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Healthcare Organizations Stay Weary of Bitcoin As The Currency Becomes Mainstream

If you have not heard of bitcoin, it is becoming a trending topic in the media because of its growing value.

According to bitcoins website they explain that, “Bitcoin is a peer-to-peer electronic cash system. It is a consensus

network that enables a new type of payment method and a completely digital form of money. It is the first decentralized

peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective,

Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry

bookkeeping system in existence.”

Experts say it’s a “huge scam”, a “dangerous speculative bubble” and compared to an infamous historical crash involving tulip

bulbs. JPMorgan chief executive Jamie Dimon recently described bitcoin investors as “stupid” and said he would fire any staff

caught trading in it.

The healthcare industry is very weary of the use of bitcoin. They know that the cryptocurrency can be used for paying ransom.

The poorly understood currency is how many organizations have paid to get their data back from the hackers who sneak into

their IT systems and encrypt it.

“It’s like any new technology,” said Dr. John Halamka, CIO at Beth Israel Deaconess Medical Center in Boston. “There has to

be an urgency to change.”, “If we just think of bitcoin as yet another form of foreign currency, I don’t think we accept any foreign

currencies.” But, he said, he could stretch to see bitcoin as a way to make anonymous payments to preserve patient privacy.

Some healthcare organizations accept bitcoin as payment but the vast majority of healthcare organizations don’t accept cryptocurrency.

Even though healthcare organizations are not interested in bitcoin they are interested in blockchain, the technology that supports bitcoin.

“Blockchain, the technology that supports bitcoin, is essentially a decentralized, open record of transactions. With both finances and

patient records, blockchain theoretically allows for greater efficiency and security.”

We know that in today’s increasingly complex health insurance market you are looking for clarity and assistance. If you have any

questions please call Cosmo Insurance at 732-363-3888. We will always be here for you with creative solutions and unparalleled service.