United States-based insurance giant Aeta has reportedly collaborated with IBM to develop a blockchain system which aims to cut costs and enhance transaction efficiency in the healthcare industry.

Aetna believes that the blockchain solution will improve the way financial data is shared and enhance efficiency of insurance claims processing and payments, according to a joint statement. 

Some industrial giants including Athena Inc (health plan provider), Health Care Service Corporation and financial services company PNC Bankhave also confirmed their participation. Coindesk reported that these healthcare providers can bring together approximately 100 million healthcare plans for their combined accounts.

“Using this technology, we can remove friction, duplication, and administrative costs that continue to plague the industry,” said Chris Ward, an executive at PNC Bank’s treasury management unit.

Blockchain technology is gaining more attraction in the healthcare industry. IBM is also expecting an expanding future of the Health Utility Network. Opportunities are widely open for technology firms, health organizations, healthcare providers and even startups.