Labcoin or Bitcoin

Cryptocurrencies have been making news headlines worldwide since 2009 when Satoshi Nakamoto released the open source software for Bitcoin. In recent times, we have heard how Elon Musk, a tech entrepreneur, has been posting memes on Twitter which cause these digital assets to rise and fall in valuation. Dogecoin is one cryptocurrency that has taken a hit because of tweets made by Elon Musk. The abstract written by Satoshi Nakamoto in the white paper for Bitcoin states that it is a purely peer-to-peer version of electronic cash which would allow online payments to be sent directly from one party to another without going through a financial institution. This means a decentralized currency that would make banks obsolete. These digital currencies which use blockchain technology are a threat to the world economy and the global financial system. Major companies such as car maker Tesla motors started to take payments for cars purchased online using cryptocurrencies. This form of electronic cash has strong cryptography which secures each online transaction. Medical Laboratories which adapt to technology and become fully internet-based companies will have to do transactions with cryptocurrencies. This is a revolution of the financial system that will transform every industry with blockchain technology.

Labcoin sounds like the future "science fiction" name of cryptocurrencies that Medical Laboratories will use. Or it could be the name of the pseudonymous developer or group of developers who will help Medical Laboratories exclusively prove their ownership of cryptocurrency units using cryptography. By definition, a cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. The question is: "Will Labcoin be the cryptocurrency of medical laboratories?"