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ConsenSys Spins Off ConsenSys Health To Provide Blockchain-powered Healthcare

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U.S.-based blockchain technology firm ConsenSys has spun off its blockchain-powered healthcare division ConsenSys Health to operate as an independent company focused on healthcare and the life sciences in the public and private sectors.

Ethereum-focused company ConsenSys had earlier in the year announced it would continue its transition to a product-focused company by spinning out internally incubated projects, such as ConsenSys Health. As part of the transition, ConsenSys also spun out ConsenSys Investments last month and laid off 14 percent of its staff.

As an independent entity, ConsenSys Health will focus on tackling the healthcare industry's most pressing issues, primarily the rising costs of research and administration, by enabling data liquidity and security, improving access to care, and engaging patients in their health.

ConsenSys Health will build Ethereum-based solutions for the healthcare industry across cybersecurity, compliance, privacy, bioethics and identity by leveraging the deep technical capabilities of ConsenSys. It will partner with industry leaders and launch several products previously developed within ConsenSys in early 2020, starting with the U.S. market.

The spun-off company will be led by the former division head, Heather Leigh Flannery, as the Chief Executive Officer of ConsenSys Health.

Flannery currently serves as FY20 Co-Chair of the HIMSS Blockchain in Healthcare Task Force, chairs the IEEE SA P2418.6 Standards Development Working Group (blockchain in healthcare and life sciences), and is the Co-Founder and Board Chair of Blockchain in Healthcare Global. She also chairs the Healthcare Special Interest Group at the Enterprise Ethereum Alliance (EEA).

ConsenSys Health will leverage ConsenSys' suite of core products, Codefi, Infura, and PegaSys to provide the tools, infrastructure and applications to power both private and public Ethereum solutions for industry use cases.

According to ConsenSys, approximately 10 percent of global GDP is spent on healthcare, and in the U.S. where per capita spending is highest, healthcare spending is expected to rise to 19.4 percent by 2027.

Technology for the healthcare industry demands the foundational security, identity and efficiency that blockchain technology provides, along with unique privacy and ethical considerations.

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