Why will Decentralized Healthcare outpace DeFi in the next decade?
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Thu Jul 22 2021 — updated Thu Jul 29 2021
The healthcare system has been facing tremendous challenges in the last decade. Governments and private sectors strive to balance these challenges and provide healthcare services to cover the continuous urgent need for medical care. A global pandemic and an increased demand for a standardized system to follow across the borders make it more necessary than ever to innovate technologies that provide solutions for these problems.
The healthcare system strives for technology that helps connect healthcare institutions across the globe, granting access to each party of the medical ecosystem for the needed data to operate the work, saving time, effort and decreasing errors based on manually treating, saving, or transferring medical data.
On the other hand, patients struggle with the currently overwhelming data processing that requires them to report medical history multiple times in different settings, expose their data to exploitation, and leave them with zero profitability even while healthcare institutions taking advantage of their medical data to use it in medical research or share it with third-party organizations for institutional profits.
It all started well with Decentralized Finance.
Decentralized Finance is a system built on the public blockchain network to allow financial products to become available on a public decentralized blockchain network, making financial services and products available to anyone to use, with no restrictions and with significantly lower transaction fees.
Decentralized Finance systems are designed for the sole function of removing intermediaries between financial services users, Peer to peer financial transactions parties, and pretty much any money transfer process. Multiple blockchain protocols, technologies, and proprietary software are designed to achieve the decentralizations with full automation to the agreement terms between P2P users.
How does DeFi progress so far?
Decentralized Finance is still in the early phase of its projected target, with $41 billion locked in DeFi contracts in different crypto tokens. The DeFi ecosystem is still developing in terms of capacity and security to have the establishment to receive more significant amounts of funds and higher numbers of users with effective risk management and top security.
The DeFi ecosystem is also making its way through global recognition as large institutions moving to crypto and governments are expected to launch their own cryptocurrency. This recognition will help the DeFi ecosystem expand and, more importantly, create laws and rules applicable across borders with mass acceptance and attraction from populations.
How is Healthcare subject to the same concept with even higher potential?
Healthcare struggle from the same problems as Finance
In day-to-day life, people have to go through complex processes to get medical services, especially in the public sector. Countries with free medicare, such as Canada, are known to have the slowest processes for patients to receive services. To receive a medical consultation in an outpatient setting, you could see yourself waiting three months on average in specialties such as ENT and neurosurgery. These long waiting periods could significantly cause worsening in the case, besides discouraging patients from the follow-up to avoid the painful waiting list.
In Finance, it’s the same complicated process; a simple wire transfer could be held or delayed for weeks because the intermediaries require some extra verification or for a policy issue, where DeFi found it so easy to attack from this point. Because simply time is the most important asset people have. A new technology that saves people time will eventually get mass popularity.
What gives Decentralized Healthcare such potential?
First, on the individual level.
1- Zero cost of entry.
For people to profit from Decentralized Healthcare, there is no barrier to entry.
People from everywhere around the world can get incentivized from sharing their medical data while normally receiving medical services at any setting, whether it’s the public sector or private healthcare institution. People can get a DeFi-like return with no initial capital to invest just by cooperating with professional data providers while receiving their healthcare services or regular check-ups. Meaning they won’t need to put money or (Borrow) to get profits from Decentralized Healthcare. This profitability doesn’t require direct participation in any trials or medical research, all done in ordinary medical settings and with complete anonymity.
2- Always a positive-sum (Continuous upside)
Because the actual investment is medical data, There is no risk of losing the value of the asset compared to DeFi, which is affected by the volatility of the crypto-assets. People can get profits every time the medical data is used or sold to another party in the B2B marketplace.
3- High predictability
The medical data sold at the DataXChange B2B marketplace is set at a pre-estimated price. This standardized pricing means medical data providers and patients will be able to predict profitability from each category of data collected and provided.
Although DeFi yield rates are relatively stable, the yields could be changed annually, half annually, or quarterly. Depending on various factors, including the offer and demand and the token macro trending and price action.
4- No asset risk
In contrast to DeFi, The assets (medical data) are not subject to volatility, can’t be liquidated, lost, hacked, or lose value. As long as the medical data is collected, curated, and structured in an optimal form by a medical data provider, it has a high intrinsic value with a solid market and inevitably profits.
Second, on the institutional level.
Decentralized Healthcare is based on BUILDING an ecosystem and CONNECTING all medical and pharmaceutical institutions together. To get more insights Aimedis services for healthcare institutions here is a map for the services/products and how it provides vital solutions for each institution.
Hospitals, medical centers, medical providers– Aimedis platform for doctors and patients
– Aimedis Virtual Hospital
Contract Research OrganizationsAimedis B2B medical data marketplacePharmaceutical CompaniesAimedis B2B medical data marketplaceCar manufacturers, AI and ML companies, space agenciesAimedis B2B medical data marketplaceCommunity Pharmacies, pharmacy chains-Aimedis online pharmacy
– Aimedis platform (Pharmacists’ interface)
Third, on the governmental level.
More tolerable and easier to adopt.
Decentralized Healthcare doesn’t rely on authority shifts to develop. It doesn’t plan to deauthorize health authorities, so it isn’t expected to face the same resistance DeFi faces with Financial authorities.
Why will Decentralized Healthcare outpace DeFi in the term of growth and adoption?
- The fundamentals of Decentralized Healthcare focuses on building a solid ecosystem connecting all the parties of the medical field together and providing solutions to healthcare institutions, medical providers, contract research organizations and pharmaceutical companies, and other big institutional powers, helping them enhance their services and expand their
- Decentralized Healthcare targets larger and more diverse users, from corporates to the Providing specific value for each one, which gives it a diversified source of mass adoption.
- Decentralized Healthcare provides a predictable, very low cost of entry and significantly low-risk profit for an asset that is super under-utilized (medical data). Which doesn’t subject to volatility and preserves its value, making it inevitable for everyone to profit with high security and no barrier to entry.