Blockchain Healthcare Market Expects To Reach $829 Million By 2023

The blockchain healthcare market is estimated to reach $829 million by 2023. At present, the market is hovering around $53.9. The expected CAGR for the healthcare market for blockchain in 2023 will be 72.8 percent. In the last few years, there has been an unprecedented increase in the number of breaches in the healthcare data, and the threats of fake drugs are also on the rise. That is why major healthcare companies are turning towards blockchain as a service (BaaS).

The technology offers immutability and transparency of DLT (distributed ledger technology) which guarantees better efficiency and streamlines the healthcare working process. At present, there are many issues that are plaguing the healthcare industry. And the major task of blockchain technology will be to solve these issues by creating a single database that will be used commonly for storing all the health information. This database will be easily accessible to the health care providers and doctors irrespective of the electronic medical system that they are using.

Multiple usages of blockchain in healthcare have contributed to its rise in popularity in this field. A global blockchain technology-based company, Shyft Network, Inc. recently announced a strategic partnership with a leading provider of blockchain-enabled, secure data storing and management company in the healthcare sector, BurstQ, Inc., said Digital Journal. Shyft Network is a blockchain-based global network known for facilitating identity verification and offers compliance with KYC and anti-money laundering (AML) regulations.

This joint venture by these two companies will allow healthcare institutions and government bodies to securely share, access and manage healthcare identity data. Simultaneously, the venture will maintain full compliance with the consumer protection laws and individual privacy.

Multiple factors are driving the growth of blockchain healthcare in the market. These include entry of fake drugs in the pharmaceutical supply chain, increasing adoption of this technology as BaaS, adequate funding from the big organizations supporting blockchain startups and more, according to Open PR.

The post Blockchain Healthcare Market Expects To Reach $829 Million By 2023 appeared first on OWLT Market.

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