Endless possibilities for different industries

In the earlier article, blockchain was introduced as a platform that has more to offer beyond the misconceptions of it being a synonym for Bitcoin. There are dozens of use cases for blockchain, and more novel applications are regularly evolving. Blockchain usage cuts across; Financial Services, Contracting (smart contracts), Government Records, Healthcare, Peer-to-Peer transactions to mention a few.

Smart contracts

Smart Contracts are software programs that live on the blockchain and execute without the possibility of third-party interference. Popular examples are Ethereum, RootStock.

They work through distributed ledgers which enable the coding of simple contracts that will execute when specified conditions are met. Ethereum for instance, is an open source blockchain project that was built specifically to realize this possibility. Still, in its early stages, Ethereum has the potential to leverage the usefulness of blockchains on a truly world-changing scale.

One of the best things about the blockchain is that, because it is a decentralized system that exists between all permitted parties, there’s no need to pay intermediaries (Middle men) and it saves time and (avoids) conflict. Blockchains have their problems, but they are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments appear to be turning to them.

At the technology’s current level of development, smart contracts can be programmed to perform simple functions. For instance, a derivative could be paid out when a financial instrument meets certain benchmark, with the use of blockchain technology and Bitcoin enabling the payout to be automated.

Using Blockchain in Healthcare

One of the first use cases that typically pop up when discussing blockchain and health care is data exchange. William Gordon, Adam Wright, and Adam Landman in their article on blockchain in healthcare explained that for instance in prescribing medication, a patient’s medications are frequently prescribed and filled by different entities — hospitals, provider offices, pharmacies, etc. Each one maintains its own “source of truth” of medications for a patient, frequently with outdated or simply wrong information. As a result, providers in different networks, or on different EHRs, may not see one another’s prescriptions. Additionally, electronic prescriptions must be directed to specific pharmacies, and paper prescriptions can be duplicated or lost.

To counter these difficulties, a medication prescription blockchain could be a shared source of truth. Every prescription event would be known and shared by those authorized to see it. This would allow, for example, prescriptions to be written electronically without specifying a pharmacy, or prescriptions to be partially filled (and “fully” filled at a later date, by a different pharmacy). Since the blockchain would be the source of truth, each pharmacy would see all events surrounding that prescription — and could act accordingly. Most importantly, all health care providers could have an immediate view into a patient’s current medications, ensuring accuracy and fidelity.

Akanksha Jayanthi, also explaining the potential usage of Blockchain in healthcare noted that this technology could become prominent in the healthcare industry, too. It offers a means to interoperate since all users of a network can access that network and all pieces of information are verified and show the history of transactions.

Bruce Broussard, president and CEO of Humana, posits blockchain will become the next big healthcare technology innovation, particularly as it relates to payments and payer contracts. For example, in a situation when a health plan and patient are dealing with a contract, the blockchain can automatically verify and authorize information and the contractual processes. “There is no more back-and-forth haggling with the health plan about what was paid, why it was paid or whether it should have been paid,” he wrote. “With transparency and automation, greater efficiencies will lead to lower administration costs, faster claims and less money wasted.”

Another potential healthcare application is population health. Instead of relying on health information exchanges or other ways to aggregate data, organizations can eliminate the middleman and access patient databases on a large, population scale.

CALEB OJEWALE