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Healthcare Innovation, Asia: Cognizant’s Technology Head, Blockchain Practice, Shares her Insights on Blockchain’s Application in Healthcare and Insurance

“Blockchain is poised to reinvigorate the healthcare industry by streamlining operations, enabling data to be shared seamlessly with external stakeholders, integrating patient medical records and creating new business models,” said Indrani Saha in a recent interview with Healthcare Innovation. “However, unleashing blockchain’s potential in healthcare will require organizations to address significant challenges.”

Excerpts from Saha’s interview with Healthcare Innovation:

How does blockchain technology make insurance more convenient, fast and secure for consumers?

In today’s world, people expect experiences to be simple, automated, digital, and most importantly, secure. Blockchain technology can help insurance companies overcome today’s challenges and create transparent operations built on trust and stability. One of the biggest advantages of blockchain is the way it ‘codifies trust’. Essentially, blockchain offers a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship and third-party interference.

What are the common challenges that healthcare or insurance providers face when trying to leverage blockchain technology?

Since the greatest benefits of blockchain revolve around streamlining the coordination among multiple providers, payers and patients, healthcare organizations will need to become more comfortable collaborating with external partners and stakeholders, including competitors. Healthcare organizations also need to address legal and regulatory issues, such as ensuring that blockchain solutions involving protected health information (PHI) comply with HIPAA privacy requirements.

Besides blockchain, what other upcoming or current technologies are you most excited about?

For me, some of the most exciting digital technologies include Immersive Experience, Smart Robots, Artificial Intelligence and Machine Learning, Digital Twins, IoT and platforms. The possibilities with each one of these technologies are limitless and I am very excited by the possibilities.”

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