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Aetna Partners With IBM on Blockchain Network for Health Industry

Blockchain Technology

Aetna Partners With IBM on Blockchain Network for Health Industry

The United States based health insurance company Aetna has now partnered with IBM to create a blockchain network designed specifically for the healthcare industry.

The partnership which is estimated to serve at least 39 million healthcare clients globally, Aetna in a joint statement issued with IBM clarified that the blockchain system will be designed in such a way that it will streamline insurance claims processing and payments, as well as manage directories. Aetna has also recently merged with CVS Health Corp a retail pharmacy and healthcare firm.

In addition to American financial services firm PNC Bank, two other health insurance firms, the Not-for-profit Health Care Service Corp. and Anthem Inc. have reportedly joined the initiative. Not-for-profit Health Care Service Corp. is the fourth largest American health insurer, with over 15 million members, and Anthem Inc. provides coverage for over 40 million people in the U.S.

An executive member at PNC Bank’s treasury management unit, Chris Ward, said that implementing a blockchain solution can “remove [the] friction, duplication, and administrative costs that continue to plague the industry.”
More members from the healthcare and technology sectors are expected to join the project in coming months, according to the statement.

Aetna is regarded as one of major groups of U.S. healthcare companies that formed an alliance last year to adopt blockchain solutions for improving data integrity, security and cost efficiency. The initiative also includes leading American healthcare non-profit, Ascension.

It is no doubt that the blockchain technology continues to gain traction in the world healthcare sector, as hospitals, health insurers, and other industry professionals explore its benefits for sharing and securing sensitive clinical and other health-related information.

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