Coral Health: a case study for the use of blockchain in healthcare
Blockchain was popularized in 2008 to serve as the public transaction log for the cryptocurrency bitcoin. But as the world quickly discovered, the basic technology that underpins Bitcoin can be used for other things. It is a secure and highly decentralized network. But what is Blockchain? It is a peer-to-peer network of nodes or blocks connected by cryptography that keep track of transactions in a common database.
Originally created to facilitate cryptocurrency transactions, blockchain has applications beyond bitcoin trading. It is now incorporated into government services. Blockchain is already widely used at the administrative level for notarization, maintenance of digital identification systems, issuance of certificates and educational qualifications, and reliable data exchange. However, it can achieve much more. By reducing fraud, waste and abuse in public services and improving administrative trust and accountability, this technology can help with data management and operations in sectors as diverse as foreign aid, smart contracts, law enforcement, central banking and public healthcare.
The latter, healthcare, has a lot to gain from the integration of blockchain technology. A warning initiative, which is already working towards it, is Coral Health in New York. Coral Health connects doctors, laboratories and public health authorities via blockchain. In addition, the business uses smart contracts to streamline administrative procedures and guarantee the accuracy of patient data and treatment plans. The use of blockchain by Coral Health to accelerate healthcare results in faster, safer treatment and better health outcomes. Improving provider databases, which are a pain point for both patients and doctors as they are often inaccurate and outdated, will be another key selling point for the project.
Integrating smart contracts into the systems that support public health is something that has been discussed for a long time. A smart contract is a computer program or transaction protocol that automatically executes, controls or documents legally important events and activities. They are designed to reduce the need for trusted intermediaries, the expense of arbitration and enforcement, fraud losses, and targeted and accidental exclusions. Potential benefits include making healthcare billing easier and more cost-effective because peer-to-peer transactions are possible in this model, ensuring payments are transparent and direct.
These are just a few of the many potential benefits of blockchain for healthcare and government. Blockchain is shaping the future, and we should all pay close attention to new developments.
Release ID: 411803
