For the quality of care and cost control, the exchange of health records is essential. The current healthcare system is fragmented, as it requires the exchange of data by third parties. The lack of interoperability and limited connection between healthcare storage systems makes it difficult to transmit, retrieve, clean and analyze data, and most of the data are therefore contained in silos. In addition, healthcare data infringements occur due to lack of security and privacy.
Blockchain technology has a considerable potential to overcome the problems in the current healthcare system. Blockchain provides a transparent, efficient, cost-effective, reliable, secure system that completely removes the third party. Additionally, blockchain paves the way for the shift from existing fee-based healthcare systems to a more value-based healthcare system, improves patient engagement and even opens up opportunities for more consumer centric product segments and revenue streams. Blockchain technology fight against the counterfeit drugs in the supply chain by providing real-time traceability and helps in clinical trial management, drug discovery, interoperability, inventory management. Blockchain technology has a great impact on healthcare insurance by eliminating the fraud and direct connection with patient and healthcare providers.
Apart from Healthcare system, blockchain technology provide solutions for financial services, banking sector, energy and resources, travel and hospitality industry, consumer and industrial products, technology, media and telecom sector to stream line business and reducing cost, fraud and third party intervention.
The Blockchain technology market is driven by the increase in healthcare data breaches, increment of counterfeit drugs, adoption of blockchain as a services. Also, the market is driven by features of blockchain technology such as transparency and immutability of distributed ledger, secure data interoperability etc.
Companies are developing solution for pharmaceutical industries, healthcare providers, healthcare payers and patients. Change Healthcare Corporation, Chronicled Inc., FarmaTrust, IBM Corporation, Medicalchain SA, iSolve LLC, Patientory Inc, SimplyVital Health, Skycell AG, Healthereum LLC, Healthureum, Blockpharma etc. are some major players in blockchain technology.