Blockchain is a radical new technology that creates a distributed ledger that is verifiable between two parties and does not require an intermediate third party. It is quickly having a profound impact on a number of industries, especially in finance and healthcare. In fact, the first killer application of the blockchain was Bitcoin, a digital money. Healthcare insurance is a logical next step because it combines the properties of verifiable financial transactions, and the intense demand for solutions in this sector. Fortunately, iXledger has emerged to create a new platform for consumer health insurance on the blockchain. The firm has created a substantial new system that could be a game changer.
iXLedger – blockchain for consumer health insurance
iXledger serves primarily as a transparent platform for buying insurance and verifying insurance information. For consumers, the blockchain record is an extremely useful feature that has no comparison. This platform allows others to use the blockchain to verify all of your insurance information including:
- Name of the Insured Person, Group or Asset
- The insurance company registration number
- Registered insurance products
- Policy inception date
- Policy status
This data, which the user will have complete discretion over, is instrumental and is commonly required. However, most people were not able to easily prove their status in the past without having a inconvenient and unreliable card.
The process is fairly simple. The user first signs up and completes an assessment of what they need. They include all of their background information and finally submit it for various insurance offers. The client receives quotes and chooses the one that most fits their needs. They finally make the payment and complete the order. The insurance policy is now in place.
Accessing Medical Care
First and foremost, iXledger’s primary benefit is for individuals to easily prove acquire and demonstrate electronically that they have insurance as soon as they enter a medical clinic. When they walk in, they can produce the QR code or iXledger link that proves the insurance they already have. The clinic simply scans the code or clicks the link and receives the 100% proof of the insured contract.
The patient is no longer sitting and waiting to see if the clinic can find the healthcare or if it meets the standards. All of that information is already stored and ready for delivery. That reduces stress, smooths the payment process and makes life easier for everyone.
Many consumers seek to refinance their homes. However, in order to get a great rate and convince the bank they are worthy borrower, they must prove they have sufficient insurance in case anything happens. The iXledger platform quickly proves this insurance coverage. Consumers do not have to go back and forth between the bank and insurance firm with different documents. Rather, they can simply point to the iXledger platform for all of the data required.
Professional Driver Applicant
There are millions of professional drivers around the world. These individuals drive cabs, buses, private cars, trucks, motorcycles and many other types of vehicles. However, when they are applying for a new job, the hiring manager often wants to see that the vehicle is insured for cargo. At the very least, every person needs to be insured for accidents.
Using iXledger, drivers can simply point their potential employers or contractors to the site. All of the data will be there and will be completely fraud-proof. Employers will have more confidence in their drivers and will be more willing to hire them quickly.
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Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.