Capital One, a retail bank, recently collaborated with blockchain startup Gem to design a new claim service that makes use of digital ledger technology to track claims for medical consumers. In a press release, the banking giants announced that they will be renovating the treasury management platform to introduce advancement in their health care claim applications.
“We are aiming towards making the process of health claim management secure and environment-friendly with the help of blockchain technology. There is a miraculous transformation observed in the payment space with the inclusion of new network models and data analytics capabilities. Combining all these advancements, we aim to remodelize treasury management so as to fulfill the requirements of clients, not only by maximizing payment efficiency but also generating actionable data about their business.” Patrick Moore, Executive VP and Head Capital One’s Treasury Management Group.
Gem comprises an operating system platform that connects consumers to the blockchain. This platform enables custom logic development for companies designing scalable applications for the health sector. The firm’s revenue management cycle operates on GemOS and is supported by Gem Health Network which is aimed at supporting specific use case development using GemOS instances.
The firm, Capital One will be utilizing data analytics developed along with healthcare eCommerce API provider Pokitdok that evaluates out-of-pocket expenses for which medical patients will be held responsible.