Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network [1]. It is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but can be applied to everything of value. Once the information is entered in Blockchain it cannot be erased, modified or tampered with. Everyone in the network will be able to write data/perform transactions but cannot modify the data.
Traditional systems follow either Centralized or Decentralized model – Examples are Banks having single point of control (Centralized) and in some cases Decentralized model – with finite points of control. Blockchain works on the principle …show more content…
2.5. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
No Middlemen: Blockchain technology allows everyone in the network to perform transactions and does not require a central authority (Administrator) to approve the transaction. Instead, the other blocks in the chain validate the transaction.
Security: Compromising a blockchain transaction and modifying is impossible as the change has to be done in all the distributed copies which would require huge computational power which is impossible. Security is the first and foremost factor where distributed ledger technology of blockchain scores over traditional systems for transacting.
Empowered Users: Users are in control of all their data and transactions. Faster Transactions: Transactions done in traditional way like bank transactions, claim adjudication takes more time whereas when implemented using blockchain technology, the same transactions are done faster without compromising the security and underlying business process.
Lower Transaction Costs: By eliminating the intermediaries and third party approvers, blockchain can greatly reduce transaction …show more content…
Provider Data – Segment wise and their nature
Provider data changes multiple times in a year and the changes needs to be reflected correctly in the Payer’s systems – example – online directory or Claims Processing System. Any issues/errors in ingesting this data by Payer will trickle down to the end systems used by the customers and the cost of fixing incorrect claim/data is very high.
Below is the workflow of the Provider data ingestion in current Healthcare world either during Provider addition to Payer’s network or during Provider data
Traditional systems follow either Centralized or Decentralized model – Examples are Banks having single point of control (Centralized) and in some cases Decentralized model – with finite points of control. Blockchain works on the principle …show more content…
2.5. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY
No Middlemen: Blockchain technology allows everyone in the network to perform transactions and does not require a central authority (Administrator) to approve the transaction. Instead, the other blocks in the chain validate the transaction.
Security: Compromising a blockchain transaction and modifying is impossible as the change has to be done in all the distributed copies which would require huge computational power which is impossible. Security is the first and foremost factor where distributed ledger technology of blockchain scores over traditional systems for transacting.
Empowered Users: Users are in control of all their data and transactions. Faster Transactions: Transactions done in traditional way like bank transactions, claim adjudication takes more time whereas when implemented using blockchain technology, the same transactions are done faster without compromising the security and underlying business process.
Lower Transaction Costs: By eliminating the intermediaries and third party approvers, blockchain can greatly reduce transaction …show more content…
Provider Data – Segment wise and their nature
Provider data changes multiple times in a year and the changes needs to be reflected correctly in the Payer’s systems – example – online directory or Claims Processing System. Any issues/errors in ingesting this data by Payer will trickle down to the end systems used by the customers and the cost of fixing incorrect claim/data is very high.
Below is the workflow of the Provider data ingestion in current Healthcare world either during Provider addition to Payer’s network or during Provider data