Healthcare organizations will continue to benefit from blockchain technology, according to a Frost & Sullivan analysis released Nov. 25.
Blockchain will be used in healthcare to compliment artificial intelligence and IoT-based data marketplace offerings. Early use cases of blockchain that have been successful include professional credentialing, medical billing management, personal health records and pharmacy supply chain.
Analysts predicted the blockchain in healthcare market will be valued at $500 million by 2020, with a compound annual growth rate of 61.4 percent.
"Health insurance payers, providers and pharma companies are expected to adopt blockchain systems ahead of other healthcare industry stakeholders," said Kamaljit Behera, senior industry analyst at Transformational Health. "In the future, distributed ledger technology will be leveraged by telehealth vendors and tech giants such as Apple, Amazon, Google and Microsoft to monetize data science and analytical services with innovative patient-centric care models."