Of all the industries that are adopting blockchain technology and exploring smart contracts, dentistry is probably the one that is not on anyone’s radar. DentaCoin is changing this, with a revolutionary idea to change the way we see dentistry. DentaCoin is creating a whole economy behind dentistry, and this economy will be based on several key pillars, two of which are blockchain technology and smart contracts. Despite the magnitude of this task, there is a reason why dentistry is not an industry we would think of when talking about blockchain technology, but it is probably one of the industries that needs the tech the most.
DentaCoin To Amalgamate a Fragmented Industry
At a global level, dental treatments are scantly covered by insurance. Households also tend to leave dentistry expenses out of their budgetary considerations. These facts lead to a widespread lack of oral health at a global level. This leads to a spiral of increasing costs that can plunge any family into financial trouble or into a situation in which oral health deteriorates. This highlights the other side of the problem: dentistry costs. The high cost of oral health is the result of industry fragmentation.
Through DentaCoin, the use of blockchain technology and smart contracts, this project aims to amalgamate a fragmented industry to reduce the cost of oral healthcare, raise awareness about it and help the average household improve its oral health. These are all challenging goals to achieve, but DentaCoin is better equipped than any other project before it to do so.
DentaCoin Foundation Members Bring Experience
The DentaCoin Foundation – established in Maastricht, The Netherlands in March 2017 – has taken the time to study the industry and to put together a multi-disciplinary team of professionals that can tackle these challenges. The following are some of the findings of this talented team of multi-disciplinary professionals, and how they identified that Blockchain and smart contracts would allow them to create an economy to change the nature of the industry:
- There are around 1.6 million dentists in the world.
- DentaCoin focuses on 200,000 of them, the younger generation.
- This generation is more likely to integrate digital platforms to their work and understands the power of creating a community together with patients and suppliers to advance win-win solutions.
- These 200,000 dentists are completely independent and take care of roughly 600 million patients – 3,000 patients per dentist on average. This means their potential networks are huge.
- Blockchain technology, smart contracts, dental care apps, a community behind the industry, and DentaCoin tokens – DCN – underpinning the whole economic activity, can create a powerful platform to address dentistry challenges.
The DentaCoin Revolution
Based on this information, the DentaCoin team quickly identified that integrating blockchain technology and smart contracts into the core of its system, would allow them to amalgamate a fragmented industry and create a wider set of benefits for everyone involved. The implementation of their plan will be done by phases, the first of which, is to implement a blockchain-based review system for patients. Anyone who is asked to fill out a review, will be remunerated with DCN, which can then be used the next time they go to the dentist.
Following this first phase of implementation, DentaCoin will continue adding the following during the next phases:
- An oral health app that will help children and adults create good oral health habits. The app will have notifications and a system to create good habits, through 66-day programs.
- Additionally, users will be able to enjoy the educational part of the app, which comes full with knowledge tests and DCN rewards for right answers.
- The app system will be integrated to the review system and to the creation of an insurance policy governed by a smart contract.
- This policy will cover the patient if that patient keeps up with an agreed upon dental health program that they will craft with their dentist.
- Dental health records will be kept on the blockchain and will be secured through cryptography.
- The final phase will be the integration of industry suppliers. Dentists and other oral health professionals will have direct access to suppliers, which allows them to reduce the costs of ordering and paying for inventory since no middlemen will be required.
- DentaCoin tokens or DCN will underpin the whole economy.
The Basis of this Revolutionary System
It is not easy to create such a system, but DentaCoin has already taken the first steps, solidifying the basis for the success of the project. The DentaCoin Foundation has already purchased a dental clinic in the UK for $90 million USD. This will be the place where the proposed system will start working. The DentaCoin Foundation has also taken care of transparency and governance issues, by registering as a foundation in The Netherlands and clearly stating its objectives.
These features allow DentaCoin to position itself as the project that can change dentistry paradigms using blockchain technology and smart contracts. The DentaCoin ICO will be one based on sound research, a solid anchor around the foundation and the assets under its management, and an incredible concept that will bring oral health to the fore. After the DentaCoin ICO, dental health issues and the use of blockchain technology to tackle them, will never escape our radar again.