Blockchain technology is a record-keeping technology that stores data in blocks that are chained together. Once a new block is filled with data, it is chained to the previous block, thereby linking the data in a chronological order. After the addition of a block to the end of the blockchain, it is extremely difficult to go back and change the contents of the block unless a consensus is reached among the majority. Owing to the higher security offered by blockchain technology than the traditional data storage solutions, the usage of blockchain has significantly surged in the healthcare sector.

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The rising prevalence of data breaches and thefts in the healthcare industry has resulted in the large-scale adoption of blockchain technology, owing to the enactment of stringent government regulations to protect consumer information. Due to this factor, the blockchain in healthcare market will progress at a CAGR of 67.1% during the forecast period (2018–2023). The market revenue stood at $44.6 million in 2017 and it is projected to reach $890.5 million by 2023. With the implementation of such regulations, healthcare companies are making huge investments in data security.

Currently, blockchain technology providers such as International Business Machines (IBM) Corporation, Factom Inc., FarmaTrust, Coral Health Research & Discovery Inc., Microsoft Corporation, Chronicled Inc., Blockpharma, Guardtime AS, Accenture PLC, DeepMind Technologies Limited, PokitDok Inc., Proof.Works, Hashed Health, IRYO.NETWORK, iSolve LLC, Doc.ai Inc., and Patientory Inc. are offering their services for clinical data exchange and interoperability, prescription drug abuse, drug supply chain management, claims adjudication and billing management, and drug discovery and clinical trials applications.

According to P&S Intelligence, North America dominated the blockchain in healthcare market in the recent past. Whereas, Europe is expected to emerge as the largest consumer in the coming years, due to the increasing introduction of blockchain initiatives by various private and public companies. For instance, the European Platform on Changing Healthcare (EPOCH) has been set up for the pharmaceutical sector to evaluate the benefits and limitations of the blockchain technology for this sector, especially within the supply chain, through the introduction of a joint industry strategy in the region.