Providers and payers employ their own staff and separate software stacks to facilitate their medical claims processes. These isolated systems make the sharing of basic information difficult, costly, and prone to errors & fraud.
Creating decentralized databases enables all parties to securely access and share data within and across organizations, eliminating the need to hire and maintain expensive third-party information systems.
Blockchain technology has many advantages over the information systems currently in place. The addition of conditional executables known as smart contracts makes an even stronger case for why Veris’s solution will save time and money, especially in the longer term.
The database is replicated on a large network of servers to ensure the network does not have a central point of failure.
Using a distributed ledger safeguards transactions and patient histories from being altered or deleted.
Governance of the chain is directed by a separate non-profit entity, and upgrades are voted on by users of the platform.
Changes to the Veris blockchain are always 100% publicly viewable by all parties to ensure secure movement of information.
All data is secured by standard blockchain encryption. Patient data is additionally secured via encryption of a smart contract.
No central agent is required to approve transactions which allows for strength in automated document processing.