Based on GlobalData’s Know-how Foresights, which makes use of over 70,000 patents to research innovation depth for the insurance coverage trade, there are 20+ innovation areas that may form the way forward for the trade.
Medical transactions blockchain is a key innovation space in blockchain
Medical transactions blockchain refers to the usage of blockchain expertise to securely and transparently document and handle medical transactions. It includes making a decentralized, immutable ledger that may retailer and confirm medical information, corresponding to affected person information, prescription orders, lab outcomes, and insurance coverage claims. This permits safe sharing and verification of medical data between healthcare suppliers and insurance coverage payers, whereas bettering information integrity, decreasing fraud dangers, and enhancing affected person privateness and management over their very own medical information.
GlobalData’s evaluation additionally uncovers the businesses on the forefront of every innovation space and assesses the potential attain and impression of their patenting exercise throughout completely different purposes and geographies. Based on GlobalData, there are 170+ firms, spanning expertise distributors, established insurance coverage firms, and up-and-coming start-ups engaged within the growth and software of medical transactions blockchain.
Key gamers in medical transactions blockchain – a disruptive innovation within the insurance coverage trade
‘Utility range’ measures the variety of purposes recognized for every patent. It broadly splits firms into both ‘area of interest’ or ‘diversified’ innovators.
‘Geographic attain’ refers back to the variety of nations every patent is registered in. It displays the breadth of geographic software meant, starting from ‘international’ to ‘native’.
Patent volumes associated to medical transactions blockchain
Supply: GlobalData Patent Analytics
Ping An Insurance coverage (Group) is likely one of the main patent filers in medical transactions blockchain. The corporate makes use of blockchain expertise to retailer, entry and confirm digital medical information in a safe and environment friendly method and help a wise healthcare ecosystem that integrates all stakeholders, together with authorities, sufferers, healthcare suppliers, medical professionals, and insurance coverage payers.
Ping An’s medical database accommodates a couple of billion medical information enumerating drugs, remedy histories, and demographic data.
State Farm Mutual Vehicle Insurance coverage, Cox Enterprises, and Toronto-Dominion Financial institution are a number of the different main patent filers in medical transactions blockchain.
By way of software range, Omron held the highest place, whereas State Farm Mutual Vehicle Insurance coverage and YouGetItBack stood in second and third positions, respectively. By way of geographic attain, Flex leads the pack, adopted by Apogee Know-how and Toronto-Dominion Financial institution.
To additional perceive the important thing themes and applied sciences disrupting the insurance coverage trade, entry GlobalData’s newest thematic analysis report on Blockchain in Insurance coverage.
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GlobalData, the main supplier of trade intelligence, offered the underlying information, analysis, and evaluation used to provide this text.
GlobalData’s Patent Analytics tracks patent filings and grants from official places of work world wide. Textual evaluation and official patent classifications are used to group patents into key thematic areas and hyperlink them to particular firms the world over’s largest industries.