Cryptocurrency is something most people have heard of, but few understand. To some people, it's still a mythical currency with no real-life value - but they'd be wrong. Cryptocurrency is now a legal tender in countries like El Salvador and being considered in Panama, Paraguay, and Guatemala. Cryptocurrency is used to purchase plane tickets, food, cosmetics, clothing, and the list could go on.
And lately, there's a rise in the number of ways cryptocurrency can pay for healthcare treatments, scientific research, and hospital equipment. The question is, could it change the future of healthcare? Let's explore.
Healthcare could use the likes of blockchains - a centralized system of the decentralized version cryptocurrency uses - to track patient records, help manage supply chains, and even to help researchers advance with scientific research.
Blockchains cut costs, protect patient data, and enhance the entire healthcare ecosystem.
With cryptocurrency on the rise, seeping into multiple industries as if it was already there, it's no surprise that it would leak into the healthcare industry, but it's doing so in a way that benefits both patients and stakeholders, and even researchers. For stakeholders, it offers security. Researchers can use it to purchase PHI to study illnesses. But it's patients that benefit the most.
The birth of healthcare cryptocurrency has led to multiple companies offering services that allow patients to pay for services using digital currency. It opens up a window for change, a window focusing on healthcare inclusiveness, which in countries like America has not always been the case.
Patients have multiple healthcare incentives linked to cryptocurrency investments. Those with the best coins to stake can trade them for treatments, general medical bills, prescriptions, and many more. Digital healthcare companies also realize the potential to capitalize on cryptocurrency and improve the health and wellbeing of the public.
They believe that monetizing healthy habits is where the future of healthcare lies. By taking the medication regularly, staying sober, or engaging in more frequent exercise, people can earn rewards in the form of crypto that can be used for hospital bills and medication.
The birth of healthcare cryptocurrency has led to multiple companies springing to life. MediBloc is the perfect example of a healthcare cryptocurrency that works. It's a patient-centered healthcare cryptocurrency that has a high standard of healthcare programs that aim to help people in what they call - a structured manner. Medibloc offers Panacea, Dr. Palette, and Medipass services.
Other companies include, but are not limited to, Stem Cell Coin, SOLVE, and Medishares. There's a rise in the number of companies providing services based on cryptocurrency as it joins the rest of the world, advancing into a digital currency era.
Yes, cryptocurrency and new versions of blockchains are seeping into healthcare, but does it have the potential to transform medicine? In countries like the US, it absolutely does. It's renowned for having an expensive healthcare system that some people, particularly unbanked people, struggle to access. Cryptocurrency aims to build a bridge and make more healthcare services widely accessible.
As for having the ability to transform medicine, it's yet to be seen. Healthcare cryptocurrency is still very much in its infancy, and its uses are far fewer than in other industries. But, it does signal change and a positive one. Most of the current cryptocurrency healthcare applications serve the patient rather than the industry, proving it could at the very least transform the way people access healthcare.
Healthcare is a complex ecosystem filled with businesses, suppliers, workers, and patients. It's troubled yet incredible, one that's advancing at an astonishing rate. The further integration of cryptocurrency into healthcare and medicine, in general, should enhance patient care, research, and the healthcare system as a whole.