Health Care Business Review-Ken Research (1)

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Implementation Of Blockchain In Healthcare
Provision (Healthcare Industry Analysis)-Ken
Research
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Introduction The review of the Healthcare
business has led to an increasing need for
reforms which would improve the rate of
treatment, the cost of availing treatment, the
accessibility to a medical professional, the
collection of health based data and the
integration of analytics and data in healthcare
actually showing an improvement in the life and
well being of individuals. The most recent reform
which has been primarily used in the
implementation of a worldwide system for crypto
currency has become the new frontier for the
tracking and implementation of healthcare based
data. Industrial research expects the global
market for Block Chain technology to be worth
over USD 7 Billion by 2024. This would mean the
market for block chain technology is growing with
a CAGR of over 37 based on Healthcare Market
Research Reports which would make it one of the
fastest emerging markets in the world. The
implementation of Block Chain technology in
healthcare could have massive application in cost
reduction as well as in the improvement of
treatment for patients but most importantly could
lead to a sophisticated method of security for
patient medical data. Block Chain A block chain
is a virtual ledger consisting of all the
transactions involved in bit coin. The ledger is
virtually a record of all crypto currency
transactions which exist on multiple computers,
each being a node of the network. These computers
handle two parts- validation and updating.
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The participants in this role are called Miners
who take transactions and update them in the
block chain. The technology works by initial
transaction verification using a private and
public key. The two keys are used to authenticate
any transaction. The authenticated transactions
are to be added on the block chain which the
miners take care of by solving extremely
difficult puzzles which are called hash
functions. Solving these functions requires a
large amount of computational power and time. The
process results in forming an alphanumeric code
which is the equivalent of the transaction but
encrypts the transaction. Once the transaction is
encrypted it is capable of being added to the
block chain which then makes the information of
the transaction uneditable. Health Care
Application The implementation of Block Chain in
healthcare is expected to be one of the major
turning points in the timeline of modern
medicine. By 2025, the global block chain health
care market is expected to be worth About USD 5.6
Billion. This is from a CAGR of roughly 65.7.
The impact the growth of this market has on the
everyday consumers and on industries at large is
major owing to a new system of transparency for
medical providers and healthcare professionals.
Data recording from the industry is securely
stored on a network that is virtually impossible
to infiltrate but at the same time puts the data
in the hands of the right individual, the
consumers themselves. The implementation of block
chain leads to a new kind of data recording where
automation and analytics can be better
implemented in a secure and solid manner.
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Conclusion The adoption of block chain can save
the healthcare industry up to USD 100 billion per
year by 2025. One of the biggest beneficiaries of
the technology would be pharmaceuticals that lose
up to USD 200 billion to counterfeit drugs each
year. By enabling complete visibility and
transparency throughout the drug supply chain,
block chain will help eliminate falsified
medication. Health insurance which has been
subject to growing number of frauds, especially
those conducted by the providers, is also
expected to witness up to USD 10 billion
reduction in costs annually. The use of block
chain for healthcare data exchange will
contribute the largest market share throughout
the forecast period, reaching a value of USD 1.89
billion by 2025. The disparate need for
implementing block chain in healthcare could not
be more obvious considering the primary
functionality of block chain is that it is a
ledger that is incapable of being hacked. The
implementation is perfect for any field that
requires secure data. A majority of healthcare
institutions are already looking into
implementing their own block chain network for
the storage and protection of their data and the
trend is evident to be followed in the
industry. To know more, click on the link
below https//www.kenresearch.com/healthcare/gene
ral-healthcare/SC-91-64.html
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Related Report https//www.kenresearch.com/health
care/general-healthcare/prospects-us-home-healthca
re-market-research-report/151-91.html   Contact
Us Ken Research Ankur Gupta, Head Marketing
Communications sales_at_kenresearch.com 91-901537824
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