Global blockchain technology in healthcare is expected to reach $16.3 billion by 2031
An updated report by ResearchAndMarkets.com has predicted that the global blockchain in healthcare sector, valued at $531.19 million as of 2021, is now estimated to reach $16,300.43 billion by 2031, growing at a CAGR of 40 .8% from 2022 to 2031.
Healthcare is transitioning to blockchain technology
The healthcare industry has found its way into the blockchain technology sector for some time. The rapid increase in data breaches and the supply of counterfeit medicines has drawn the healthcare system closer to exploiting blockchain technology.
With blockchain technology that can be used for supply chain management, it has seemed like the perfect solution to combat the rise in the supply of counterfeit drugs as it can offer total protection against counterfeit drugs.
In contrast, personal health information (PHI) or standard personally identifiable information (PII) is more valuable than credit card information in the black market, giving cybercriminals a greater incentive to prey on medical databases.
According to a report citing Health and Human Services, the data breach affected over 15 million health records. All of these, including the fact that blockchain is safer and less vulnerable to the threat of data breaches due to its discrete blocks within blockchains, have caused the growing use of blockchain in healthcare.
Healthcare uses the blockchain network to store and share patient data across hospitals, diagnostic laboratories, pharmacy companies and doctors. In addition, it is used to improve the security, privacy and interoperability of health data, ushering in a new model of health information exchange (HIE).
Industries are now adopting Blockchain technology
There is no doubt that the uses of blockchain technology can be endless; many companies, industries and entities realize this and embrace it. Blockchain can be useful in data exchange and interoperability, supply chain management, claims adjudication and billing management and many more.
Authorities have also used blockchain technology in their own way. Recently, the South Korean government revealed its plan to embed blockchain-based digital identities into citizens’ phones by 2024 to facilitate economic development.
Not only that, but healthcare company MDS Mexico also used blockchain in its own way. The company launched a COVID-19 testing service enabled by blockchain technology to guarantee the validity of vaccination records.
Having valid proof of a person’s vaccination status is an important thing, given that false vaccination certificates are often used to avoid quarantine, according to MDS Mexico.
Speaking of blockchain adoption, in May California Governor Gavin Newsom signed an executive order to begin the process of analyzing how blockchain technology can be used to benefit the state and public sector.
