The most promising use of blockchain technology for medical devices is viewed by industry experts as data security, a new report outlines.
GlobalData’s Blockchain in Medical report in part details the results of a poll carried out by the company in February that found data security to be overwhelmingly considered to be the biggest potential benefit among five main possibilities. Well over a third (38%) of the 212 respondents indicated that ensuring safe and tamper-proof patient data storage through data security was the most promising application, with enabling seamless data exchange through interoperability next on 22%.
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A little shy of a fifth (18%) of respondents suggested that tracking devices from manufacturing to deployment for supply chain was the most promising application, 15% said verifying the legitimacy of medical devices for device authentication and 7% said automating payments and agreements using smart contracts.
Facilitating data security is indeed a use of blockchain technology. GlobalData itself explains: “Blockchain can help secure patient data in a number of ways, including through encryption, decentralisation, access control and more. By using blockchain, healthcare organisations can increase the security, privacy and trustworthiness of patient data while also improving the overall efficiency and effectiveness of healthcare delivery.”
Blockchain market
Blockchain is a digital and decentralised method of storing information. It is likened to a digital ledger, which anyone can access and view with the right credentials but that cannot be changed. No central authority, such as government or bank, validates transactions, which instead are shared or distributed among all participants on a peer-to-peer basis within the network.
GlobalData forecasts that the global blockchain software and services market will reach $291bn in 2030, up from $12bn in 2023.
“Estimating total blockchain spending is challenging for several reasons,” its report says. “While becoming more segmented, blockchain is often part of broader digital transformation initiatives. Additionally, its intertwining with other Web3 technologies makes it difficult to identify revenue explicitly generated by blockchain. For instance, revenue related to areas like cryptoasset management is included in our cryptocurrencies forecast.
“Moreover, many blockchain companies are private, and the industry has historically been less transparent with financial disclosures than other sectors. Although financial reporting is improving, it remains less comprehensive than in other industries. This is compounded by larger tech firms often merging blockchain revenue with other services, further obscuring precise market valuations.”
