Barclays and Lloyds Banking Group to offer new blockchain solutions
Barclays has announced plans to offer blockchain solutions for the healthcare sector.
The bank said it will offer the technology to more than 100 healthcare companies, with a range of products that would allow the firms to securely record payments for transactions, and provide transparency and accountability to stakeholders.
The banks said the solutions would be powered by the blockchain, a new distributed ledger technology that aims to eliminate the need for third parties, such as banks, to process payments and other data.
In addition, Barclays has said it plans to build a platform for healthcare companies to use, which would be backed by the technology.
The healthcare sector is a rapidly growing industry with more than 250 million transactions being conducted annually, according to Barclays.
Its new blockchain initiatives, which the bank says will offer new ways to process healthcare transactions, will see it provide new products for the sector and its customers.
The banking giant said it was also looking at ways to make payments more transparent, with blockchain-based technology allowing payments to be processed faster.
Barclays is already a member of the first major blockchain consortium, the Alliance for Blockchain Technology, with partners including BNY Mellon, BNYSE, Bats and UBS.