Cryptocurrency is rising to disrupt world industries
- the Healthcare Industry
“The protected nature of blockchains has the potential to be a superior way to access healthcare throughout the world. It’s not just about the price and potential appreciation of a cryptocurrency. It’s more about the security available because of blockchains.” -- Peter Sasaki, a managing member of CGS Associates and an expert in cryptocurrency and blockchain technology.
Blockchain technology has broken into the healthcare industry, promising extraordinary improvements and quite new levels of development.
Problems that exists in current healthcare industry
1) Storage of patient’s health data
Various problems exist in the storage of people’s health data.
The major problem is that anyone can have access to the private information of a patient when the data is merely stored in a centralized database. The centralized database can also invite data breaches, theft or losses.
When a person’s health information is requested, it will take hours for that person to locate the right file.
Implementation of blockchain technology is able to eliminate the central authority and rapid access to data can be granted. The blockchain is distributed across the blockchain nodes, therefore it will be tremendously hard for a hacker to corrupt the data.
2) Counterfeit medication
Another healthcare concern revolves around counterfeit medication.
Currently, counterfeit medications are difficult to distinguish from real ones. Implementation of blockchain technology can easily solve this problem by using supply chain management protocols.
By doing that, the medicine can be traced and has provenance .
Blockchain technology has the potential to transform healthcare, placing the patient at the center of the healthcare ecosystem and increasing the security, privacy, and interoperability of health data.
Now, one of the oldest sectors in the world – healthcare may see a fundamental breakthrough after implementing blockchain.
Blockchain offers tons of benefits in healthcare.
1) Constant monitoring & access of data
Blockchain can be implemented in the healthcare industry to be used for storing and updating patient data. For example, blood pressure and sugar levels of a patient in real-time can be tracked and accessed by healthcare professionals with the help of wearables. Doctors can then consistently monitor patients that have high risk. In case of emergencies, their caretakers & relatives can also be contacted and alerted.
2) Cost-effective
Blockchain technology removes all the third parties and systems that are usually involved in fetching and transferring data. The removal of this system will help in reducing costs in the healthcare system.
3) Smart contract
Smart contracts can help in the development of a consistent rule based process for organizations to access patient’s data.
Furthermore, claiming settlements can be a pain point for the healthcare industry. Smart contracts in blockchain can implement cold and hard code to define the terms for the contract between the payer and the provider. The processing of the claim will be in real-time when certain conditions are fulfilled the payment will be transmitted to the provider.
4) Integrity of medical records
Blockchain can be used to ensure the integrity of all the medical records.
A medical record can be stored in the blockchain whenever it is produced. The nature of blockchain will provide its absolute proof that the medical record is integrous as the record in blockchain can’t be easily (like really) changed. This will give patients a single identification only.
5) Treatment regimen
Blockchain can also be useful for medical research purposes. The researchers can access the patient’s data and effectively study the impact of any specific treatment when provided a massive population of the patient.
Such type of research that has this degree of massive database is able to provide substantial outcomes that result in improvement in the treatment methodology for those sections of the patient population.
Cryptocurrencies linked to healthcare industry and their usages
There are already a lot of healthcare cryptocurrencies which have been launched in past years. Creating a tie between cryptocurrencies to patient behaviors can have a broad impact for the population health. Advancements in medicine and technology will have significant influence for population's health management.
Cryptocurrency as a means of health data storage
The cryptocurrency, BlockMedX is invented which specializes in addressing the opioid crisis in the U.S. The service is mainly to be used by physicians and pharmacies. BlockMedX analyzes millions of prescriptions to find concerns and aims to protect patients in the process. This can help increase security and accountability in the prescription drug industry.
Dentacoin, another cryptocurrency that was launched in past years aims to revitalize the dental industry. Its current market cap is nearly $2 billion. It's core function is to make changes to directories, review board procedures, and payment systems.
Cryptocurrency as a behavioral incentive
Sweatcoin, is a new, fully free app that is able to track users’ outdoor steps using their phones’ accelerometer and GPS locator.
The steps of the users are then able to be converted into the cryptocurrency, Sweatcoin. The currency can be used to purchase goods and services which ranges from yoga classes to high-tech shoes.
Users can also donate the coins for a charity purpose of their choice.
“We are really pleased that our vision to build a ‘Movement Economy’ powered by the economic value of people’s physical activity is supported by such great visionaries. This round will allow us to build out the product and technology team to improve our step-verification algorithm and develop an open-source blockchain [distributed ledger technology] to allow Sweatcoin to be traded like any other major crypto or fiat currency.” -- Oleg Fomenko, cofounder of Sweatcoin
Clinicoin is another application that promotes healthy activity and provides a reward system that offers its tokens.
“Many of the solutions we provide are around behavioral changes, and the psychology around cryptocurrencies is around gamification. [We] can create leaderboards and components,” --Noel Chandler, CEO and cofounder of Clinicoin.
The Clinicoin application's core function is to send out alerts for users to perform certain activities. For example, take the patient's medication on time. Providers can also selectively engage with certain patients to solicit participants for surveys.
The number of new ICOs and cryptocurrencies that are in the works focusing in the healthcare industries are uncountable. These cryptocurrencies have the potential to shake up the health care sector. The health care world may change dramatically in the near future.
Closing thoughts
Blockchain and cryptocurrencies have the potential to disrupt the healthcare industry. It enables transparencies for data ownership. and thereby invites an exciting future that could change the way data is used to treat patients.
Future applications implemented with cryptocurrencies will be brought to market. These apps will have the potential to transform the healthcare industry across the population.
The use of cryptocurrency can also lower the costliness of the current healthcare industry by eliminating currency exchange rates. Medical tourists from less developed countries will benefit in the increases in healthcare costs.
Hi dear reader, thanks for reading till the end !
I am the writer of this article, Wee. I will be writing a series of articles where I describe (and document the history of) cryptocurrencies disrupting major industries in the world. This will be therefore be the second chapter of
The Rise of Cryptocurrency - Disrupting World Industries.
The rise of cryptocurrency in the Gambling Industry