- 09 Jul, 2018
The borderless, secure nature of blockchain based cryptocurrencies will create a better, cheaper way of receiving healthcare on a global scale. That is what Texas-based company CareX Blockchain Platform say in their proposed Initial Coin Offering (ICO) which hits the market on November 23.
Idea behind CARE tokens
CareX are selling tokens (CARE) that can be used to buy healthcare services by any provider that accepts them. CareX Platform CEO Mike Bishop calls it as “bitcoin specifically for your medical bills. These tokens can be used for your local doctor visit or emergency as well as for the bigger operations and procedures that have turned medical tourism into such a big business.”
Healthcare networks in countries as different as Canada and India have joined the CareX platform as partners. Indian company CallHealth, which has currently served over 35 million patients this year, has joined the platform, as has CareCorp, a Canada-based company that focuses on seniors, and currently serves more than 1,000 people daily. “They see the value in being connected this way,” said Bishop. “Not only does CareX simplify their payment and health record system, making it trustworthy and immediate, it also brings in business.”
Patients love CareX as it enables them to receive local services at a discount and takes away the hassle of finding a way to pay for services abroad. “CareX makes medical travel so much easier,” said Bishop. “Instead of sending an expensive wire transfer or forcing family members to board an airplane carrying lots of cash, you can just transfer CARE from home and use them at your destination.”
CareX will be used differently depending on the country. In places where healthcare services are abundant but expensive, like the United States, CareX can help reduce costs and function as an alternative to insurance. In countries with national health systems, like Canada or the United Kingdom, CareX can offer patients an affordable alternative to suffering on a waiting list.
“CareX fits into the global healthcare market,” said Rob Fia from Kingsdale Capital. “The efficiency, ease of use and overall cost savings for the health industry are substantial.” Besides being a form of currency, it enables patients to use their wallets to store their personal health information, protected by the same private key that performs CareX transactions. They can then share this information with medical providers when they need it. “The efficiencies that come with that are enormous,” said the Blockchain specialist Swaroop Kallakuri. “Having health data in a secure yet available format is now a requirement in the US. The only way to do that is on the blockchain.” CareX plans to invest the proceeds of the ICO into finishing development of the platform and securing more providers. “We have the wallet which providers and patients can use to store their CARE tokens already working,” said CTO Andy Tunisi. “A successful offering will enable us to speed up our trajectory considerably.”
One CARE token is currently pegged at USD $10.00. Of course, CARE can also be purchased with USD, Bitcoin, Ethereum and LiteCoin. CARE tokens are a Security and Exchange Commission (SEC) registered security and include a profit participation in CareX of 0.5 percent.
More about the CareX Blockchain Platform
CareX reinvents the way people discover and pay for health services by providing a blockchain-based alternative to insurance. These tokens record transactions on the Ethereum ledger, and are thus simultaneously secure and liquid. As a security, they offer an annual profit participation of 0.5 percent.
It also provides an alternative to the current administrative morass healthcare providers experience by enabling them to return to the basics of a transparent market where prices are readily available, and transactions are immediate using encrypted currency that can be exchanged for Bitcoins (BTC), Ethereum (ETH) and Dollars (USD).