Blockchain Technology in the Healthcare Market Expected to Contribute $121Bn by 2030

The mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a study by Market Research Future (MRFR).

Blockchain in the healthcare industry is speculated to hit $121 billion by 2030 due to the escalating urge for effective health data management systems. Per the report:

“Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity.”

Blockchain technology has endeared itself to the healthcare sector based on ideal solutions like fighting counterfeit drugs, enhancing patient safety, minimizing therapeutic errors, and enabling interoperability of medical records.

In addition, the technology has attracted eminent players like Microsoft, IBM, Hashed Health, Blockpharma, Farmatrust, Simplyvital Health, and Medicalchain, among others. 

Enhanced research is also anticipated to drive more growth in this sector. The report noted:

“Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.”

The study acknowledged that permission and permissionless blockchains were utilized in the healthcare sector. Nevertheless, medical practitioners’ lack of technical knowledge about blockchain technology emerged as the biggest stumbling block.

Per the report:

“Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.”

Meanwhile, DEVITA, a blockchain-based health data platform, recently joined the Polygon network to maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies. 

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DEVITA Goes Live on Polygon for Equitable Healthcare and Speedy Data Transmission

To maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies, DEVITA has joined the Polygon network. 

As a blockchain-based health data platform, DEVITA ensures data sovereignty as users’ health records are transmitted, exchanged securely, and stored in a decentralized way. 

Polygon (MATIC), an interoperability layer-2 scale solution for Ethereum-compatible blockchains, improves speed and tackles transaction complexities on blockchain networks using multiple tools.  

By leveraging the Polygon network, DEVITA intends to attain lightning-fast data access and transmission and lower transaction costs. As a result, provide users with personal data management and equitable healthcare. 

Eric Choi, DEVITA’s co-founder, noted:

“From the beginning, it was clear to us that Polygon’s fast transaction speeds and low fees would be indispensable to achieving our goals. Joining the Polygon network marks an important milestone in our journey.”

He added:

“Ultimately, our vision is to create the intersection between blockchain technology and the right to better healthcare because that is what we find meaningful. Polygon’s network, with its capabilities, can be seen as the highway upon which that endeavor truly commences.”

DEVITA also uses an ERC-1155 NFT token (ONE-ID) that renders decentralized data ownership by giving users universal control and access over their encrypted data. 

The polygon network has been making notable strides, given that it is home to at least 130 million addresses and more than 7,000 decentralized apps (dApps). Furthermore, it has processed nearly 1.5 billion transactions.

Polygon is also utilized by leading brands like Dolce & Gabbana, Aave, and OpenSea.

Robinhood, an American financial services company, recently rolled out more crypto offerings, including Polygon, to meet customer requests, Blockchain.News reported.  

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NFTs can Help Patients Have Significant Control of Personal Health Data: Global Scholars

A global and multidisciplinary team of scholars in informatics, law, and ethics have released a publication noting that non-fungible tokens (NFTs) have the capability of spreading their wings to the healthcare sector by helping patients safeguard their personal health information.

Led by bioethicists at Baylor College of Medicine, a health sciences university located in the Texas Medical Center, the scholars noted that NFTs could be repurposed to fit the healthcare industry. 

As a result, they can give patients more control over their personal health information by stipulating who can access it and tracking how it is shared.

Kristin Kostick-Quenet, first author of the paper and an assistant professor at Baylor, stated:

“NFTs could be used to democratize health data and help individuals regain control and participate more in decisions about who can see and use their health information.”

In an era of big data, Amy McGuire believes that health information has become its own currency based on commodification and profits accrued. The senior author of the paper added:

 “Using NFTs for health data is the perfect storm between a huge marketplace that’s evolving and the popularity of cryptocurrency, but there are also many ethical, legal and social implications to consider.”

Despite NFTs raising the bar as potential avenues of transforming the world of health data, the researchers stated that challenges like intellectual property rights disputes and security flaws had to be tackled.


NFTs are among the trendy digital assets, given that their Google search surpassed that of crypto and Ethereum based on Google Trends. 


With non-fungible tokens offering intrinsic value on the foundation of their blockchain-based and unique traits, their adoption continues to go through the roof. 


Caroline Alexander, a finance expert at the University of Sussex, recently stated NFTs would be everywhere in the future because anything that requires proof of ownership would be an NFT, as reported by Blockchain.News. 

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Singapore firm uses blockchain to battle counterfeit COVID-19 jabs

Singaporean healthcare services provider Zuellig Pharma is using a blockchain-based network to track COVID-19 vaccinations to prevent practitioners from administering expired vaccines.

Zuellig Pharma says that its new “eZTracker” management system can help prevent improperly stored or counterfeit vaccines from being used by allowing its clients to instantly verify the provenance and authenticity of their vaccines via a mobile app.

“Accidents involving expired or improperly stored vaccines can be avoided,” said Daniel Laverick, vice-president and head of digital and data solutions at Zuellig Pharma.

eZTracker uses the SAP blockchain to capture, track and trace multiple data points to improve supply chain transparency. The eZTracker website explains how it works:

“Simply scan the QR code on the packaging to instantly verify if your product comes from an authorized distributor.”

“Patients can scan the 2D data matrix on the product packaging to verify key product information like expiry date, temperature, and provenance through its app powered by blockchain,” added Laverick.

The SAP Blockchain executes operations as a Blockchain-as-a-Service (BaaS), allowing its clients to develop customized blockchain extensions for their existing applications. According to SAP, 77% of the world’s transaction revenue touches one of their systems.

Back in 2020, Zuellig partnered with pharmaceutical company MSD to deploy eQTrakcer in Hong Kong, where it was used to trace vaccines for Human Papilloma Virus, Gardasil.

“As the vaccines move through various handover points in the supply chain, the products’ data points are loaded into eZTracker’s secure blockchain ledger, and this ensures it can’t be tampered with,” Laverick explained at the time.

“Users such as healthcare professionals and patients are able to verify the authenticity of the vaccine by scanning a unique data matrix code on the product pack.”

Related: Fake vax certificates renew calls for blockchain-based solution in Australia

Founded 100 years ago, Zuellig is one of Asia’s largest healthcare service provider groups. Zuellig also has a product called eZVax, which specifically provides governments, local health authorities, and the private sector with end-to-end vaccine management.

Southeast Asia is a hotbed of fake meds with between $520 million and $2.6 billion spent on counterfeit medicines every year, according to a report by the United Nations Office on Drugs and Crime.


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Bitcoin-based tracking platform Eggschain partners with Boston IVF

The Bitcoin-based genetic data tracking system Eggschain has announced a partnership with the Boston IVF chain of 30 fertility clinics in the United States.

The new partnership will use blockchain technology provided by Eggschain to aid in the tracking of cryogenic preserved sperm to be used in IVF and other fertility and non-fertility treatment, as well as long-term storage of genetic data. A spokesperson for Eggschain said:

“Using the blockchain to track biospecimens such as sperm and eggs empowers individuals facing reproductive issues. This pivotal partnership enables greater confidence through the transparency and immutability of the data.”

Founded in 1986, Boston IVF is a chain of fertility clinics that specialize in IVF, genetic data storage and endocrinology. The clinics have reportedly helped over 100,000 babies be delivered so far. The chain has also graduated more than 30 reproductive endocrinologists through its accredited REI Fellowship Program.

Boston IVF CEO David L. Stern said he hopes that integrating blockchain technology to the company’s operations will improve the customer experience “with an unparalleled level of transparency and security.”

Austin-based Eggschain is a healthcare technology company building a supply chain solution for the fertility industry using blockchain built on Bitcoin layer-two Stacks. It operates a custody management system for genome, stem cells, DNA, RNA, organs, tissues, blood and IVF-related security. It supposedly reduce time in the sperm selection process across global jurisdictions by registering data on its platform, protect high-level patient data, prevent misfiling data and increase the transparency of overall operations.

Related: Make a wish: New Year’s resolutions from crypto industry insiders

By partnering with Boston IVF, Eggschain is entering the $21.89 billion global IVF market that is forecast to reach nearly $34 billion by 2028 according to a report by Grand View Research.

The healthcare industry has enjoyed several benefits from blockchain technology, such as from CURE Chain and Aimedis which utilize nonfungible tokens to help patients store data and even offer crypto rewards for adding to their profile.