One of the biggest it company – IBM, will experiment a version of blockchain technology known as hyper ledger fabric to reduce administrative errors and streamline record keeping.
Blockchain is a distributed, decentralised and public ledger. It stores information which is accessible to public. The transactions are verified by various persons.
IBM has partnered with CVS health corp’s antenna to create a Blockchain network.
Blockchain technology will also aim to reduce cost and manpower as the information is stored online.
It also helps to enable health information exchanges, maintaining accurate provider directors and processing claims and payment more efficiently. Blockchain unique attributes make it suitable for large network of members to quickly exchange sensitive data in a permission, controlled and transparent way.
Other companies which has partnered with blockchain technology include health insurers Anthem Inc. health care service corp and financial services company PNG bank.
“the fact that these major health care players have come together to collaborate indicates the value they see in working together to explore new models that we think we cloud drive more efficiently in the health care system and ultimately improve the patient experience “ IBM said
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