What is Biggest Trend Currently Witnessed in Blockchain in Healthcare Market?
Blockchain, which is a shared immutable ledger for tracking assets and recording transactions, is being increasingly used by healthcare organizations to facilitate the process of data recording and asset tracking. Anything of value can be transmitted and tracked on a blockchain network, at low cost and reduced risk. In recent years, the blockchain technology has become an ideal data storing technology for this sector as it offers immediate, shared, and entirely transparent information collected in an immutable ledger that can be accessed only by authorized members.
Browse In-depth Blockchain in Healthcare Market Companies’ Strategic Developments
Thus, due to the exceptional data security offered by this new age record-keeping technology, the blockchain in healthcare market is expected to advance at 67.1% CAGR during 2018–2023. The market was valued at $44.6 million in 2017 and it is projected to reach $890.5 million by 2023. This technology stores data in blocks that are chained together. It links the data in chronological order so that once a new block is filled with the data, it is chained to the preceding block.
At present, the blockchain technology is being widely used in the healthcare sector for clinical data exchange and interoperability because of its potential to transform the process of clinical information storage and sharing among healthcare partners and patients. Additionally, the technology is also used by healthcare facilities for claims adjudication and billing management, drug discovery and clinical trials, and drug supply chain management. Moreover, the adoption of blockchain networks also reduces the incidence of abuse of prescribed drugs.
The widening application base of blockchain technology in pharmaceutical companies and healthcare facilities is encouraging Coral Health Research & Discovery Inc., Blockverify, Patientory Inc., International Business Machines (IBM) Corporation, Doc.ai Inc., iSolve LLC, IRYO.NETWORK, Hashed Health, Proof.Works, PokitDok Inc., DeepMind Technologies Limited, Guardtime AS, Blockpharma, and Microsoft Corporation to engage in partnerships and collaborations so that they can offer their products to a greater number of customers. For example, in January 2018, Guardtime AS signed a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to introduce the technology to the nation.
Thus, the rising prevalence of data thefts and breaches in the healthcare industry will augment the use of blockchain solutions in this sector in the forthcoming years.