How Cryptocurrency Disrupts the Health and Wellness Sector
The world has been growing exponentially when it comes to technological advances. Digital currency owners are now able to purchase from various merchants directly from their crypto wallets and, while many financial institutions are beginning to open up to the idea of working with cryptocurrencies, the healthcare industry is gaining more interest in crypto technology as well. This article will explain different ways cryptocurrency is disrupting the health and wellness sectors.
It’s lowering costs.
Establishing the use of cryptocurrencies in the healthcare industry will cause many bureaucratic walls to break down. The human resource efforts would decrease significantly, as the crypto exchange on the blockchain is completely decentralized. This means that third-party entities such as insurance companies would not be needed to process payments as all the information would be transparent, for everyone to access. There wouldn’t be a need for annual fees for these services, and transaction costs—even foreign transaction costs—would be greatly reduced.
It’s creating crypto credit cards and debit cards.
Now that more people—and countries—are accepting crypto payments, the number of financial institutions moving onto crypto assets is growing. Companies like Visa are now offering their clients crypto cards. A crypto cardholder will have access to their crypto assets and make payments with them. This positive trend opens many more doors for people to use their digital assets for different purposes, including paying medical needs. When merchants accept abundant payment choices like crypto credit card MasterCard or Visa, more people can receive more comprehensive medical management services.
It’s generating crypto rewards.
Rewards are one of the reasons people open credit card accounts, so it’s a no-brainer that people should apply for a cryptocurrency credit card to generate crypto rewards. Companies like Gemini have opened a waitlist for their new crypto credit card that’s launching this summer. With the Gemini Credit Card, they offer U.S. residents cashback rewards, crypto rewards in any available cryptocurrency, and no annual fees.
On the other hand, the crypto exchange Coinbase offers rewards and perks for individuals who learn about different cryptocurrencies through their platform, engaging users in a fun way. Another example is Dentacoin, a cryptocurrency that incentivizes patients for their dental records, empowering both adults and kids with healthy dental care habits. Likewise, the open-source cryptocurrency platform Clinicoin offers rewards to users for partaking in healthy exercises. Initiatives like these promote global health and wellness.
It’s enabling universal access to healthcare.
By removing third-party intermediaries, cryptocurrencies empower people with universal access to healthcare. The ability to use crypto assets permits people to make based decisions on health plans due to the availability of information in open markets. Transparency is necessary for truth; the chances of having errors in data will continue to lessen as providers will be managing the same data. For this to happen, healthcare providers would need to collaborate to automate health records in this manner. This translates into not having to wait for medical records to update across various countries or among providers to receive the necessary medical attention.
It’s providing for innovative developments.
Cryptocurrency has pushed innovation to levels that once seemed unreachable. It has motivated companies to charge crypto assets to launch research fundings—research for new drugs, medical procedures, therapeutic technology, and even DNA exploration. The crypto company Stem Cell Coin focuses on facilitating access to stem cell treatments via its own crypto exchange. Also, cryptocurrencies are looking to make health as patient-centric as possible by implementing blockchain-based platforms (cryptocurrencies run on the blockchain). This would allow patients to be in total control of their medical records and privacy.
As the human race evolves, so will our need to access decentralized information and healthcare for all. That said, healthcare will need to continue to be revolutionalized by cryptocurrencies to adapt to the endless possibilities they bring us and the medical advances it promises.