How Blockchain is Changing The Healthcare Industry
Blockchain technology continues to be recognized for profoundly impacting the development of the modern healthcare industry. The global Blockchain in technology healthcare market size was estimated at USD 231.0 million in 2018 and is anticipated to expand at a double-digit CAGR of 63.9% by 2026.
Blockchain offers patients privacy and security over their health data, transforming how health care information is exchanged. If you are considering bringing on a company to help assist your healthcare business transition to Blockchain, Pravici PocketCred is there for you!
How Has Blockchain Changed Within Healthcare?
The healthcare and medicine industries are drastically changing as a result of Blockchain implementation and optimization. The classical technology currently used within the healthcare industry is centralized. However, benefits are apparent from the use of a decentralized system. For example, storing patient and medicine-related data has become more secure due to Blockchain implementation.
Blockchain technology offers a way for companies to strengthen the medicine manufacturing process by recording and storing parameters and delivering product and shipment information with automated decisions.
The healthcare industry has already begun to adopt Blockchain technology for file transfers of patient data, clinical trials, pharmaceutical history, creation and maintenance of Blockchain network with physicians, patients, and payers with Smart Contracts.
Innovation in Healthcare
Regarding the use of technology within the healthcare industry in the future, Blockchain will become a crucial driver along with IoT(Internet of Things) and machine learning. These technologies will trigger and force new, significantly effective digital processes that will revolutionize healthcare entirely if not have already started to revolutionize. The development will allow healthcare providers to deploy and implement this technology to assist in smart sorting data, different transactions, complex software-driven medical appliance control, temperature, along with patient care and research.
With the rapid development of Blockchain, the healthcare industry, among other fields, has begun implementing this multifaceted technology into everyday systems and processes. This does not just include pharmaceutical companies but has expanded into hospitals and other healthcare practices. Read more about specific Blockchain projects in healthcare HERE.
Pravici PocketCred applies leading-edge Blockchain technology and DLT solutions to help keep data safe. PocketCred is leading the way to bring Arizona employees safely back to work with digital credentials and Blockchain technology. This blog post is inspired by The Journal of MHealth’s post, ‘How Blockchain Technology is Changing the Healthcare Industry?’