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In the current scenario, getting payment from insurance companies is a big pain point for the patients and healthcare providers.

At the same time, it is also difficult for an insurance company to evaluate the verity of the claims submitted because of the rising medical insurance fraud.

The culprit for all of these issues is today’s complicated, inefficient and outdated medical and payment system. Millions of dollars are wasted due to claim errors and unsettled disputes owing to the lack of transparency in the system.

Blockchain technology is the link that has been missing till now and can provide the required solution for this. With the implementation of this technology, all the stakeholders involved will have access to the same information or in other words, there would be a single version of the truth without any discrepancies.

The shared and distributed ledger will allow all the parties to monitor and analyze the submitted claim and the services rendered against that claim.