IBM Collabs Healthcare Insurers to Form Blockchain Based Healthcare Ecosystem

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As per the latest reports, IBM has collaborated with top companies that include Aetna, Anthem, Health Care Service Corporation, and PNC Bank. The collaboration aims to create a blockchain-based ecosystem which will enable companies in the healthcare sector to innovate, develop, and deliver solutions pertaining to current problems, fostering the digital transformation of the healthcare sector.

Though the sector has been transforming into the digital world, it is still lacking some essential key factors. Hence, the collaboration has planned to bring in blockchain technology into the health care industry. Transparency and Interoperability are among the factors which the industry is currently lacking. With the embracement of both these factors, the collab aims to improve the overall efficiency of the system, reduce the costing section, and save operating time. This can have a drastic impact in reducing the administrative errors if any in the system. In this manner, the blockchain technology fixes the healthcare industry.

All the major systems of the health care sector ranging from promoting efficient claims to payment section are expected to undergo digitization. The payment section will be made more flexible for the patients on-the-go, as crypto payment will be made available. Patient’s health data would be securely recorded on the openly distributed ledger which can be viewed and accessed by the people to whom the patient has authorized with the viewing rights. These records can then also be shared among the hospitals if the same patient consults a different hospital or doctor for his/her future consulting. All the medicines taken till date, the treatments and tests performed, and every other health-related medical details of the patient would be available in his/her health data record over the distributed open ledger.

The Collab focusses on giving the control of the patient’s highly sensitive and confidential health data to the patient itself. The program aims for a system with the patient at the center. Though there are Companies working in this sector under the roof of the blockchain technology, most of them are startup firms or mid-cap Companies.

“At Anthem, we recognize the importance of driving change that will simplify the healthcare system for all Americans,” said Rajeev Ronanki, Chief Digital Officer of Anthem, Inc. “We view Blockchain as an enabler for establishing trust. Timely access to medical information has been a stumbling block for creating a seamless consumer experience. With a trusted foundation based on transparency and cryptography, we will provide a faster, safer and more secure way to exchange medical information to transform the  consumer healthcare experience.”

“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. “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.”

The Consortium is expected to keep expanding with the addition of more healthcare and blockchain technology related Companies in the coming months this year.

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