Enhanced adoption of blockchain as a service (BaaS) is anticipated to drive blockchain in the healthcare market, according to a report by Research and Markets.

Since BaaS involves the third-party management and cloud-based networking necessary to build block chain applicationsseeks to improve scalability, access controls and personalization in the health sector.

BaaS is one of the key factors expected to drive the value of blockchain in the healthcare market to $4.46 billion in 2026, generating a compound annual growth rate (CAGR) of 38.1% .

In addition, different types of implementation, such as cloud and on-premises, are expected to revamp billing management, claims adjudication, interoperability, clinical data sharing, and care supply chain management. medical.

According to the report:

“Blockchain technology can provide innovative solutions to challenges facing the healthcare industry, including supply chain management, smart contracts, confidentiality of personal health information, technical issues in data management , enabling alternative payment models, and tracking virus outbreaks.”

For example, Moderna implemented blockchain and AI from IBM to get real-time tracking of COVID-19 vaccination in March 2021. This helped mitigate supply chain disruptions.

The study added:

In March 2019, Emblemema, a provider of blockchain networks for healthcare, announced a partnership with the Gustave Roussy Institute to apply blockchain technology to integrate, store health data and data exchange applications for clinical research. oncology at the Gustave Roussy Institute”.

Therefore, Research and Markets expects BaaS to drive the growth of blockchain in the healthcare market. Some of the key players in this sector include Microsoft Corporation, IBM Corporation, iSolve, FarmaTrust and MedicalChain.

Meanwhile, an earlier study by Market Research Future (MRFR) revealed that the growing need to address data breaches and information leaks would drive the use of blockchain in the healthcare sector, reported Blockchain.News.

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