Did you know that investment in medical technology more than doubled between 2013 and 2014? Yes, it did and during that time big corporations like Google Ventures and other big shots saw potential in telemedicine.
And they were right. Why? There are different ways of clearing doubt with hard statistics. Projecting telemedicine numbers from 2014 hints that the industry will be worth roughly $58B by 2020 if the growth pace remains constant.
In 2014 alone, the industry was worth $10B expanding at 32% with an annual CAGR rate of 31%. Now, that is important statistics from investors’ point of view but remember, these are health derived data and that’s why we must focus on the “whys”. This is where you come in.
At this moment of time, if you are asked, how would you describe your own health? Are you in a perfect mental, physical and emotional state or are you struggling to stay afloat?
You see, most people take their health or that of family members for granted and they realize later when things are getting thick of how important it is to keep fit and most importantly keeping track of your health records.
Most of them give flimsy excuses of how tight their schedules are, of how they don’t see the need of visiting a doctor because maybe they have and so far they can’t see solutions or simply put, they don’t trust these doctors.
From a doctor’s perspective, it gets complicated. See, nowadays getting a prognosis is all based on history of other people health records and diseases.
Checking stuff like their medical history, the treatment they received, medication prescribed and all those minor but critical details that could help blow out chaff and help doctors during diagnosis.
There are literally no reliable platforms where doctors can access the patient’s health history securely before prescribing medication or even recommending treatment. It’s all chaos out there not until now.
DocCoin wants to streamline all this by leveraging on blockchain technology. On their platform they want to tackle head on matters that make patients postpone their doctor’s visits.
The designers behind this plan to do this by breeding trust and creating a consultation space where patients seeking specialized treatments can meet and interact with doctors securely while concurrently securing the health history of all patients through smart contracts.
As we all know, privacy and security especially of sensitive health record as medical tests and data takes priority and there is no technology that can guarantee safety of records other than the distributed nature of blockchain.
Besides security and trust that is instilled, patients anywhere in the world can make use of smart contracts and get to access the services of the best medical practitioner in specific jurisdictions.
For example, now, regardless of location cancer patients would instantly contact the best oncologists from Germany or Israel. You may be wondering how this is possible but because of secured health records in the cloud, doctors can make trustworthy recommendations.
Furthermore, look at it this way. A single, decentralized platform has its own benefit because patients and doctors can communicate directly on the platform eliminating communication bills. If you are from different countries, the platform will auto translate all the voice records and that’s besides patients using DocCoin’s insured telemedicine services.
In a nutshell, the aim of Doc Coin is to unite all these big players in the health industry right from hospitals, laboratories, doctors and medical insurance companies into this one powerful, symbiotic resource. All payments will be done through the blockchain and this in turn brings in transparency. Since everything is done digitally, our environment can be safe from carbon emissions.
How It Works
If you want to experience the service, this is how you do it. First, you got to register and create a user profile on their website and create a Doc Coin compatible wallet for payment purposes.
Thereafter, he/she will need to link and synchronize their medical records on the platform and fund the account with a given number of Doc Coin tokens using your credit card. If not, and assuming you own other supported more liquid cryptocurrencies, you can instant exchange them for these coins.
For consultation, the patient will use Doc Coin service and select a doctor they prefer-based on cost of course- and submit a request. The doctor will send a video call notification and if the patient confirms, consultation and other requested fees will be deducted from the patient’s account.
Afterwards, the patient’s data is generated, verified-through a digital signature, encrypted and stored in the cloud with a patient’s personal number as identifier.
For fluidity and say the patient wants to see another specialist in the course of the treatment, a special private access code with smart encryption will be embedded in the patient’s blockchain chip. This smart encryption property allows for compartmentalization and he/she will only access his/her course of treatment.
Advantage of DocCoin:
What it offers doctors
- They don’t need to travel and can monitor patient’s conditions remotely.
- They can consult in a language they are comfortable in as translation is effected by the platform.
- They can directly interact with other professionals as they share experiences, ideas and all.
- All patients’ medical record is stored securely.
- They are always guaranteed of payment every time they consult, prescribe or treat patients.
- Their medical records are safe and securely encrypted.
- They can consult with any specialist anytime of the day or week.
- They can get referrals and prescriptions right from their homes.
- Services are cheap.
- Can communicate in any language they prefer.
Contrary to expectations, there are no doctors on board. These guys are seasoned investors with technical background.
Nikita Zykov leads Doc Coin but he is not a doctor but an avid blockchain investor and entrepreneur. His assistant will be Kirill Sevalnev and the company’s CFO. He will be flanked by Elena Sokolova who shall be the Project Manager and Alina Yarovaya who is the Marketing Executive. Others include: Anton Gunin, Vitaly Shchudrov and Vyacheslav Poskonin.
DocCoin token will be launched on Ethereum and is ERC-20 complaint meaning it is secure.
In total, there will be 200M DocCoin tokens, 70% reserved for investors and the remainder kept for early investors and the team.
The token pre-sale starts on January 25, 2018 and ends after 7 days on February 2, 2018. At this time, 60M DocCoin tokens will be available for investors and the good thing about it is that there is no ceiling. Investors can purchase any amount of tokens they wish. The minimum investment is 0.2ETH and each DocCoin costs 0.0001ETH accompanied by a 50% discount.
During the main ICO which begins on February 9, 2018 and ends on March 11, 2018, early investors who channel their ETH during their first week will have a 20% discount, invest a minimum of 0.1ETH and chose any amount to purchase from the 80M tokens available.
53% of the funds received will be used for software development, 10% for marketing and 13% for early investors.
We can say the telemedicine industry is at its infancy if we consider the rate at which it is growing at an annual basis and the interest it is receiving from corporations.
One standout is the realization that more and more people are growing out of this notion that remote diagnosis, prescription and treatment are increasingly becoming effective than actual physical visits to health centers. Coupled with technology, telemedicine and DocCoin tokens have room for an upside as people realize value in the platform.
The only downside is that the platform was not conceived by doctors but by investors. I don’t know much but I honestly think there is no specialist knowledge behind the platform. Nikita Zykov is an investor and a fish industry entrepreneur.
Thanks for reading!