Cryptocurrencies are becoming increasingly more useful in daily life. As evidence of this, skeptics who once saw Coinbase (NASDAQ:COIN) as nothing more than a casino now consider it a peer to the New York Stock Exchange. How has this evolution occurred? Well, there are companies and organizations leading the way with blockchain technologies. One area in special focus right now is healthcare. This means there are cryptos to buy to profit from this innovation.
Healthcare can be a touchy subject. It encompasses one of the most personal aspects of our lives — our individual health. Not only this, but the thought of seeking out medical assistance might bring to mind expensive bills, invasive procedures and plenty of other unpleasantries. Healthcare professionals, on the other hand, come across plenty of problems at work that create unpleasantries. Unexpected hold-ups with supplies and slow access to medical data complicate things.
With the adoption of blockchain, investors can cut through much of this red tape. Innovation can streamline the supply and treatment process, reducing errors along the way. Meanwhile, patients can rest easy knowing their data is free from the prying eyes of third parties.
So what are the cryptos helping to usher in this next evolution of healthcare? Consider checking out these cryptos to buy to capitalize on the increasing call for innovation:
- VeChain (CCC:VET-USD)
- IoTeX (CCC:IOTX-USD)
- Chainlink (CCC:LINK-USD)
- Medicalchain (CCC:MTN-USD)
- Hedera Hashgraph (CCC:HBAR-USD)
Cryptos to Buy: VeChain (VET-USD)
Some of the most glaring issues in the world right now are those plaguing global supply chains. With shortages of everything from raw materials to manufacturers to delivery workers, it’s difficult to reliably predict shipments of goods. Of course, this is a major blow to the healthcare industry. Hospitals need to have reliable access to equipment whenever they need it, or they risk jeopardizing the health of their patients.
VeChain is a blockchain network that’s looking to make this process more efficient for businesses globally, and the healthcare industry stands to greatly benefit from it. Using VeChain, one can more closely monitor the supply chain process, and have a much greater knowledge of where supplies are en route to their destination.
One of the most interesting aspects of the VeChain protocol is its accommodation of radio frequency identification (RFID). With RFID, supplies can be shipped with sensors on board; these sensors record exact information regarding the location of supplies, as well as other important data points like temperature. These sensors are part of the internet of things (IOT) — a vision for a future where sensors and devices are all connected and easily accessible.
In an industry where many supplies and shipments must be temperature-controlled, these sensors are quite useful. Hospitals and other healthcare businesses stand to greatly benefit by adopting these technologies which VeChain offers. And, the VET crypto is one of the largest when it comes to this particular niche, with its $5 billion market capitalization making it one of the best cryptos to buy as a supply chain play.
Investors should know that the internet of things has uses far beyond supply chain management. Anything and everything can theoretically connect; after all, the goal of IOT is to provide easy access to data that otherwise might be difficult to come by.
IoTeX is a project that’s seeking to further this connected world. It does this with its own particular mission of providing connected devices. According to the project’s website, there are two devices so far which users can pick from. The first is the Ucam, a blockchain-encrypted security camera. The other is the Pebble which, like VeChain, is used to monitor things like shipment locations, as well as the execution of automated processes.
A crucial next step is helping healthcare providers know that there’s an emergency before it’s too late. If something were to happen to an individual at home, or anywhere away from a healthcare facility, these facilities don’t fully know what they’re dealing with until the patient is received.
The healthcare industry is already looking to bridge these IOT platforms with their needs. IoTeX, with its existing technology for remote monitoring, is a project that stands to help usher in this solution. And thanks to the coin’s price explosion in August 2021, IOTX has grown over 500% and its market cap has reaching $1 billion. This makes IoTeX a top pick for this list of cryptos to buy.
Cryptos to Buy: Chainlink (LINK-USD)
Unfortunately, there’s a whole separate headache that comes outside of the actual care itself. Health insurance can cause hinderances of its own when it comes to receiving treatment. But thanks to the advent of blockchain oracles, there seems to be a fix on the horizon.
Insurance brings along with it a mass of red tape. Of course, the more efficiently insurance issues can be resolved, the better for every party involved. Blockchain oracles can do this with ease by greatly speeding up — and sometimes even automating — the settlement of insurance contracts.
Chainlink is one of the largest blockchain oracles on the market. The LINK token is the 16th-largest cryptocurrency in the world, and boasts a $12 billion market cap. It has countless partnerships, such as with Cardano (CCC:ADA-USD) and the Associated Press, supplying projects with real-time data across a variety of subjects and topics.
It turns out the protocol also has a suite of dedicated insurance products. Through Chainlink, insurance applications on the blockchain get real-world data, which can help automatically execute insurance claim processing and lower operating costs.
While this service is currently limited to flight, travel and crop insurance, the company also has its toes dipped into the healthcare industry through a partnership with Solve.Care. The partnership puts access to patient health data on the blockchain. Of course, it’s only a matter of time before the project bridges the two together.
Blockchain innovation might not be able to rid the world of invasive medical procedures, but it can rid patients of invasive eyes prying on their health data. Health data is a commodity bad actors often seek out, and most health data is stored with one of a few centralized custodians. But with blockchain encryption technology, there’s a future where users don’t have to worry about having their private information being stolen.
Medicalchain is one of the leading projects seeking to help users protect their data. The goal of the project is to aggregate a user’s health data into a single secure location. Indeed, health records can provide a bit of a scavenger hunt. If a patient sees multiple different specialists for treatments, providers might be missing pieces of their full medical history. Using Medicalchain, users and healthcare providers can keep a file on a patient verifiably stored on the blockchain.
Medicalchain claims to keep users’ health records highly secured; the project uses symmetric key cryptography to protect these records. Users can then direct healthcare providers to the ledger, where they can be easily accessed. Not only does this make the process of seeing a healthcare professional easier, it also opens the door for the ubiquity of telemedicine. Indeed, telemedicine is not new as an industry, but it does carry setbacks, especially when it comes to patient data. By storing health records on the blockchain, telemedicine providers can access the same resources as in-person care providers.
Cryptos to Buy: Hedera Hashgraph (HBAR-USD)
Hedera Hashgraph isn’t explicitly a healthcare investment. Rather, the project is know as a platform for applications — an adversary to Ethereum (CCC:ETH-USD) and Cardano. It sets itself apart from these peers by using a different type of distributed ledger technology; while Ethereum and Cardano rely on the blockchain, Hedera has hashgraphs. Using the hashgraph consensus, Hedera promises a much faster throughput than what other networks offer.
These factors make HBAR one of the best cryptos to buy in general. But what makes HBAR a savvy investment for the future of healthcare, specifically, is the network’s partnership with Safe Health Systems. The healthcare platform has a number of applications under its name. But, its partnership with Hedera is perhaps the most interesting venture it boasts. The two organizations are teaming up to make Covid-19 testing and vaccination records easily accessible and verifiable on the Hedera network.
Using Safe on the Hedera network, users can create a health ID. They can then manage their Covid-19 testing and health status on their mobile phone, using the Safe HealthCheck app. The result is a ledger of instantly accessible, instantly verifiable testing and vaccination data. With the omicron variant accelerating, it is intuitive to believe these types of products will become commonplace in the future. Not to mention, this technology is flexible; as Covid-19 becomes a more manageable illness, the technology will remain useful to verify any medical data.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.