Blockchain technology goes far beyond Bitcoin. While the tech was originally invented as a digital currency, new ways to use blockchain technology have started revolutionizing quite a few industries as of 2018, including healthcare. You may even be able to incorporate a blockchain into your chiropractic practice for some surprising benefits beyond the investment potential.
In short, blockchain technology is a public, anonymous record that cannot be changed and can be used to verify transactions and share data. When used in the healthcare industry, a blockchain enables providers to share access to their networks without the risk of them being compromised. Naturally, the ability to share important data quickly improves the efficiency of all businesses involved, helping patients receive more immediate and accurate treatment.
In addition to being a powerful data-sharing tool, blockchain technology can be used for supply chain management. For example, VeChain is a supply management blockchain platform that lets you view every stop a product makes along its route to your business. This method of tracking across the supply chain can ensure that the products you sell or give to your patients are made and sourced properly and never counterfeited.
Finally, accepting cryptocurrencies such as Bitcoin, Litecoin, and Ethereum can be a great way to attract some new faces to your chiropractic business. These days, processing payments through the blockchain is surprisingly easy, and there are plenty of people who are eager to use cryptocurrency as a payment method whenever possible. If you don’t want to hold cryptocurrency long-term, exchanging it for CAD is a straightforward process using an exchange such as Coinbase.
Although the tech is still evolving, blockchain in healthcare just makes sense. If you’re interested in incorporating it into your practice, do your due diligence first. Blockchain technology goes hand-in-hand with cryptocurrency, and there are plenty of ‘alt coins’ out there that you should avoid as well as biased investors who may want to steer you in the wrong direction for personal gain. Do your homework and use a reputable blockchain platform, and you may be able to gain a competitive edge with this new and innovative technology.