How Can Cryptocurrencies Change the Health Industry Forever?

There’s no shortage of people who are just discovering
cryptocurrencies and how investing in Bitcoin or altcoins can potentially help
them grow their money. The disruptive capabilities of cryptocurrencies have
been long touted by the early adopters of blockchain technology, many of whom
are now reaping the benefits of acting on their hunch that digital coins will
be widely exchanged in the future.

However, the current craze for crypto is not just shaking up
the financial industry, but it’s also inspiring drastic changes in healthcare.
Using cryptocurrencies to carry out and complete medical-related financial
transactions, according to a number of business magazines, can revolutionize
the healthcare industry and usher in an era where medical facilities and
professionals can focus their operation and practice on the health and
well-being of patients.

From Disrupting Financial Systems to Improving Patient Care

How can a financial innovation contribute to the betterment
of healthcare services? To answer this question, it’s important to understand
the technology behind cryptocurrency. This asset is based on blockchain
technology, which is a distributed system that stores and generates blocks of
information. Every transaction that makes use of cryptocurrencies is recorded
in a digital ledger, and this information is replicated in all the devices that
are connected within the same blockchain system.

Any change done on a connected local device is recorded in a
data block, assigned a unique identifier, and added to the repository of
replicated information in the blockchain system. This, in turn, prevents
manipulation and falsification of data. If you have a dedicated device or a
wallet for storing digital coins, like an XMR wallet when dealing with Monero, then you
can take part in this system and exchange and trade crypto coins yourself.

Using decentralized currencies in the medical setting can
significantly reduce costs for both patients and their healthcare providers, as
security and privacy features are built into the system that makes
cryptocurrency exchanges possible. Depending on their choice of currency,
patients and healthcare systems can settle their financial responsibilities
without sacrificing their anonymity or sharing their personal and health
information with third-party providers. By accepting cryptocurrencies as
payment, medical systems can also make their services more accessible to a
wider group of people, particularly those who invest their money in
decentralized currencies.

Aside from billing, though, blockchain technology can also
be harnessed to increase data security within a medical organization.

Exploring the
Applications of Blockchain Technology in the Medical and Insurance Industries

Information breaches that involve medical systems and
insurance providers happen all the time, and many insurance and healthcare
facilities are taking active steps to improve the security and integrity of
their databases. Blockchain systems—the very technology that’s used to generate
and exchange digital coins safely—provide a secure option for storing and
accessing patient information.

There are companies that are invested in using blockchain
technology to store and exchange patient information while minimizing the risk
of security breaches and data tampering. Using blockchain technology in this
manner can greatly reduce the threat of communication and organizational mishaps.

A decentralized information system that’s equipped with
automation capabilities can update records every time a patient requires
medical services, thus streamlining the recording and data management process.
At the same time, because only the intended recipients can access patient data,
medical professionals can easily request information without worrying if
identifying patient details can be seen, collected, or used by unconcerned

In addition to managing patient information, the efficiency
offered by blockchain technology can be utilized to trace the flow of medical
supplies, keep track of diseases and outbreaks, and even incorporate the use of
mobile medical devices like phones and smartwatches. These functions suggest
that blockchain systems have potential applications not just in providing
better medical care to patients, but also in preventing injuries and reducing
risks for preventable health conditions.

It’s worth noting, though, that the process of applying
blockchain technology in a medical setting is still in its infancy. While there
are service providers that are focused on developing blockchain-based systems
for medical organizations, there are still a number of concerns that these
innovative companies should address in the future.

For example, because details that are recorded in a
blockchain-based database cannot be altered, technology companies must have
protocols in place to prevent inaccuracies before they become a permanent part
of a patient’s record. This entails strengthening the system’s identity
verification and authentication solutions and having protocols in place to
prevent crimes that are carried out through zero-day attacks and social

Still, incorporating solutions powered by blockchain
technology in a medical setup can be the step in the right direction that
patients and medical providers need, especially now that healthcare costs and
the occurrence of information breaches are on the rise. Looking into this
technology as early as now will help medical organizations determine if they
can indeed use cryptocurrency and other related technologies to improve the
level of service they can offer their patients and the rest of the community.

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