According to the newest report published by QYResearch, the global blockchain in pharmaceutical market size is projected to reach US$ 30519 million by 2026, from US$ 1010.2 million in 2019, at a CAGR of 72.77% during 2021-2026.
There are a few industries that have quickly adapted to new technologies like the cloud and blockchain. One of them is the pharmaceutical industry. The security of the blockchain is very attractive to the pharmaceutical industry since it relies on security like few other industries do. The nature of using a ledger that can’t be manipulated is at the heart of the blockchain technology that makes it so useful for the pharmaceutical industry.
A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain). The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.
Blockchain is a technology with so many capabilities that still largely undiscovered. Just like the internet, the benefits of blockchain technology will unfold with growth and adoption. However, there are basic benefits that make blockchain technology very promising even in its early stage.
Reduced Transaction Costs
Currently, most digital transactions rely on certain trusted authorities. For instance, many cannot carry out digital transaction without third party institutions like paypal, Alipay, Skrill and several other institutions. Virtually all these institution charge a fee for acting as security for every transaction. With blockchain technologies, transaction is both direct and automatic via a distributed consensus hence eliminating the need for third party institutions.
More brands are embracing blockchain and are forming a more organized version of the global village. This will eventually lead to harmonization of brands and various industries making global trade more efficient.
Blockchain enables parties in a transaction to make an exchange without the presence of a third party. This significantly reduces third-party risk. Moreover, due to its decentralized network feature, blockchain does not have any central point of failure and is therefore able to withstand malicious attacks.
Due to speed, decentralization and automated nature of blockchain, more transactions are carried out when compared to traditional transactional methods. The efficiency in transactions will lead to more transactions carried out per time and subsequently more gains that possible with traditional transactions.
Ease of Verification
With blockchain technologies, every transaction both past and present, can be verified at anytime for validity. Blockchain does not just offer one man verification rather verification can occur simultaneously within a network without fear of distortion.
Global Blockchain in Pharmaceutical Market- Key Players
IBM, AWS, Microsoft, SAP, Chronicled, Embleema, FarmaTrust, Guardtime Federal, are some of the key players, functioning in the global Blockchain in Pharmaceutical market. The industry is highly concentrated as Top 5 players take up about 83% of the global market in 2020. IBM is the largest player presently and owns more than 30% market share.
Global Blockchain in Pharmaceutical Market: Segmental Analysis
Blockchain in Pharmaceutical is mainly classified into the following types: Private Blockchain and Hybrid Blockchain. Private Blockchain is the most widely used type which takes up about 92.49% of the global market in 2020.
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