US insurance companies to test a blockchain platform

Two US health insurance giants partner up to test a new blockchain pilot to improve healthcare system in USA
04 April 2018   374

Storing data is always expensive and presents a lot of issues with security. And blockchain has presented a new way to do it with less expense and hassle. Now American insurance companies want to try it out and see, if they will benefit from new technology in any way.

The biggest players in US health insurance sector are UnitedHealth Group and Humana. Together with UnitedHealth Group's subsidiary Optum they have partnered with Quest Diagnostics and MultiPan to test out a new blockchain pilot for the sector.

According to the press release published by UnitedHealth Group on April 2, 2018, the goal of the project is to see if sharing data between health insurance providers through blockchain will help people get faster access to care, streamline administrative work and improve data accuracy.

But the main issue to be corrected by the implementation of blockchain in such a way is the cost of data storage and maintenance. Right now it costs insurance companies about 2 billion dollars a year just to maintain the records and compile them with the separate copies, stored by hospitals and other parties in the business when differences arise.

Hopefully it will also reduce the cost of the services for the customers, but it's unclear as of now, because the project is just a pilot to test out the feasibility of blockchain in such a task. But more accurate information about the patient is essential to providing the best possible treatment, on this all the parties agree unequivocally.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   145

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.