Blockchain networks, products, and services are trying to find a way in the healthcare industry. Undeniably, this technology has made its presence felt in almost all the commercial sector. However, this holds a very important place in the supply chain of some essential utilities like food and medicine. The companies are looking forward to raising a generous amount of money from the investors to being with the research and development of blockchain-powered innovations that can literally reform the industries from what they are now.
In order to fulfill such goals companies like Chronicled have come ahead. The San Francisco-based firm holds expertise in providing blockchain networks and supply chain ecosystem has raised a whopping amount of $16 million Series A funding round led my Mandra Capital. The firm earned its reputation in the blockchain industry with its MediLedger Network which is a pharmaceutical supply chain solution that addresses the US legal authorities for traceability of drug returns.
The Series A funding of Chronicled included other participants such as The Perkins Funds, David Aho, Streamlined Ventures and Frank Fiore. These funds are said to be used by the company in order to set up a technology development office in Canada. The software technology company Chronicled leverage blockchain networks and the library of privacy-protected protocols to bring in efficiency, trust and automation in global supply chains as mentioned by PR Newswire.
Blockchain In Healthcare Market
According to Medgadget, the decentralized platform of this technology has made successful advancement tracking of the items accurately which reduces both time and cost of the entire process. Such unique features have urged the major pharma players to deploy this new age technology to be leveraged in its best potential. Moreover, increased acceptance of blockchain networks and technology in the healthcare industry is providing complimentary conditions for the growth of its market. As of now, the key players of this emerging technology in the healthcare market are IBM, Patientory, Chronicled, Guardtime and Blockpharma to name a few.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]