Key macroeconomic themes impacting blockchain usage in the healthcare industry, as identified by GlobalData

Blockchain technology can play a role in a wide range of healthcare industries, including exchanging data on infrastructure, tracing supply chains, and improving the payment process. Synchronized public data can be securely stored by using blockchain technology, ensuring that each party shares the same real world data. A blockchain-based network maintains an unchanging database of transactions that can be used to track goods in the supply chain, but do so in a secure manner that protects sensitive data.

Increasing demands on secure data

Cybersecurity is a challenge facing big organizations and individuals alike. While the development of industrial IoT and digitisation is increasingly making industrial networks connected and communicative, the ultra-connection exposes individuals and businesses to the threats even more. Blockchain technology maintains the integrity and confidentiality of sensitive information, to prevent unauthorized access to assets such as networks and clinical data.

Growth of blockchain industry

Over the next three years , the global demand for blockchain technology – including applications, middleware, infrastructure, and protocol specifications – will continue to be substantially outstripped by investment activity. GlobalData expects strong growth in revenues related to blockchain between 2019 and 2022, fueling the application of blockchain in the healthcare sector.

Emerging markets

With the most patents related to blockchain, the Chinese government has positioned itself to dominate the blockchain market.

The Chinese Food and Drug Control Research Institute leads the project “Blockchain Technology Supported Genetic Interpretation of Chinese Population Database” and is supported by the Huada Blockchain BaaS platform.

Pioneering markets

Estonia is the first country to use blockchain globally for health care. In 2016, a development project was launched by the Estonian E-Health Foundation which aims to protect patient health records using blockchain technology to archive related activity logs. Following Estonia, the United Arab Emirates carried out an ambitious strategy in 2018 to use blockchain technology to boost the different facets of its citizens ’ lives, such as banking, transportation and health care. The initiative set the country on a path to become a fully functioning government based on blockchain by 2021.Article Credits