Cryptocurrencies have earned some notoriety on the world stage for their disruptive effect on the global financial landscape. However, the technology that powers cryptocurrencies like Bitcoin, which is known as Blockchain, has the ability to impact several other industries as well.
Joseph “PlugWalkJoe” O’Connor is a crypto expert who advocates for the positive impact that Blockchain can have in other industries outside finance. One of these industries is healthcare, where technology has and will continue to play a vital role in achieving outcomes for healthcare professionals and, most importantly, their patients.
A self-described blockchain enthusiast, Joseph decided to share some of his thoughts on how Blockchain can be leveraged to help the healthcare industry.
One of the first things Joseph talks about is the way Blockchain can influence how data management and data sharing is performed. On this, Joseph says,
“The Blockchain protects financial data and ensures it is accurate, so the same principle can be used for highly important medical data. Blockchain can address the issue of medical errors by providing a universal and secure database for medical information, rather than each clinic operating its own records internally.”
He adds, “Imagine a world where someone’s medical history is instantly available across borders in a secure way that can’t be tampered with. So many lives could be saved if Blockchain was used in this way.”
According to Joseph, Blockchain can also be useful in helping to improve the supply chain of drugs, where counterfeiting is a significant problem that can cause harm to sick people. Joseph says,
“Blockchain can also be really effective when used to provide transparency and traceability to the logistics of drug distribution. In fact, it can be used to make pretty much and kind of supply chain much more secure and would fight against counterfeit goods when easily accessible to consumers.”
Of course, the utility of Blockchain in helping secure financial transactions can also be implemented on the business side of things in the healthcare industry. On this point, Joseph says,
“Since healthcare fraud is such a costly issue, there’s room for blockchain technology to be implemented to create better outcomes. In fact, if done correctly, it could make admin much cheaper and reduce medical bills for patients, as well as make some intermediary systems redundant, creating a more streamlined and effective process for healthcare billing.”
Erik Horn has been a senior editor at Health News Tribune for three years. Fluent in French and proficient in Spanish and Arabic, he focuses on diseases and conditions He’s a born-and-raised Torontonian and spends most of his weekends in search of strong coffee and stronger Wi-Fi.