Cryptocurrency, along with blockchain technology, can revolutionize the healthcare system to a great extent as compared to its condition today. Decentralized technology allows for the co-existence of regulated methods of payment as well as centralized systems with that of the decentralized system. Such development has been initiated in both Israel and New York. Todos-Medical-Ltd., a well-known company for the diagnostics of “in vitro”, announced to accept the payment method of crypto for a couple of the “wellness products” thereof.
The latest scenario
Simultaneous to more customary methods of payment, Todos-Medical assured to accept the crypto payment method including BTC (Bitcoin), LTC (Litecoin), BCH (Bitcoin Cash), DOGE (Dogecoin), and ETH (Ethereum) from the consumers thereof who purchase the products categorized as dietary supplements within the United States. It has been confirmed by the firm that a considerable role could be played by the customers through Coinbase Commerce.
The company is located in Israel; however, it has an outlet in the U.S. as well. There are numerous medical firms other than Todos Medical that pursue an exploration of the crypto world. This month, within the United Arab Emirates, Skin111 Clinic (an aesthetic clinic) announced to have collaboration with Idoneus (a company based on blockchain). With this deal, the consumers of Skin111-Clinic will be permitted to recompense the dues through utilizing the IDON tokens of Idoneus.
Making it up to the huge markets
In the case of medical suppliers at an international level, a huge reduction has been witnessed in the charges being received in the overseas remittances. Statista recorded that in 2020 the scope of the market related to the global-dietary-supplements was approximately $191 billion. In this respect, the possible predicted value for 2028 will almost be $308 billion.
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Regulating the crypto future
The eyes of the SEC (Securities-and-Exchange-Commission) of the United States had in advance been set on Coinbase regarding Lend (the crypto-product thereof). Coinbase is just one of many organizations of cryptocurrency that have undergone regulatory measures across the United States. The chairman of the United Kingdom’s FCA (Financial-Conduct-Authority) called Charles Randell, recently spoke critical crypto remarks. In addition to this, various regulatory authorities existing in the rest of the world have consecutively been conducting crackdowns on the entire industry of cryptocurrency. Keeping all this in view, it appears to be improbable that a significantly large-scale foray of medical firms into the sector of crypto will go overlooked for a long time.