PNC Bank and IBM have joined a consortium trialling the use of blockchain technology to boost efficiency and cut costs in the healthcare industry.
The group, which includes health insurers Aetna, Anthem and Health Care Service, is working on a "blockchain-based ecosystem" that aims to improve transparency and interoperability, helping firms in the industry to build, share and deploy changes that drive digital transformation.
For PNC's part, the use of blockchain will help with promoting efficient claims and payment processing.
"This collaboration will enable healthcare-related data and business transactions to occur in way that addresses market demands for transparency and security, while making it easier for the patient, payer and provider to handle payments," says Chris Ward, head of product, PNC Treasury Management.
"Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry."