19 September, 2019
RALEIGH, North Carolina, September 19, 2019 - The global blockchain technology market is expected to grow at a CAGR of 61.54 percent until 2021, according to Beroe Inc, a procurement intelligence firm. Blockchain is designed to be secure, reliable, transparent, highly resistant to outages, auditable, and efficient, helping decentralization of technology and decrease of bureaucracy.
The blockchain technology market is driven by its applications in cryptocurrency, distributed cloud storage distributed asset ledger, decentralized notary, smart contracts, and decentralized exchanges. Major industries currently using blockchain technology include BFSI (Banking, financial services, and insurance), healthcare and pharmaceuticals, logistics, luxury goods, art and music, and voting.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Specifically, in the healthcare (HC) industry, the impact of blockchain technology is considerable, with a 57 percent ability to transform the industry, 48 percent ability to eliminate non-value generating processes, 45 percent ability to heighten data security & integrity and 25-30 percent cost saving potential in sales & marketing.
The existing business models followed by industries are vastly different from the new distributed ledger technology. Therefore engaging with all the entities in the entire ecosystem in any industry such as regulators, bureaucracies, lawyers, auditors, research organizations, suppliers and buyers, etc, is a daunting task. This serves as a challenge to the widespread implementation of blockchain.
The research methodology adopted for the report included:
Using a proven database and adding a blockchain layer with a distributed database model, user validation, and smart contracts on top of it will help in added control, asset tracking, providing an additional level of security and change in how organizations manage and record data. Through this process data will be secure, easily accessible and more transparent, boosting compliance.
The report also includes:
o Data Storage
o Supply Chain Management
o Identification and Authentication
o Automation of Contracts
o Intellectual Property
o EHRs Access and Interoperability
o Patient Identity Protection
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
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