The integration and usage of blockchain technology in various sectors has been implemented on a significantly large scale. The healthcare industry, like various other industries, has been integrating the technology to enhance its operations.
Global Market Insights estimates that this could help the healthcare market surpass a value of USD 1.6 billion by 2025. According to them, government initiatives, coupled with the increasing use of blockchain in the healthcare sector, will significantly increase the overall use of blockchain in the market.
Blockchain utility in the healthcare sector
Blockchain’s use in health sector to record and analyse data related to patient digital identities, patient care and outcomes research (PCOR), data exchange, medicine precision and secure flow of information enabled blockchain to establish dominance in the market by receiving 40% of the revenue share. Moreover, blockchain is being used to maintain data privacy and accuracy in exchange of healthcare and patient information.
Apart from this, the conventional use of blockchain is to record and verify financial transactions.
How blockchain is scaling the sector
All the aforementioned uses of blockchain have persuaded more investments towards its integration in the healthcare industry. Technological developments that increase work efficiency are also attracting more consumers. Awareness of blockchain technology is growing significantly and government initiatives such as those of the US and Sweden to standardize data storage is helping in the growth.
The report said:
“High segment growth is due to widespread usage of blockchain technology across healthcare network to improve patient emergency care and clinical outcomes. As healthcare payers are involved in more complex processes, the technology helps to improve financial aspects, insurance provider data and clinical outcomes of patients by accelerating the work efficiency. Organizations present in healthcare payers blockchain technology are increasingly adopting blockchain to improve operational aspects of business, thereby augmenting the industry size.”
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