As a result of this innovation, the healthcare industry is rapidly accelerating. The total global healthcare industry spends $8.8 trillion each year, with $3.8 trillion going to the US alone. There are numerous companies working in the blockchain sector, and it’s important to note that they are all making aggressive bids to develop their own solutions. However, there are several reasons to be skeptical of blockchain healthcare stock investments. Here are some reasons to avoid investing in these companies.
The health industry has been plagued by outdated technology for decades. Until now, it relied on fax machines and pagers. A report by the 2020 Foundation found that 83% of medical imaging devices ran on outdated operating systems, leaving them susceptible to cyberattacks. These problems not only cost the industry money, but they also jeopardize patients’ health. While blockchain technology is already popular in the cryptocurrency space, it’s yet to make it into the mainstream business world.
There are many benefits to using Blockchain for healthcare. In the past, the medical industry has been hindered by the inability to securely share patient data. This technology allows for finely customizable openness while maintaining the highest standards of security and interoperability. Companies like Chronicled, which uses the MediLedger Network, use the technology to unite trading partners and medical institutions. These collaborations reduce mishaps and allow for greater innovation and accountability.
Blockchain in Healthcare 2022
Blockchain is a decentralized, transparent digital ledger that houses a record of every transaction that occurs in the world. Its decentralized structure makes it impossible to alter any information. Because data is entered on a blockchain, it is impossible for a single person to change it after it has been recorded. As a result, it can help improve healthcare operations while reducing legal risks. However, the future of blockchain technology is still unclear.
The report also outlines a vendor ecosystem that includes select companies and consortia that will help implement the technology. It describes the strategic imperatives and considerations for commercial blockchain deployment. It also provides a detailed view of top-growth areas for the technology. These include the adoption of new technologies and applications, as well as the adoption of existing technologies. The global market for blockchain is expected to reach nearly $23 billion by 2022, and the adoption of blockchain in healthcare is expected to increase at a compound annual growth rate of 30% over the next three years.
The adoption of blockchain in the healthcare industry is expected to increase by 40% by 2022. Its implementation will drive increased compliance with laws and regulations like the Falsified Medicines Directive and the Drug Quality and Security Act, as well as other regulations. A few major challenges, however, are still limiting the growth of the blockchain market, including a lack of a central entity and the lack of common standards. The report is expected to help companies identify key opportunities and guide them in their development.
Benefits of Blockchain in Healthcare
Blockchain can help solve problems in Supply Chain Management. Its immutable records are stored on the blockchain and are resistant to hacking. Additionally, the technology can help track pharmaceuticals, which are often tainted with counterfeit products. This can help resolve issues later. It also helps manage medicines recalls by keeping track of where they have been and how much of them have been used. This is particularly helpful in the healthcare industry, where there have been 176 million cases of data breaches since 2009.
Medical billing and claims are complex processes, and hospitals are constantly battling with duplicate records. Even with the best of intentions, medical records can be compromised. The blockchain is designed to reduce such complications. A single person can create a unique identifier for their patients, which can be very inconvenient. With this type of technology, patients’ information is protected from fraud. Furthermore, hospitals can monitor their patients’ health data with better precision.
Another benefit of blockchain is its ability to verify claims automatically. Currently, the health industry is plagued with inaccurate patient information and inconsistent diagnoses. Fortunately, with blockchain, this problem is no longer an issue. A single patient-related record could be verified without human intervention. It would also make billing fraud easier by reducing the possibility of mistakes. In addition to eliminating inaccuracies in data, a decentralized, distributed system would improve patient care.