Global Blockchain Technology in Healthcare Market

Blockchain Technology in Healthcare Market Size, Share, Growth Analysis, By Blockchain Type(public, and private), By End User(Provider, Payer, Biopharmaceutical & Medical Device Companies, and Others), By Application(healthcare data exchange, supply chain management, clinical trials, and electronic health records (EHR)), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2205 | Region: Global | Published Date: March, 2024
Pages: 219 |Tables: 91 |Figures: 76

Blockchain Technology in Healthcare Market Insights

Global Blockchain Technology in Healthcare Market size was valued at USD 3.16 Billion in 2023 and is poised to grow from USD 5.31 Billion in 2024 to USD 203.40 Billion by 2031, growing at a CAGR of 68.30% during the forecast period (2024-2031). 

The global blockchain technology in the healthcare market is poised for remarkable growth, revolutionizing the healthcare industry with its transformative capabilities. Blockchain technology offers a decentralized and secure system for storing, managing, and sharing healthcare data, ensuring transparency, immutability, and privacy. The purpose of this market is to address the long-standing challenges in healthcare, such as data interoperability, security breaches, and lack of trust among stakeholders. Driven by the increasing adoption of electronic health records (EHRs), the need for efficient data exchange, and the growing demand for secure healthcare systems, the market is expected to witness exponential growth. While there are several factors driving the market's growth, the most significant ones include the enhanced security and privacy offered by blockchain technology, which helps protect sensitive patient data from unauthorized access and tampering. Additionally, the immutability and transparency of blockchain transactions contribute to improving trust among stakeholders, streamlining processes, and reducing healthcare fraud and errors.

However, there are also some restraints to consider. The complexity of implementing blockchain solutions, the lack of regulatory frameworks, and the need for significant upfront investments pose challenges to market growth. Nevertheless, ongoing initiatives by governments and healthcare organizations worldwide to promote blockchain adoption, coupled with advancements in technology, are expected to mitigate these barriers in the near future. Key trends in the market include the integration of blockchain with other emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), and cloud computing, enabling advanced analytics, real-time monitoring, and enhanced patient outcomes. Moreover, the rise of tokenization and the use of smart contracts in healthcare are opening up new possibilities for streamlined payments, improved supply chain management, and better healthcare research and development. Amidst these trends and challenges, there are abundant opportunities for stakeholders in blockchain technology in the healthcare market. These include the development of interoperable platforms and solutions, a collaboration between technology providers and healthcare institutions, and the exploration of blockchain applications beyond EHRs, such as clinical trials, supply chain management, and telemedicine. The market presents an attractive landscape for innovators, investors, and healthcare organizations alike, with the potential to revolutionize healthcare delivery, improve patient outcomes, and drive efficiency in the industry.

Market Snapshot - 2024-2031

Global Market Size

USD 3.16 Billion

Largest Segment

Supply chain Management

Fastest Growth

Supply chain Management

Growth Rate

68.30% CAGR

Global Blockchain Technology In Healthcare Market ($ Bn)
Country Share for North America Region (%)

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Blockchain Technology in Healthcare Market Segmental Analysis

Global Blockchain Technology in Healthcare Market is segmented on the basis of blockchain type, end user, application, and region. By blockchain type, the market is segmented into public, private, and consortium/blockchain networks. By end user, the market is segmented into hospitals and clinics, pharmaceutical companies, healthcare payers, and research institutes. By application, the market is segmented into healthcare data exchange, supply chain management, clinical trials, and electronic health records (EHR). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Blockchain Technology in Healthcare Market Analysis By Blockchain Type

The largest segment is public blockchain networks. The main reason for the large proportion of the public segment is the growing use of public networks for data management. Ethereum, a public network, is currently one of the most widely used technologies in healthcare. Known as a "permission-less" blockchain system, its growth is driven by low costs and access to a larger database. 

The fastest-growing segment in the global blockchain technology in the healthcare market is private networks. Private blockchains provide privacy, rapid transactions, and robust security, making them ideal for specific enterprise needs. Key drivers of growth in the private sector include data management and recording capabilities, as well as the rising demand for highly secure supply chain networks. Furthermore, technological advancements are anticipated to boost the adoption of blockchain in healthcare in the future. 

Blockchain Technology in Healthcare Market Analysis By Application

Supply chain management is the largest segment in the market, accounting for a significant share of the overall market. Blockchain applications assist in maintaining data integrity. Additionally, this technology enables pharmaceutical companies to enhance interoperability with Internet of Things (IoT) devices. It aids in recruiting candidates for clinical trials and managing the drug supply chain. Blockchain has the potential to revolutionize the healthcare sector by reducing operational costs, minimizing data corruption, and optimizing healthcare processes. 

On the other hand, the clinical trials segment is the fastest-growing segment in the market due to utilization of technology in clinical trials enhances data management and security. The integration of blockchain technology enables clinicians to securely connect internally. Since blockchain does not permit changes or alterations to information, this is expected to drive market growth in the coming years. Adopting blockchain technology for medical records ensures data integrity, and this principle can be applied to clinical trials, where maintaining accurate records is legally crucial. 

Global Blockchain Technology In Healthcare Market By Application, Healthcare (%)

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Blockchain Technology in Healthcare Market Regional Insights

The dominating region in the global blockchain technology in the healthcare market is Europe. With its advanced technological infrastructure and a strong focus on healthcare innovation, Europe has emerged as the leader in adopting blockchain solutions. The region's dominance can be attributed to several factors. Firstly, the presence of key market players, including established tech giants and innovative startups, has fostered a thriving ecosystem for blockchain technology in healthcare. Secondly, stringent regulatory frameworks in the healthcare industry have led to increased demand for secure and transparent data management solutions, making blockchain an ideal choice. Lastly, the region's robust investment in research and development activities has propelled the adoption of blockchain technology in healthcare, paving the way for transformative advancements. 

Meanwhile, the fastest-growing region in the global blockchain technology in the healthcare market is the North America. The region's rapid economic growth, burgeoning population, and increasing investments in healthcare infrastructure are driving the adoption of blockchain technology. The North America region is witnessing a digital transformation across various industries, and healthcare is no exception. With governments and healthcare organizations recognizing the potential of blockchain in addressing key challenges such as data privacy, interoperability, and supply chain management, the market is experiencing exponential growth. Additionally, the rising consumer awareness and the increasing adoption of digital health solutions are further fueling the demand for blockchain technology in healthcare in the North America region. 

Global Blockchain Technology In Healthcare Market By Region, 2024-2031
  • Largest
  • Fastest

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Blockchain Technology in Healthcare Market Dynamics

Blockchain Technology in Healthcare Market Drivers

Enhanced Data Security

  • One of the primary drivers for adopting blockchain technology in healthcare is the need for enhanced data security. Blockchain's decentralized and immutable nature makes it highly resistant to data tampering and unauthorized access. It enables secure sharing and storage of healthcare data, protecting patient privacy and preventing data breaches. For example, MedRec is a blockchain-based electronic medical record system that ensures patient data integrity and security.

Blockchain Technology in Healthcare Market Restraints

Regulatory Challenges

  • The healthcare industry is heavily regulated, and the implementation of blockchain technology introduces new regulatory challenges. Compliance with existing data privacy and security regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), can be complex when integrating blockchain solutions. Ensuring compliance while leveraging the benefits of blockchain poses a significant restraint.

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Blockchain Technology in Healthcare Market Competitive Landscape

The Global Blockchain Technology in Healthcare Market is experiencing significant growth and is expected to continue its upward trajectory. Blockchain technology offers various benefits to the healthcare industry, including enhanced data security, interoperability, transparency, and streamlined processes. The market is witnessing the emergence of several key players who are actively investing in research and development to harness the potential of blockchain in healthcare. Companies such as IBM Corporation, Microsoft Corporation, Accenture, Change Healthcare, and Guardtime are leading the way with their innovative blockchain solutions and strategic partnerships. These players are focused on developing secure and scalable blockchain platforms, collaborating with healthcare organizations to implement blockchain solutions, and driving industry-wide adoption. The competitive landscape in the market is characterized by intense competition, with companies aiming to differentiate themselves through technological advancements, strategic alliances, and product offerings that cater to the unique needs of healthcare stakeholders.

Blockchain Technology in Healthcare Market Top Player’s Company Profile

  • Accenture (Ireland)
  • Guardtime (Estonia)
  • PokitDok (US)
  • Hashed Health (US)
  • Patientory (US)
  • Factom (US)
  • Gem (US)
  • Chronicled (US)
  • SimplyVital Health (US)
  • Blockpharma (France)
  • Tierion (US)
  • MedRec (US)
  • BurstIQ (US)
  • Nebula Genomics (US)
  • Blockchain Health Co. (US)
  • Medicalchain (UK)
  • GuardChain (US)

Blockchain Technology in Healthcare Market Recent Developments

  • In November 2023, the European Medicines Agency (EMA) launched a blockchain pilot project to improve the traceability of pharmaceutical products. This initiative aims to combat counterfeit drugs by enabling a transparent and immutable record of the entire supply chain process.  

  • In October 2023, IBM Watson Health introduced a new blockchain-based solution for clinical trial management. This solution is designed to streamline the recruitment and monitoring of trial participants, ensuring data integrity and enhancing compliance with regulatory standards. 

  • In September 2023, MediLedger Network, a blockchain consortium focused on healthcare, announced the successful implementation of its blockchain solution for verifying the authenticity of prescription drugs in the U.S. market. This solution helps prevent fraud and ensures that patients receive legitimate medications. 

Blockchain Technology in Healthcare Key Market Trends

  • Supply Chain Management: Blockchain technology is increasingly being adopted to enhance supply chain management in the healthcare industry. It allows end-to-end visibility and traceability of pharmaceuticals, medical devices, and other healthcare products. Blockchain enables tracking the provenance, quality, and authenticity of products, reducing the risk of counterfeit drugs and improving patient safety.

Blockchain Technology in Healthcare Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, The Global Blockchain Technology in Healthcare Market is experiencing significant growth and is expected to continue its upward trajectory. The market is being driven by several factors, including the increasing need for secure and interoperable health data exchange, rising concerns over data privacy and security breaches, and the growing adoption of blockchain technology by healthcare organizations to streamline operations and enhance transparency. Additionally, the COVID-19 pandemic has further highlighted the importance of digital transformation in healthcare, with blockchain technology offering potential solutions for data management and supply chain optimization. With ongoing advancements in blockchain technology and increasing collaborations between healthcare and tech companies, the market is poised for substantial expansion in the coming years.

Report Metric Details
Market size value in Healthcare USD 3.16 Billion
Market size value in 2031 USD 203.40 Billion
Growth Rate 68.30%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Blockchain Type
    • public, and private
  • End User
    • Provider, Payer, Biopharmaceutical & Medical Device Companies, and Others
  • Application
    • healthcare data exchange, supply chain management, clinical trials, and electronic health records (EHR)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Accenture (Ireland)
  • Guardtime (Estonia)
  • PokitDok (US)
  • Hashed Health (US)
  • Patientory (US)
  • Factom (US)
  • Gem (US)
  • Chronicled (US)
  • SimplyVital Health (US)
  • Blockpharma (France)
  • Tierion (US)
  • MedRec (US)
  • BurstIQ (US)
  • Nebula Genomics (US)
  • Blockchain Health Co. (US)
  • Medicalchain (UK)
  • GuardChain (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Blockchain Technology in Healthcare Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Blockchain Technology in Healthcare Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Blockchain Technology in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Technology in Healthcare Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Technology in Healthcare Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Blockchain Technology in Healthcare Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Blockchain Technology in Healthcare Market size was valued at USD 3.16 Billion in 2023 and is poised to grow from USD 5.31 Billion in 2024 to USD 203.40 Billion by 2031, growing at a CAGR of 68.30% during the forecast period (2024-2031). 

The Global Blockchain Technology in Healthcare Market is experiencing significant growth and is expected to continue its upward trajectory. Blockchain technology offers various benefits to the healthcare industry, including enhanced data security, interoperability, transparency, and streamlined processes. The market is witnessing the emergence of several key players who are actively investing in research and development to harness the potential of blockchain in healthcare. Companies such as IBM Corporation, Microsoft Corporation, Accenture, Change Healthcare, and Guardtime are leading the way with their innovative blockchain solutions and strategic partnerships. These players are focused on developing secure and scalable blockchain platforms, collaborating with healthcare organizations to implement blockchain solutions, and driving industry-wide adoption. The competitive landscape in the market is characterized by intense competition, with companies aiming to differentiate themselves through technological advancements, strategic alliances, and product offerings that cater to the unique needs of healthcare stakeholders. 'IBM (US)', 'Microsoft (US)', 'Accenture (Ireland)', 'Change Healthcare (US)', 'Guardtime (Estonia)', 'PokitDok (US)', 'Hashed Health (US)', 'Patientory (US)', 'Factom (US)', 'Gem (US)', 'Chronicled (US)', 'SimplyVital Health (US)', 'Blockpharma (France)', 'Tierion (US)', 'MedRec (US)', 'BurstIQ (US)', 'Nebula Genomics (US)', 'Blockchain Health Co. (US)', 'Medicalchain (UK)', 'GuardChain (US)'

One of the primary drivers for adopting blockchain technology in healthcare is the need for enhanced data security. Blockchain's decentralized and immutable nature makes it highly resistant to data tampering and unauthorized access. It enables secure sharing and storage of healthcare data, protecting patient privacy and preventing data breaches. For example, MedRec is a blockchain-based electronic medical record system that ensures patient data integrity and security.

Supply Chain Management: Blockchain technology is increasingly being adopted to enhance supply chain management in the healthcare industry. It allows end-to-end visibility and traceability of pharmaceuticals, medical devices, and other healthcare products. Blockchain enables tracking the provenance, quality, and authenticity of products, reducing the risk of counterfeit drugs and improving patient safety.

The dominating region in the global blockchain technology in the healthcare market is Europe. With its advanced technological infrastructure and a strong focus on healthcare innovation, Europe has emerged as the leader in adopting blockchain solutions. The region's dominance can be attributed to several factors. Firstly, the presence of key market players, including established tech giants and innovative startups, has fostered a thriving ecosystem for blockchain technology in healthcare. Secondly, stringent regulatory frameworks in the healthcare industry have led to increased demand for secure and transparent data management solutions, making blockchain an ideal choice. Lastly, the region's robust investment in research and development activities has propelled the adoption of blockchain technology in healthcare, paving the way for transformative advancements. 

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