Growth of the Blockchain Technology in Healthcare Market
While the rising penetration of the internet and the increasing digitization of healthcare operations have undoubtedly made healthcare services and processes much more streamlined than they were before, it is also true that the rapid digital transformation in the healthcare industry has made medical data and patient information highly vulnerable to cyber attacks and thefts. The rising prevalence of data thefts and breaches in the healthcare industry is quickly becoming a matter of great concern for all the micerd. And other sensitive information.
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In May 2018, the European Union (EU) enacted'the General Data Protection Regulation (GDPR)' for protecting its citizens against data breaches and privacy attacks. This data protection law is one of many such laws that have been enacted around the world in Recent years for increasing the safety of consumer data. Such policies require the organizations operating in various industries to make huge investments in data security. As the blockchain technology offers enhanced data security, integrity, and trust, it is being increasingly adopted by many companies, Especially the ones working in the healthcare domain across the world.
The blockchain technology has tremendous scope and possibilities in the healthcare niche and is thus attracting huge investments and funding from both public and private organizations. For instance, Health2047, an organization funded by the AMA (American Medical Association) made an investment worth $ 10.0 million in Akiri, which is a start-up operating in the healthcare industry, in January 2018. Depending, with the rising investment of blockchain solutions in the medical domain, the global blockchain in healthcare market will exhibit huge expansion in the coming years, as per The forecast of P & S Intelligence, a market research company based in India.
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Therefore, it is clear that due to the rising requirement for greater data security and privacy protection in healthcare operations as well as the soaring need for streamlined medical processes, the adoption of blockchain solutions will increase tremendously in the healthcare industry in the upcoming years.
