Blockchain technology has been revolutionizing various industries across the world with all the possibilities that it provides. Decentralization feature that blockchain provides throws away any third party intervention or possible manipulation of all the private information on the network. No misuse of information takes place on a decentralized network. Dentacoin targets this feature of the blockchain technology and aims at providing the healthcare community across the world a trusted and transparent dental care platform.
Dentacoin is essentially an ethereum-based platform and works on smart contracts. Transactions take place on the network through the usage of smart contracts. It’s major aim is to improve the quality of the dental care provided across the world and make the lives of people easier. It is stated in its white paper that:
Dentacoin 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.
The Netherland-based company is essentially a community-oriented platform with main focus on its users. Beside developing a dental industry based on a blockchain network, it aims at putting a reward system in place for its users. Users who participate in this framework and provide valuable input get rewards in the form of cryptocurrency. Patients and doctors who make valuable input to the system get their deserved benefits on this platform.
Dentacoin strives to create a dental industry community by rewarding people -who provide valuable contributions- with crypto currency. Through this reward system, the foundation will see a rise in a currency that will be able to reach a broad market, including a vast number of people who have yet to participate in any cryptocurrency economy
It is a blockchain-based review platform which provides its users a transparent and trusted overview of the dental care community participating in this framework. Patients and doctors can become a part of one global dental care community with much ease. Without the hold of any third party entity, the dental healthcare industry falls into the hands of the people with Dentacoin. It’s ultimate goal is to improve the quality of life of people by providing a comprehensive community-oriented healthcare platform.
The mission statement stated by the Dentacoin is that:
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.
Dentacoin’s goal is not to compete with other cryptocurrencies in the game, instead it focuses on building a strong community-driven healthcare industry through the use of the innovative blockchain technology.
The success of any industry comes from its customers. Customer feedback is something that is of utmost importance when it comes to the sustenance of different industries. If the customers get in control of the industry, any manipulation or intervention from a central regulating authority can be removed entirely from the framework. Users trust other users more than they trust the actual service provider. Trustworthy reviews from different patients can provide other patients the relevant information they need.
Dentacoin Token’s Initial Coin Offering
The dentacoin token used by the company is a ERC20 type token and is represented as DCN. In its initial coin offering, it was priced at 0.0001 USD. The preICO raised by the company started on 1st July 2017 and ended on 1st August 2017. The main ICO started on 1st of October 2017 and went until 1st November 2017. The total worth of the tokens sold by the company valued around $2,100,000 in total.
Project Development Phases
As per the white paper, the entire project is divided into four phases:
Phase I: Blockchain-Based Trusted Review Platform
As suggested in the white paper, by building a trusted and secure platform on a blockchain network, dentacoin allows different patients and users across the world to raise their voice. In order to exterminate any concerns regarding manipulation and frauds on the network, smart contracts are implemented in the framework. This provides a stable system based on autonomy, trust, speed and safety.
The benefits of the entire network, as mentioned in the white paper presented by the company, are transparent reviews, permanent data storage, market research value and the creation of a closed economic system. Besides these, being on a blockchain network, the system cannot be modified or manipulated. The biggest advantage that this system provides to its users is the ability to see ratings and reviews of different dentists across the community. Patients on the platform can get their voice heard across the platform. Users participating in the network get rewards in the form of DCNs as a result of their contributions.
Phase II: Dentacare Mobile App and DentaVox Opinion Platform
Phase II included the development of a mobile application and an online research market platform in the form of DentaVox. Both of these have been completed. Through the help of the mobile application, kids and adults can get education regarding the maintenance of good oral health through a 3-month challenge.
Through the help of DentaVox, users can get access to a complete research platform and get information about various topics related to dental health care.
Phase III: Dental Assurance Concept
As stated on its website, it is “an insurance-like model which assures patients to receive lifelong, preventive care through low monthly fee in DCN, paid to dentists.”
A complete framework for satisfactory participation of both patient and the doctor in order to make this happen is provided by Dentacoin. Smart contracts make this entire assurance system possible.
“The smart contract focuses on the alignment of both parties’ main interest – to maintain healthy teeth and overall oral hygiene. By entering into the smart contract, both the dentist and patient have obligations and duties to fulfil, upon completion, both parties will reap the benefits of the smart contract. Patients must attain the oral hygiene and care that is set out in the Dentacare mobile app and dentists, who restore and maintain their patients’ teeth at their own expense, are to perform their job to the utmost quality and satisfaction. If both parties’ duties and obligations are met, monetary rewards will be issued. This monetary motivation method creates an environment where both parties whilst performing to reach a common goal are simultaneously benefitting themselves and the dental industry as high levels of personal health are met as well as a high quality performance from the dentists”
Phase IV: Healthcare Database
As the entire system is based on the blockchain network, their is no third party in-between the users to store the data. Being on blockchain, a secure lifetime medical record sharing system is established on the platform. Time-stamped medical records eliminate the need of a third party vendor to access the history. Hence, a decentralized intelligent record access platform is provided to the users of the platform. In phase IV, the company aims at providing its users a decentralized database which can be used to access dental health data.
The goals of building a trusted review platform and launching a comprehensive mobile application have been fulfilled by the company. DentaVox is also accessible for the users to find information about various dental healthcare topics.
Moving forwards, the goals of providing a dental assurance system and a health database still need to be met. The estimated time of arrival of both these products, as mentioned on Dentacoin’s official website, are Q4 (2018) and Q4 (2019) respectively.
The Advisory Team
The advisory team of the entire Dentacoin project includes Carson Calderwood, an experienced dental expert, Reed Sutton, a researcher and clinical assistant at the University of Alberta Faculty of Medicine and Dentistry, Nikolay Raychev, founder and director of VUM School of Computer Science, Julia Radeva, a well-renowned business pioneer, Veselin Matov, a dental practice manager at F3T dental clinic, F. Mark Kosierowski, a US-based writer and Dr. Elena Tuma, certified by International Training Center for Dental Implantology (IFZI).