Cryptocurrency In Healthcare: Gold Rush Or Bad News?
Blockchain technology has broken into various areas of human life, promising improvements and quite new levels of development. Healthcare exploration is one of the most dynamic of all industries. However, the conflicting nature of this area in conjunction with huge expenditures needed for any changes represents a serious obstacle for modifications. As a result, healthcare’s adoption of new technologies is known for its sluggish pace.
Nevertheless, the determination and perseverance of the blockchain industry has not allowed these barriers to halt them. Cryptocurrency has progressively penetrated the field of healthcare. Actually, it is high time to decide : Are blockchain and cryptocurrency really as ideal as they claim to be?
Cryptocurrencies In A Nutshell
To understand the hype around cryptocurrency, it is important to understand exactly what it is. Cryptocurrency is often called ‘the money that lives on software platforms.’ It is digital cash or tokens. The desirable concept of cryptocurrency is it simplifies online transactions and makes them more secure. A feature making cryptocurrency unique is its specific structure is not issued by any government or central authority. Therefore, it is not legally regulated.
Cryptocurrency is a part of a relatively new type of decentralized technologies which have numerous advantages as a balance between accessibility and inherent security, reliability, fraud prevention and more. The decentralization of blockchain is a new way of allowing a look at networking, and it raises multiple significant problems with business and its customers.
Decentralization gets rid of huge databases in one central location. Instead, it disperses its accounts across multiple computers located all over the world. This innovative technology has various applications which can be used in different areas, but its origins in the healthcare industry make it especially successful for transformation and development.
Furthermore, the advent of blockchain in healthcare makes it possible to create ICO (Initial Coin Offering) projects, which offer great possibilities for interesting, useful projects to obtain financing. An ICO is a form of fundraising through selling fixed amounts of underlying crypto tokens to investors. It is a relatively new phenomenon; however, ICOs have quickly become popular. Obviously, it is advantageous for both investors and developers and provides opportunities to implement great projects.
Why The Hype Around The Cryptocurrency?
While blockchain is explored and implemented in many industries, including healthcare, two views of this technology are becoming increasingly popular. One says the cryptocurrency is a godsend for humanity, extolling its advantages. Another holds the opinion cryptocurrency is a soap bubble, which is going to burst one day. Who`s right? Certainly, we can`t give an unambiguous answer, but we can consider both views in detail.
Why Invest In Cryptocurrency?
The main value of an ICO is the idea it provides for the gathering of investments. The successful launch of ICO projects promises great opportunities for investors (like increasing the token cost) and developers. In 2017, capitalization of cryptocurrency first exceeded $100 bln. This indicator allows them to be considered global and important.
Furthermore, cryptocurrency is guaranteed anonymity. An investor is provided a certain amount of cash, and only he knows the amount. Within the project, nobody knows the personal data of investors.
To participate in the capital of a large company, people usually need to invest big money. However, with ICOs, everyone can take part. The next advantage consists of availability. The size of an investment can start with small sums- sometimes with a few dollars buying a fair amount of tokens. Moreover, a bounty, -a reward, may be offered by developers for defined services. In simple terms, a startup gives its tokens in exchange for someone’s contributions to development. It is also beneficial for developers.
By investing in tokens, issued by an ICO, people can:
- Capitalize by reselling tokens at a higher price in the future.
- Get provided project services and products at low cost.
- Support interesting projects.
Obviously, the ICO is a great solution for investors and developers because of its accessibility and potential dividends.
Is It Worth Such Risks
On the other hand, experts advise people should be more careful with cryptocurrency investments. It is better to wait until the hype over cryptocurrency goes down. Memories of the bitter experience of stock market flash crashes warn us to be patient and attentive.
Experts recommend buying tokens with an eye on modest growth. This growth can be more considerable than other markets. Purchasing cryptocurrency (tokens in this case) is interesting while there`s a demand. When sellers begin to dominate the market, the exchange rate can collapse at anytime.
Pay attention to proven companies and developers. This reduces the risk of `gambling.`
Who can use blockchain and cryptocurrency in medicine?
At first glance, the application of blockchain and digital currencies in the healthcare industry may not seem clear. However, one should take a broader perspective and look at all players — patients, their families, doctors, pharmacies, etc. — as elements of a single ecosystem linked through multiple types of transactions that can all benefit from tokenization:
- Hospital staff — manage access to patient information, track appointments, control supplies of drugs and equipment
- Hospital patients — pay for infotainment packages
- Patients’ families — book accommodations near the hospital, order food and services
- Pharmacies and drug distributors — sell medications, verify the authenticity of prescriptions, perform factory-to-pharmacy quality control
- Doctors — offer remote consultations and receive controlled access to patients’ data (where local regulations permit)
- General public — request consultations from outside specialists, including those abroad; pay for consultations and drugs; store and share medical records
It should be noted that many application possibilities do not involve cryptocurrency payments: For example, process optimization inside a hospital will not require any transfer of money apart from the standard network fees.
ClinicAll Goes Ahead
One of the healthcare companies which adopts blockchain technology is ClinicAll. Created in 2008, it has earned customer trust all over the world through providing high-quality and up-to-date services and products. Accepting the challenges of digitizing healthcare, ClinicAll is ready for fruitful work and is opening its doors to everyone who understands the highest priority is health.
With a mission to make related medical services and products accessible for everyone, ClinicAll has chosen blockchain as the base of their product. Blockchain technology brings many advantages to projects, and its key aspects are security, optimization and democratization of data.
Since ClinicAll is an ICO project raising funds via public sales, it has an exclusive CHT Token based on the Ethereum ERC20 Standard. CHT tokens offer the opportunity to join the ClinicAll ecosystem and get wide options relating to various healthcare needs.
Now is the time to choose: Are you ready to go for the gold?
Learn more about ClinicAll here: https://clinicall.io/
