Leveraging the Power of Blockchain in the Health Insurance Industry

The healthcare industry is an inseparable part of people's lives and contributes directly to their well-being. However, it is often seen that a rise in the costs of healthcare services leads to financial instability. In times of economic hardships, health insurance plays a vital role in providing financial support to patients. One of the functions of these health insurance providers is to monitor and maintain patients' health records while upholding their privacy. However, in most cases, claim processing is a multistage process. Delays caused by these multiple stages can affect the quality of treatment in patients. The need of the hour for claim processing systems is speed while maintaining integrity. We propose a blockchain-based solution to store health insurance records digitally on decentralized storage that is secure and free from tampering while being efficient. The claim processing system can then be included as a part of a smart contract that accesses these health insurance records. These smart contracts automate the process of claim approval removing any intervention from third parties or preventing any breach of pre-committed agreements.