With blockchain being implemented in various major industries including finance and food, it comes as no surprise that a report released by the global consulting company, PwC, shows that 49 percent of healthcare organizations are currently undertaking blockchain initiatives.

The report, “A Prescription for Blockchain and Healthcare: Reinvent or be Reinvented” outlines how 49 percent of the 74 global healthcare companies it contacted are working to implement the use of blockchain projects into their operations, and how those who aren’t are more likely to fall behind their competitors.

Blockchain seems to be the perfect fit for the healthcare industry given that “healthcare organizations run on many complex, data-intensive, slow, manual processes often performed by intermediaries who handle data and trust mechanisms,” as stated in the report.

With blockchain, hospitals and healthcare systems can simplify and expedite slower operations such as inventory management, back-office functions, payments and data collections. Despite the wide variety of uses, PwC found that “61 percent of respondents said that lack of blockchain expertise” is what’s stopping them from benefiting from the technology.

Given that blockchain is bound to be adopted across various industries, it is paramount that businesses who intend to prosper in the market need to begin researching blockchain now or be left in the dust of their competitors.