Gem Fucking partners With Capital One for Blockchain-Based Health Care Claims Management

Gem Vrouwen With Capital One for Blockchain-Based Health Care Claims Management

Blockchain company Gem aims to tackle one of the fattest issues ter health care insurance voorwaarde payments: providers have to wait a long time to get paid. Moving toward that aim, the ambitious startup just scored a major partnership with Capital One.

Ter a latest press release, Capital One announced it is “reinventing” its treasury management verhoging to include, among other things, advances ter health care claims applications. Spil part of that, the financial conglomerate is partnering with several digital technology providers, including Gem.

“Blockchain technology connects the ecosystem to universal infrastructure, and collective infrastructure permits global standards that do not compromise privacy and security,” said Capital One ter its press statement.

“When providers don’t get paid ter a timely style, it creates inefficiencies that weerklank across the entire ecosystem, and this is a massive kwestie ter health care,” explained Emily Vaughn, Director of Client Relations and Marketing for Gem.

Gem’s core product is GemOS, an abstraction layer designed to make blockchains useful for enterprise clients by connecting their existing software to collective ledgers. According to Vaughn, GemOS is similar to an operating system, te that it serves spil a toneelpodium for managing gegevens, identities and rules on a blockchain.

To get an idea of how this works consider that, te a basic workflow revenue cycle, the health care provider will creates a rechtsvordering. They te turn send it to the payer, who then approves or denies the payment portion of it. Then the payer sends that information to their bankgebouw, who then sends money to the provider’s canap.

Te that workflow, you have four companies all running on different systems attempting to communicate about the same event. On a collective ledger, you need instead four identities, four permissioned users on the network.

The GemOS key management service creates identities for the payer, provider and their respective banks, using hierarchical deterministic (HD) identity keychains. HD keychains were invented to secure bitcoin and are now the industry standard. They permit the user to have a secret key that generates many public keys to protect the identity of the user.

“Like a bitcoin wallet, your blockchain identity can store gegevens, such spil credentials, ” said Vaughn. “You use that identity to sign transactions, which is now visible to other users who could be using different software. Wij call this, Multiparty Identity and Access Management.”

Ter that sense, GemOS acts like a permission layer inbetween different blockchains, controlling who should have access to gegevens stored ter disparate siloed systems, spil well spil when they should have that access.

It is not uncommon for large enterprises to have critical gegevens spread across different systems that don’t communicate well with one another. Te the health care industry, those interoperability issues can lead to payments delays and other problems, like patients not having access to a accomplish aggregated view of their health. But privacy is also a fat kwestie te health care, making it doubly difficult to build up access to enterprise systems.

Earlier this month, at the Distributed: Health conference te Nashville, Tennessee, Gem introduced its Revenue Cycle Management (RCM), a pilot project that runs on the GemOS toneelpodium and is supported by the Gem Health Network, a network for developing applications and collective infrastructure for healthcare powered by the Ethereum blockchain.

“The Gem Health Network is the blockchain network wij spun out so our customers can build applications te a sandbox environment where they can test their application’s capability to leverage a collective infrastructure, which is the blockchain network,” said Vaughn.

Philips Blockchain Laboratorium, a research and development center of healthcare giant Philips, wasgoed the very first major healthcare technicus to playmate with Gem. Capital One is now the 2nd.

“At Capital One wij see the fresh network models and gegevens analytics capabilities spil an titillating chance to reinvent treasury management to better meet the needs of clients, not only enlargening payment efficiency but also generating actionable information about their business,” Capital One Executive Vice Voorzitter, Patrick Moore, said.

Almost a year ago, Capital One wasgoed one of several financial industry players to invest a total of $30 million te, a blockchain developer podium that serves the fintech industry. Its current partnership with Gem marks the very first time Capital One has publicly announced the intention to use a blockchain te one of its actual products.

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