Healthcare is entering the world of cryptocurrency
The Healthcare industry has long entered the technological age and has been progressing since then. New medical innovations such as AI-assisted staff and equipment, Robot technology, Machine learning are changing the way healthcare is operating all around the world. Among these innovative technologies aiding healthcare, cryptocurrency is one that is playing the role of money-saver for it. Cryptocurrency has more reliability in healthcare due to its characteristic of being the most secure mode of making online transactions for many reasons. In the world of cryptocurrency, healthcare is more than eliminating middlemen and avoiding high costs. It is more about ensuring confidentiality, integrity, and availability of patient health data.
Drug and equipment purchases, lodging for family members around hospitals, and even small items such as ordering entertainment in a given patient's room are some examples of possible applications for cryptocurrencies in the hospital space. Cryptocurrency may also bring fluidity outside the hospital to items like online medical appointments or prescription purchases outside the hospital (e.g., home prescription delivery). A particular example of a business going “all in” with cryptocurrency can be described as a healthcare company that may provide services and products to its customers via mail, as well as digital consultations. Their aim is "to make healthcare accessible to all."
Millennial physicians using Blockchain technology - bitcoins
The blockchain has been historically associated with the financial services industry as the fundamental technology behind Bitcoin. However, there are far more use cases for this extremely scalable distributed ledger (DLT) technology than just financial transactions and it has now become a buzzword in all business sectors. Many years ago, the healthcare industry began looking closely at blockchain technology as a means of shielding cybercriminals from rising attacks. The latest cyber attacks against medical research facilities operating on COVID-19 vaccines underline that the use of excessive bitcoin use has prompted this urgency.
One of the most common pressure points is the lack of interoperability in healthcare as doctors attempt to treat their patients in a timely manner. In the world of cryptocurrency, the decentralized existence of the blockchain enables nations, countries, and continents to access medical records. As the patient is the essential owner of the data, it helps to mitigate the difficulty posed by incompatible security protocols between different organizations. Each patient should have a digital key that they could share with their health providers and their provider of health insurance.
The benefits of blockchain technology are only just starting to be recognized. The possibilities of discovering cures for our key causes of diseases could be limitless when this technology is combined with AI. The development of blockchain-containing tools, technologies, and clinical applications will become increasingly important and desirable. The demand for verifiable patient information and the need to secure that information from attackers will also grow as interoperability and digitalization of health care around the world increases. So blockchain here to stay!
