Block chain is an electronic ledger technology scattered over different computing nodes and entries. Block chain is a distributed database that maintains a list of records, chained together against amendment and interfering.
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Within the block chain, all changes in the ledger should be confirmed by everyone on the chain. Distributed consensus is an agreement between different computed-nodes over what is true or false record.
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Nodes can confirm and then improve information to their copy of block chain database which then informs other nodes with the amended information.
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Block chain for health care is a lucrative market due to its potential to resolve some long-standing difficulties of health IT, such as interoperability and security of health data. Block chain in health care provides benefits such as security and health data interoperability.
Block chain is a system that assures the integrity of data and prevents tampering. Block chain technology has the potential to transform health care, with increasing privacy, security, and interoperability of health data.
Block chain technology provides innovative way for health information exchanges (HIE) as it makes electronic medical records more secure, efficient, and disintermediated. This technology is rapidly evolving as it provides abundant ground for experimentation and investment.
Block chain technology creates chances to reduce complexity, secure information, allow trustless collaboration, and create immutable information.
Risk of adverse events associated with the health care industry and disbelief in immaturity of the technology and inadequate services of companies offering block chain technology are considered to be primary barriers for adoption of block chain technology in the health care sector. Data stored in the health care domain are quite sensitive.
The manner in which a patient’s information is stored before it is thoroughly vetted is under stringent regulation which does not allow major disruption in information. Slow approval of technology around block chain adoption, and patient’s concern regarding block chain technology are the major pitfalls of adoption of block chain technology in health care domain.
Requirement of significant processing power and advanced hardware and software systems needed can hinder block chain adoption in health care.
The global health care block chain market can be segmented into application, end-user, and region. In terms of application, the market can be segmented into clinical trial data, regulatory compliance data, medical and health care records data, and others.
Clinical trial data includes genetic studies information, adverse events, directives, pathology reports, imaging studies, and problem lists. Adoption of block chain technology in clinical trials provides benefits because transparency of recorded data will increase the trust among patients and doctors.
Medical and health care records include public health data, administrative, and financial information.
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Public health data includes information aggregated on report of particular diseases from government bodies. Administrative and financial information includes financial details such as insurance eligibility and claim procedures in health care system.
In terms of end-user, the market can be segmented into hospitals, accountable care organizations, managed care systems, and others.
Geographically, the health care block chain market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold a significant share of the global health care block chain market due to early adoption of technology among developed countries and wide source of data availability owing to extensive ongoing research.
Major players operating in the health care block chain market are Philips AG, IBM Corporation, and Deloitte. Other emerging players in the market are Microsoft Corporation, Block chain Tech Ltd., and Digital CC Ltd., and others.
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