Aetna, Anthem, HCSC, PNC Bank, IBM Set Up Blockchain Network

Aetna, Anthem, HCSC, IBM, and PNC Bank have formed a blockchain-based network that will apply the technology for various use cases in the healthcare sector.

Aetna, Anthem, and Health Care Service Corporation (HCSC) are joining forces with PNC Bank and tech giant IBM to develop a blockchain-based network to boost interoperability and ensure transparency in the healthcare industry. The goal of the US companies is to create an inclusive system that leverages the distributed ledger technology (DLT) - an umbrella term covering blockchain - to serve multiple entities within the healthcare sector. The blockchain network and platform will allow healthcare providers to develop and share relevant solutions related to digital transformation.

Currently, there are several projects aimed at digitizing healthcare data, but the demand for improvements in transparency and interoperability is still acute. Through blockchain, healthcare information can be shared seamlessly and with fewer administrative errors. Eventually, these benefits can lead to a reduction of end prices.

Claus Jensen, CTO at CVS Health-owned health insurer Aetna, commented:

“Through the application of blockchain technology, we'll work to improve data accuracy for providers, regulators, and other stakeholders, and give our members more control over their own data.

Anthem, another health insurance company, is also keen to implement blockchain applications. Chief digital officer Rajeev Ronanki stated:

“We view Blockchain as an enabler for establishing trust. Timely access to medical information has been a stumbling block for creating a seamless consumer experience. With a trusted foundation based on transparency and cryptography, we will provide a faster, safer and more secure way to exchange medical information to transform the consumer healthcare experience.”

The founding members of the new blockchain network plan to add more entities in the coming months, including other healthcare providers, insurers, startups, and tech companies.

IBM contributes its blockchain technology, which can be adjusted for various use cases. In 2017, the company collaborated with the US Centers for Disease Control and Prevention (CDC) to assess the benefits of this emerging technology.

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