Blockchain based Cryptocurrencies use;
- Direct financing
- Bypassing slow and costly traditional third party financial intermediaries.
Suitable tool for Universal Health Coverage.
A strong Public Financial Management (PFM) system can ensure higher and more predictable budget allocations, reduced fragmentation in revenue streams and funding flows, timely budget execution, and better financial accountability and transparency. But the health sector faces some specific challenges that require more flexibility than PFM systems sometimes offer, including the ability to direct funds to where interventions and services are needed and ensure equity while creating incentives for efficiency and quality. PFM systems do not always align with these health financing objectives. Even when PFM reforms support health financing objectives, misalignment’s can still occur due to operational issues or challenges in implementing PFM improvement thus making it not the sustainable tool for financing universal health coverage.
Blockchain, the technology underlying Bitcoin, Ethereum and UBRICOIN and countless other cryptocurrencies, has built a top network that makes trusted, secure, immutable and interoperable records of every transaction. Moreover, it makes this record available in every corner of the globe. This technology is already being adopted by a variety of industries, including banking, minerals and mining, and food procurement. While others have written about the power of blockchain to revolutionise health information technology and payment models, in this paper, we outline the capacity for blockchain technology to revolutionise global health by enabling universal access to financing, new multilateral financing mechanisms and smart contracts, data markets, and new standards for payments and reimbursement, thus empowering countries, institutions and consumers.