As the blockchain era continues, we see more and more interesting projects coming into the play, with unique applications attached to real-life use-cases. The past week we analyzed Walton (WTC), Kin (KIN), DigixDAO (DGD) and INS Ecosystem (INS). Each platform is unique in its own way representing different scenes respectively, covering from IoT Technologies and Digital Communication Services to Gold Market integration into the blockchain sphere and a Decentralized Grocery Market Ecosystem. Today we’re taking a closer look at Dentacoin (DCN), a blockchain solution for the global dental industry.
Dentacoin (DCN) is an Ethereum-based blockchain platform regulated by smart contracts. The platform supports the dental community by building and creating solutions devoted to improving the quality of dental care worldwide. The blockchain gives Dentacoin the power to change the world for the better.
Dentacoin (DNC) develops the dental industry as well as creates market intelligence through a cryptocurrency reward system that inspires participation throughout the community. Dentacoin is the first cryptocurrency that uses a decentralized review platform and transparently rewards patients and dentists who make contributions that benefit the community. The Dentacoin Foundation team strongly believes in building a future healthcare industry that will fall into the hands of the people, resulting in the disruption of the existing industries and the creation of new industries in the short and long term.
The Dentacoin Foundations’ core missions are to improve the quality of dental care worldwide, reduce treatment costs and create a dental community. The Dentacoin Token was created to help assist the Dentacoin Foundation with the above-mentioned missions by giving power to the people. Dentacoin focuses on developing a number of tools, each one targeting a different sector of the dental industry. Individuals who use and implement these tools will receive Dentacoin Tokens as a reward, which they can later use to pay for their dental treatment or to purchase dental products.
Their goal is not to compete with other cryptocurrencies, but rather to provide a solution and support for the healthcare industry through a blockchain. The Dentacoin Foundation is interested in evaluating the actual substance and value that can be created with a coin (Dentacoin) that represents the health of all individuals. Dentacoin will be both a Fin Tech and logistic platform of the global dental industry.
All service industries aiming at long-term success are driven by their customers’ feedback. The healthcare Industry is no exception. No regulatory authority, no central institution, no powerful organization or individual could control the industry better than the patient community. People trust people, thus there is nothing more valuable to the industry players than constant, trustworthy feedback from the patients. However, a community needs to exist for this to be achieved and this is where Dentacoin steps in.
Dentacoin emphasizes the industry’s challenges and reveals the solutions for increasing the dental practice’s efficiency. Implementing a blockchain based industrial cryptocurrency can incentivize the industry in solving the majority of the existing and future constraints.
They have a mobile app in plans, DentaVox, which is a voting platform regarding the dental industry and a healthcare database based on reviews gathered by Dentacoin users and patients.
As the project states in their White Paper: “The Dentacoin Foundation recognizes that the value of all user contributions (reviews, recommendations, rewards, payments, trusted feedback, etc.) is one of the most important assets to the foundation. A single review is worth next to nothing, but millions of trusted and impartial reviews are worth many millions (or possibly even billions) of euros.
Individuals should be paid for everything they do that brings value not only to Dentacoin but also to the dental industry.”
A major breakthrough for Dentacoin was the purchase of a real existing dental clinic, the Dentaprime International Plc. London.
The transfer of ownership took place in July 2017 once the purchase price had been paid. This transaction was phenomenal due to the fact that the calculated purchase price to the value of 90 million USD was paid entirely in DCN. This means that even before the ICO, the DCN was given a high, real value by professionals of the M&A field. This purchase is unique in the history of the blockchain tokens. The Dentacoin Foundation will continue to be active in M&A and will purchase additional clinics if they can take a pilot function within Dental Industry 4.0.
It seems that healthcare as always is ahead of the game and will adopt the blockchain technology sooner than we thought. Dentacoin is just an example of how blockchain could help shape the future of healthcare and how that could benefit the health industry, health research programmes and patients at the same time.
What are your thoughts Dentacoin? Would you invest to support the idea behind it or you just see it as an opportunity for growing your portfolio? What other healthcare blockchain based projects would you consider? Let me know your thoughts on this in the comments below.