US located health insurance Company Aetna has collaborated with IBM to develop blockchain for health plans, published in Reuters on Jan. 24.
Aetna recently combined with CVS Health Corp, millions of clients in the United States. Aetna and IBM both made a statement that the new innovative blockchain technology designed according to insurance field. This technology will solve the problems in insurance processing, payments, and claims.
The companies wanted to design blockchain technology to allow and sharing of the database over an electronic network of computers. It will also maintain different directories in the insurance plans.
Blockchain a technology that supports cryptocurrencies is widely using in various industries. By using a distributed ledger, various financial companies are cutting down their costs.
In this project other two health insurance companies, Anthem Inc., and Health Care Service Corporation involved initiating distributed ledger technology. Along with these another financial related company PNC (Bank) also joined in this project.
An executive Chris Ward at PNC Bank’s treasury management unit stated:
“Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry.”
Aetna, a leading company of U.S. healthcare company, made confederation in the last year to solve the problems in the health sector. It also improved data integrity, cost efficiency, and safety. Ascension is a leading American non-profit healthcare also initiative in this project.
The shared ledger technology is widely using in the banks, insurance, hospitals, and healthcare areas. This technology benefits for exchanging, securing and streaming the sensitive data in clinical and other wellness-related information. It will maximize the benefits and minimize the costs.
According to a statement, new companies, such as technology and healthcare services, joined in this project in the coming days. What you think the future of this new technology, express your views in the comment section.
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