ConsenSys Continues Restructuring Process with ConsenSys Health Spin-Off

ConsenSys, an Ethereum-based blockchain project led by Joe Lubin, has announced that ConsenSys Health has now become an independent entity, as part of its restructuring process, according to a Ledger Insights report on February 26, 2020.

ConsenSys Health Now Independent of ConsenSys

As reported by BTCManager, the ConsenSys project has been carrying out wholesale restructuring since last year, a process that has seen the firm close shop in India, as well as the Philippines, while also laying-off 14 percent of its workforce.

Now as part of the restructuring process, ConsenSys has made it clear that ConsenSys Health, a project under the firm which focuses on addressing the complex needs of healthcare and life sciences with the Ethereum blockchain, has now become an independent company.

Per sources close to the matter, ConsenSys Health will now be headed by Heather Leigh Flannery, who functioned as the division head of ConsenSys Health, and also spent nine years as founder and CEO of Obesity Prevention, Policy and Management.

Revolutionizing Healthcare with Blockchain

Explaining the reason behind ConsenSys’ decision to spin-off ConsenSys Health, Joe Lubin, Founder of ConsenSys and co-founder of Ethereum reiterated that the move will make it easier for the firm to focus solely on the health industry and provide highly functional blockchain solutions for the sector.

In his words:

“Technology for the healthcare ecosystem demands the foundational security, identity and efficiency that comes with distributed ledger technology, along with unique privacy and ethical considerations that deserve singular focus. Spinning off a separate company in this area is an opportunity for us to combine the powerful technology built by ConsenSys with a team of domain leaders to provide solutions to the biggest challenges in healthcare, many of which we feel the impact daily.”

Flannery is the Co-Founder and Board Chair of Blockchain in Healthcare Global (BiHG) an organization under the purview of the Institute of Electrical and Electronics Engineers (IEEE).

Giving voice to the latest development, Flannery said:

“Global leaders see the need for change in the current healthcare system, as it lacks the affordability, access and inclusivity that patients need. The combination of innovative technologies such as machine learning and blockchain enables us o approach old problems in new ways.”

In related news, on February 25, 2020, BTCManager informed that the FDA and top players in the pharma ecosystem have reached a consensus concerning the importance of blockchain technology in pharma products traceability.