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Can the blockchain and cryptocurrency niche improve healthcare? Many blockchain insiders may be like, “Duh, of course it can.” Blockchain apps could theoretically handle anything from improving the efficiency of keeping up with record-keeping requirements, to tracking supply chains that are so complicated that fraudulent health care products are a major concern, to improving the chances that recovering drug addicts will still be clean and sober five years from now.
These three current or upcoming ICOs are on track to bring cryptocurrencies and blockchain apps to the health care niche. Here’s the Top Three ICO Altcoins for Health – Can the Blockchain Improve Healthcare?
Recovering addicts usually fight an uphill battle to stay clean and sober. In fact, the Hayver team says that less than 5% of recovering addicts are still clean and sober five years after they leave rehab because they don’t get the long-term support they need to stay on track.
About half of Americans know somebody who is addicted to drugs or is recovering, so if you don’t know an addict, you probably have at least one co-worker or friend who has an addicted relative that he or she never talks about.
That’s if your acquaintance isn’t secretly struggling with an addiction or dependency of his or her own. It’s painful to watch an addicted relative go back to rehab again and again because there’s nobody who can provide the ongoing monitoring and support they need.
Hayver aims to change that by issuing an ICO and using the proceeds to not only provide long-term support and monitoring, but also give cryptocurrency rewards to recovering addicts who stay on the right path to staying clean and sober.
The Hayver app works on solid science: Years of studies show that addicts are more likely to stay on track if they know that they might be randomly tested for drugs on any given day.
Newer studies show that the “carrots and sticks” approach works even better. Besides the random testing, this app gives out routine rewards in the form of cryptocurrencies for sticking with the program. This app already claims a 78% success rate for keeping addicts from relapsing by the five-year mark.
As the name implies, Dentalfix promises a solution for the dental care industry to manage patient information that might be shared with other organizations like pharmacies and primary health care providers. The Dentalfix blockchain will be monetized by charging one DFBT token per “Read” or “Read/Write” request.
The available information implies that its system could be expanded to other areas of health care. It promises increased efficiency and accuracy in access, storage, and creation of patient records because records can’t be “accidentally” lost or altered by any means short of an attack on the entire Dentalfix system.
If a system like Dentalfix has an uphill battle to fight, it’s that a common database will also require a common standard across multiple companies for formatting and encoding patient records.
For instance, clerical error is the number one reason that insurance claims are denied and a lot of this is exacerbated by the fact that each insurance company has different standards for filing a claim.
An industry standard for handling patient records would make an app similar to Dentalfix very attractive to the health care sector for this reason alone. An insurance adjuster could simply see an updated record and be able to process the claim without having to check whether the dentist office used the appropriate codes when filling out the claim.
Counterfeit medication and medical care supplies are serious concerns in the health care niche. Experts estimate that 8% of medical devices in circulation may be counterfeit and their dollar value may be worth $7 billion every year. This means that somebody, somewhere, is profiting from slipping counterfeit products into the health care supply chain and putting the lives of people who depend on these devices at risk.
How can pharmacists guarantee that the prescription drugs they dispense are authentic when there is little to no transparency along the supply chain?
BlockRX is one app that aims to provide more secure and transparent records across multiple systems that should freely communicate but don’t always play nicely when it comes to sharing information and guaranteeing that the records haven’t been tampered with.
BlockRX claims that it can solve that problem by bootstrapping blockchain technology and a new protocol called Advanced Digital Ledger Technology, which was created by iSolve.
A supply chain app like this one could make the regulatory and liability environment more friendly toward health care providers who may worry about the counterfeiting problem but don’t necessarily know what they can do about it.
Because the blockchain is capable of throwing up red flags if somebody tries to slip a counterfeit shipment into the system, this can cut down on the counterfeit problem by making it more of a hassle than it’s really worth.
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