More Hospitals Expected to Use Blockchain Technology to Protect Data

Data breaches continue to affect patients. Blockchain might fix the problem.

By HFT Staff


The global blockchain in healthcare market was valued at $531.19 million in 2021, and is estimated to reach $16,300.43 million by 2031, growing at a compound annual growth rate (CAGR) of 40.8 percent from 2022 to 2031. 

Healthcare systems use blockchain networks to store and share patient data across hospitals, diagnostic labs, pharmacy companies and doctors. The patient is at the core of the healthcare ecosystem owing to blockchain technology, which improves the security, privacy and interoperability of health data. By increasing the performance, disintermediation and security of electronic medical records, this technology offers a new model for health information exchanges. 

The rapid rise in the incidence of data breaches and surge in supply of counterfeit medicines are major factors that drive the market growth. In the black market, personal health information (PHI) or standard personally identifiable information  is more valuable than credit card information. Cybercriminals have a greater motivation to target medical databases as a result. The PHI might be used or sold for their own financial advantage. 

According to the U.S. Department of Health and Human Services, data breaches have affected over 15 million health records. Since data is held in discrete blocks in block chains, they are seen as being safer and less threat of data breaches and thus significantly drive the growth of the blockchain technology in healthcare market. 

In addition, adoption of blockchain within healthcare systems flourishes market growth. Blockchain helps in supply chain management, data exchange & interoperability, claim adjudication & billing management and others.  

But the lack of skilled professionals to handle blockchain technology in the healthcare industry and lack of common set of standards can impede the growth of the market. As blockchain technology in healthcare is sophisticated, it needs to be operated and managed by qualified professionals. 



December 22, 2022


Topic Area: Information Technology


Recent Posts

What Healthcare Facilities Can Learn from a $49 Million Window Failure

A major window system failure at the University of Iowa’s Children’s Hospital sparked a costly replacement project – and a $49.4 million arbitration win.


Family Care Center Opens Newest Clinic in Memphis

It has expanded to offer comprehensive mental health services for all ages in Germantown neighborhood of Memphis.


More Than 700 Rural Hospitals Join Microsoft Cybersecurity Initiative

The initiative, created in concert with the AHA, includes free and heavily discounted cybersecurity services and more.


Fire at Assisted Living Facility Kills 9, Injures 30

Half of the building’s residents were evacuated through small windows.


North Carolina Children's Health Selects Apex for Campus Location

The groundbreaking is anticipated to happen in 2027.


 
 


FREE Newsletter Signup Form

News & Updates | Webcast Alerts
Building Technologies | & More!

 
 
 


All fields are required. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

 
 
 
 

Healthcare Facilities Today membership includes free email newsletters from our facility-industry brands.

Facebook   Twitter   LinkedIn   Posts

Copyright © 2023 TradePress. All rights reserved.