Blockchain and Cryptocurrency Myths
Blockchain—a technology that has been creating a buzz across multiple industries. One of the latest industries to adopt the idea of utilizing blockchain technology is healthcare. By the looks of it, the use of blockchain and cryptocurrency, or digital currency, isn’t slowing down… but with its gaining popularity comes the skepticism.
Here are some common myths that surround blockchain and cryptocurrency:
Myth 1: Blockchain is the same as Bitcoin/cryptocurrency
Blockchain and Bitcoin/digital currencies are in the same realm, but one does not equal the other. Blockchain and its distributed ledger are more of a database and a ‘mode of transportation.’ Bitcoin and digital currencies are ‘items’ that can be transferred between two people or entities via blockchain.
Myth 2: Everyone has access and can see the data in a public blockchain
Think about a bookstore display window. Anyone can see that there are books there, but they can’t read what’s inside them. Like the display window, people can see that there is information on the blockchain, but due to its encryption, they can’t see what it says.
Myth 3: Blockchain and cryptocurrencies are only used on the “dark web”
For some people, especially those not familiar with it, blockchain and digital currencies can seem like a way for criminals to engage in illegal activity due to its anonymity and decentralization. However, many large and well-known organizations, like Walmart and Amazon, have utilized blockchain.
Myth 4: Blockchain is only used for cryptocurrency
Not only is blockchain associated with Bitcoin and cryptocurrency, but it will soon be a regularly adopted term in the healthcare industry. Healthcare can benefit from blockchain in many ways because of its privacy and security features.
At EHR Data, we are utilizing blockchain and Bitcoin SV to empower patients to own their health data, have the control to safely share it with those they have permissioned, and earn royalties. With blockchain, Bitcoin SV, and YOU, we can change the standard of healthcare.
Learn more about our goals.
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