Post
Topic
Board Bitcoin Discussion
Re: Bitcoin in healthcare
by
Synchronice
on 08/03/2024, 11:31:59 UTC
Here are some of the benefit I can think of:

Data Security
Confidentiality of data is very essential for a health organization. Patient's data are not to be accessed by unauthorized personnel. The Bitcoin and Blockchain technology provides a decentralized and secure means of data storage. Leveraging on this technology will help to secure healthcare data.
Your data in healthcare is not as protected as you think and data confidentiality is not the priority of health organizations. In fact, your data is sold to many pharma companies for various reasons. Doctors often push prescription medicines of certain brands to their customers because they are paid by those pharma companies to sell as many drugs as possible.

Improving Medical research Funding
Funding is a very important part of any research and researches requires a lot of resources and effort. Normal funding processes can be time consuming, however, the Initial Coin Offerings (ICO) that is offered by the Bitcoin technology provides a more seamless approach to funding researchers and healthcare start ups by raising funds directly from individuals and organizations that are interested in the research by issuing  tokens.
ICO is not offered by the Bitcoin technology. ICO is just a way of raising funds for a new cryptocurrency. To be honest, any healthcare company can raise funds without cryptocurrencies but pharma is a very brutal business.

Effective Payment process.
One of the advantages of Bitcoin technology is the ability to make seamless payment. Normal payment processes with traditional banks can be time consuming and delayed especially when it involves a large sum but with the help of Bitcoin technology, seamless payment transactions can be carried out.

 This certainly isn't all the benefit we stand to gain when Bitcoin is being used in healthcare. What other benefit can you think of.
It's quite the opposite. Bitcoin payments are getting more expensive as the number of transactions increase. Just a few weeks ago, price on a simple transaction with 1 input and 1 output was up to 20 dollars and higher also.