BaaS to Boost Blockchain Adoption in the Healthcare Market, Study Shows

It is predicted that blockchain adoption will increase in the healthcare industry due to increased use of blockchain as an service (BaaS). according Research and Markets. 

BaaS involves third-party management, the creation of cloud-based network infrastructures and the creation thereof. Blockchain applicationsIt seeks to increase scalability and access controls in the healthcare sector.

BaaS is one factor that will drive the value of blockchain in healthcare to $4.46 Billion in 2026. This would be a compound annual growth rate of 38.1%.

The different deployment options, such as cloud-based or on-premise, will also be a major improvement in healthcare’s billing, claims adjudication and interoperability.

According to 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 reduce disruptions in supply chains. 

The study also included:

“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.”

Research and Markets anticipates that BaaS will be a catalyst for the expansion of the blockchain in healthcare. Microsoft Corporation, IBM Corporation and iSolve are some of the major players in this industry. 

According to Blockchain.News, a Market Research Future (MRFR), a study in the past revealed that blockchain would be a major tool for the healthcare sector due to the growing need to address data breaches and information leaks. 

Source: Shutterstock

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