Philips has officially launched the Philips Blockchain Lab, located in its headquarters in Amsterdam, the Netherlands. The lab offers a dedicated environment where Philips IT experts, healthcare professionals, partners and blockchain developers will work together on research and exploration of potential use cases using the innovative cryptographic technology.

The research and development center was established following six months of exploratory research into blockchain technology, the company said in an online post.

Philips said that it is actively seeking collaborators and developers to work on several blockchain use cases.

"As a company committed to innovation you need to constantly explore new and emerging technologies and their application in areas where they might have an impact and added value. Our aim is to learn if blockchain technology could potentially add value to the process of data exchange in the healthcare industry”, CoinDesk quoted Arno Laeven, initiator and head of the Philips Blockchain Lab.

In October, the healthcare giant partnered with blockchain startup Tierion to explore the potential use cases of blockchain technology in the healthcare sector.

“Tierion just completed our first project with @Philips Healthcare group. More information in 2016”, Tierion tweeted.