Though the blockchain technology in the healthcare market is predicted to experience rapid growth, the technology must overcome a lack of awareness among users and ignorance regarding the applications of blockchain to be successful, according to Market Study Report and cited by Business Intelligence.
Analysts expect the blockchain technology in healthcare market to exceed $16.3 billion by 2025.
Blockchain has the potential to improve interoperability in the healthcare space. The technology can be leveraged as a communication system. Additionally, blockchain aims to reduce time for administrative tasks and improve operational efficiencies.
Key players who are developing blockchain solutions in the healthcare space include Microsoft, PokitDok, IBM, Patientory, Guardtime and Gem Health.