Accuracy & Simplification
Two very important aspects of blockchain-based alternatives are accuracy and simplification. Blockchain-based models aim to simplify processes, ultimately removing friction and unnecessary time consumption. In a busy world, this is attractive to pretty much every sector and avenue of life.
Reliability through accuracy is also a very important benefit of blockchain. An accurate and immutable public ledger creates an atmosphere of safety and reliability. I have often said that human failure and laziness are blockchain’s biggest marketers. Reliability is essential, especially in the health sector.
There are a few sectors where I believe excellence is not an option but a standard, for the simple reason that mistakes carry enormous repercussions. They are the following:
You can make a mistake with a meal in a restaurant, or send the wrong item via a delivery service. These are inconvenient experiences. However, they are not crucial or life-altering. Make a mistake on the operating table, and that’s another story. Poor performance resulting in the loss of basic services for days or weeks is also an entirely different story.
Blockchain ultimately limits the aspect of human error. It does not remove it entirely, but it definitely reduces error at critical control points. The more reliable, or safer a service can become, the better! Blockchain aims to simplify and improve upon the legacy systems we have grown so accustomed to. Perhaps, that is why many are unable to embrace the idea of blockchain.
What About The Health Sector?
Back in 2018 and 2019, I had a look at a few projects in this particular sector. Unfortunately, it appears as if there have been no real success stories within this particular industry. I find it somewhat strange, as it is an absolutely crucial sector that I am sure will eventually be dominated by blockchain technology.
Some will be aware of Energy Web Token (EWT), which has performed relatively well since its inception. From an all-time low of $0.54 to an all-time high of $22.67, it’s performed relatively well. EWT is obviously a project geared around energy, especially, renewable energy. The market cap is currently only $144 million at the time of writing.
In my opinion, there should be similar projects in the medical field. Projects that are performing fairly well with reasonable growth and adoption. One that I have identified with some positive momentum behind it is Medibloc. At the time of writing, MED is up 16% for the day and currently has a market cap of $93 million.
Honestly, I enjoy this particular zone when it comes to market cap. It reveals room for growth, while simultaneously displaying a level of stability. The 24-hour trading volume for MED is $32 million, which is exceptional, in comparison to the market cap. How this project fairs in the future remains to be seen.
The point I am however trying to make is that there are going to be success stories within this particular sector, and it appears to be an area that is somewhat overlooked by investors.
In a similar way that tokenized real estate captured my attention, the medical field is another area that I believe has tremendous “blockchain potential”. As always, accurate and early identification is of the essence. It’s a sector I will be keeping an eye on and revisiting over time. I think that watching the performance of projects such as Medibloc is probably a good start. I will see where that takes me…