The healthcare sector is a complex ecosystem in which multiple stakeholders have to interact, and digital transformation is providing new ways for those actors to cooperate. Among the different new technologies, blockchain is one of the most discussed in a confrontation between true believers and skeptics. To shed light on the question of how blockchain technology can contribute to value creation in the healthcare sector, this paper investigates 33 companies from a sample of 2404 enterprises founded by professional incubators and accelerators. Whitepapers, websites, and weblog discussions are analyzed using content analysis. Focusing on companies financed by professional investors reduces the noise coming from short-term investments and frauds that sometimes follow blockchain initiatives. The findings show four different approaches to value creation: endogenous hedonistic value, public-private conflict mitigation, utilitarian/instrumental value, and social value.
