Bitcoin and Health Industry: A Peek Inside the Industry

Bitcoin and Health Industry: A Peek Inside the Industry

There is no denying that bitcoins have indeed become significant factors in the global economy. With their popularity rising exponentially, the largest and highest valued cryptocurrency, bitcoins, have now made their entry into most of the important sectors of the economy. With the advent of platforms like the cryptocurrencies, investing and dealing in bitcoins have become smoother than handling fiat currencies.

As a result, various industries have had to examine and introduce bitcoins in their system to facilitate user convenience. After the hospitality industry, healthcare has been a sector where bitcoins have made their presence felt, and the result has astonished both economists and healthcare professionals around the globe.

The uses of bitcoins in the healthcare sector are many. From the introduction of new coins and tokens focused on the healthcare system to the endless possibilities that blockchain technology opens up for this industry, bitcoins can revolutionize the functioning of the healthcare system to make it much more efficient. Some of these numerous benefits that have already been implemented in healthcare setups worldwide are listed below:

[1] Data Security. Bitcoin implies the blockchain technology to store all transactions. This means that information regarding all transactions is stored in ledgers that can be accessed by anyone, anywhere. Moreover, data once added to these ledgers cannot be tampered with. The traditional data storing technology used for storing information in the healthcare system has often been criticized as outdated, expensive, and susceptible to sudden failures. The use of blockchain can help in remedying these shortcomings.

[2] Ease of Networking. Blockchain technology has been designed to enhance faster networking. The ledgers that store information in a blockchain can be accessed by anyone easily. The storing of information with the help of this technology would therefore help hospitals create a more efficient and fast network where data can be shared seamlessly within a few seconds. Through smart contracts and distributed ledgers, classified information can easily be shared across many users making the network larger and quicker.

[3] Introduction of New Digital Tokens and Coins. ICOs or initial coin offerings have now become the new style of announcing the arrival of new digital tokens and coins in the market. These have now begun focusing on the healthcare industry. Several coins have already been launched that try to identify and address specific problems of the healthcare system, while many more are on the way. For instance, BlockMedX, an upcoming launch, aims to solve the opioid crisis in the US. Dentacoin, which launched recently, aims at revitalizing the dental industry by introducing changes to directories, procedures, and payment systems.

[4] Management of Supply Chains. The present system of supply chain management of drugs is an obsolete one with several drawbacks. The entire process of manufacturing and selling drugs involves numerous steps that increase the chances of counterfeit drugs being sold. Blockchain technology can assist the manufacturers in keeping track of the ingredients used in making them throughout the long process and offers traceability to healthcare institutions and pharma companies.

[5] Maintenance of Records. As mentioned earlier, blockchain can provide excellent data security and ease of data sharing across numerous hospitals. It can come in very handy, as it provides for data sharing while preserving the integrity of information. Chances of data mismatch and losing patient details are practically eliminated. Maintaining medical records thus becomes much more efficient through the use of blockchain technology.

[6] Uses in the Field of Research. Blockchain can help medical institutes in the field of research as well. This technology can grant researchers access to patients’ personal information while keeping their names and personal details hidden. This information regarding a particular patient’s treatment can help researchers in improving and analyzing treatment methodology.

Conclusion. Bitcoin has therefore had far-reaching impacts on the healthcare industry. It has indeed modernized and improvised how this industry functions. Data storing, sharing, networking, maintenance of records, and tracking supply chains have become much more efficient and seamless.