The latest report finds that healthcare is well-positioned to be one of the foremost sectors where blockchain will have the most meaning.

Healthcare is not the first sector you consider when analyzing the most likely areas for blockchain enactment. Nevertheless, the change is coming—and it will affect everything from the supply-side of pharmaceuticals to patient-doctor confidentiality.

Proceeding to Healthcare in a Big Way

According to the latest report, blockchain is coming to healthcare. The report, published by TMR Research, aims to a few prime movers in the healthcare sector for blockchain. These include IBM, PokitDok, Microsoft, Hashed Health, Blackpharma, Guardtime, iSolve, Gem, and Patientory.

The drive towards blockchain-based adoption in healthcare will be global. However, a few regions are presumed to lead the charge. North America will undoubtedly encounter a boost as will Europe, though the real growth will originate from Asia. The Asia-Pacific region is expected to observe the most significant rate of growth.

The report also discovers that blockchain technology will impact a few particular market segments. Healthcare payers will see that blockchain-based networks will make their payments more straightforward, while providers will be capable of storing confidential information on-chain securely. 

Furthermore, pharmaceutical companies will be able to transparently trace the movement of their supplies with the aid of live data recorded on a distributed ledger. The end result is a valid process that is approved by many parties from top to bottom to ensure complete transparency.

Knowledge of Blockchain in the Healthcare Sector Remains Low

Another reason for confidence in blockchain in healthcare is that it remains comparatively unknown, so its impact will be significantly felt. 

According to an IDC European Survey reported on by BeInCrypto last June, 44% of healthcare providers have never even listened about blockchain. The emerging tech is also only in severe consideration for about 12% of all health organizations surveyed. This emphasizes how much this small subset of the healthcare sector still has to develop.

Although we can’t anticipate blockchain to affect every aspect of healthcare practice in 2020, it seems inevitable that emerging technology will form a vital component of health services in the coming years. Major firms like IBM and Microsoft will drive the charge in this impressive growth opportunity.