Aetna, one of the leading US healthcare insurance companies, has signed a cooperation agreement with IBM to develop a blockchain for the medical industry, Reuters reports.
According to some information, Aetna provides insurance services to more than 39 million customers worldwide. The company made a joint announcement with IBM, in which it clarified that the blockchain-based network will be created to optimize processes in the field of insurance services, payment processing, and data management.
Several more organizations joined Aetna’s initiative, including a financial services company PNC Bank and the insurance firms that provide services for more than 55 million US clients — a non-profit organization Health Care Service and Anthem Inc.
The introduction of blockchain into medical insurance will help eliminate problems related to the duplication of specific functions and administrative expenses hindering the development of the industry, Chris Ward, the head of the PNC Bank’s treasury department, stated.
Blockchain technology is gaining popularity in the field of medical services. Healthcare institutions and insurance companies are increasingly using it. It is assumed that other industry members will join Aetna’s initiative in the next few months.
As previously reported, the UN will use blockchain in the field of medicine in Africa.
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