Bitcoin: A Secure and Efficient Solution for Healthcare Transactions

Today, it is clear that digital currencies are about to transform how we perceive finances. For a long time, people thought that having digital currencies was not possible. However, the movies from the seventies and eighties were completely right, don’t you agree? Bitcoin is the most important aspect of the cryptocurrency market and will continue to be the main one for many years.

The interest in Bitcoin is quite high these days. Thankfully, traders have more opportunities to trade BTC. Many use BTC faucets, like SatoshiHero, to obtain these as well. Still, the full potential behind cryptocurrencies is yet to be revealed. Of course, we are talking about a massive potential, and some believe that the technology is on the right level so we can discover all the important elements.

Nevertheless, from what we know, we can see that Bitcoin and every other digital currency can help through its blockchain system. The medical industry is one of the industries that will reap the benefits. If you look at the situation in the United States, you will see that the government spends roughly 20% of its GDP on healthcare. Therefore, there is no doubt that Bitcoin will affect the industry. Let us shine a light on this topic.

Blockchain: The Basics

Before discussing the connection between the blockchain system and the healthcare industry, we must discuss the blockchain in depth. This is quite an important topic because many people do not understand how it works. There is much misinformation regarding this subject because not many things about blockchain systems are clear. We are yet to find out about them.

The most important thing you should know about the blockchain system is that it represents the perfect mix of in-built incentives and highly advanced cryptography. Because of these two elements, the system is completely free of any authority. Furthermore, it distributes the power to all the participants. With that in mind, there is no need for any intermediary when the transactions are made.

The decentralized system provides the user many benefits, but one is the most important. We are talking about making the process more transparent to the consumers. The enterprises and traders have complete control over their assets without anyone participating. When this happens, it becomes possible to decentralize the economy, which helps with preventing big companies from gathering personal data.

Digital Currencies and Healthcare

Besides the blockchain, digital currencies, like BTC, can also play a big role in the healthcare industry. The most important thing to know is that the transactions will be protected from outside influence. These transactions are immutable, meaning they cannot be changed. So, you can see that the chances of hackers meddling with them are practically non-existent. It certainly adds another layer to the security.

Once again, there would be no need for the central authority over the transactions. Instead, the system will conduct them on its own. Another thing we want to point out is that the participants do not need any preexisting relationship with each other. A good example is that the insurer can access the EMR system. But, of course, it cannot be done without the patient’s consent. That aspect is crucial.

Still, the most significant point is that the blockchain network should verify the hospital and insurer first. Then, when it comes to the transactions themselves, they will be much faster than any of those conducted by traditional systems, like banks. Not to mention that the hospital will not need to wait until the transactions have come through. The longest time it goes through is usually between half an hour and an hour.

What are the Benefits?

We want to discuss the main benefits of using digital currencies and blockchain in the healthcare industry.

Benefits for Organizations

First, we want to touch upon the benefits healthcare organizations can reap from conducting this approach. The first one we want to mention revolves around patients’ medical records. The blockchain system will ensure that all the records are stored properly and protected from any potential problems that might pop up when these records are exposed. Unfortunately, tampering and hacking are quite common in this industry.

The next important thing that needs to be mentioned is that hospitals and other organizations can make decisions much faster for doctors. The reason is simple: the records are stored in a single place and can be retrieved immediately. With them being available to doctors immediately, they can understand the patient’s history simpler. They do not need to go and reach out for the physical records from the archive.

The records will be available whenever needed. We want to say that these can help make the issuance of medical credentials much faster. Those aware of these processes know how problematic it is for doctors to obtain these credentials.

Benefits for Patients

When it comes to patients, they consider the security of their data as the most important element. In this case, no one can access the patient’s data without permission. In addition, the patients can monetize from this approach. This is possible when they agree to participate in the medical research of their choice. We are not talking solely about testing new medications in this case.

Both parties will get the benefits from this approach. The doctors will have much more data to study, and the patients will be paid in digital currencies for their participation. On the other hand, patients can expect to receive treatment from their doctors much faster. The doctors will have the records at their disposal at all times, which results in them finding the right treatment to help the patients overcome their problems.

The Bottom Line

As you can see, digital currencies will play a huge role in the healthcare industry in the future. We are talking about both the blockchain industry and cryptocurrencies. Here, we have provided you with all the most important elements you should understand regarding this topic. We are certain you will find all this information to be a great insight into what we can expect to occur in the future.