Industries That Blockchain Will
Radically Transform Healthcare
The term “cryptocurrency” is a misnomer. A common misconception,
held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money. Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Healthcare
In America, it contributes to a fifth of the national economy, which amounts to roughly $3.8 trillion. Unfortunately, the industry is difficult to modernizeon a large scale and is hindered by obsolete processes, legacy data management systems and outdated infrastructure.
Patient data is a crucial part of the medical industry. Secure storage and data access, which could protect and make efficient diagnosis, is possible with blockchain. There are possibilities for the healthcare industry to partner with tangential services of other industries, such as insurance. ICON (ICX) is working on creating an ecosystem where this kind of inter-industry collaboration can exist. The existence of legacy systems is especially noticeable in developing nations, which are many steps behind their developed counterparts. Blockchain could quickly bring these nations up to speed , rapidly modernizing their healthcare services, which would better patient healthcare and generate revenue.
Patientory, which raised over $7 million in 3 days in their ICO, aims to improve the healthcare space by offering a secure space for stakeholders to store and manage data. Their target audience is patients, providers and healthcare organizations. Patients can easily access their data and hand it over to providers, who may not have a complete history of the patient’s health but will be able to view notes from previous providers and organizations. The organizations benefit from cheaper, secure and efficacious record storage.
DokChain aims to provide cheaper and more efficient solutions to patient data processing. They are operating on a slightly larger scale, developing a platform for a broader range of industries including insurance. Gem and Tierion are two other blockchain projects working in the healthcare space.
Chuck Reynolds
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Industries That Blockchain Will Radically Transform Healthcare
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