Why Health Companies Are Using Cryptocurrency to Encourage Patients to Share Data
You may think that people are living longer lives these days, but the truth is that while medical technologies may have undergone tremendous growth, people are also falling sick more often. Research shows that the percentage of people above 65 years of age and affected with four medical conditions has gone up dramatically, and is expected to go up by almost 100% by 2035. When there is such a spike in illnesses there is obviously going to be an extra burden the medical and healthcare industry to come up with more innovative ways to tackle such ailments.
It is here that cryptocurrencies can actually play a role. Blockchain technology and cryptocurrency can enable the heath industry to meet this growing workload in the future. Since these can guarantee transparency and security of data, patients will be encouraged to share their personal information. And when they can offer funds for more medical research, it will lead to discovery of more effective drugs that can save more lives. The application of this blockchain technology however must be carried out with proper crypto regulations.
In keeping with this new trend, many digital health companies started to use crypto assets to motivate users to take medications, stay sober, and work out regularly. Currencies are being used to buy goods like workout gear or get coaching, while companies are even using crypto as incentives for patients to provide their personal data. Here are some firms using cryptocurrency as incentives:
- The Lympo is a startup in Lithuania that started rewarding users for healthy behavior by offering LYM tokens. Buyers can cash these tokens to purchase more goods and services online.
- Sweatcoin is free and this app can track user steps with a GPS locator and accelerometer. The steps are converted into currency which one can use to buys goods or services online, whether it is workout footwear or yoga classes.
- Gymrewards rewards users for regular workouts and here users need to use wearable capable of tracking their heart rate or calories burned. Tokens may be sent to the user wallets and also traded at exchanges.
- Onco Power also uses the blockchain technology for helping patients monitor their medical data across different providers. Users may gain cryptocurrency as rewards in exchange for providing data and for sticking to their treatment plans.
- Mint Health refers to a platform allowing patients to get their health records through an incentive-based system. Patients may use their crypto currency “vidamints” to make payments for any care-related expenses, and these tokens are provided to patients for engaging in healthy behaviors.
- Clinicoin allows users to get tokens if they take part in research studies. The participants can use tokens for buying wellness goods on the platform’s marketplace.
- Havyer came about for tackling addiction issues and the service uses random urine tests and daily check-ins along with an accountability network comprised of family and friends. So, everyone who is part of this network can get crypto coins.
- Finally, Sobercoin was designed to aid people in recovery. This means you are entitled to earn Sobercoins if you can get sober through joining, or by referring friends or using the app. By using the coins, you can avail online recovery coaching, or train to become coaches.