Current Business Affairs Global Blockchain in Healthcare Market 2018

Global Blockchain in Healthcare Market Trends, Analysis, and Forecast
To 2025
Market Definition:
Blockchain is known for data-sharing technology and growing interest in the diverse fields for supporting the sharing of
data within other industries has led to the application in healthcare industry. The technology works on the lines of a
health information exchange system that allows elimination of the friction and cost of current intermediated. It works as
a decentralized controller that eliminates the risk of main controller. The Blockchain technology is set to change the
ecosystem of the healthcare industry. By utilizing the abilities which include improvement of data security, fighting
counterfeit drugs, patient engagement, data sharing, big data analytics, interoperability, health information exchange,
R&D processes, AI-based diagnostics and fostering vertical business models.
The healthcare industry has developed the personalized treatment standard owing to increasing pricing pressure for
decreasing global healthcare costs and digitization of care delivery models. Increasing myriad of health systems, payers,
device and drug manufacturers require a secure and connected health IT ecosystem for managing healthcare data and
for promoting value-based care.
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Market Analysis with Latest Growth Factors:
Blockchain essentially offers the potential of a shared platform that decentralizes health data thereby ensuring access
control, integrity and authenticity of protected health information. Additionally, the blockchain-based distributed
network consensus comprises cryptography techniques that provide an additional layer of trust, thereby minimizing
cyber security threats for healthcare IT systems. These factors are therefore contributing positively for the industry
growth over the forecast period.
Blockchain in healthcare industry is a distributed system which offers privacy, security and interoperability along with
recording and storing transaction data to health care data. The design of Blockchain technology allows the non-
involvement of central authority and distributes the stored records across all the participants of the network.
Furthermore, major factors propelling the blockchain technology application in health care systems market —include
frequently occurring the incidences of deaths due to consumption of counterfeit medicines and limited access to
population health data globally. Moreover, the increasing requirement to protect the privacy and security of health
information to prevent the data from hacking and attacks further, driving the blockchain technology application in