BaaS to Boost Blockchain Adoption in the Healthcare Market, Study Shows
Brian Njuguna Oct 26, 2022 08:55
The enhanced adoption of blockchain as a service (BaaS) is anticipated to boost the blockchain in the healthcare market, according to a report by Research and Markets.
The enhanced adoption of blockchain as a service (BaaS) is anticipated to boost the blockchain in the healthcare market, according to a report by Research and Markets.
Since BaaS entails third-party management and the creation of cloud-based networks needed to build blockchain applications, it seeks to render better scalability, access controls, and customizability in the healthcare sector.
BaaS is one of the key factors expected to push the value of the blockchain in the healthcare market to $4.46 billion in 2026, making a compound annual growth rate (CAGR) of 38.1%.
Furthermore, the different deployment types, like cloud-based and on-premise, are expected to revamp healthcare's billing management, claims adjudication, interoperability, clinical data exchange, and supply chain management.
Per the report:
“Blockchain technology can provide innovative solutions to the challenges faced by the healthcare industry which include supply chain management, smart contracts, the confidentiality of personal health information, technical issues in data management, enabling alternative payment models, and virus outbreak tracking.”
For instance, Moderna deployed IBM’s blockchain and artificial intelligence to get real-time tracking of Covid-19 vaccination in March 2021. This helped mitigate supply chain disruptions.
The study added:
“In March 2019, Embleema, a healthcare blockchain network provider announced a partnership with Gustave Roussy Institute to apply blockchain technology to integrate, store health data, and data sharing applications for oncology clinical research in Gustave Roussy Institute.”
Therefore, Research and Markets expects BaaS to propel the growth of the blockchain in the healthcare market. Some of the key players in this sector include Microsoft Corporation, IBM Corporation, iSolve, FarmaTrust, and MedicalChain.
Meanwhile, a past study by Market Research Future (MRFR) revealed that the mounting need to tackle data breaches and information leaks would thrust blockchain use in the healthcare sector, Blockchain.News reported.
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