Interested in access more free crypto analysis, resources and information like this? Check out these platforms:
Telegram — t.me/CoinEducation
Twitter — www.twitter.com/cryptomedicated
Among all of the ICOs that are being released in the wild world of cryptocurrency, ‘Solve.Care’ stands out as one that definitely has the potential to be one of the premier ICOs to ever launch.
Their idea, while simple, has the ability to dramatically change the entire healthcare industry.
Check out this excerpt from their site (https://solve.care)
Oh Great Another Healthcare-Related Blockchain!
You might be tempted to think this, but this idea goes far beyond that.
Simply put — Care.Coin is designed to optimize 3rd-party payments.
The overall vision for the company is put directly on the front page of their site. The company states that, “There is a need for a decentralized benefit administration platform, that makes it easier for individuals, care providers, employers, insurers, and government agencies to manage their care and benefits in an effective and efficient manner. This document describes the challenges of administering care and benefits in the current centralized approach and presents an alternative approach using Blockchain, decentralized ledgers, smart contracts and cloud infrastructure.”
Is This Something That’s Actually An Issue?
Yes. It is. Check this out.
As you can see from the infographic above, this is the typical inefficient method of payment between insurance companies and hospitals. This process can be even more convoluted in countries such as the United States, which have a vastly inefficient healthcare/insurance system.
As outlined by Solve.Care
There are a load of verifications that must take place in order for the payment to be processed and confirmed. Because of the absence of any blockchain technology in this process, this verification process requires lengthy, time-extensive manual confirmations.
How Will the Care Coin Help?
In an industry like healthcare, an immutable ledger of all the steps that a patient’s visit has went through before payment is an invaluable tool. The fact that this blockchain technology also will relieve a substantial amount of resources on the hospital in terms of manpower to make the confirmations as well as server storage space required.
The savings could number in the billions.
It’s true. In fact, a peer-reviewed journal article that was posted in the Annals of Internal Medicine called The Costs of a National Health Information Network provided research and statistics that corroborate this fact:
In the above excerpt, NHIN stands for ‘National Health Information Network’.
Please keep in mind that this article was published in 2005 and healthcare has only become more expensive since then. So, there is obviously a serious need for the money-saving capabilities of blockchain to be introduced to the industry and the Care Coin looks like it’s in the perfect place to facilitate that change.
Blockchain Really is Data Storage
Even though we commonly think of blockchain technology in the capacity of finance because of Bitcoin, it’s important to remember that the concept of blockchain itself did not start with Bitcoin. Cryptologists had been working on the concept for a while. What made Satoshi so innovative in his design was that he was able to extrapolate the original concept, which was to securely store data, to the financial realm by creating an immutable ledger of financial transactions by utilizing the data storage capacities of blockchain technology.
In either case, blockchain as we know it today is not the transfer of money literally — we just place a value on the token or coin that represents the ledger itself (i.e., Litecoin, Bitcoin, Ethereum, etc.). What the transfer literally is, is data and information.
That’s what makes blockchain perfect for data-intensive industries like healthcare. Whether it’s a medical study, patient information, hospital transfers, or payment processing, healthcare thrives on data.
So, when a coin like Care Coin comes around that looks to address this need and also cut down costs on the entire industry itself, it seems like a no-brainer to assume that they would be successful in this endeavor.
However, for those that know me, you know that I do a much more critical review of coins and teams than that, so let’s dig in a little deeper and get an idea of the other intangibles that will help us predict whether or not they will be successful in this venture.
Proof of Service
This is a major concept and one that’s markedly different than anything else in blockchain.
As you know from bitcoin, the typical way of confirming/validating transactions on the network (ensuring that someone isn’t trying to spend bitcoins that they don’t actually have) is through a proof of work consensus algorithm. ‘Proof of work’ occurs when miners complete an algorithmic calculation for a hash function (all automated). All the miners on the network compete with one another to be the first one to solve the calculation. It’s not an actual math formula though — it’s just a ‘guess’ essentially. So the first one to ‘guess’ the right computation is right.
Care Coin Proposes ‘Proof of Service’ Instead
We’ll get into how the Proof-of-Service itself is actually calculated a bit later.
What is notable now is that this model allows for some pretty extraordinary scalability out of the coin.
Insurance companies, patients, employers, government agencies, and other entities that exist in data-intensive industries can use this ‘Proof of Service’ consensus algorithm to maintain an accurate ledger of all the events that have occurred since the patient entered into the hospital.
Perhaps the most profound aspect of the coin is that it also has a Proof of Ability to pay that can be combined with the ‘Proof of Service’ consensus algorithm. Due to these advances, the implementation of Care Coin could allow for the government to evaluate and pay different entities within healthcare for the quality of care rather than the amount of care or number of services rendered.
Here’s a brief recap on what Care.Coin will do:
Technology Embedded in the Coin
As mentioned prior, the distributed ledger concept for blockchain is implemented within this coin. There are smart contracts, which is needed as well as the capability for cloud computing through the distribution of nodes on the network (which will reduce costs tremendously), and other machine learning-enabled/AI-using data management and analytic resources that are embedded within the coin as well.
The combination of this technology makes it a very viable option for the healthcare network.
The ‘Proof of Service’ consensus algorithm means that the healthcare providers themselves can validate transactions through rendering the actual service itself. Thus, the immutable distributed ledger ensures that any gaps in coverage will be thoroughly outlined.
The encryption aspect of the Care Coin as well as blockchain technology in general makes it a HPPA-compliant alternative to modern forms of storage in the healthcare industry as well.
This is perhaps one of the best aspects of the coin itself. The event-based constituent of the coin’s architecture is constructed in such a way where impending events can be easily viewed on the blockchain by necessary parties.
Their token agreement is substantially more thorough than the vast majority of token agreements that has been posted: https://solve.care/documents/Solve.Care-_Vision_Paper.pdf
Bitcoin, Ether, USDT, USD (real dollars), EUR (Euros), etc., are all accepted forms of currencies for the token sale.
35% of all tokens that are generated will be transferred directly to purchasers.
During the Pre-Sale Period, each token will be valued at the equivalent of $0.085. During the open sale, the tokens will be valued at $0.10.
In total, the tokens will number 1 billion CAN tokens.
Allocation of Tokens
Development — 31%
Subscribers and Acquisitions — 25%
Community and partner ecosystem — 16%
Sales and marketing — 12%
General and administrative — 9%
Legal and compliance — 3%
Infrastructure and project management — 2%
Token Sale expenses — 2%
Disclaimer: This article was commissioned by a 3rd-party unrelated to Solve.Care