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The healthcare sector faces numerous issues when it comes to data storage, sharing, and verification.
Patient data exists in isolated silos and doctors cannot access it when needed, while hackers seem to be able to take advantage with relative ease. Patients don’t feel like they own their health information. Counterfeit drugs are flooding the market as no one can verify their origins.
Are traditional data management practices becoming obsolete?
Even though blockchain technology has emerged in the financial sector, blockchain use cases in healthcare are gaining traction, too. The global medical blockchain market is expected to reach $55.83 billion by 2026, rising at a CAGR of 35% from 2021. Hospitals and other medical facilities are tapping into blockchain development services to enhance their data-related practices.
So, how blockchain works in healthcare? And which challenges could you expect while implementing the technology in the medical sector?