How Cryptocurrencies Can Help Change Healthcare Systems Around The World

Updated on July 28, 2020


When Satoshi Nakamoto first conceptualised Bitcoin and Blockchain in 2008, little did he (or her) know the far-reaching implications of the innovation. For the last decade, scientists, software experts and policy makers are looking for the applications of Crypto and Blockchain in different fields. 

While the implementation of Blockchain technology in financial transactions is being widely experimented on, experts feel that there is one industry, which can strongly benefit from both crypto as well as Blockchain. 

What are some of the problems the present Healthcare System faces?

In the past few years, many crypto and Blockchain exponents have pointed to how our healthcare systems can benefit from this technology. At present, in almost all parts of the world, healthcare systems are on the verge of crashing. 

In terms of maintaining records, improving infrastructure, disseminating and sharing information, etc. the healthcare systems are at a total loss. Exponents have pointed out how simple application of Blockchain technology can help different stakeholders in the industry. 

For patients, it can help in faster settlement of insurance claims, report processing and record maintenance. For healthcare professionals, it can lead to better information sharing, research conducting and access to better infrastructure. For establishments, it can lead to streamlining operations, cutting down on overhead costs, reducing the staff and bringing in automation. 

No matter from which vantage point you look at it, integrating crypto and Blockchain in the healthcare industry can be very beneficial for everyone concerned. 

How Cryptocurrencies can power Healthcare in the future?

Health experts along with crypto proponents are of the opinion that Bitcoin and other crypto can lead to greater transparency. They can also lead to insurance firms and financial agencies working with consumers in different parts of the world. 

For example, if a US based insurance company wants to offer health care coverage to Indian consumers or tie up with Indian hospitals, there would be many hassles and problems. However, by using a global and standard digital currency, the company can expand operations across countries and continents. 

This will help in enabling a true free market economy, which will not be driven by protectionism. This will also help consumers get the best and most competitive prices for their healthcare needs and benefits. This can also lead to better innovations in drug manufacturing, sharing data, research and improving efficiency. 

Blockchain can help in preventing Healthcare Wastage

One of the strongest criticisms associated with the healthcare system of any country is operability. In other words, the entire structure of operations is inefficient, too expensive and delivers falling output. 

This is true for both the healthcare systems in developing as well as developed countries. By integrating Blockchain technology, wasteful expenditures can be reduced. Two main areas, which will be directly, affected are- administrative wastages and clinical wastages. 

By ensuring the best processing of data through secure and encrypted Blockchain tech, the healthcare industry can save on massive amounts of time. This in turn will help in streamlining the internal operations within the system. Once this has been achieved, all wasteful points can be identified and addressed. 

In the end, more can be done efficiently in a shorter span of time in a far more transparent manner. 

Which Countries are Innovating on Crypto and Blockchain in the Healthcare system?

The United States is leading the way when it comes to healthcare systems and Blockchain technology. IBM, one of the biggest software companies in the world has tied up with several leading players in the industry. They are working to create an automated directory of patient records, which can be easily accessible by healthcare professionals and establishments. 

Other countries like India and China are also working towards ways and means of using Blockchain technology in the different sectors. There are rising investments being made in cryptocurrencies through credible platforms like the Bitcoin Supersplit

This is leading to subsequent innovations. It is only a matter of time until almost all industries are going to integrate crypto and Blockchain technology. 

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.