Cryptocurrency and Healthcare: Innovations and Challenges breakdown

When we talk about cryptocurrency and health care is more about the integration of it's blockchain technogy into the healthcare system and that indeed it's a wonderful innovation of it own though truth be told it also comes with it own notable challenges which I will discuss. True cryptocurrency always have an impact weather good or bad in whatever field they are applied to though mostly good so now I will break down the Innovations of cryptocurrencies in healthcare and it's notable challenges.

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Innovations To Healthcare

The innovations that blockchain potentially brings in healthcare is that it will greatly help to make sure to provide transparency in supply chain in the sense that drugs being supplied by pharmaceutical are done in a transparent and easy to trace manner and this will help to provide accountability and blockchain integration here will also eliminates or atleast to a large extent reduce the production of counterfeit drugs since there will be proper checkmenting

Also in the aspect of blockchain smart contract feature, this will help to build trust in the healthcare system and agreements of medical contracts will be more binding and will be following an automated process and this will greatly help in improving not just trust in the healthcare system but also increasing the integrity and help to ensure that all health care process are done efficiently.

Also there won't be cases of mismanagement in patient information as the blockchain would ensure that maximum security of the personal information of the patients which will thus help in ensuring more trust in the system and make users have firm believe in what the healthcare has to offer and it will have to ensure that medical records could easily be accessed and this records would be temper resistant legit and authentic, indeed such is the innovation cryptocurrency brings to healthcare.

Since blockchain is such an efficient technogy it thus ensures that all the payments done in the healthcare system are done with a high degree of efficiency as such all the transactions being done in this sector blockchain ensures that they are done efficiently all the bills and payment and necessary tracking of financial transactions are ensured here enabling what would be a seamless transactions in the healthcare system which is for a fact a great innovation.

Challenges Experienced

One of the challenges faced in this integration is regulation issues, only if this issues will be solved it will unlock a load of opportunities for cryptocurrencies and it's enthusiast but due to the fact there isn't a proper regulation especially also anyone governing cryptocurrencies implementation in healthcare system it makes it hard to even know if they comply with the health data protection laws and this makes the integration harder as the uncertainty of regulations means uncertainty also in any system it's integrated in even in the healthcare system which is bad for medicine as it creates unstableness as regulatory decision could change anytime in various countries.

Another challenge that this integration face is kind of a dilemma, for one blockchain system offers transparency in all blockchain related transactions and at the same time they are also to ensure that the private information of their patients are well secured so the dilemma is this, trying to provide the transparency that a decentralized system provides while balancing it with the supposed need to protect the patients personal information, it's not really easy, that too is a challenge as it's important while being transparent not to also compromise users data

Well there is also potential risk and most smart contract use for automation of contract agreement may have some vulnerabilities which could be exploited by hackers in an attempt to breach hospital medical records and gain access to personal information of users hence there is a need to create a further and more advanced security features, a robust one indeed which will further act as a bullet proof against hackers effort making it vain.

Conclusion

Well while cryptocurrencies brings a lot of innovations in the healthcare system it also comes with it challenges so the deal is this to better enjoy the full benefits of this integration is best if this challenges are properly tackled and this will further help in bringing about wonderful landscape of healthcare and further revolutionizing this healthcare system adding more efficiency in the system.