How cryptocurrencies can help alternative medicine
The alternative medicine market is booming. With projections indicating that the industry is on track to reach a value of $296.3 billion by 2027, cryptocurrency investors should take notice.
There is huge potential in the merger of alternative medicine with the crypto industry to intensify the success of both initiatives. Alternative medicines face regulatory challenges that make many other Bitcoin Capital payment methods inconvenient, which means this booming economic sector could use crypto solutions – and with the right pairing, good returns can be made.
The use of cryptocurrencies in the purchase and financial management of alternative medicines can bring benefits to all parties involved. To achieve these benefits, however, it is necessary to understand the industry and the potential of cryptocurrencies.
Alternative medicines and payment problems solved with cryptocurrencies
Alternative medicines are some of the oldest and most popular forms of health treatment and include a range from acupuncture to herbal remedies. Despite their long history of acceptance and use in cultures around the world, regulations in some countries make it difficult to manage these products financially.
Trade has been a perfect example of how such regulations undermine the alternative medicine industry. Used for hundreds of years as herbal remedies, they have supposedly helped users manage pain and experience other positive benefits. However, alternative medicine is not considered beneficial in some jurisdictions.
The US Food and Drug Administration (FDA), for example, has issued warnings on the import and use of alternative medicines, resulting in the industry being blacklisted by many major financial institutions. This puts vendors in the precarious situation of having to manage offshore trading accounts.
With their decentralised, private and secure systems, cryptocurrencies operating on secure blockchains offer a solution to the many problems surrounding technology-based financial systems.
Cryptocurrencies may be the perfect tool to allow the alternative medicine industry to flourish. Investors, entrepreneurs and alternative medicine providers should keep in mind the benefits offered by blockchain-based payment systems and consider adopting them.
The benefits of cryptocurrencies in alternative medicine
It is also important to note the added value that cryptocurrencies can bring to the entire alternative medicine sector. For industries like cannabis and CBD, cryptos offer the kind of flexibility, security and connectivity that average consumers and established businesses need to capitalise on financial opportunities.
Here’s just part of what crypto and blockchain systems can introduce to transactions in the alternative medicine sector:
Flexibility and ease.
The future of commerce relies on cloud technologies. With most companies stating that 80% of their applications will be cloud-based by the end of 2020, alternative medicine providers need to adapt to these technological trends with comprehensive payment systems.
With decentralised blockchain-based payments, currencies can be registered, converted and processed almost instantly without the risk of fraud and rejection, as is the case with traditional payment methods. This level of ease is necessary for continued growth in the complex field of alternative medicine.
Security and transparency.
The world faces a substantial threat from counterfeit medicines. In some countries, up to 40 per cent of all medicines and medical equipment are counterfeit, creating major security risks for their users. The blockchain has the potential to solve this problem.
With the power of blockchain, it is possible to integrate smart labels and traceability into shipping processes for both traditional and alternative medicines. This offers greater security and transparency to the industry as a whole, increasing consumer confidence through verified products and procedures. Simply add a cryptocurrency on the same network and you have a solution that ensures the purchase process works smoothly.