The market for alternative medicine is booming. With projections indicating that the industry is on track to hit USD 296.3 billion in value by 2027, cryptocurrency investors should take note.
There is massive potential in blending alternative medicine with the cryptocurrency industry for the heightened success of both ventures. Alternative medicines face regulation difficulties that make many other payment methods inconvenient, meaning this booming sector of the economy could use crypto solutions — and good money can be made with the right pairing.
Cryptocurrency use in the purchase and financial management of alternative medicines can bring benefits to all involved. Reaping these benefits, however, requires understanding the industry and the power of cryptocurrencies within it.
Alternative Medicines and Payment Difficulties resolved with cryptocurrencies
Alternative medicines are some of the oldest and most widespread forms of health treatment and can run the gamut from acupuncture to herbal remedies. Despite their long history of acceptance and use in cultures all over the world, regulations in certain countries make conducting financial business surrounding these commodities difficult.
The business has been a perfect example of how such regulations challenge the alternative medicine industry. Used for hundreds of years as herbal medicine, they have purportedly helped users manage pain and experience other positive benefits. However, alternative medicine isn’t viewed as beneficial in certain jurisdictions.
The Food and Drug Administration (FDA) of the United States, for example, has issued import and usage warnings on 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 merchant accounts.
With their decentralized, private, and secure processes, cryptocurrencies operating on secure blockchains offer a workaround for the many issues surrounding tech-based financial systems.
Cryptocurrencies just may be the perfect tool for allowing the alternative medicine industry to thrive. Investors, entrepreneurs, and purveyors of alternative medicines should keep in mind the benefits offered by blockchain payment systems and consider adopting them.
The Benefits of Cryptocurrency in Alternative Medicine
It is also important to note the added value cryptocurrency can make to the whole industry in alternative medicine as well. For industries like cannabis and CBD, crypto offers the kind of flexibility, safety, and connectivity needed for average consumers and established businesses to capitalize on financial opportunities.
Here is just some of what cryptocurrency and blockchain systems can bring to alternative medicine transactions:
- Flexibility and ease.
The future of trade is based on cloud technologies. With a majority of companies stating that 80% of their applications will be cloud-based by the end of 2020, alternative medicine vendors must accommodate these tech trends with comprehensive payment systems.
Decentralized blockchain payments mean currencies can be recorded, converted, and processed almost instantly without the risk of fraud and rejection that are common in traditional payment methods. This level of ease is necessary for continued growth in the complex alternative medicine sector.
- Safety and transparency.
The world faces a substantial threat of counterfeit medicinal products. In some countries, as much as 40% of all medicines and medical equipment are counterfeit, which creates major safety hazards for their users. Blockchain has the potential to solve this problem.
With the power of blockchain, smart labeling and tracking can be incorporated into shipping processes for both traditional and alternative medicines. This offers added safety and transparency to the industry as a whole by increasing consumer confidence through verified products and practices. Add a cryptocurrency on the same network, and you have a recipe for a smoothly functioning consumer process.
- Greater connectivity.
Cryptocurrency systems have the potential to unite the alternative medicine industry in collective practices of safe and authenticated trade. We’ve seen this potential in medical token projects that strived to create communities of connected consumers and tradesmen through cryptocurrency networks.
Blockchain and cryptocurrency offer the potential of a secure and decentralized marketplace for databases of providers, vendors, and customers. In turn, this network can better connect users to products, eliminate transaction fees, and streamline shipping processes.
With such impactful benefits on the table for the alternative medicine industry, it is only a matter of time before the adoption of cryptocurrencies in that sector is widespread. Investors and entrepreneurs could make significant gains from melding this technology to much older products. For consumers, using crypto to pay for alternative medicines can be the perfect way to avoid the payment problem you might face with a traditional credit card.
At first glance, cryptocurrency and alternative medicine might not make much sense together. However, the host of benefits that a blockchain-based payment service can offer these often stigmatized products are undeniable.
Through greater flexibility, safety, and connectivity, cryptocurrencies in the alternative medicine sector can eliminate barriers to free trade. This allows consumers to easily purchase goods and gives industry professionals the tools to maximize growth and financial success.
Any cryptocurrency aficionado should make note of the uses of crypto in alternative medicine and explore ways they can pair the industries for the best results.
Author: Beau Peters