The health sector has always been an intriguing sector due to its conservative and private nature which makes new technologies slow to making inroads. The health sector is a multibillion-dollar industry and must face the rising trend of applying blockchain technology solutions to resuscitate its fledgeling status.
Cryptocurrency application should in the real sense be perfect for the health sector since it maintains the core values of the health sector which is privacy and integrity. However, blockchain technology has failed to make as much impact in this sector like the financial sector due in part to misconceptions about its benefits and disadvantages.
Digibyte (DGB) And Ripple (XRP) To The Rescue
Many hospitals and health firms still utilize the traditional method of manual file storage system for a patient which is laughable in this age of digitalization.
Unlike the initial days of digital currencies which involve Bitcoin and a few coins, the cryptocurrency market has exploded with hundreds of coins currently flooding the market. However, for the health sector, this article will be looking at two major cryptos well situated to perform well in the sector. These are Digibyte (DGB) and Ripple (XRP).
Digibyte (DGB) As A Truly Decentralized Solution
Digibyte has emerged as one of the most stable blockchain technology in the market earning a reputation as a very secure coin. This makes it an ideal platform for the health sector as patients’ data can be easily stored without fear of leaks and data loss.
Since Doctor to Patients privacy is a key component of the medical field, Digibyte would create a tight-lipped database with information optimally controlled by the patient and the Hospital.
Another Important Factor For Digibyte Favour Is Digi-ID.
Digi-ID is gaining popularity with its security features and has been adopted by various organizations looking to shore up their security features. This could be employed in the health sector giving users the ability to view their medical records without risk of leaks or monitoring.
Many apologists against crypto adoption in the health sector argue over the breach of confidentiality if health information is placed online. There may be initial scepticism but the long-term application makes it worth the risk as the data placed online will be restricted.
Moreover, Digi-ID lets users access to websites integrated with the blockchain ID without using password, rather QR codes are utilised which means that confidentiality is maintained online. Communication is also simplified since rather than sending prescriptions to mailboxes this can be sent directly along the blockchain ID.
Ripple As A Secure Payment Solution
Many may be surprised how Ripple could work in the health sector as it is mostly associated with the financial sector. However, there are many applications in which Ripple technology can be harnessed by the health sector.
One aspect is in payment of health materials, Ripple can drastically improve the turnaround time taken for transactions to be finalized. Since it is in partnership with over a 100 financial institutions. Ripple offers low cost for cross-border transactions which inadvertently means more money saved by the business.
Ripple: End To End Tracking
Ripple employs end to end tracking of transactions which can be useful for government health agencies when it comes to drugs control. Drugs produced by pharmaceutical companies can be inscribed by a special code which makes it possible to track every single pack of drugs coming out of the factory.
This would help prevent fake drug crises such as was seen in China this year when it was revealed that a company had produced over 100,000 fake vaccines used by children. With Ripple blockchain solution it becomes easier to identify the source of various drugs.
The Coins Could Revolutionize The Health Sector
The Healthcare sector would improve drastically if the benefits of these two crypto platforms can be maximized leading to an effective properly systematized health sector. Likewise, Digibyte (DGB) and XRP would also gain from breaking into this untapped goldmine which could lead to value increase drastically.
Conclusion: HODL Your Coins
Blockchain adoption in the Health industry may seem slow at this time but it is unlikely to continue with this pace as the benefits outgrow the disadvantages.
If you have either Ripple or Digibyte in your portfolio we recommend you HODL. Both coins have the capability to break into other industries in the future and your current investment could become 5 times more valuable within a short period.