Hashed Health, a consortium leveraging blockchain and distributed ledger technologies for transformation in the U.S. healthcare system, announced an initial funding round of nearly $2 million.

'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 Founder and CEO John Bass.

Martin Ventures led the round and is known for backing new business models that remove friction and inefficiencies inherent in healthcare transactions and bring fresh approaches to consumer engagement in care.

Charles Martin, chairman and founder of Martin Ventures said, '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.'

Another investor is Shanghai-based blockchain VC Fenbushi Capital. 'We strongly believe Hashed Health's blockchain technology will play an important role in bringing transparency, efficiency and robustness into the global healthcare economy,' said Bo Shen, Founding Partner of Fenbushi.

'We are proud to partner with Martin Ventures, a leader in healthcare investments, and Fenbushi Capital, a leader in blockchain investments,' said John Bass. 'With the initial round closed, we are continuing the exciting work of organizing the market around these game-changing projects.'

Drawing on a combined 50 years of experience in healthcare operations and IT integrations, Hashed Health plans to foster collaboration among leading healthcare enterprises to advance distributed ledger solutions to address long-standing and systemic healthcare industry issues.

About Hashed Health

Hashed Health is a healthcare technology consortium dedicated to leveraging the blockchain and distributed ledger to develop work groups centered on specific healthcare use cases. To empower its members, Hashed Health provides value-added services such as network product management, product development, regulatory guidance and technology support services for blockchain networks. Hashed Health work groups focus on blockchain implementations to address a range of well-known issues in healthcare including IoT, revenue cycle management, payment reform, medical records, insurance and healthcare/pharmaceutical supply chain logistics. More information can be found at http://www.hashedhealth.com/ or by emailing join@hashedhealth.com.