Using blockchain oracle for data management: A case study on health insurance network
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Abstract
The health insurance network represents a collaborative ecosystem involving hospitals and health insurance companies, jointly providing medical services while managing their customers’ electronic health records (EHR). Presently, health records are typically confined to individual providers, hindering real-time data sharing with insurance entities and resulting in delayed claims processing. Blockchain technology, renowned for its distributed and decentralized nature, confers essential attributes such as immutability, tamper resistance, and transparency, rendering it a promising solution for enhancing insurance record management and event transactions. By incorporating data security and privacy features, blockchain establishes trust among network participants and effectively addresses interoperability challenges prevalent in current technologies. The proposed health insurance framework adopts R3 Corda, a peer-to-peer permissioned distributed ledger technology, introducing a novel model for sharing health insurance data on the blockchain while automating claim processes. Central to this framework is utilizing a blockchain oracle, a pivotal component facilitating the seamless integration of existing health insurance databases with the blockchain, leading to enhanced efficiency and streamlined claims processing.
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