Can Blockchain Take Down Big Pharma And Save Healthcare? Coral Health Thinks So
Blockchain technology, a major coding breakthrough developed by Bitcoin, has the potential to revolutionize healthcare in America and knock big pharma down a notch or two, and Coral Health is going to do it.
Coral Health, a new blockchain savvy tech startup, aims to use the coding technology to reduce costs for health insurance companies. The after effect could be to create a more competitive market and hopefully lower premiums for consumers.
The Failures Of The Affordable Care Act Means Opportunity For Coral Health
Even after the passage of the Affordable Care Act (ACA) many citizens of the United States were left without healthcare, premiums continued to rise (albeit at a lower rate), and increased healthcare spending did not result into a higher quality of care. When compared to other developed nations around the world, the United States has seen exponential cost increases since the 1980s. In fact, the U.S. is the only highly developed country which doesn’t provide universal healthcare for its citizens.
The massive healthcare lobby within the United States plays a key role in preventing the nation from passing a single-payer system. Universal healthcare would nearly make third-party private insurance companies obsolete. Any such changes to the healthcare system are virtually impossible while the vast majority of Congress accepts donations from corporate lobbyists.
However, blockchain innovation is offering an alternative which may help lower costs for patients who cannot afford the high premiums in the current healthcare system.
Coral Health Plans To Use Blockchain Technology To Bring Down Healthcare Costs
Coral Health is a company utilizing Ethereum blockchain technology to offer healthcare patients personalized options. Personalized healthcare is a method used to identify patients with the appropriate treatment options for their unique situation. Coral Health explains the goals for their blockchain ecosystem:
Coral Health will leverage blockchain technology to create an accessible, secure, and scalable healthcare ecosystem that will address many of the current problems facing the industry, and power the widespread adoption of personalized medicine. Patients and other stakeholders will interact with the Coral Health ecosystem using customizable apps initiated by Coral Health and tokenized for further development. With these tools, stakeholders will be able to secure, share and digest data as well as build robust functionality that will streamline care and reduce administrative tasks.
The goal is a streamlined process that reduces paperwork and reduces costs for insurance companies, which they then pass along to the patients. While there is no guarantee that insurance companies would lower premiums, the method could create competition among healthcare companies – forcing companies to reduce their rates or lose customers.
Blockchain technology would be compatible with possible universal healthcare legislation, allowing for lower administrative costs in an already cost controlled environment – providing longevity to the innovative concept.
The Richest Country In The World Ranks 37th In Healthcare, Can Coral Health Help?
In January Senator Bernie Sanders (VT – I) held a ‘Medicare For All’ online town hall which drew over one million live viewers. Despite the alarms of critics, such a system would save taxpayers money and reduce the amount of healthcare spending at a national level. Coral Health and others willing to innovate with blockchain technology could also supply taxpayers and patients with further savings.
Currently, the World Health Organization (WHO) ranks the United States 37th in health system performance out of 191 countries studied. When considering how much the United States is spending on healthcare, the number of uninsured Americans and the effectiveness of universal healthcare systems around the world – change and innovation are needed to better serve Americans.
Hear Dr. Allan Mah speak about how personalized medicine is enhanced through the Blockchain:
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