A global adoption of cryptocurrency and blockchain technology; assessing the challenges of integrating digital coins and blockchain technology into the healthcare system
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Central Michigan University, 1726 Victoria Ave., Berkeley, IL 60163, United States
Central Michigan University, The Herbert H. & Grace A. Dow College of Health Professions, 1280 E. Campus Dr., Mount Pleasant, MI 48859, United States
Publication date: 2023-04-26
Popul. Med. 2023;5(Supplement):A590
Background and Objective:
To determine if cryptocurrency and blockchain technology can be leveraged to strengthen a hospital or private practices financial position. We also want to establish if blockchain technology will provide a more secure mechanism for protecting patient records and payments.

Examined 34 global research and professional writings published between 2008 to 2022 to assess the future and recognize the potential of cryptocurrency and blockchain technology. Reports were analyzed using qualitative research methods.

Dozens of medical cryptocurrencies/digital coins are already available to purchase and spend. Using cryptocurrency will provide a more secure decentralized payment platform that does not use third-party financial intermediaries. Adopting blockchain technology is a safe component of protecting payments and patient records. It uses cryptography that makes data modifications virtually impossible once recorded; it promotes fidelity, transparency, and security. Data can only be altered if you alter all subsequent blocks, which requires a consensus of the network majority. Blockchain technology also protects against ransomware attacks on healthcare providers and facilities. United Healthcare Group, Anthem, and Aetna are a part of a group to test blockchain technology. 55% of U.S. Executives plan on investing 1Mil USD in blockchain technology. Companies are creating EMR systems powered by technology to be prepared for adoption.

The evidence indicates an upcoming disruption in how we finance our office visits, co-pays, co-insurance, procedures, hospital stays, and prescriptions. It also suggests that cryptocurrency and blockchain technology in healthcare will become more mainstream within the next ten years. With common sense governmental intervention and the stabilization of the crypto market, cryptocurrency can augment the financial position of a hospital or private practice if appropriately managed.

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