Philips Healthcare has confirmed it is currently exploring potential applications for blockchain technology.

A division of the larger Netherlands-based parent company, Philips Healthcare saw €9.18bn in sales for fiscal year 2013–2014, a figure that doubled the sales recorded by its consumer lifestyle and lighting divisions and accounts for roughly 40% of its revenues, according to The Wall Street Journal.

The company’s interest was first revealed in a tweet by Wayne Vaughan, CEO of blockchain-based record-keeping startup Tierion, who touted the service as a “first project” with the health care company, though no additional details were provided.

In statements, global IT innovation lead Arno Laeven was more subdued in his remarks, suggesting the two companies had worked together, but that there was nothing further to announce at this time.

Laeven told CoinDesk:

“We are exploring blockchain in relation to health care just the same as we are exploring many new technologies.”

The news coincides with reports Philips is seeking to revamp its health care services following industry-wide growth issues and amid declining sales growth expectations.

Image via Philips