Aetna, Anthem, Health Care Service Corporation (HCSC), PNC Bank and IBM announced a new collaborative to leverage blockchain technology to improve interoperability and transparency in healthcare.

The aim will be to create an inclusive blockchain network that will be beneficial to multiple members of the healthcare industry. It will enable organizations to build and deploy innovative digital solutions.

Lori Steele, general manager for Healthcare and Life Sciences for IBM said that unique attributes of blockchain make it suitable for large networks of multiple members to instantly exchange sensitive data in a permissioned, controlled, and transparent way.

Blockchain technology can reduce administrative errors and ensure efficient exchange of health information. This would lead to improved patient outcomes and lower care costs. There have been many initiatives to digitize health information but significant advancements are still necessary. These organizations aim to move the industry forward.

Chris Ward, head of product, PNC Treasury Management said that this alliance will enable healthcare-related data and business transactions to occur in a way that addresses market demands for transparency and security making it easier for the patient, payer and provider to handle payments.

Telehealth software is a popular use of technology in healthcare. Now blockchain technology is also being embraced by healthcare.