Understanding how Blockchain could help the Healthcare Supply Chain

You can hardly go five minutes reading a newspaper, surfing the internet or watching the news without hearing about Bitcoin and Blockchain. But have you heard how Blockchain could help Healthcare Contracting?

Cardinal does a really nice job explaining how Blockchain might help us get to the panacea…the Smart Contract.

But first, what is Blockchain? “Blockchain is essentially a database, or ledger of information with shared copies at various locations on a network…. “Picture a spreadsheet that is duplicated thousands of times across a network of computers.” When a change or update is made to any part of a file from any part of the network, that change is almost instantly validated, recorded and reconciled at every node, ensuring consistent information across all files. Rather than a single master copy, every copy on the network, if given permission, has the right to make changes.”

So imagine a contract as a live document accessed by many (maybe millions) with every transaction in it documented and validated by all stakeholders. Gone are the days when the GPO has the original contract with others hoping they have on file the correct version. Think of real-time pricing, access and updates.

The full article and video by Deloitte is well worth your time.

Click to read the article