“The blockchain in healthcare market is going to be driven by the urgent need to improve interoperability and security of the healthcare information systems,” Pushplata Patel, an analyst at BIS Research, wrote.
Analysts estimated that the use of blockchain could save the healthcare industry up to $100 to $150 billion annually in costs related to data breaches, IT, operations, support functions and personnel.
Within the pharmaceutical industry, blockchain could help reduce the number of counterfeit drugs. Because blockchain systems are designed to be completely visible and transparent, prescriptions can be tracked precisely in the supply chain process.
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