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Hashed Health Receives $1.8-million Funding For Health-care Blockchain

Health-care blockchain startup Hashed Health has announced it has raised over $1.8 million in funding, as part of its drive to finance its next round of growth.

The company, which is actively developing blockchain technologies for use in the health-care sector, has already attracted interest from a number of prominent investors in this space. This latest funding round has been led by original investor Martin Ventures, in conjunction with blockchain VC investment firm Fenbushi Capital.

It is hoped that the funding will allow Hashed Health to continue to develop its platform, which the company believes could be of significant interest to the health-care industry, particularly in the United States.

Charles Martin, the chairman of Hashed Health, described the funding round as the basis for continued exploratory work into the technology, as the company moves in tandem with its investment partners to develop more robust use cases for the distributed ledger in the health sector.

“The health-care 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.”

Hashed Health set up its consortium of interested parties last year, in an attempt to speed up developments in blockchain technology for health and clinical purposes.

There remain some question marks from industry insiders as to the relevance of blockchain technology in the health-care industry. But with Hashed Health and others combining forces to explore more potential uses, it may be only a matter of time before something more usable reaches the market.

The funding round marks the latest significant investment in the blockchain, the technology underpinning digital currencies such as the bitcoin, as well as a range of other uses for industry.

While the technology remains in a developmental phase, analysts are hoping the potential of the blockchain will be fully realized, leading to significant efficiency, security and cost gains across a number of different industry sectors.

Health-care applications for the blockchain have already piqued the interest of the FDA in the U.S., as well as private firms like Capital One.

It is expected that this interest will help drive forward further exploratory efforts in the near future, as the health sector becomes the latest to pursue the benefits of the distributed ledger.