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.