The Ethereum-focused firm founded by Joseph Lubin, ConsenSys, announced yesterday that it will branch off its health division, dubbed ConsenSys Health. The new independent division will focus on creating solutions for the US healthcare industry.

The company is already promoting its Infura and Codefi products. With ConsenSys Health, blockchain tech will be used in the health industry to help reduce unnecessary costs and potentially provide users with control over their medical records. During the announcement, Lubin added the following:

“Spinning off a separate company in this area is an opportunity for us to combine the powerful technology built by ConsenSys with a team of domain leaders to solve the biggest challenges in healthcare.”

With this decision, Lubin announced the head of ConsenSys Health as Heather Leigh Flannery, who used to be the Consensys’ healthcare Global Lead.

A veteran of the blockchain space, Flannery is currently involved in other blockchain-related healthcare projects. This new initiative will focus on the US healthcare market which, after looking at the per-capita cost, is the most disrupted.

The ConsenSys team argued that blockchain technology can profoundly impact the US' healthcare system by reducing the cost of administration and research.

By expanding the patients’ access to care and engaging them directly, blockchain allows for faster, more secure data sharing. Here’s what Flannery expects, as far as the improvements in the US healthcare system go:

“The convergence of emerging innovations, such as blockchain and machine learning, allows us to approach old problems in new ways. This opens up the possibility for improved patient and provider experiences, new business models, and ultimately, a sustainable and value-based healthcare system.”

The healthcare system in the US has been a major battleground topic for nominees in the ongoing 2020 Presidential election. While nominations for the Democratic party are still going on, each candidate brings a different approach to the ongoing concerns about healthcare.

For example, Bernie Sanders promoted his ‘Medicare for All' proposition, which has faced its fair share of criticism for being too radical, so the adoption of blockchain solutions sounds wiser.

Until now, the latest Democratic entrant – Michael Bloomberg – has been the only candidate to show interest in the blockchain and crypto space.

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