RESEARCH TRIANGLE PARK – IBM is teaming up with healthcare giants Aetna, Anthem, Health Care Service Corporation and PNC Bank to create a healthcare industry network that utilizes blockchain technology.
Goals include improvements in transparency and interoperability across healthcare, the companies disclosed Thursday.
Utilizing blockchain, the partners believe they can create “a highly secure, shared environment” in order “to build, share and deploy solutions that drive digital transformation in the industry.”
Blockchain workflow (Graphic courtesy of the Center for Global Development)
End results are expected to be improved patient care and reduction in costs. The network would target more efficient claims and payment processing, to enable secure and frictionless healthcare information exchanges, and to maintain current and accurate provider directories, the firms added.
“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, in the announcement. “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.”
IBM is focused on blockchain as an emerging technology under Chair and CEO Ginni Rometty’s strategy to transform IBM into more of a software and solutions company.
“This collaboration will enable healthcare-related data and business transactions to occur in way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments” added Chris Ward, head of product, PNC Treasury Management. “Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry.”
