20 Percent by 2020: Mobile Payments Tech Blockchain Catching on in Medical Field

September 6, 2018         By: Steven Anderson

Mobile payments technology is catching on in a variety of places, especially the technology underlying cryptocurrency, perhaps the newest of mobile payments systems. Now, the folks at Dentacoin dropped word our way about how it represents part of a growing trend, as around 20 percent of healthcare operations are expected to put blockchain to work by 2020.

That’s the word from Dentacoin, who pointed out that blockbuster statistic by way of IDC’s Health Insights report. If it turns out to be accurate, that could mean a lot of new ground for companies like Dentacoin.

Indeed, Dentacoin subsequently pointed out just how many uses there were for blockchain technology, ranging from detecting and preventing counterfeit drugs from getting into healthcare operations’ systems to begin with, analyzing patient data, and of course, as part of getting paid and paying bills.

Dentacoin also took a closer look at several healthcare operations to see how close to that projected 20 percent barrier they already were; after all, with 2020 about a year and a third out, 20 percent should be within striking distance for at least some firms. Though the numbers weren’t quite there, Dentacoin found—three major projects put to work were Dentacoin itself, the MediBlock healthcare records system, and Medicalchain, a system which involves rapid data transfer—the potential “snowball effect” commonly associated with blockchain and cryptocurrency may well step in to provide the full projected range.

It’s easy to forget that healthcare operations are businesses too, much like any retailer or restaurant. The basic principles of competition suggest that any business that doesn’t have one particular advantage, while others do, will lose ground against those others. Thus, any gaps are left to quickly fill themselves in as best as possible lest businesses lose to competitors. Blockchain systems will likely be no different here, and the more healthcare operations are made aware of these, the more likely they are to buy.

If 20 percent by 2020 sounds a little too poetic to be real, it’s a safer bet than you think thanks to the sheer impact of competition. Only time will tell if it’s as right as some expect, but the early word says it’s at least starting up.