Report: Blockchain Technology to Meet Expectations in Health Care Industry
Written by Joshua Kleinstreuer
IN A NUTSHELL:
- Market to cross $500 million by 2022
- Technology can provide security for healthcare data
- Could complement AI and Internet of Things
A recent analysis revealed that the use of blockchain technology is showing early commercial success for various uses in the health care industry.
The report, Global Blockchain Technology Market in the Healthcare Industry, 2018–2022, was generated by market research firm Frost & Sullivan. The study found that the capabilities of blockchain can provide the auditability and security for healthcare data that is needed as the industry becomes increasingly digital.
At the same time, the report found that blockchain could complement artificial intelligence and internet of things-based data marketplace offerings which is expected to become more prominent in health care.
Frost & Sullivan found that much of the early commercial success has been across select use cases such as credentialing for health care professionals, medical billing management, personal health records, and pharmaceutical supply chain track-and-trace.
The report stated that these uses will help the market cross $500 million by the year 2022.