McLean, Va.-based Capital One partnered with Venice, Calif.-based Gem, a company that provides enterprise blockchain solutions, to use blockchain technology on a healthcare claims project, according to CoinDesk.
Though details regarding the project are slim, Capital One said it hopes to use the partnership to "reinvent" the way its treasury services function.
"At Capital One we see the new network models and data analytics capabilities as an exciting opportunity to reinvent treasury management to better meet the needs of clients, not only increasing payment efficiency but also generating actionable information about their business," said Capital One Executive Vice President Patrick Moore.