Blockchain-Based Healthcare Startup Aenco Joins Enterprise Ethereum Alliance

The Enterprise Ethereum Alliance (EEA) added Aenco, the world’s first blockchain-based healthtech digital financing solutions provider, to its impressive lineup of partner companies on July 18, 2018.

EEA Grows Member Count

According to a press release on Markets Insider, Samoa-based Aenco officially joined the EEA, a non-profit organization which connects startups, Fortune 500 enterprises, academics, and technology vendors, with Ethereum scholars. Notable EEA partners include Microsoft, J.P. Morgan, Accenture, and Santander.

The partnership will potentially help Aenco in networking with other industry players who are part of the EEA and boost the healthcare startup’s business ecosystem. Founded in 2010 and formerly known as Aeneas Group, the company started as an investment fund focused on healthcare assets. In 2016, the firm launched Aptorum, a multi-disciplinary medical innovations platform based in Hong Kong, followed by foraying into neurology and robotic surgeries in late 2017.

Now, Aenco operates under New Jersey-based Aeneas Capital Management L.L.P and consists of a team with investors and seasoned blockchain researchers at the helm. The company strives to connect its decentralized blockchain ecosystem with the world’s medical community. Aenco’s spokesperson spoke of the development:

“[This is] a proof of the company’s commitment to delivering project promises within the framework of the best enterprise features and requirements of the Ethereum ecosystem as provided by EEA.”

Benefits of Global Platform

Aenco can now utilize the services available on the EEA platform, such as developing global blockchain standards, ascertaining intellectual property and licensing models for products, and addressing industry-specific use cases with the Ethereum protocol.

As stated in the release, Aenco will focus on sponsoring development for healthtech projects utilizing blockchain technology, facilitating research collaboration and pharmaceutical development and enabling the exchange of clinical data and services.

Drawbacks in Medical Industry

The medical sector lacks a financial structure that supports healthtech developments and is infamously controlled by a handful of organizations who have been accused of inflating the costs of medicines and compromising dosages. The healthcare technology sector thus sees too few innovations from smaller players, courtesy of fundraising hurdles and other capital-related challenges. As a member of EEA, Aenco hopes to benefit from networking with established entities to overcome these challenges.

It remains to be seen how effective the partnership with EEA proves to be and if technology behemoths like Microsoft help the company actualize its decentralized ambitions.