Authors :
Likita Chavali; Himayush Umredkar; Aneesh Awadhiya; Vinay Sathe; Aseema Jana
Volume/Issue :
Volume 7 - 2022, Issue 9 - September
Google Scholar :
https://bit.ly/3IIfn9N
Scribd :
https://bit.ly/3CCnO5x
DOI :
https://doi.org/10.5281/zenodo.7212626
Abstract :
A type of insurance called medical insurance
covers all or a portion of the risk associated with a
person needing medical care. An insurer can create a
regular financial structure, such as a monthly premium
or payroll tax, to provide the funds to pay for the
medical benefits provided in the insurance agreement
by assessing the overall risk of health risk and health
system expenses over the risk pool. Blockchain, which
is most commonly described as a shared, immutable
ledger, has the potential to reinvent these procedures as
well as many others. Blockchain technology has
applications well beyond bitcoin. Medical insurance
claims or medi- claims must be made in urgent or
catastrophic instances where medical crises occur.It can
be inconvenient during such emergency situations and
takes a lot of time to get the insurance claimed. In order
for the medi- claim to be approved, patient's family
members must chase after banks and insurance
providers. The suggested system functions like a
blessing in these circumstances. The proposed system
ensures that the likelihood of fraud is extremely low
while simultaneously speeding up the insurance claim
procedure. Blockchain technology offers operational,
regulatory, increased visibility, and traceability
verification efficiencies. This technology also functions
as a strong database that may be coupled with big data
with ease. Blockchain technology can reduce costs and
boost the competitiveness of numerous services.
Keywords :
Hash- cash, Blockchain, Mining, Distributed Ledger Technology(DLT), Block, Decentralized.
A type of insurance called medical insurance
covers all or a portion of the risk associated with a
person needing medical care. An insurer can create a
regular financial structure, such as a monthly premium
or payroll tax, to provide the funds to pay for the
medical benefits provided in the insurance agreement
by assessing the overall risk of health risk and health
system expenses over the risk pool. Blockchain, which
is most commonly described as a shared, immutable
ledger, has the potential to reinvent these procedures as
well as many others. Blockchain technology has
applications well beyond bitcoin. Medical insurance
claims or medi- claims must be made in urgent or
catastrophic instances where medical crises occur.It can
be inconvenient during such emergency situations and
takes a lot of time to get the insurance claimed. In order
for the medi- claim to be approved, patient's family
members must chase after banks and insurance
providers. The suggested system functions like a
blessing in these circumstances. The proposed system
ensures that the likelihood of fraud is extremely low
while simultaneously speeding up the insurance claim
procedure. Blockchain technology offers operational,
regulatory, increased visibility, and traceability
verification efficiencies. This technology also functions
as a strong database that may be coupled with big data
with ease. Blockchain technology can reduce costs and
boost the competitiveness of numerous services.
Keywords :
Hash- cash, Blockchain, Mining, Distributed Ledger Technology(DLT), Block, Decentralized.
