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Healthcare Blockchain Consortium Hashed Health Raises $1.85 Million

Last Updated March 4, 2021 4:54 PM
Samburaj Das
Last Updated March 4, 2021 4:54 PM

Hashed Health, a startup leading its namesake healthcare blockchain consortium aiming for real-world deployment of blockchain-based applications in the U.S. healthcare sector has raised $1.85 million in an initial funding round.

Led by prominent healthcare sector investor Martin Ventures, the Nashville, Tennessee-based consortium announced the closure of an initial founding round earlier this week.

In statements, Martin Ventures chairman and founder Charles Martin said:

Blockchain and distributed ledger technologies hold tremendous promise in our attempts to place the consumer at the center of the healthcare ecosystem. The healthcare industry must be drastically reformed in order to address problems related to quality, cost and waste.

Shanghai-based blockchain venture capital firm VC Fenbushi Capital is another participating investor which sees blockchain technology bringing transparency and efficiency in the healthcare industry, globally.

Launched in 2016, Hashed Health is a marked industry effort toward pushing for development of blockchain applications in the US healthcare industry. Toward the end of last year, the startup joined Hyperledger, the largest open-source enterprise blockchain consortium, as a member.

Blockchain in Healthcare

On a global scale, the healthcare sector and technology developers are exploring possibilities toward implementing blockchain-based solutions in the industry.

Dutch technology giant Philips partnered blockchain startup Tierion in late 2015 to develop solutions for the company’s successful healthcare arm. The results of the partnership were enough to persuade Philips to launch a blockchain-exclusive lab which sees a dedicated space for Philips’ IT experts, healthcare professionals and blockchain developers at the company’s Amsterdam headquarters.

In the United Arab Emirates (UAE), a partnership between a healthcare provider and a technology developer will soon see patient records stored on a blockchain that will see hospitals across the Emirates as participants.

Stateside, the US Department of Health and Human Services (HHS) issued a public call seeking individuals or businesses  to contribute submissions speculating the use-cases of the innovation in the healthcare industry. An enthusiastic response followed, exploring ways in which blockchain technology could be used to manage, exchange and secure health records and information electronically.

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