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CVS Health Corp’s Aetna and a host of other health insurers announced that they have partnered with IBM Corp to create a blockchain network aimed at cutting costs in the healthcare industry.

Big Blue is joined in this effort by Aetna (acquired last November by pharmacy and health plan provider CVS Health), health plan provider Anthem, Health Care Service Corporation (the largest customer-owned health insurance provider in the U.S.) and PNC Bank. These providers combined account for close to 100 million healthcare plans.

IBM said additional members will join the Health Utility Network in the coming months, including other health organizations, healthcare providers, startups, and technology companies.

The aim is to create an inclusive blockchain network that can benefit multiple members of the healthcare ecosystem in a highly secure, shared environment. The goal is to allow the blockchain network to enable healthcare companies to build, share and deploy solutions that drive digital transformation in the industry.

The collaboration members intend to use blockchain to address a range of industry challenges, including promoting efficient claims and payment processing, to enable secure and frictionless healthcare information exchanges, and to maintain current and accurate provider directories.

However, IBM is far from the only tech firm trying to leverage the immutability and transparency of blockchain for the siloed and fragmented healthcare industry. Other prominent names in blockchain healthcare include Change Healthcare, Hashed Health, Guardtime, Gem and SimplyVital – to name a few.

In such a busy space it’s not surprising IBM is faced with some consortia competition. For example, in April of last year, Humana and United Health Group, two of the largest health insurers, teamed up on a blockchain pilot with data providers Quest Diagnostics, Multiplan and Optum.

Another healthcare blockchain called ProCredEx launched in November last year. It focuses on storing and sharing the credentials of medical and dental practitioners and is expected to save time and costs within the industry.

Outside of healthcare, PNC Bank has been public about its blockchain activities, joining a group of banks exploring Ripple’s xCurrent payment system for cross-border transactions.