Can The Healthcare Industry Benefit From Adopting Bitcoin

Updated on January 15, 2022


The healthcare sector is one of the fastest-growing industries of our time. It involves doctors, hospitals, insurance facilities, drug and pharma companies, patients, vaccine makers, medical hardware manufacturers, and so on. For the last decade or so, the industry is experiencing double-digit growths on a year-on-year basis. 

One major push to the healthcare industry has come about due to the COVID-19 pandemic. The pandemic has exposed just how much we need to spend on our healthcare sector globally. 

In this article, we are going to explore a new area of interest, which is emerging- the relationship between cryptocurrency and healthcare. We will look at how adopting Bitcoin or any other crypto can help in making the sector far more efficient, productive and people-friendly. 

Major challenges facing the Healthcare Industry in 2020

Even though we expect that the healthcare sector to be the finest, as it directly helps in saving the lives of people, it is not without its shortcomings. The pandemic has shown that coordination between the different entities within the sector is not at all efficient. 

Paperwork, licensing, payments, credits, commissions, governmental clearances and corruption have acted as major brakes. Take any country in the world and we will see how most of these issues revolve around financial issues. 

If there is a medical crisis in the form of a pandemic or even a natural disaster, coordinating medical efforts requires clearances and payments before any concrete action is taken. By this time, many lives are lost, which could have been easily prevented. Fast and decisive action is often thwarted by external elements, which have a considerable say in decision-making. 

How Adopting Bitcoin can help solve many of the Healthcare industry’s woes?

One of the core features of Bitcoin is how it is fast and end-to-end. It is also impossible to tamper with transactions, making it incorruptible. This means that corruption, commissions and intermediaries, which seek to profit off pandemic and emergencies can be eliminated. 

A single unified payment structure that runs of Bitcoin payment and Blockchain can promote faster coordination, payment releases, share data and information, all at a lightning pace. This can help in taking fast actions, process faster payments and allow the needy to get immediate attention. 

Ever seen how we have to wait for countless hours to wait for the insurance money to be credited to our account. Experts point out that medical insurance can become easy and people-friendly if the transition to Bitcoin and Blockchain is made by the industry. 

No one country in the world is complete in terms of healthcare. Meaning, we are dependent on other countries for medicines, hardware, medical equipment, vaccines and so on. If a country wants to import medicines, it goes through currency conversions, payment permits from national banks and other licenses. 

This makes the process unnecessarily long, cumbersome and opens up scope for corruption and illegal activities. By adopting a single global unified structure of payments, the healthcare industry can benefit immensely. 

Why the Resistance to adopting Bitcoin in the Healthcare industry exists?

Have you ever wondered how politicians, government leaders and the rich always have access to the best medical facilities? 

At a time when a majority of the world’s population is having difficulty finding proper medical care, leaders and decision-makers find it easy to get the best medical attention for themselves and their families. 

This is because they have the money, the channels and the network to get it done. However, they do not want the majority of us to get access to the same. 

In other words, even though we know about how beneficial adopting Bitcoin and Blockchain can be for the healthcare sector, it is these people, which will prevent the same from happening. 

The Final Word

It is high time that the world’s population at least fight for the adoption of Bitcoin and Blockchain in the healthcare industry. By being a part of the bitcoin rejoin software, we can make Bitcoin use mainstream to the point that world leaders are forced to acknowledge the presence and adopt Bitcoin. 

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.