a tool that could help solve some of the healthcare industry's age-old problems that have resulted in wasteful spending and higher costs for providers, insurers and patients. Once-reluctant competitors are joining forces to find out just what the technology can do and in the process are developing new transparent business models.Mike Jacobs, Senior Distinguished Engineer, Optum
Healthcare blockchain could provide long sought-after solutions to IT challenges facing healthcare organizations and consumers.Fred Donovan, Senior Editor, Health IT Infrastructure
The potential benefits of blockchain technology are staggering given the need to streamline how healthcare data is managed and to ensure security, in addition to the opportunity for collaboration across traditional industry and competitive boundaries. With the goal of improving member, provider, and payer experiences and removing healthcare system costs, we have identified many potential uses, including:
Blockchain is a secure, traceable and nearly instant way to synchronize information across multiple sources. What does this really mean? It means that information is shared and not just transferred. The result is a transparent database, where all members see the same information, and updates to the data are recorded and approved. The technology prevents human error, and more important, it protects against “bad actors” seeking to corrupt the system.