Recently blockchain technology has been making headlines in most of the major industries. It’s about time that blockchain joins hands with the healthcare industry too. According to a recent study by Global Market Insights, Inc., the partnership of blockchain technology with the healthcare industry would be worth almost $1.4 bn.
Blockchain technology is being adopted by developed countries in the UK, the US, and Switzerland. This would not only tremendously pull down the operating costs, data privacy issues but would also help with better machines, more precise equipment and taking better care of the patients.
Blockchain increases the accuracy along with its ease of accessing the patient’s data. All the transactions and operational work would be carried out by technology. Seeing such a vast future together, the market will keep on growing.
When companies are saving a fortune on this, they tend to increase their investment in the blockchain technology. Down the line, it will eventually reduce the cost of surgical equipment as well as the machines used for purposes like scanning and X-rays.
Government should promote blockchain technology
In the year 2009, the US implemented the Health Information Technology for Economic and Clinical Health Act (HITECH). This was done to motivate and persuade the doctors to use the upcoming technology and to further support its use. In the coming future, blockchain would be on its peak and these kinds of acts help in propagating the technology ahead.
In the UK, the size of the blockchain healthcare market was 2.8 million. Further, the government has collaborated with universities to implement the blockchain technology. Switzerland hopes to see a growth of almost 75% by 2025 in its market. Switzerland is one of the countries with the highest growth, implementing the technology not only in healthcare but also in the pharmaceutical industry as well.
Conglomerates like IBM, Microsoft, Gem Health and others are already the major market holders. However, with the increasing interest every day, we will often get to hear about the new product development, software releases and mergers, too.
When you’re graduating from K12, consider STEM courses, or a FinTech-focused one. Of course, different personalities will have different inclinations. Here’s a bit of a tip: governments are now collaborating with universities to implement blockchain technology courses and support selected students with scholarships.
