Information technology solution developer Samsung SDS plans to roll out a blockchain-based medical claims processing system later this month, according to CoinDesk.
At a blockchain conference, Samsung SDS Vice President Yoon Shim said medical institutions and insurers from around the world have been testing the validity and effectiveness of the blockchain-based system.
If successful, the blockchain claims system will reduce the need for insurance companies to verify the accuracy of claims. It also gives patients and providers the control of sending the claims documentation to insurance providers.
Through the click of a button, users are prompted to immediately send claims to insurance providers following treatment. The blockchain is designed to keep that information secure. Samsung SDS said that the system will reduce workloads, shorten wait times for claims processing and reduce administrative costs by up to 73 percent, reports CoinDesk.
Samsung SDS built the system on Nexledger, the company's enterprise blockchain platform that was developed in 2017.