3 Common Blockchain Myths Debunked

Blockchain technology can help pharmacies track their inventory more efficiently, as well as keep better track of dispensing medication to patients. Furthermore, it can help care providers, such as physicians, specialists, subspecialists, and surgeons share patient information easier for faster expediting and reducing redundancy or file errors.

In fact, a survey by technology giant IBM revealed that 16% of health care executives are planning to incorporate blockchain technology into their respect facilities within the next year. With the rising costs of health care, having more efficient operations can help reduce the bottom line, which could translate to lower costs for patients.

Blockchain is Only For Cryptocurrencies

Because blockchain technology forms the basis of cryptocurrencies, a common myth associated with its use is that it is strictly isolated to digital currencies. As previously mentioned, blockchain technology can be integrated into a multitude of industries.

Per a report, the four biggest auditing firms globally – Deloitte, EY, KPMG and PwC – are part of a group of 20 banks in Taiwan that are experimenting with blockchain technology for auditing financial reports. By utilizing blockchain technology, it will allow the firms to conduct external confirmation, which is the process of collating and examining audit evidence.

The platform, developed by Taiwan’s Financial Information Service Co. in concert with the 20 banks, migrates the transactional data to a blockchain where banks have the ability to validate the transactions themselves. By performing the migration to blockchain, auditing firms have the capability to view the transactions through a traceable and tamper-proof chain of data.

According to FISC, the new platform utilizing blockchain technology could allow for a reduction in the confirmation time from  “half a month” to “within a day.”

For more trends in cryptocurrencies, visit ETFTrends.com