Blockchain for Fraud Prevention

The price of healthcare is soaring. Nearly 18 % of the US GDP is predicted to be spent on healthcare in 2016! The cost of healthcare is rising everywhere, and the gap between those who can afford it and those who cannot is growing significantly. Fraud is one of several variables contributing to healthcare's high expense. Financial fraud, prescription fraud, medical identity fraud, and employment fraud are just a few of the different types of fraud that occur in the healthcare industry. The National Health Care Anti-Fraud Association estimates the US's yearly cost of health care fraud at $68 billion, or roughly 3% of the country's total $2.26 trillion in healthcare expenditures. Healthcare companies have two main weaknesses: poor data integrity protection and a lack of openness.

Blockchain for Fraud Prevention

Blockchain is a distributed shared ledger that cannot be altered. Promoting trust, transparency, and openness in business partnerships enables authenticated contributors to view, store, and store digital information in a secure environment. Companies have been investigating ways to leverage blockchain technology to avoid fraud in sectors like identity management, supply chain, and finance.

Insufficient Data Integrity Protection Allows for Fraudulent Record Modification

Data integrity, privacy, and accessibility are all protected through the use of cybersecurity. A common misconception about cybersecurity is that it only involves securing data's confidentiality against unauthorized access. However, safeguarding data accessibility is just as crucial. In other words, you need to guarantee both the integrity of the data and quick, dependable access to it. You must make sure all records are true, comprehensive, and current. Information integrity protection is crucial for fraud prevention. Records can be deleted or changed for personal gain if there is insufficient protection.

Lack of Transparency Allows Fraud to Continue Unchecked

The generation of fresh false records is a common component of many fraud schemes. This can happen inside a single business, frequently even within a single system or silo within a healthcare business. It is simpler for fraudsters to hide their behavior when this occurs with restricted access and visibility. They have a longer window of opportunity before being caught engaging in fraud. The expense and harm to the firm are greater the longer fraud goes uncovered.