Nearly any application requiring chain of custody, like tracking, is ripe for a new solution built on blockchain technology.
Blockchain solutions are often confused with Bitcoin, or other distributed ledgers. While Bitcoin may have paved the way for other blockchain technologies to be thought into the world, such as Ethereum, the possibilities of what can be done using these “blocks” of code are truly endless.
Transactions are placed into blocks of code as they occur.
Each block is connected to the transactions that came before and after it.
The transactions are "blocked" together.
Each block of code is added to the next, creating an irreversible chain of transactions, or a blockchain.
Rethink how applications are built
- Increase the transparency and traceability in your processes and supply chains; helping to resolve inefficiencies every step of the way.
- Track products from their origins to their destinations, verifying ownership and reducing theft.
- Simplify the claims process and enhance process efficiency.
- Decrease fraud and improve compliance by using set rules for claims processing, reducing human error.
- Improved access to reliable data records that can be accessed from a decentralized ledger.
- Accelerate the speed of transactions and monitor them in real time
- Improve accuracy and eliminate fraud with a detailed audit trail.
- Use “Smart Contracts” that are triggered when conditions are met to eliminate the added expense of a middleman.
- Eliminate third party costs and fees for seamless peer-to-peer transactions.
- Simplify and streamline cross-border payments.
- Increase transparency among financial institutions, leading to improved regulatory reporting and monitoring.
- Open your business to the world without dependency on any institution to exchange currency or verify the transaction.
- Realize more profit by eliminating fraud and lowering transaction fees.
- Create a master patient index, tying patients to their data, rather than their identity.
- Create a layer of de-identified data for researchers to use to recruit patients for clinical trials.
- Simplify the claims process and billing by automating adjudication.
- Secure data from care center to care center, and improve quality of care, by storing patient information as blocks of universal code.
- Track pharmaceuticals from creation to distribution: ensuring manufacturing quality and patient safety in the event of a recall.
- As in clinical trials, create a layer of de-identified data for researchers to use to recruit patients for pharmaceutical trials.