As stated by CoinMarketCap in 2021, There are currently more than 8,360 cryptocurrencies in the world and more than $1 trillion market capitalization (and increasing). Cryptocurrencies are just like data, they’re specific to each industry being related to almost all sectors such as Healthcare, Law, economy, finance and education. 

So the question now is how cryptocurrency and blockchain technology can be used in healthcare?

The answer is quite simple, instead of paying money for your medical bills or gym sessions you just share your data or health records with medical researchers and institutions in exchange for healthcare cryptocurrencies as a reward you can then pay for the previous services in addition to many others including medications and workout equipment. 

On the other side, blockchain technology has become beneficial in improving many aspects of healthcare, the rapidly increasing medical costs and the rise of big data require a significant enhancement in data protection. In 2012, Estonia was one of the first countries to use blockchain technology in healthcare to increase data protection and secure payments.

Now let’s look at the most common applications of cryptocurrency in healthcare:

1- Patients data security

There is a rising interest by many companies like Medicalchain and Factom to use blockchain technology in enhancing healthcare security.

2- Health credentials

Aiming to protect privacy, IBM has developed Digital Health Pass which helps organizations verify health credentials for customers, employees and visitors.

3- Medical records

With the dramatic rise of data, there must be a way to efficiently secure this data, that’s why companies like SimplyVital Health and Patientory are moving with great progress to make sure that patients data is safe.

Although it’s been a matter of controversy for almost a decade now, many people are starting to believe that applying blockchain technology alongside data science can absolutely improve each and every aspect of healthcare.

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10 October 2021

This article was originally published in African Change Makers Magazine

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