R3 Corda Enterprise in the Healthcare Industry
Many applications of blockchain focus squarely on the individual user and their privacy. The biggest advantage found in distributed ledger technology (or blockchain) is the verification of data by multiple parties. Businesses are beginning to understand the advantage of talking to each other without wasting time and money with third parties. Called ‘smart contracts’ the daily agreements between parties (B2B) are getting formalized.
For an example of how businesses can benefit from blockchain technology, look at the newest development from R3. Called Corda Enterprise, it’s a software for an array of businesses from FinTech to insurance and banking. Most companies today have some level of global exposure and require added layers of accessibility to information, as well as restrictions to access for others.
The enterprise blockchain platform is compatible with most business networks and integrates with most database servers like SQL and Oracle. it’s also fully interoperable and won’t lock vendors in. Which means companies can try it for a while and switch back to their old enterprise software for any reason. Corda enterprise also offers 24/7 support, disaster recovery and enhanced security. Corda enterprise is the commercial side of the open source blockchain customized for big business.
The Corda blockain considers its business driven technology to be the third wave of blockchain development behind Bitcoin and Ethereum. Most people are familiar by now with Bitcoin. The creator of Bitcoin, Satoshi Nakomoto, wanted a system of payments that avoided using a third party for transactions. The solution was to pay ‘miners’ in digital currency to verify the transactions. This distributed ledger system technology became the basis for other digital currencies like Ethereum, which expanded the capabilities of Bitcoin. Ethereum improved the ability of businesses to transact directly reducing duplications and inefficiencies. Corda’s improves on privacy and scales to billions where older technology can’t compete.
ZK3 – Medical Claims Management
One company using the Corda distributed ledger technology is ZK3. Their Medical Claim Management System allows both clinic/hospital and insurer to view the same details about the patient through a synced platform. When the patient makes a change or update to his/her status, everyone in the network is allowed to view it. This reduces inefficiencies in tracking down billing or address changes otherwise by mail or phone. When bills are paid by the insurance company the hospital as well as the patient can see it. Disputes get viewed by the same parties that have access to the individual patient.
Cordentity Identity Service
Cordentity is a identity application that runs on the corda platform. Indy created a digital identity to be used with Corda that prevents hacking of the user’s (patient) personal details. Developed by Luxoft for the benefit of user privacy and easy access for invited parties, it restricts data to those with permission. The interested parties could be hospitals, insurers, compliance officials and individuals hoping for greater control over their identity. Also, only the relevant information about the patient gets seen by the corresponding relevant vendor. Couriers wouldn’t need to see the diagnosis and doctors wouldn’t need to see the financial history.
HSblox – Healthcare Ecosystem
Another company trying to simplify the healthcare industry for everyone is HSblox. Using a combination of machine learning and distributed ledger technology to help reduce duplication of claims, eliminating transaction costs and eliminating claim denials. Mostly they’re interested in reducing claim denials from insurers by reducing the inconsistencies in the paperwork. When multiple parties use the same platform to verify a patient’s particulars, less conflict arises and fewer claims are rejected. This benefits both groups.
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.