Healthcare blockchain projects have been developing quickly and in great numbers; and many have launched Initial Coin Offerings (ICOs) to secure fundraising. As the market matures, it has become clear that the healthcare industry is leveraging blockchain technology and ICOs in an attempt to become an effective industry disruptor.
The healthcare industry struggles with several problems such as poor management of digital records, implementing the digitization of healthcare information, and medical errors due to inaccuracy of client records. There may be opportunity for healthcare-focused blockchain projects to solve these problems and more.
These opportunities include using blockchain to connect patients and institutions to help match needs between patients and health professionals, collecting more accurate data from distributed sources, and using this data to improve both research institutions as well as hospital and clinical interventions. Blockchain solutions can also potentially improve upon security and privacy of patient and client data to speed up innovation.
Number of Healthcare ICOs by Month
BlockTEST collected data on August 24, 2018. As explained in our previous healthcare article, our data shows there are currently 117 healthcare-focused ICO projects out of 4,609 total ICO projects (making up for 2 percent of the total number of ICOs to date).
According to our data, the number of new healthcare ICOs peaked in the spring of this year. The peak months were contributed to primarily by the number of Healthcare ICOs based out of the United States, the United Kingdom, Singapore, Switzerland and Australia.
Total Raised by Healthcare ICOs by Month
Healthcare ICOs have raised over $273 million to date, a little over 1 percent of the total raised by all ICOs to date ($22.2 billion).
Like our total number of ICOs by month graph (above), the graph below shows the total raised by healthcare ICOs also peaked in the springtime earlier this year. However, in May 2018, the total raised by healthcare ICOs based out of the Isle of Man and Estonia drive the numbers, even though these countries only hosted 1 ICO each: Project Shivom (Isle of Man) and Solve.Care (Estonia), as shown above.
It is also interesting to note that as shown in in the graph above, the number of new ICOs in the United States was higher than in any other country in April and May of this year, yet the United States is hardly represented in those months in our total raised graph below.
With many of the healthcare-focused projects showing little-to-negative returns, the cryptocurrency space remains open for the next best healthcare-blockchain project to fill the gap in the market. Which will it be?
EKG via Pexels