Let’s talk about trust. It’s a word that gets bounced around quite a bit in the healthcare technology conversation. But what if “trustless” was an idea we should be paying just as much attention to? Blockchain is sometimes called a trustless network — not because business partners don’t trust each other, but because in a trustless network, they don’t have to. And that’s a good thing.
A trustless network brings information together and provides control over that information, allowing merchants to count on its accuracy without having to rely on third-party intermediaries. Trust is built in; middlemen are left out.
The power to revolutionize healthcare.
Before we get too far down the trustless road, let’s take a closer look at blockchain and why it matters.
Simply put, blockchain holds the potential to revolutionize healthcare by putting the patient at the center of all operations. And the entire system is overhauled with better security, privacy and accessibility. But how exactly does blockchain make all of this happen?
In a nutshell, by streamlining complicated processes and protecting them from tampering. It offers control over information, which provides trust that the information is accurate. And because blockchain tracks every record, the technology is auditable in real-time. That means no more painful pharmacy benefit audits. And by offering the added advantage of data ownership, plan sponsors don’t have to pay for access to what’s already theirs.
For these reasons and more, a blockchain-based platform that connects employers, insurers, pharmacies, and consumers, stands to replace the costly, centralized reimbursement model we know now.
The blockchain basics
Rewriting the script.
At Prescryptive Health, we’re using blockchain’s trustless transformation to rewrite the script. Our Intelligence Platform drives the most personal, most powerful, and most compliant healthcare solutions available. By bringing transparency to the prescription drug market and empowerment through information, we’re making healthcare work for everyone.
Through blockchain, patients can access their prescriptions on their mobile phone. Because of blockchain’s enhanced security measures, the patient needs to be authorized just once to access their information. And the technology creates a digital key so only the patient and relevant parties can access it.
Blockchain’s portability unlocks all kinds of scenarios for patients to own their data and make more informed choices. Whether it’s asking for the generic vs. brand-name medications, finding the right pharmacy, getting the best cost, or accessing relevant drug interactions — we’re giving patients full control over their pharmacy experience. And that’s a very good thing, too.