Insurance firms turn to blockchain to fix the broken US healthcare system

Despite major initiatives to digitize healthcare information, major improvements in transparency and interoperability among various groups in the healthcare system are still necessary. By reducing administrative errors and friction through the application of blockchain technology, healthcare information could be exchanged more efficiently. These improvements, once realized could help enhance patient care and reduce unnecessary costs. "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."