Dentacoin Looks at the Impact of Blockchain in Healthcare

August 9, 2018         By: Steven Anderson

It’s been almost a decade since cryptocurrency and blockchain first made their appearances on the world’s stage, and in that time, they’ve staged an economic upheaval almost as profound as the internet itself. That was a good opportunity for the folks at Dentacoin to drop word our way about the kind of impact these two technologies have had on the healthcare market, and as Dentacoin sussed out, it’s an impact that goes a lot deeper than you may think.

One of the biggest new ramifications, Dentacoin noted, is that new applications have emerged that improve on data transmission and security. Thanks to blockchain, peer-to-peer data distribution is now not only possible, but it actually improves on the current database system by offering more versatility as well as greater security. Considering the sheer number of regulations there are surrounding data security in healthcare, this could be one of the biggest steps forward the field has seen in a while.

Dentacoin also pointed out the impact of blockchain operations for pharmacies (who could keep better track of their inventories with blockchain systems), as well as for anyone who’s involved in dispensing medications to patients. Word from IBM lends extra support to this notion; it found that 16 percent of healthcare executives studied are planning to add blockchain technology to the lineup within the next year.

In the end, Dentacoin is absolutely right; the blockchain concept has so many different uses that it’s hard not to find a value for any market vertical somewhere in the operation. If information is handled, if inventory is involved, or many other points, there’s a potential use for blockchain involved. The problem, though, is convincing people that blockchain is a useful, worthwhile technology and not just a front for a massive Ponzi scheme. Cryptocurrency, and by extension blockchain, has taken a lot of hits on that front lately, and turning around the negative image will be vital to getting more users on board.

Only time will tell if blockchain can reach its full potential, or if it will be crushed under the weight of its bad press out of the gate. It’s going to take a lot of doing to turn perception around, but it’s still very possible.