Another significant problem related to healthcare industry is related to healthcare billing. Healthcare billing faces several challenges, including unintentional billing inaccuracies, fraud, and time taken to process the transactions. There could be a situation where you are trying to transfer money for urgent medical services of your close relative, but the billing process is wholly haphazard. This will lead to delays in the medical facilities or even create fraudulent records. To solve such a problem, we can create a blockchain based solution for proper payment processing. blockchain will provide the auditing and the transparency for all the payment processes for a hospital or a health care Institute.

Smart contracts can also be initiated for automatic payment processing as per the services received with the Causing much delay in the process. Moreover, assets or tokens can be initiated for providing medical insurance for the patient and helping the patient in future medical operations. by storing billing information inside the blockchain, a reliable source of information for claims adjudication will be kept for the whole network. It will reduce the cost and time taken for the transfer of funds between patients and the medical institutes. It will also overcome the billing frauds and create a permanent storage for all the billing related activities throughout the hospital or Medical Institute. Now let's visualize the use case through a diagram.

As you can see in the diagram, the first step is for the hospital is to request for payment with a payment ID this request The payment by the hospital is stored as a transaction over the blockchain hospital submits the transaction through a smart contract, which is working between the parties to make sure that everything is verified and validated. Moreover, smart contracts also provide automatic events and functions to make the complete process autonomous without the need of any third party intervention. After the initial request, hospital requirement for payment is verified by the actuaries, who are some medical practitioners or health Institute's. They make sure that the hospitals are charging the right amount of money for the services provided. Once the actuaries have verified the payment, and other transaction record is created with the same payment ID and stored over the blockchain. Both these transactions showcase that the hospital records test for payment is valid.

And now the patient can initiate payment. The smart contract is acting as a source of verifying and storing the transaction in correct formats over the blockchain. Moreover, after receiving the approval from the actuaries, the smart contract can auto trigger the payment request and notify the users for the same. The users can send the payment amount to the smart contract, where the smart contract can verify the user details and payment terms as per the regulations and permissions. smart contract will store the user payment over the blockchain. The hospital will also be notified for the payment and the hospital can see the sent payment over the blockchain.

In this solution, all the parties have transparency for the complete process, and see what kind of different details and payment services says are being used for the billing process. These are some of the use cases related to the healthcare industry. There are many more use cases and many more business sectors where the blockchain is currently being conceptualized as a solution. Everybody is trying to analyze where they can employ blockchain for their problems. In the next lecture, we are going to see some of the use cases for the media and entertainment industry. If you have any questions, feel free to contact us at info at the red v two blocks.com