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IBM (NYSE:IBM) Announces A Collaboration To Create A Blockchain Based Healthcare Ecosystem With Aetna, Anthem Inc (ANTM) And PNC Bank (PNC)

IBM (NYSE:IBM) has announced a collaboration with Health Care Service Corporation, PNC Bank (NYSE:PNC) and Aetna, Anthem Inc (NYSE:ANTM) to design and create a blockchain based ecosystem that helps healthcare companies improve on transparency as well as interoperability in the healthcare sector.

The blockchain ecosystem

The collaboration aims at creating an inclusive blockchain system that is secure in a shared environment for the benefit of healthcare members. The blockchain will allow companies to develop, share as well as deploy solutions that can lead the digital transformation agenda in the industry.

The blockchain technology will reduce administrative errors thus ensuring an efficient exchange of healthcare information. The improvements will go toward enhancing patient care as well as mitigate excessive costs.

The collaborating companies expect to employ the blockchain in addressing various industry challenges such as enhancing the secure and smooth exchange of healthcare information, promoting efficient payment and claims processing as well as the maintenance of correct directories.

Blockchain transforming information exchange

Aetna Chief Technology Officer, Claus Jensen, indicated that they are committed to enhancing consumer experience as well as making their systems work effectively. He adds that the use of blockchain technology will enable them to improve data accuracy for regulators, provides as well as stakeholders thus giving them control over their data.

Anthem Chief Digital officer indicates that they consider blockchain as a trust enabler. He says that with blockchain they will create a trusted foundation based on cryptography and transparency thus providing an exchange of medical information in a faster and more secure way.

Health Care Service Corporation chief information officer, Steve Betts, stated that the company is continuously looking at ways they can use technology and data to improve lives through the reduction of fragmentation of information as well as connection to their healthcare system.

Lori Steel, the IBM general manager for Health Sciences, indicates that blockchains have unique features that make them appropriate for large networks to exchange information and data in a transparent and controlled way. He added that the collaboration of major healthcare companies demonstrates the value of working together to create an efficient healthcare system.

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