If you don’t live under a rock, you probably know by now about Bitcoin. Bitcoin (or BTC) is a cryptocurrency which aims to be a decentralized worldwide currency. There are a lot of shops and places worldwide you can use your Bitcoin to purchase things and your usual stuff and while the currency isn’t fully adopted yet, there are people who live entirely by paying with Bitcoin, such as this case reported by Forbes.
Bitcoin gained worldwide traction last year, in December 2017, when its price reached $20,000 on all exchanges. From that moment, Bitcoin gained a lot of notoriety with both positive and negative news wrapping the currency. What most people don’t know or realize, is the tech behind Bitcoin, the blockchain, is powering a lot more cryptocurrencies that you can imagine, with various uses such as inventory, voting and, the case of our article here, health.
What is the blockchain?
The blockchain is a public ledger, fully decentralized in most cases, that allow its users to do high amounts of computing without the use of a 3rd party. Think of it as a public database, but instead of being owned by Facebook, let’s say, it’s owned by nobody and everything is done by its users. If you want to learn more about the blockchain, we recommend this blockchain guide.
Now since we got that outta the way, let’s see how this will affect the health and medical sector. The blockchain has multiple possible uses, from storing all the patients data in the blockchain and making accesible to every hospital in the world, to actually doing very complex analysis using the blockchain power and allowing everyone to contribute to actual science.
Initial Coin Offerings
Initial Coin Offerings or ICOs, are public blockchain companies that instead of going the IPO route of a traditional company, they raise funds from regular investors, like you and me. There are many ICOs that want to tackle health and science with different uses-cases but what all of them have in common is they use the blockchain to revolutionize the health sector.
There are many blockchain projects that are health-oriented and we’ll give you a couple of examples to understand the power of the blockchain.
Medicohealth – The biggest doctor-patient environment based on blockchain, as they claim. The project aims to create a better connection between the doctor and the patient, creating a private and secure connection to the world’s leading healthcare specialists, making it a perfect fit within the healthcare system.
Lympo – Lympo is a fitness app, entirely powered by the blockchain, that incentives its users to do more fitness everyday, by creating different challenges and rewarding them with lympo tokens. With these tokens, the users can purchase different things from the Lympo marketplace.
As some experts will say, the blockchain is the new revolution in the tech industry, comparable with the internet in the 80’s. We may not feel it right now, but in the near future it will revolutionize the way we eat, the way we live and the way we do our daily chores, being health oriented or otherwise.