When it comes to blockchain and cryptocurrency in the health care and medical services industry, one has to look at its potential to transform these sectors. The use of cryptocurrencies and the technology behind them, such as smart contracts, can help streamline payments between patients and doctors.
Below are six ways of incorporating modern technology into the medical and health sector:
1. Cutting Of Costs
One of the most important reasons medical institutions are turning towards cryptocurrencies and blockchain technology is to cut costs. With payments being made electronically between patients and doctors, the cost of processing these payments can be reduced.
2. Transparency And Data Protection
Another important aspect where blockchain can help in the medical sector is transparency and data protection. In a system where records are kept on decentralized blockchains, it becomes harder for hackers to steal patient data or corrupt any information.
3. Remote Access
Accessing patient data can be difficult when they are away from home. However, with blockchain technology, the public and private keys allow patients to access their medical records anywhere in the world with internet access. It makes it easier for people who live abroad or frequently travel to get their medical needs taken care of while they are on the road.
4. Personal Control
For a patient, it is important to have control over how their health records are accessed and used by third parties such as insurance companies. With blockchain technology, patients can authorize various establishments to access those records with their permission.
5. Seamless Interoperability
Medical institutions, especially those that serve the same geographic areas and communities, need easy access to all patient records. With interoperability, they can share information such as allergies and prescriptions, making it easier for doctors and nurses to take care of patients’ health needs.
6. Improved Data Security
Security is one of the main concerns of many people whenever modern technology is brought up in conversation. With blockchain, data are distributed across several networks, making it much more difficult for hackers to steal it all. Also, patients have their private keys, which can access their data instead of having a single company handle everything.
Bottom line
Technology like blockchain can certainly help in improving medical and healthcare services. With the industry becoming more competitive, medical institutions need to take advantage of modern technology by incorporating it into their systems. It helps them attract and retain customers while providing quality service and care.
Dil Bole Oberoi
