Doesn’t it seem as though everywhere you turn there is mention of the blockchain in one way or another? There is growing interest in cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, to name a few, and the list doesn’t stop there. Everyone from realtors to healthcare professionals and institutions is researching what crypto and blockchain would mean to them. Let’s take a glance at healthcare. Whether you are a patient or a provider of any type, this is something to evaluate because there is every indication that crypto and blockchain technology will have an impact on healthcare as we know it today.
Best Use For Crypto Payments In Healthcare
Let’s begin with something most people are concerned with. That would be the rapidly rising cost of healthcare, even when covered by insurance. Most often patients will be asked for a copay when visiting their GP. However, as a result of the Covid-19 pandemic, an increasing number of doctors are offering online appointments through platforms like Zoom or Telemed. Sadly, those copayments are still due upon that virtual office visit, but many people don’t like to use cards online because of the potential for healthcare institutions to be hacked.
Fear of private information being maliciously accessed is one of the reasons many consumers began investing in crypto in the first place. They can keep only enough in their hot wallets to pay for small expenses but when larger payments are due, they refer to their crypto’s current price index on OKX to get the exact value of their current holdings. Then they can transfer enough to spend from their cold storage to their hot wallet. This is the safest way to send money online and with a growing number of healthcare providers accepting crypto, it’s a win-win solution. (Those doctors don’t want to get hacked either!)
Easy Access To EHR In The Blockchain
This is something the medical profession is still grappling with due to the transparency of digital information in the blockchain. Although a patient’s private information can’t be changed or edited, it is still visible and can be seen by anyone who can access the ledger. This is in direct violation of HIPAA, so that is something that will need to be dealt with before transitioning the current technology of Electronic Health Records to blockchain technology. There is probably a way to hide that data, but to date, it isn’t an option in cryptocurrency and blockchain information storage.
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Protection Against Counterfeit Medications
The one thing that medical professionals across the board are eagerly looking forward to is the use of tokens to put a halt to counterfeit medications. Once every authentic medication approved by the FDA has an associated NFT, counterfeit drugs will be immediately identifiable. This not only protects pharmaceutical companies, hospitals, and doctors but patients are protected as well. All those counterfeit drugs usually have their origin in foreign countries, so they can’t be monitored by the FDA or any other government entity.
While there are still a few kinks to iron out, there is every indication that even healthcare will be on crypto payments and blockchain technology within a very short period of time. The best advice is to pay careful attention to updates in technology so that you are prepared for the day when you no longer need to worry that some cyberthief will get all your personal identifying information. That day isn’t here, but it’s close!