Payers are sizing up the ledger technology for payments and claims processing, but one big area of growth could be next-generation personal health records.
It may be at the peak of hype cycle right now, but blockchain technology has been enticing stakeholders in all areas of healthcare with its potential for a new and secure approach to data exchange.
Its prospective use case are many and diverse – not least when it comes to revenue cycle management and claims processing, said Dave Watson, executive vice president at SSI Group, an RCM and analytics company.
Watson has been closely following the evolution of the distributed ledger technology for some time. Not least, he says, to monitor its potential to disrupt his own line of work.
“One of our big business segments is clearinghouse and claims management services,” he said. “You’ve got some of the big payers looking at blockchain and making public pronouncements that they’d like to find ways to disintermediate the clearinghouses and go directly to the providers. Folks like me tend to perk up and pay attention when we hear that, so I’ve been tracking this for a while.”
More at: Blockchain eyed for potential use cases in revenue cycle – Healthcare Finance News
In a recent blockchain trial, ING, along with Calypso Technology and R3 blockchain consortium, proved that the technology can help facilitate easier interaction in banks’ back-end infrastructures when processing trades.
Earlier in April, Calypso announced that it was developing a DLT application for trade matching confirmations in collaboration with R3 and a group of global financial institutions including Westpac Banking Corporation in Sydney, ING in Amsterdam, BBVA in Madrid, Banco de Credito del Peru (BCP) in Lima, and a large investment management firm in the US.
The partners carried out trade matching tests on R3’s distributed ledger technology platform Corda to process FX trades, and confirmed correct matching in real time across four different time zones, ING said.
“This is a big step in changing the way institutions process trade contracts,” said Ivar Wiersma, head of Wholesale Banking Innovation at ING.
More at: ING, Calypso, R3 successfully test blockchain-based trade matching application – EconoTimes
Over 90% of financial services executives have said that blockchain technology will be critical or important to the future of their firms, with 75% expecting more than a 5% revenue growth from its use.
Revenue growth of this size could be equivocal to $20 billion in savings for these financial services firms, with areas such as compliance, securities and cross-border payments being streamlined.
The research, from Cognizant who polled 1,500 FS executives, represents an extremely positive outlook on the arrival of blockchain.
However, the research also notes that only 48% of executives have a substantial plan for implementing the technology, and that 94% underestimate the cultural changes also required in the process.
More at: Blockchain could save financial services $20 billion, say execs – Computer Business Review
Bloq, a Chicago-based blockchain developer and software startup, is now developing blockchain platforms and best practices for one of the most promising use cases for blockchain technology: trade finance and supply chain management.
Interest in the use of blockchain for trade is growing rapidly as companies and organizations like IBM, Microsoft, Hyperledger, JP Morgan and Walmart recognize that antiquated trade systems are long overdue for a complete restructuring and that blockchain technology has the potential to revolutionize the systems that make up global trade.
A common problem with current trade systems is fraud. The trip from farm or factory to store shelves involves numerous opportunities to falsify shipping documents and alter shipping container records or contents with little accountability.
“Global supply chain management has drastically changed in the last 10-15 years,” William Nieusma, Vice President, Government Strategy at Bloq told Bitcoin Magazine : “Regulatory mandates, operational complexity and data security concerns have ramped up the pressure to overhaul these outdated systems.”
Nieusma is one of the authors of Bloq’s recently released white paper , “Accelerating Global Trade Processes with Blockchain,” designed to introduce their new project to develop a model blockchain network for companies involved in trade.
More at: Bloq Outlines Blockchain Solutions for Trade Finance and Supply Chain Management – Nasdaq.com
A private business in Kosovo is gearing up to install its first bitcoin ATM amid warnings from the country’s central bank.
According to regional news source Balkan Insight, the ATM is expected to be placed in the center of Pristina, the country’s capital city. Operated by IT systems firm Albvision Ltd, the machine will support transactions in bitcoin, and soon, 10 other cryptocurrencies.
The firm also has bitcoin ATMs planned for cities in two other Balkan countries: Tirana in Albania, and Skopje in the Republic of Macedonia.
Still, the decision to launch the unit has attracted attention from the country’s financial regulators, who stressed that cryptocurrencies are lacking consumer protections due to a lack of local regulation.
More at: Kosovo’s First Bitcoin ATM Sparks Central Bank Warning – CoinDesk
In a report by the Faster Payment Task Force, fintech companies have outlined how Blockchain technology can be used to make payments faster for the US Federal Reserve.
The companies that submitted their proposals include Ripple, Eccho, Xalgorithm, Hub Culture, Kalypton Group, Nanopay Corporation and Thought Matrix Consulting.
For Hub Culture, Eccho, and Xalgorithms, they proposed the use of distributed ledger technology-like solution with a Real-time Asset Interchange Network (RAIN) and Real-time Asset Interchange Ledger (RAIL) that will enable end-to-end global payment transactions.
It includes a Unique Synchronized Identity (USI) to link existing accounts with the potential to lower transaction costs and platform outlays and to reduce time to deploy across the network supporting push and pull payments.
Kalypton Group Limited and Eccho, on the other hand, propose a full transaction processing engine, not just payments. This solution will deliver Blockchain-like functionality without its limitations.
Their proposal will incorporate a configurable service layer that implements multiple use cases and supports rapid, ongoing innovation by service providers.
More at: ‘Fedcoin’ Strikes Again: Fintech Companies Propose Use of Crypto to US Fed – The Cointelegraph
On July 13, the Financial Industry Regulatory Authority (FINRA) held its Blockchain Symposium, which brought together regulators and industry leaders to discuss distributed ledger technology, also known as blockchain. A distributed ledger is a database that is synchronized across multiple sites and has potential uses including bitcoin and offerings of newly created coins in initial coin offerings (ICOs).
At the symposium, representatives of FINRA, SEC, CFTC, OCC and the Federal Reserve Board shared their perspectives on distributed ledger technology. As is customary, participants did not represent the formal positions of their agencies. However, they did share some helpful information on how matters presented to their agencies may be evaluated in the future.
Each speaker said their respective agency staffs continue to study applications of the technology and seek further information. When asked about ICOs, representatives of the SEC and CFTC confirmed that any coin should be evaluated based upon its individual characteristics to determine whether it is a security or commodity subject to regulation under federal securities or commodities laws.
More at: Corporate Law Alert – FINRA Holds Blockchain Symposium to Discuss Future of Distributed Ledger Technology – Lexology