Study: Blockchain to significantly disrupt health care industry
The blockchain will significantly disrupt the health care industry by 2025, with tools such as health data exchanges, smart assets management and payment solutions, according to research by Frost & Sullivan.
The blockchain will help create a digital democratization of care delivery models to create better patient experiences and will interact with other technologies such as AI, machine learning and Internet of Medical Things, the research found.
"A blockchain-based system will enable unprecedented collaboration, bolstering innovation in medical research and the execution of larger healthcare concepts such as precision medicine and population health management," Kamaljit Behera, analyst for the transformational health industry of Frost and Sullivan, said in the release. "In IoMT, it can settle security, privacy and reliability concerns to allow integration of health data from Internet of Medical Things or medical devices for remote and autonomous monitoring. In the pharmaceutical industry, the technology can potentially save $200 billion by inhibiting counterfeit and substandard drugs."
The study also covers key players in the healthcare blockchain market such as:
- Guardtime, creator of a Keyless Signature Infrastructure platform for patient records;
- PokitDok Inc., provider of a platform for identity management, claims submissions and other tasks;
- iSolve LLC, creator of a blockchain platform to offer a smart marketplace for the drug development cycle; and
- Patientory, provider of a blockchain-based distributed electronic medical record storage software.