Change Healthcare, a U.S.-based healthcare IT company, has announced the launch of an enterprise-scale blockchain solution for use in healthcare.

The announcement was made by Change Healthcare CEO Neil de Crescenzo during his keynote address at the Distributed: Health 2017 conference. The solution would enable payers and providers to boost revenue cycle efficiency, improve real-time analytics, cut costs, and create innovative new services.

de Crescenzo said that the company is teaming up with customers and organizations such as The Linux Foundation’s Hyperledger project to make the benefits of blockchain technology broadly available and develop additional, advanced use cases.

“We are excited to work alongside our customers and partners to make blockchain real in healthcare,” said de Crescenzo. “As today’s healthcare system becomes more value-based, it’s essential that we aggressively and pervasively introduce new technologies into healthcare at scale—whether they leverage blockchain, artificial intelligence, or other emerging capabilities with the potential to improve outcomes and efficiencies. We are initially introducing blockchain technology to create a distributed ledger that makes claims processing and secure payment transactions work more efficiently and cost effectively for all healthcare stakeholders.”

Change Healthcare, a Premier member of the Hyperledger Governing Board, said that its Intelligent Healthcare Network will support blockchain transactions by the end of this year. It will employ Hyperledger Fabric 1.0, an open source blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation, as its foundation for blockchain application design and development.

“Change Healthcare is uniquely positioned to lead blockchain innovation for healthcare, and we are excited to participate in this transformative undertaking with them,” said Brian Behlendorf, executive director, Hyperledger. “With its security, transparency of transactions, and ability for all stakeholders to access the same information, blockchain technology has potential to increase payment accuracy and revenue velocity, which will benefit payers, providers, and consumers themselves.”

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