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Aetna, other health insurers team up with IBM on blockchain project

(Reuters) – A group of health insurers including CVS Health (NYSE:CVS) Corp's Aetna (NYSE:AET), have teamed up with IBM (NYSE:IBM) Corp to create a blockchain network aimed at cutting costs in the healthcare industry.

The companies intend to use blockchain technology, which allows the sharing of databases across a network of computers, for processing claims and payments and to maintain directories, they said in a joint statement.

Other companies involved in the project are health insurers Anthem (NYSE:ANTM) Inc, Health Care Service Corp and financial services company PNC Bank.

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