The growth of blockchain in the healthcare market is being driven by increasing demand for secure, transparent, and efficient healthcare data management solutions. According to the report by Grand View Research, the global blockchain in the healthcare market is expected to reach $14.25 billion by 2032, growing at a CAGR of 68.40% from 2023 to 2032.

Blockchain has gained significant prominence in the healthcare industry due to its potential to revolutionize data security, interoperability, and patient privacy. By leveraging its decentralized and transparent nature, blockchain offers a secure platform for storing and sharing health information. It enables seamless data exchange between healthcare providers, enhances the authenticity and traceability of pharmaceutical products, and streamlines clinical trials and research.

Reasons To Utilize Blockchain In Healthcare

Supply Chain: Counterfeit drugs pose a significant problem in the healthcare industry. Blockchain can verify the authenticity of pharmaceutical products. Whenever a drug manufacturer produces a drug, they record its details, such as batch number, production date, and manufacturer information, on the blockchain. As the drug progresses through the supply chain, entities involved, including distributors, wholesalers, and retailers, record transactions on the blockchain. This process creates an auditable trail of the drug's journey, tracing counterfeit drugs back to their source.

Reduce Overhead Expenses: Blockchain in healthcare can streamline revenue cycle management and claims processing. Blockchain can automate healthcare processes and reduce the need for intermediaries to analyze healthcare data. Manpower-intensive challenges that plague the healthcare system, such as completing reports, keeping records, preventing catastrophic data failures, and handling online fraud, can be reduced to a greater extent.

Efficient Management of Health Records: Throughout the various stages of clinical studies, a substantial amount of data is generated. This data includes quality assessments and wellness surveys. Presently, healthcare providers manually verify the authenticity of the data by cross-referencing it with the original records stored in the system. This process is both laborious and time-consuming. However, by employing blockchain technology built on cryptographic techniques, healthcare experts can securely store all data in Electronic Health Record (EHR) format. This not only saves time and energy but also reduces overhead costs.

Analysis of Procedure Results: By establishing a blockchain infrastructure, researchers gain the ability to analyze the side effects of specific diseases on a large scale. They can access verified patient data in real-time, enabling pharmacies to provide a wide range of precisely tailored medications and offer appropriate instructions to patients.

Prominent Companies Implementing Blockchain Applications in Healthcare

Blockchain in healthcare has attracted significant attention, and several well-known companies have embraced its potential. Here is a list of some well-known companies that are harnessing blockchain applications in healthcare:

1. FarmaTrust

FarmaTrust is a company developing a blockchain-based platform for the pharmaceutical industry. Their platform allows pharmaceutical companies to track the movement of drugs through the supply chain and manage their inventory. This technology can help to improve the efficiency of the pharmaceutical supply chain and reduce the risk of counterfeit drugs.

2. Guardtime

Guardtime leverages blockchain technology to secure health data and enable trusted information exchange. Their Keyless Signature Infrastructure (KSI) blockchain provides real-time data verification and ensures the integrity of health records. By implementing Guardtime's blockchain solution, healthcare organizations can combat data breaches, fraud, and tampering to ensure the authenticity and accuracy of medical records.

3. Tierion

Tierion offers a blockchain platform that enables the creation and verification of digital records on a large scale. Their solution empowers healthcare organizations to securely store and share data, ensuring its integrity and immutability. Tierion's blockchain technology enhances data transparency, auditability, and trustworthiness, facilitating more efficient and secure healthcare operations.

4. IBM

IBM is actively involved in developing solutions forblockchain in healthcare. Their platform, IBM Blockchain, offers features like secure data exchange, interoperability, and patient consent management. IBM has been a leader in blockchain technology for many years, and it is now working with healthcare organizations to develop blockchain-based solutions for different use cases, including clinical trials, patient data management, and supply chain management.

5. BurstIQ

BurstIQ offers a blockchain-based platform for managing and sharing health data. BurstIQ employs a new Blockchain-powered system called LifeGraph to provide secure, reliable, and intelligence-driven data ecosystems to enterprises in the healthcare industry. 

6. Coral Health

Coral Health utilizes blockchain technology to improve the security and interoperability of health data. Their platform enables patients to own and control their health information while sharing data with healthcare providers. Coral Health assures that all patient and doctor records are secure and up-to-date.  

End Note

The potential of blockchain technology in healthcare is significant, yet its advantages and drawbacks must be thoroughly examined. A number of organizations have adopted blockchain in healthcare, illustrating its capacity to enhance data security, interoperability, and supply chain management. However, to truly take advantage of blockchain in healthcare, scalability, regulatory compliance, data privacy worries, and adoption difficulties must be addressed. With sustained research, invention, and team effort, blockchain will be able to become a potent resource in revolutionizing the healthcare industry.