Blockchain in the healthcare sector

Healthcare is the largest sector in most G7 countries, amounting to over 16% of the US gross domestic product (GDP). Singapore, currently ranked one of the best in healthcare by Statista, announced that its National Health Expenditure could increase to $43 billion in the next 5 years, accounting for as much as 9% of the GDP in the same period. The healthcare system generally has seen a rise in demand, and many countries are pumping funds into the sectors that have witnessed the most innovative change in recent years. The significant transformation in the healthcare system is driven by cutting-edge technologies such as blockchain which has demonstrated game-changing potential for facilitating secure and efficient data sharing in the system. In an era characterised by increasing digitisation and a vast population, efficient data management and patient data protection are paramount. The fusion of blockchain technology, internet of things (IoT), artificial intelligence and digital assets …