You have undoubtedly heard the term "Blockchain" before, but are you familiar with its applications in the healthcare industry? It wouldn't be surprising if you also heard it. The complete medical sector is gradually evolving with credit to these technologies, progressing to a higher level.
But what are the advantages of using blockchain technology by healthcare providers? Let's dig deeper into the use cases of blockchain in the healthcare sector. And also let us explain the fact with actual numbers and discuss why healthcare should use blockchain technology.
1. The estimated market worth of blockchain technology in the healthcare sector by 2030 is $126 billion.
2. The annual savings by healthcare organizations as a result of implementing blockchain to enhance their IT processes is close to $100 billion.
3. About $242 million was invested in blockchain by pharmaceutical and medical device firms in 2021 to replace their outdated systems.
So, if you want to make a big impact in the healthcare industry, then you should pay close attention to all those stated numbers. Let us find out what can do with blockchain technology in the healthcare industry. So that we can understand, how the investments in blockchain technology are really outstanding and benefit everyone.
The use of blockchain in healthcare projects can rectify the biggest issues, the healthcare industry faces like patient privacy, hospital cybersecurity, transparency, and interoperability while saving costs. With blockchain technology, we can protect the privacy of the users from a particular network, and the possibility of data breaches is very low.
Additionally, many operations can be accelerated and automated by the usage of blockchain technology in the healthcare industry, which reduces expenses for both patients and healthcare providers. Now, let us see how this blockchain technology helps the healthcare industry.
Use cases of Blockchain Technology in the Healthcare Industry
1. Medical record keeping
2. Synergic analysis of patient’s health and condition
3. Usage of blockchain technology for emergency purposes.
4. Blockchain to prevent drug counterfeiting
5. Clinical trials in pharmaceuticals are tracked down in a Blockchain
6. Doctor-patient discussions
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