Nashville, Tennessee-based Hashed Health, a healthcare technology consortium dedicated to leveraging blockchain/distributed ledger technologies for transformation in the U.S. healthcare system, announced in a press release it sent to CoinReport that it has raised nearly $2 million in an initial funding round.

 “Hashed Health is strategically positioned to begin development of healthcare-specific solutions for streamlining ineffective healthcare delivery models, and to address a range of well-known issues in healthcare,” said John Bass, founder and CEO of Hashed Health.

The funding round was led by Martin Ventures, which is recognized for supporting new business models that eradicate resistance and inefficiencies found intrinsically in healthcare transactions and present new methods of consumer engagement.

Martin Ventures founder and chairman Charles Martin stated, “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. Hashed Health is poised to drive innovation and collaboration to reach these goals.”

Shanghai-based distributed ledger VC Fenbushi Capital was another investor.

Fenbushi founding partner Bo Shen said in the press release we received, “We strongly believe Hashed Health’s blockchain technology will play an important role in bringing transparency, efficiency and robustness into the global healthcare economy.”

Bass further said, “We are proud to partner with Martin Ventures, a leader in healthcare investments, and Fenbushi Capital, a leader in blockchain investments.”

“With the initial round closed, we are continuing the exciting work of organizing the market around these game-changing projects.”

Hashed Health, which has a collective 50 years of experience in healthcare operations and IT integrations, aims to nurture teamwork among top healthcare enterprises to advance blockchain solutions in order to deal with persistent and systemic healthcare industry issues. The consortium provides its members value-added services such as technology support, product development, regulatory guidance and network product management for blockchain networks.

Image via Business Wire press release

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