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Thu Jul 22 2021
The healthcare system has been facing tremendous challenges in the last decade. Governments and private sectors strive to balance these challenges and provide healthcare services to cover the continuous urgent need for medical care. A global pandemic and an increased demand for a standardized system to follow across the borders make it more necessary than ever to innovate technologies that provide solutions for these problems.
The healthcare system strives for technology that helps connect healthcare institutions across the globe, granting access to each party of the medical ecosystem for the needed data to operate the work, saving time, effort and decreasing errors based on manually treating, saving, or transferring medical data.
On the other hand, patients struggle with the currently overwhelming data processing that requires them to report medical history multiple times in different settings, expose their data to exploitation, and leave them with zero profitability even while healthcare institutions taking advantage of their medical data to use it in medical research or share it with third-party organizations for institutional profits.
It all started well with Decentralized Finance.
Decentralized Finance is a system built on the public blockchain network to allow financial products to become available on a public decentralized blockchain network, making financial services and products available to anyone to use, with no restrictions and with significantly lower transaction fees.
Decentralized Finance systems are designed for the sole function of removing intermediaries between financial services users, Peer to peer financial transactions parties, and pretty much any money transfer process. Multiple blockchain protocols, technologies, and proprietary software are designed to achieve the decentralizations with full automation to the agreement terms between P2P users.
How does DeFi progress so far?
Decentralized Finance is still in the early phase of its projected target, with $41 billion locked in DeFi contracts in different crypto tokens. The DeFi ecosystem is still developing in terms of capacity and security to have the establishment to receive more significant amounts of funds and higher numbers of users with effective risk management and top security.
The DeFi ecosystem is also making its way through global recognition as large institutions moving to crypto and governments are expected to launch their own cryptocurrency. This recognition will help the DeFi ecosystem expand and, more importantly, create laws and rules applicable across borders with mass acceptance and attraction from populations.
How is healthcare subject to the same concept with even higher potential?
Healthcare struggles from the same problems as Finance
In day-to-day life, people have to go through complex processes to get medical services, especially in the public sector. Countries with free medicare, such as Canada, are known to have the slowest processes for patients to receive services. To receive a medical consultation in an outpatient setting, you could see yourself waiting three months on average in specialties such as ENT and neurosurgery. These long waiting periods could significantly cause worsening in the case, besides discouraging patients to follow-up to avoid the painful waiting list.
In Finance, it’s the same complicated process; a simple wire transfer could be held or delayed for weeks because the intermediaries require some extra verification or for a policy issue, where DeFi found it so easy to attack from this point. Because simply time is the most important asset people have. A new technology that saves people time will eventually get mass popularity.