Blockchain utilization in the global healthcare market is expected to grow with a compound annual growth rate of 69.7 percent until 2024.

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The study, titled “Blockchain Technology in Healthcare Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2024,” was conducted by ResearchAndMarkets.com.

The study mentions three leading drivers for why healthcare providers will adopt blockchain by 2024 including a growing number of data breaches in the healthcare industry, the acceptance of blockchain technology as a service, and the cost savings blockchain will provide.

However, there are some potential roadblocks for adoption, according to the report.

These include the high initial investment of adopting blockchain, issues related to integration from legacy processes, and a lack of global standards for the technology.

Healthcare has widely been seen as a significant use case for blockchain technology.

Blockchain startup SimplyVital Health is developing Health Nexus, a blockchain protocol specifically designed for the security and privacy needs of healthcare.

Core to the effectiveness of the Health Nexus blockchain protocol is their existing Key Pair System.

The Key Pair System leverages SimplyVital Health’s HLTH token to allow anyone to buy, sell and share digital assets.

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