An updated report from ResearchAndMarkets.com has predicted that the global blockchain in the healthcare market which is 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 System Transitioning into Blockchain Technology
The healthcare industry has been finding its way into the blockchain technology sector for a while. The rapid increase in data breaches and the supply of counterfeit medicines have drawn the healthcare system closer to leveraging blockchain technology.
With blockchain technology being able to be used for supply chain management, it has seemed to be the perfect solution to combat the surge in the supply of counterfeit drugs as it can offer total safeguarding from 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, causing cybercriminals to have a greater motivation to prey on medical databases.
According to a report citing Health and Human Services, data breaches have affected over 15 million health records. All of these, including the fact that the blockchain is safer and less prone to the threat of data breaches because of its discrete blocks in blockchains, has caused the growing adoption of blockchain in the healthcare system.
The healthcare system uses the blockchain network to store and share patient data across hospitals, diagnostic labs, pharmacy companies, and doctors. Additionally, it is used to improve the security, privacy, and interoperability of health data, ushering in a new model for health information exchanges (HIE).
Industries are now Adopting Blockchain Technology
There’s no doubt the utilization of blockchain technology could be endless; many companies, industries, and entities are realizing this and embracing it. Blockchain can be helpful in data exchange & interoperability, supply chain management, claim adjudication & billing management, and many more.
Governments have also been using blockchain technology in their own way. Recently, the South Korean government revealed its plan to embed blockchain-based digital identities in its citizens’ phones in 2024 to facilitate its 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 immunization records.
Having valid evidence of a person’s vaccination status is an essential thing, given that false vaccine certificates are frequently 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 might be used to benefit the state and public sector.