IBM, PNC Bank and healthcare companies collaborate to establish blockchain-based healthcare ecosystem

A number of tech companies, banks, and healthcare-focused companies are teaming up to use blockchain technology to enhance transparency and interoperability in the healthcare industry.

Aetna, a managed healthcare company acquired by CVS Health; healthcare solutions provider Anthem; Health Care Service Corporation (HCSC), a customer-owned health insurance company; PNC Bank and tech giant IBM are collaborating to develop a blockchain-based network which will benefit various stakeholders of the healthcare ecosystem in a highly secure, shared environment.

The key objective is to allow the blockchain network to enable healthcare companies to build, share and deploy solutions that drive digital transformation in the industry.

The key areas of focus include promoting efficient claims and payment processing, enabling secure and frictionless healthcare information exchanges, and maintaining current and accurate provider directories.

"Blockchain's unique attributes make it suitable for large networks of members to quickly exchange sensitive data in a permissioned, controlled, and transparent way," said Lori Steele, general manager for Healthcare and Life Sciences for IBM. "The fact that these major healthcare players have come together to collaborate indicates the value they see in working together to explore new models that we think could drive more efficiency in the healthcare system and ultimately improve the patient experience."

Blockchain technology has the potential to reduce administrative errors and friction, thereby facilitating a more efficient exchange of healthcare information. This, in turn, would help enhance patient care and reduce unnecessary costs.

According to the official release, the partnering members are actively working to further define the initial use cases for the health utility network. The initiative intends to add more members in the coming months including other health organizations, healthcare providers, startups, and technology companies.

To read about other blockchain-based healthcare initiatives click here.