Poland Freight Forwarding Market is Expected to Reach around USD 43 billion in 2022: Ken Research

Poland freight forwarding market by freight mode (land & pipeline freight, water freight and air freight), by international and domestic freight forwarding, by major flow corridors (European countries, Asian Countries, North American countries and rest of the world), by delivery (normal and express), company profile of PKP Cargo, DSV Group, Kuehne + Nagel, LOTOS Kolej Sp. Z. o. o, Yusen Logistics (Polska) Sp. z o.o., DB Schenker, DHL Poland, Raben Group,  DPD Polska and Rhenus.

• Demand for freight forwarding services is expected to rise owing to the rising import & export activities to and from European countries.

• Road is by far the most popular medium for domestic and international freight movement and will continue to grow owing to investments made by the government to develop the public infrastructure in the country.

The Polish economy has witnessed substantial rise in its trade in the past few years. The unrestricted trade with the European countries has supported the growth of the freight forwarding market in the country. Freight forwarded through land (road and pipeline) is the largest contributor in terms of revenue. The Polish government is investing heavily for the development of the road network in the country. A large portion of the funds received from the EU has been assigned for construction of new roads as well as upgrading the safety standards of the present roads in the country till 2020. The growth of domestic freight market depends entirely on the road network in the country. The strengthening of the road network along with the development of the sea ports in the country will create a strong base for future growth of the freight forwarding market in the country.

Industries across a variety of sectors in Poland have witnessed substantial growth in the past few years. The growth trend is likely to continue owing to the strong and positive outlook of the economy, strong domestic and international demand for Polish products as well as the growth in the manufacturing industry in the country. International freight market will strongly grow in the future and the trade with European, Asian and North American countries is likely to further grow which will boost the Sea as well as Air freight market in the country.

Ken Research in its latest study, Poland Freight Forwarding Market Outlook to 2022 - By Freight Mode (Land & Pipeline Freight, Sea Freight & Air Freight), By International & Domestic Freight Forwarding, By Major Flow Corridors (European Countries, Asian Countries, North American Countries & Rest of the World) and By Normal & Express Delivery, suggests that the freight forwarding market in Poland will grow at a gradual rate owing to the rise in trade, growth of the manufacturing sector and increasing consumption in the country

For more information on the research report, refer to below link:

https://www.kenresearch.com/automotive-transportation-and-warehousing/logistics-and-shipping/poland-freight-forwarding-market/149480-100.html

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Global Rafting Equipment Market is driven by Increasing Marketing Initiatives by Tourism Boards & Rafting Camps and Increasing Rafting Championships: Ken Research

Rising interest in the rafting sport by recreational tourists and sports enthusiasts worldwide and rise in marketing initiatives taken by various entities in the value chain especially rafting camps & tourism boards across the globe have been regarded as the key drivers of growth in the global market during the year 2012-2017

The report titled “Global Rafting Equipment Market Outlook to 2022 - by Equipments (Protective Rafting Gear, Rafting Accessories & Inflatable Rafting Boats), by Distribution Channel (Company Stores and Specialty Stores, Online, Hypermarkets, Department Stores & Supermarkets and Others)” by Ken Research suggests that owing to the sustained efforts of rafting equipment manufacturers and rising popularity of rafting as a recreational and professional activity in different regions which would continue to surge growth in the market. 

During the review period (2012-2017), Global rafting equipment market displayed a stable and steady growth. This growth has been supported by factors such as growing awareness of a healthy lifestyle, rising popularity of rafting, growing interest of people in soft adventure sports and others. During this period, the market witnessed an increased emphasis on water sports activities by various government authorities. In an attempt to generate higher revenue from the tourism industry, various  tourism boards of countries especially US, France, Germany have been putting great efforts to promote rafting and other similar water sports activities. Moreover, improved promotional campaigns were being run by government and private tour operators in various countries. These include marketing initiative such as discounted vacation packages with rafting activities, banner promotions, private rafting activity organizers associating with leading hotels and camps so as to increase consumer demand. Changing lifestyles, with increase in the number of people taking up some form of recreational sporting activity to maintain physique along with an increase in recreational expenditure, have helped in increasing the popularity of rafting.

In Americas, the number of participants indulging in rafting sports activities was around 3.7 million in 2012. This number increased to 3.8 million in 2014 showcasing growth at a CAGR of 1.3%. Increased participation of females has also provided thrust to the market. The female to male participation ratio was approximately 45:55.

Increased participation in the sports championships has led to a rise in the number of water sports tournaments worldwide, further fueling growth in the market. For instance, United States Rafting Association Championships divides the country into three regions namely, Western, Central and Eastern. Similarly, the Chenab Challenge - River Rafting Championship 2016 took place in India in March 2015. These factors have together surged market growth in the overall global industry.

Key Topics Covered in the Report

Rafting equipment Sector Future

Global Rafting equipment market

Rafting equipment market Trends

America Rafting equipment market

Rafting accessories market

Lifespan of Rafting equipment

Inflatable Rafting Boats market

Water sports equipment market

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https://www.kenresearch.com/consumer-products-and-retail/sporting-equipments/global-rafting-equipment-market/149103-95.html

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Indian Golf Union, PGTI and WGAI are taking enough initiatives to organize more number of professional and amateur tournaments in India.

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The Outlook For The Asian Rice Seed Market-Ken Research

Introduction: The global rice seed industry analysis is valued to be worth over USD 6 Billion in the year 2017 and is expected to grow with a CAGR of 7.4% for the period 2018-2023.  The relatively slow growth of the market is due to the fact that most of the rice produced is used for domestic consumption with a very small portion being exported for trade. The dominance of rice seeds is noted primarily in the Asia Pacific region with Asia Pacific having 90% of the market share in 2016. The next largest market is Africa with a market share of 4.95%. Technological advancement and increased adoption of technology into agriculture in countries like India and China is expected to lead to Asia Pacific being the fastest growing market as well. The Seed Industry analysis explains the current scenario and the market opportunity for the rice seed market.

Production Level: Approximately 9% of the rice produced globally is exported. The primary producers of rice seed market are the Asia Pacific countries as they are also the primary consumers of rice, with deficits being adjusted between neighboring countries. There has been an increase in attempts to export more quantities of rice there by helping rice contribute to trade levels. There have been attempts to boost rice seed production and trade using co operational efforts between countries. For example, the RISTE project aims at developing and enabling the environment to promote seed trade and knowledge-sharing on HYV rice seeds between India and Bangladesh.

Environment: Aside from the predominant consumption patterns that exist for Asia Pacific countries which have led to them being the major consumers of rice, the environment for the growth of rice is ideally suited in Asia Pacific regions with wet marshlands that have adequate rainfall. Rice is the main source of income for hundreds of thousands of rural farmers and is one of the predominant crops in India and China. The importance of cultivating rice is not just for consumption but also as a source of livelihood for many farmers in the Asia Pacific region. The main countries producing rice are China, India, Vietnam and Thailand. These 4 countries make up about 75% of the Asia Pacific production.

Hybrid Rice: Considering the major increase in popularity with hybrid plants which has been growing since the 1980’s, there have been many introductions of hybridization into rice seeds as well. Although there is no mainstream variety of Genetically Modified rice sold commercially, several have been approved for commercialization. There are several organizations around the world, including IRRI, that are using genetic modification tools to produce superior strains of rice. IRRI is developing a way to commercially launch a Genetically Modified variety of rice, called Golden Rice, which is expected to offer a practical solution to the shortage in dietary vitamin A. Golden Rice was one of the seven winners of the 2015 Patents for Humanity Awards by the United States Patent and Trademark Office. The variety is still under development. With increasing anticipated demand for food grains, the adoption of GM rice seeds for commercial farming is not far away. In 2015, hybrid rice seed production in China was calculated at 239,000 metric tons, similar to the production in 2014, whereas acreage increased by 4%, to 97,000 hectares. The total supply in 2015-2016 was estimated at 339,000 metric tons, including 100,000 metric tons in carry-in stocks. Owing to the success of hybrid rice technology in China, in 1989, systematic research efforts on hybrid rice were initiated in India, when the Indian Council of Agricultural Research (ICAR) launched a special goal-oriented and time-bound project on the ‘Promotion of research and development efforts on hybrids in selected crops’.

Development: Zinc-enriched Boro paddy BRRI-62 and BRRI-74 varieties invented by the Bangladesh Rice Research Institute (BRRI) have been seeing success through high yield cultivation in multiple farms across various districts in Bangladesh. These varieties give the expected yield within 100 days and those have been found to be safe from blast disease attack. Farmers in Bangladesh are patiently waiting to grow these strains saying they would cultivate the plant if the seeds became available in the market In 2018, 1,500 farmers have cultivated zinc-enriched Boro paddy on roughly 350 acres of land at 65 villages of 18 unions of the district while only 50 farmers cultivated the variety when the project started in 2013.This represents a major increase in participation for the cultivation of rice. The zinc-enriched Boro paddy can be harvested within 100 days of planting and may yield close to 2000 Kilos per acre if nurtured properly. The local varieties contain 9 to 12 milligrams of zinc per kg while the newly invented zinc-enriched variety contains around 24 milligrams. The cultivation of rice from these seeds presents a major solution for people suffering from Zinc deficiency, especially women and children.

To know more, click on the link below:
https://www.kenresearch.com/agriculture-and-animal-care/seed/SC-104-20.html
                        
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Poland Express Delivery Market, Especially B2C Segment will be Driven by Rising Prominence of Online Shopping: Ken Research

The report titled “Poland Express Delivery, Courier & Parcel, E-commerce Logistics Market Outlook to 2022 - By Air and Ground Express, by B2B, B2C & C2C Segments, by International and Domestic Express” by Ken Research suggested a double digit growth of the Polish express delivery market at a CAGR 13.3% in terms of revenue in next 5 years till the year ending 2022.

Demand of express delivery services for delivery of perishable goods, B2C (Business-to-Customer) deliveries for e-commerce companies and online merchants and international express deliveries through air have been the primary growth factors for the express logistics market in Poland

Increasing consumer preference towards faster delivery of goods has made it imperative for e-commerce companies and online retailers to provide time bound last-mile services to survive and stay in competition. This has further propelled the logistics companies to come up with solutions that ensure safe and timely delivery. The trend for shopping online is constantly been on the rise form the past few years which has further supported the express delivery market in the country. Major logistics companies and E-commerce giants have opened up their hubs across the country. Air express delivery contributes a larger share of revenue to the overall market in comparison to express delivery through road. Among of B2B, B2C and C2C segments the B2B segment contributes the highest share of revenue. Owing to the higher charges, international express services contribute a larger share to the express delivery market in comparison to domestic express service. The market includes domestic and international players. Domestic players like Pozcta Polska and global brands like DHL, FedEx and other dominate the express delivery market in Poland. The market also has a large number of small domestic companies that provide express delivery services in the country.

With the growth of the market, players like Allegro, Ceneo, Empik, Mall and others have showcased substantial growth in terms of number of cargo handled. The competition in the market has become healthier and led to penetration of the market and introduction of better services.

In addition to corporate users, using the express delivery services for sending important documents, retail users are also using the express service for delivery of personal documents. The population opting for express delivery instead of normal delivery has increased over the years making a positive impact on the market.

For more information on the research report, refer to below link:

https://www.kenresearch.com/automotive-transportation-and-warehousing/logistics-and-shipping/poland-express-delivery-ecommerce-logistics-market/149479-100.html

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The Real Cost Of Cargo Loss: Ken Research

Introduction: Supply chain strategies are rapidly evolving to provide customers with faster delivery of their products with minimum additional costs that need to be incurred by Logistics suppliers for the purpose of maximizing supply chain value. This is important as there is an impending need for efficient delivery of products which are time bound and critical for important operations such as chemicals, food and beverage products and medicinal supplies. One major factor that has not been addressed well enough which is a major reason for increasing costs of goods is the damage to cargo. While most see the cost of damaged cargo as the total retail value of the cargo, this is a very binary way of looking at the situation.

Market Scenario: Industrial research has calculated that cargo losses have topped USD 55 Billion as of 2015 based on Logistics and Shipping Industry analysis, with theft for that year leading to a loss of USD 22 Billion. The threat of theft has been prominent mainly in poverty entrenched economies, South Africa has seen a 30% increase in the amount of truck jacking for the year 2015. Global cargo theft is expected to increase by USD 1 Billion. The damage that occurred from natural disasters from the preceding 5 years lead to another USD 33 Billion loss in damages and unsalable goods led to a loss of approximately USD 5 Billion for the grocery industry in the year 2014. The impending argument shows that ineffective care of the goods has led to major losses for the logistics industry. Aside from these natural threats, an increased threat to cargo safety has been the impending influence exerted by terrorist activities which have led to losses in the billions. Aside from terrorism, theft and nature, another major participant in losses for logistics and manufacturers has been the warfare situation in third world economies causing a loss of about USD 700 Million to Jordanian trucking in 2011 alone, unfair wage practices leading to a 58% increase in strikes in China for the year 2015 causing another loss of USD 27 Million to the footwear industry in China.

Implication: The damage caused due to cargo is one of the most important reasons manufacturers raise their prices and logistics costs increase. The loss of goods is not just calculated as the retail value of the goods; the major issue with that method of calculation is that the opportunity cost of the goods is not taken into account. Lost goods for the manufacturer play a major role in the bottom line of the company and the damage is calculated based on the extent of margin the company operates on. For example, a company working on a 10% profit margin losing USD 1,000 worth of goods would have to have an increase in sales by USD 10,000 to offset the loss of the goods and while this is the immediate impact to the manufacturer, the lost goods represent lost sales for the manufacturer and lost revenue for every stakeholder in the manufacturers value chain, aside from damaging the brand value of each stake holder in the value chain as well. The long term effect leads to losses of customers and therefore, sales for the members of the value chain. This need to recover revenue leads to higher prices for goods causing inflation thereby worsening the economy.

Carrier Liability: While a majority of manufacturers believe the system of carrier liability works as the insurance for their goods that are transported, this system has a major flaw. For a customer using a carrier to transport goods they would have to prove negligence on behalf of the carrier, which is often hard to do. Secondarily, there are statutes which exist to cap the extent of liability, thereby protecting carriers in case of serious damage occurrence. Generally, an ocean carrier is only responsible for up to USD 500 per container. International air carriers generally have a minimal limit (e.g. USD 0.50 per pound). Trucking company carrier liability is also at very low rates per pound, sometimes as low as USD 5 per pound, but often up to USD 25 per pound, as specified in the bill of lading and their tariff rules

Conclusion: The rapid increase in the prices of goods that cause consumers to either abandon the product or face financial burden is a cause of multiple factors but one of the primary causal factors is the requirement to compensate for lost cargo. This is a problem that is plaguing every industry in the logistics sector and requires immediate attention.

Key Factors Considered in the Report:

Logistics and Shipping Market Research Reports

Logistics and Shipping Industry Analysis

Market Research Reports for Logistics

Logistic Market Research Report

Logistics and Transportation Market Research Reports Consulting

Logistics Business Review

Logistics and Shipping Industry Research and Market Reports

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https://www.kenresearch.com/automotive-transportation-and-warehousing/logistics-and-shipping/SC-100-45.html

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India Corrugated Box Market Research Report to 2023: Ken Research

How Corrugated Box Market Is Positioned in India?

India corrugated box market is at its growth stage. Though, the craft paper prices are increasing but the demand for sustainable and safe packaging of goods is also increasing. The sale of corrugated box has increased from INR ~ crore in FY’2012 to INR ~ crore in FY’2018 growing at a CAGR of ~%.

Factors such as increasing demand from fresh food and beverages, home & personal care goods, electronic goods industries, logistics application, increasing consumer awareness towards sustainable packaging and growth of the e-commerce industry have propelled the growth of the Indian Corrugated Boxes Market.

The demon of demonetization, had hit the industry badly, led to fall in demand for corrugated boxes. As a result, of slow movement of FMCG & other consumer goods from the retail counters, led to retrenchment of work force & financial losses for the industry.

Many corrugators have adopted latest technology machines which they have either imported from different countries such as China, Taiwan, Japan, South Korea, America and Germany.

During the year FY’2015-FY’2016, the average raw material price raised by ~% with the price of craft paper which consists ~% of overall raw material raised by 17% to INR ~ per kg from INR ~ per kg. Similarly, price of adhesive (glue) raised from INR ~ per kg to INR ~ per kg. Also, stitching wire became costlier from INR ~ per kg to INR ~ per kg during FY’2015-FY’2016. This price hike led to shut down of many corrugated box manufacturers and also affected the nation as a whole.

The industry in FY’2015-FY’2016, introduced new heavyweight products such as billerud flute semi-chemical fluting. Primarily, targeted at replacing wooden packaging, this product is also able to replace double-walled board with an overall lighter weight single wall substitute. 

In order to increase the market growth the Indian Corrugated Case Manufacturers Association (ICCMA) and Automatic Board Plants &Western India Corrugators Box Manufacturers’ Association (WICMA) supported to grant a minimum of 12% price increase on boxes so that the Box industry is able to cover supplies of Craft Paper well in time to avoid any disruptions in the

Which End User is Generating more Demand For Corrugated Boxes In India?

In FY’2018, FMCG segment has dominated the India market. FMCG segment has contributed a share of ~% in terms of sales volume accounting to ~ thousand tons in FY’2018.   The FMCG sector has grown from INR ~ crore in FY’2011 to INR ~ crore in FY’2016. The sector is further expected to grow at a Compound Annual Growth Rate (CAGR) of ~% to reach INR ~ crore by FY’2020.FMCG sector mainly uses 3 ply types of boxes as they are cheap and moreover FMCG products are not very heavy.

In FY’2018, automotive end user has the second largest sales volume contribution of ~% in India corrugated box market accounting to ~ thousand tons.  Automotive sector mainly uses 5 ply types of boxes.

Textile and electronics & appliances industry contributed a share of ~% and ~% respectively in terms of sales volume accounting to ~ thousand tons and ~ thousand tons respectively. In FY’2018, other end user such as paints, pesticides, distillery products, E-Commerce has least sales volume contribution of ~% in India corrugated box market. Electronics & appliances sector mainly uses 5 ply and 7 ply types of boxes.

Which State is generating Higher Demand for Corrugated Boxes In India?

In FY’2018, Gujarat has dominated the market with domestic revenue contribution of ~% in India corrugated box market accounting to INR ~ crore. Gujarat dominated because of better infrastructure development and road connectivity by the government in the state different types of industries such as FMCG and pharmaceuticals are growing in different regions of Gujarat therefore increasing the demand of corrugated boxes. Morbi, Vapi, Ahmedabad, Gandhinagar and Saurashtra are the major areas in Gujarat which are popular for the procurement of raw material

In FY’2018, Maharashtra has the second largest revenue contribution of ~% accounting to INR ~ crore in India corrugated box market.

Himachal, Tamil Nadu, West Bengal and UP contributed a share of ~%, ~% ~% and ~% respectively in terms of revenue in FY’2018. Other states such as Delhi, Madhya Pradesh, Karnataka, Rajasthan, Punjab, Andhra Pradesh, Haryana and Bihar contributed 20.6% in India corrugated box market accounting to INR 4,854.9 crore in FY’2018.

Which Type of Ply/Box is Majorly Used in India?

In FY’2018, 5 Ply type of box has dominated the market. 5 ply type of box has contributed a share of ~% in terms of sales volume accounting to ~ thousand tons in FY’2018. 5 Ply type of box has dominated the market as these boxes are now manufactured through fully automatic machines which increases the strength of the box and can be used in place of 7 ply and 9 ply type of boxes. These 5 ply boxes are capable of carrying 20 to 45 Kgs. of weigh depending on the size and shape of the 5-ply carton.

In FY’2018, 3 ply box has the second largest sales volume contribution of ~% in India corrugated box market accounting to ~ thousand tons. 3 ply boxes are light weight corrugated paper boxes that are a cost effective way to pack, store and ship the products. Depending on the size of the packing carton, a 3 ply corrugated box can hold 4 to 15 Kgs. Generally, 3 ply box are manufactured using 25 edge crush test (ECT) corrugated material.

In FY’2018, 7 ply and 9 ply boxes contribute a share of ~% and ~% respectively in terms of sales volume in India corrugated box market. Depending on the size of the packing carton, a 7 ply corrugated box can hold 40 to 100+ kgs.

How UN-Organized and Organized Players Performing IN India corrugated box Market?

In FY’2018, unorganized players contribute a market share of ~% in India corrugated box market. Organized players use different types of automatic as well as semi-automatic machines such as automatic high speed strapping machine, automatic 4 color Flexo Printer, automatic 3 color Flexo Printer Slotter Rotary Die Cut, semi automatic stitching machines and others. Organized players are Worth Peripherals, TGI Packaging Pvt. Ltd., Horizon Packs Pvt. Ltd., Jayaraj Fortune Packaging Pvt. Ltd., OJI India Packaging Pvt. Ltd., Supack Industries Pvt. Ltd. End users for organized players are Processed Food, Electronic Goods, Textiles, Consumer Durables, E-Commerce and others

In FY’2018, unorganized players contribute a market share of ~% in India corrugated box market.  Unorganized players use semi automatic machines and they are more focused on manual production and rely on labor work. Un-organized players are Allwyn Paper Box, Durable Corrugating, Packman, Shanti, Parth Packaging, A to Z Janta Packaging Spruce Impex Pvt. Ltd.

What is COmpetitive Scenario in India Corrugated Box Market?

India corrugated box market is highly fragmented with the presence of around 18,000 organized and un-organized players. There are no regulations in the market regarding the entry of the players and since it is a low capital intensive business (~ lakhs) so a lot of new players are entering in the market.

The leading company in India corrugated box market is Horizon Packs Pvt. Ltd. Other leading companies are Worth Peripherals Ltd., TGI Packaging Pvt. Ltd., OJI India Packaging Pvt. Ltd., Jayaraj Fortune Packaging Pvt. Ltd., Supack Industries Pvt. Ltd., BL Containers Pvt. Ltd., Chaitanya Packaging Pvt. Ltd., CEL Packaging, Wadpack Pvt. Ltd., Hariwansh Packaging Pvt. Ltd., CJ Corporation and Paper Containers India Pvt. Ltd.

In 2017, Horizon Packs Pvt. Ltd. imported different latest technology machines such as conveyor board handling systems to enable efficient handling, auto folder gluers for perfect flap pasting and auto box strapping with roller conveyors to facilitate.

Corrugated box manufacturers compete with each other on the basis of different parameters such as product offered, manufacturing facilities, production capacity, main end users, clients, raw material used, types of machines & their procurement.

Future competitive edge in the market will be based on the growth of the end users segment. The use of strong corrugated boxes as a substitute of wooden packs that brings about significant weight reduction, improves logistics & handling as well as providing cushioning for sensitive heavy products drive India corrugated box market.

How is the Future Outlook for Corrugated Box Market in India?

India corrugated industry is expected to increase at a CAGR of ~% in between the FY’2019 and FY’2023 in terms of revenue due to the elevating demand from the end user segment in order to store and transport their end products. Increasing the demand of safe and cushioned packaging of the product will augment the growth of India Corrugated box market.

The growth in the use of the internet for shopping, stimulated by the growing use of smart phones as well as the increasing proportion of tech-savvy consumers, has a very positive effect on corrugated demand.

Retail ready packaging is also increasing driven by the influence of supermarkets over the retail landscape and supported by their growing share of the retail market will also drive the corrugated box market in future.

The procurement of latest technology machines from China, Taiwan and other Asian countries by manufacturers in order to make production fast and accurate will also drive the future of India corrugated box industry. The emergence of E-commerce industry in India the demand of corrugated boxes will also increase.

For more information on the research report, refer to below link:

https://www.kenresearch.com/automotive-transportation-and-warehousing/logistics-and-shipping/india-corrugated-box-market/149477-100.html

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Implementation Of Blockchain In Healthcare Provision (Healthcare Industry Analysis)

Introduction: The review of the Healthcare business has led to an increasing need for reforms which would improve the rate of treatment, the cost of availing treatment, the accessibility to a medical professional, the collection of health based data and the integration of analytics and data in healthcare actually showing an improvement in the life and well being of individuals. The most recent reform which has been primarily used in the implementation of a worldwide system for crypto currency has become the new frontier for the tracking and implementation of healthcare based data. Industrial research expects the global market for Block Chain technology to be worth over USD 7 Billion by 2024. This would mean the market for block chain technology is growing with a CAGR of over 37% based on Healthcare Market Research Reports which would make it one of the fastest emerging markets in the world. The implementation of Block Chain technology in healthcare could have massive application in cost reduction as well as in the improvement of treatment for patients but most importantly could lead to a sophisticated method of security for patient medical data.

Block Chain: A block chain is a virtual ledger consisting of all the transactions involved in bit coin. The ledger is virtually a record of all crypto currency transactions which exist on multiple computers, each being a node of the network. These computers handle two parts- validation and updating. The participants in this role are called “Miners” who take transactions and update them in the block chain. The technology works by initial transaction verification using a private and public key. The two keys are used to authenticate any transaction. The authenticated transactions are to be added on the block chain which the miners take care of by solving extremely difficult puzzles which are called hash functions. Solving these functions requires a large amount of computational power and time. The process results in forming an alphanumeric code which is the equivalent of the transaction but encrypts the transaction. Once the transaction is encrypted it is capable of being added to the block chain which then makes the information of the transaction uneditable.

Health Care Application: The implementation of Block Chain in healthcare is expected to be one of the major turning points in the timeline of modern medicine. By 2025, the global block chain health care market is expected to be worth About USD 5.6 Billion. This is from a CAGR of roughly 65.7%. The impact the growth of this market has on the everyday consumers and on industries at large is major owing to a new system of transparency for medical providers and healthcare professionals. Data recording from the industry is securely stored on a network that is virtually impossible to infiltrate but at the same time puts the data in the hands of the right individual, the consumers themselves. The implementation of block chain leads to a new kind of data recording where automation and analytics can be better implemented in a secure and solid manner. Block chain also has easier scalability owing to the ease of addition of nodes in the network. The financial benefit availed is highly profitable in the long term.

Conclusion: The adoption of block chain can save the healthcare industry up to USD 100 billion per year by 2025. One of the biggest beneficiaries of the technology would be pharmaceuticals that lose up to USD 200 billion to counterfeit drugs each year. By enabling complete visibility and transparency throughout the drug supply chain, block chain will help eliminate falsified medication. Health insurance which has been subject to growing number of frauds, especially those conducted by the providers, is also expected to witness up to USD 10 billion reduction in costs annually. The use of block chain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of USD 1.89 billion by 2025. The disparate need for implementing block chain in healthcare could not be more obvious considering the primary functionality of block chain is that it is a ledger that is incapable of being hacked. The implementation is perfect for any field that requires secure data. A majority of healthcare institutions are already looking into implementing their own block chain network for the storage and protection of their data and the trend is evident to be followed in the industry.

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Related Report:
https://www.kenresearch.com/healthcare/general-healthcare/prospects-us-home-healthcare-market-research-report/151-91.html

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