Healthcare: A Major Beneficiary of the Blockchain Revolution
Penny stocks. You’ve seen the advertisements and immediately deleted the junk mail about penny stocks. Our culture is increasingly keen on the get rich quick scheme. Who wouldn’t be? Get rich quick? Count me in.
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Without a doubt, the latest penny stock, if you will, has been cryptocurrency. Bitcoin specifically has captured the attention of the world. We’ve heard the success stories. We’ve even heard the regret stories about individuals who sold their Bitcoin too quickly or lost it. But have you heard about what powers these cryptocurrencies? It’s called blockchain. And it can change our society much more than any get rich quick scheme ever could.
What Is Blockchain and What Can It Do?
A blockchain is the digital ledger that records all of the transactions that take place with a crypto token. It is completely secure and irreversible. When a transaction is made with a cryptocurrency, that transaction is open for all to see and can never be deleted, changed or altered in any way.
The impact of blockchain is far more reaching than financial transactions, as it has the possibility to transform almost every industry. One industry in particular that can truly benefit from blockchain is healthcare.
Examples of Blockchain in Healthcare
MedRec is one such example. By pairing medical records with blockchain, MedRec is seeking to make patients records easily visible by any doctor who needs it. This saves time, energy and money. This is one way that records can be kept straight, even in transfers of different states with different providers. Access to medical history can even be handed over to researchers, potentially resulting in faster medical discoveries due to the increased amount of data.
Another example of blockchain in the medical field is the Mediledger Project. This project is specifically designed to help the pharmaceutical supply chain. When moving pharmaceuticals, companies must adhere to the track and trace regulations. Mediledger helps optimize this aspect of the supply chain by allowing the verification of each EPCIS message.
BlockMedX: A Cryptocurrency for Your Medical Prescriptions
Perhaps the best example of a healthcare-centric blockchain is BlockMedX. This token pairs writing medical prescriptions with blockchain to make sure that prescription writing is completely secure. Why is this necessary? The opioid crisis.
The opioid crisis has turned into a major epidemic during the last ten years. Over 90 Americans die from an opioid overdose, every day. Opioids are highly addictive drugs that are meant to relieve severe pain. These drugs are prescribed for very legitimate reasons, like recovering from an injury or surgery. However addiction to the drugs is easy. And unfortunately access to attaining more of the drugs than necessary is even easier.
Paper prescriptions written by doctors are easy to forge. It’s too easy to make copies, forge signatures and fudge numbers. Plus, pharmacies aren’t given the tools necessary to determine if the patient they are giving the drugs to is an abuser or faithful user.
These problems and more can be solved with BlockMedX. The platform, built on Ethereum’s blockchain pairs prescription writing with blockchain. This provides an unalterable history of prescriptions written, giving doctors, pharmacists and patients a clear history. With this history, pharmacists can better know if they are giving out drugs to an addict and thus refuse service, potentially preventing a fatal overdose. This also prevents patients from visiting multiple doctors across states in order to obtain the drugs, as their record will be searchable.
Further ensuring that no prescription will be forged, each prescription must be paired with a biometric password, like facial recognition or a thumbprint. This removes the potential of a paper prescription being copied, altered or forged.
Each prescription will be paired with the BlockMedX token, MDX. By pairing a prescription with a MDX transaction, each prescription is guaranteed to be locked into the blockchain. Because blockchain is an open source, viewable ledger, it provides all parties access to the information, while still being HIPAA compliant. Patients will even be able to pay for their prescriptions and doctors visits with the MDX token.
Blockchain and cryptocurrencies are more than the latest stock to invest in. The ideals and technology of blockchain has the potential to impact every part of the business world. And it won’t be long before we’re seeing and benefiting from the implementation of blockchain. Healthcare is certainly an industry that could benefit from the power of blockchain.
Images via Pixabay, BlockMedX
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