- This partnership aims to expand the role smart contracts play in the healthcare sector.
- Through this collaboration, healthcare providers will be able to measure the efficiency of their services.
- Per Solve.Care partnering with Chainlink was ideal because of its security and flexibility.
Solve.Care, a global healthcare company, has joined hands with Chainlink to incorporate decentralized oracle networks into its platform. The firm unveiled this news on October 19 through a blog post, noting that this integration would help enlarge the role that smart contracts play in the future of the healthcare sector. Reportedly, this collaboration will see Solve.Care leverage Chainlink’s leading decentralized oracle network to source and provide off-chain medical data that is required for the completion of smart contract-powered healthcare services.
According to the blog post, Chainlink’s oracles will play a key role in Solve.Care’s platform by linking important datasets and devices that are not blockchain-powered to Care Networks, which run numerous healthcare services. Through joining hands with Chainlink, Solve.Care will help players in the healthcare sector measure the efficiency of their services directly by using smart contracts powered by tamperproof and secure datasets.
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Revolutionizing the antiquated healthcare system
According to a report by the Center for Medical Interoperability, inefficient legacy systems in the healthcare industry are wasting billions of dollars, and endangering patient outcomes. The publication added that using blockchain technology would help address most of these inadequacies. Additionally, integrating the blockchain would improve confidential research and patient data. On top of this, it would enhance health insurance reporting and financing while establishing notarized definitive truth for the supply chain of medical devices.
In the blog post, Solve.Care revealed that it would add an external oracle to its platform, which would, in turn, provide verified external data required for the execution of tamper-resistant smart contracts. In so doing, the firm believes it will have unlocked the full potential of the blockchain. As a result, Solve.Care will be able to seamlessly connect administrators, clinicians, and patients in a trust-minimized way. Per Solve.Care, the blockchain also will help it improve access to health care, administer services more efficiently, pay result providers on accurately and promptly, and cut back on overall costs.
Reasons for partnering with Chainlink
Explaining why it chose to partner with Chainlink, the company said it finds the network’s oracle solutions to be secure and flexible. Solve.Care added that Chainlink offers multiple features, which are of significance to its operations. These include credential management capabilities, a secure and reliable oracle infrastructure, and the flexibility to provide transparency.
Commenting on this partnership, Solve.Care’s CEO, Pradeep Goel said,
“We’re changing the face of healthcare with increased transparency, auditability, and compliance in healthcare delivery. This integration gives us tremendous options to use Chainlink’s secure networks to ensure a more efficient healthcare process across the industry. From individual patient care to practitioners, insurance providers, and medical device industry needs, Chainlink oracles will allow us to address any external data requirements of our smart contract solutions for the healthcare industry. This will lead to greater adoption of blockchain in the healthcare sector.”