When Bitcoin made it into the mainstream scene, many thought that its impact would solely be where payments and finances are concerned. It is was assumed that it would only really influence the banking/investment sector as well as how the general public would transact employing virtual Bitcoin wallets provided by Luno and other trusted companies. However, cryptocurrencies, and especially Bitcoin, can and have affected multiple sectors positively, with medical and pharmaceutical two prime examples of this.
Bitcoin makes use of blockchain technology, and it's perhaps this which stands out the most when it comes to positively impacting on the medical and pharmaceutical industries. While Bitcoin and blockchain are still relatively new to the scene, and unlikely to change the trades in one fell swoop, their impact has immediately been felt in the short term when it comes to streamlining processes, making everything run more efficiently and improving the experience patients and those working in the sectors have.
A prime example of streamlining and improving efficiency is that blockchain features a decentralised ledger or digital record. Additions are made and verified, using pre-set rules, but it cannot be changed or deleted. Therefore, multiple people across the medical and pharmaceutical sectors would be able to access and share the relevant information when required, which will save a hell of a lot of time and hassle.
It would, for the first time, allow patients to have access to their full medical history on demand, a history updated in real time. From visits to the GP to surgeries and medication, patients would have access to it all, and this would prove advantageous when making claims or applying for medical insurance, for example. Applications could be verified, and insurance coverage granted in a relatively short space of time when utilising blockchain technology due to a combination of additions to the ledger, and the use of smart contracts.
Where pharmaceuticals are concerned, they go on a considerable journey from being produced to reaching the end user. Therefore, being able to both track the progress of medicines throughout the chain and monitor the quality etc. is something which is of great importance. Some pharmaceuticals need to be at a precise temperature during stages of the process, and thanks to the technology behind Bitcoin, the temperature could be communicated to the blockchain at regular intervals.
For Bitcoin specifically, a fantastic advantage is that transactions can be completed whenever and from wherever on demand. It is the perfect scenario when multiple entities such as manufacturers, suppliers and chemists are involved in a chain. They'll be able to refer to the ledger to check for the essential information such as invoices, payments, delivery notes every step of the way.
There is enormous potential when it comes to Bitcoin and the technology behind it in the medical and pharmaceutical industries, but we shouldn't expect too much too soon. The relationship is still very much in its infancy, and even though an impact is already in progress, in the future we can expect to see a more significant and more noticeable influence asserted - one which will only benefit everyone in the long run.
