Fraud is a serious concern in the US health industry, which is estimated to be worth over USD 3 Trillion. There have been multiple instances where people pose as doctors and issue unsafe medication to patients. Other fraud scenarios involve fake insurance claims through the falsification of medical data. To fight this phenomenon, a company known as Instant Access Medical (iAM) are turning to distributed ledger technology (DLT).
IAM to combat medical data fraud
The team at Instant Medical Access noticed that most cases of medical data fraud occur due to the manipulation of patient data that insurers relied upon. One of the many benefits of DLT is that records are immutable, meaning they cannot be changed or altered. And they are more secure, meaning that fraud actors would be unable to access the data. For these reasons, iAM is using DLT to secure patients records. iAM uses Guardtime’s KSI blockchain Technology. Guardtime technology is also used by the Estonian government (Estonia is one of the foremost proponents of blockchain technology).
iAM is also designed to be convenient and quick, not just safe and secure. The patient’s data can be accessed by the user via a smartphone instead of having to utilize a centralized system. The iAM application is also easy to integrate with wearable technology and other devices.
DLT in the health industry
The way that health is administered in society is rapidly changing. One area is telemental health, where patients are connected to doctors via applications who can remotely advise on medication dosages and general support. This is changing the paradigm of having to wait for weeks to visit a clinic in a particular location, which is not convenient when abroad.
DLT is perfectly suited to the health sector, with its ability to streamline data processing and manage medical records in a decentralized and transparent manner. Centralized healthcare databases in the US medical industry are a catastrophe, being incredibly expensive and vulnerable. It is also difficult to cross-reference files, with each database keeping to itself without any relationship to another. This creates difficulties when patients move clinics, state, or insurers. DLT will also help eliminate redundancy where files are duplicated multiple times across different databases, reduce the cost, and will assist in removing intermediaries and brokers.
CyberVein, a Chinese blockchain company, has put forward a new way of managing data with a series of interconnected databases. The infrastructure is built using directed acyclic graph (DAG) technology and makes use of smart contracts. This database design could prove ideal for the management, reference, and distribution of medical data.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.