Although far from being implemented in healthcare, blockchain technology has potential to solve a variety of issues in healthcare, adding up to big savings, according to a BIS Research report.
Blockchain allows for a decentralized way to document data, making it highly secure and tamper-proof. In the past, it has been touted to have uses for fixing interoperability, managing supply chains, securing clinical trial data and increasing Medicare adherence, according to an April 4 Fast Company report.
The new report from BIS Research suggests that although spending in the space has been slow previously, with only $170 million spent on healthcare blockchain solutions in 2018, it is set to grow. Global blockchain in healthcare is thought to hit $5.61 billion by 2025 and may save the industry up to $100 billion though reducing costs related to data breaches, operations, counterfeit-related frauds and more. This though will require significant uptake and investment of the technology, which is currently not in place.