Blockchain technology in healthcare industry has witnessed a revolution of sorts in terms of its adoption graph, primarily driven by the cost-saving benefits associated with its incorporation. From saving the healthcare fraternity from an array of frauds to preventing the loss incurred due to counterfeit medications, blockchain has indeed become a critical parameter representing the healthcare sector.
The technology has been recognized as one of the most viable solutions to reduce data breaches in the healthcare industry saving the sector billions of dollars. Not surprisingly, the healthcare industry has been the recipient of the maximum number of data breaches. According to the 2018 Cost of a Data Breach Report by the Ponemon Institute, sponsored by IBM, healthcare data breaches cost the industry almost $408 per patient record – nearly three times more than any other sector, validating the rising demand of blockchain technology in healthcare market.
The growing trend of Internet of Things (IoT) is another vital parameter adding to the rising demand of blockchain technology in healthcare industry. With numerous healthcare organizations witnessing a phenomenal surge in the technology consumption, the IoT trend is anticipated to remain a major propeller for the blockchain technology in healthcare market.
A quick run-through of the proactive competitive spectrum of the blockchain technology in healthcare market:
Some of the major companies that are likely to influence the blockchain technology in healthcare market growth graph include Microsoft Corporation, IBM, Guardtime, Gem Health, PokitDok, iSolve, Patientory, Medicalchain and FarmaTrust. A gist of their contributions toward upping the ante of this industry are provided below:
In the August of 2017, Microsoft Corporation unveiled its opensource Coco blockchain technology framework for healthcare & other industries. The technology allowed hospitals to create their own blockchain networks with security, governance as well as other transactional capabilities.
In June 2018, Guardtime launched the world’s first personal care record platform supported by blockchain called MyPCR platform to help improve adherence to medication with potential saving of approximately �800 million in the UK & $290 billion in the US. The platform boasts of having enrolled 30 million NHS patients for smartphone access.
In February 2019, IBM announced the entry of Cigna & Sentara Healthcare in its blockchain-based health utility network that provides a highly secure & shared environment for healthcare organizations to develop, share & deploy solutions through blockchain to drive digital transformation into the industry.
Regionally, the demand for blockchain technology in healthcare market seems to have received appreciable momentum from APAC, specifically from India. The demand may be attributed to the increasing application of the technology in data security across the nation, not to mention, clinical data exchange as well. Of late, blockchain technology is also being implemented heavily in the regional health insurance claims management systems framework, that would further contribute to augmenting the market growth in the coming years.
While the blockchain has consolidated itself as a pivotal technology likely to disrupt the medical industry, a major part of the disposition is still in the nascent stages. Experts attribute the plausible slack in the growth of blockchain technology in healthcare industry to the unavailability of a skilled workforce, blockchain technology experts, and suitable blockchain training programs.