The First Blockchain Concept for the Global Dental Industry
Dentacoin (DCN) is the Bitcoin of Dentistry. It is the first and only crypto coin created as a payment method in dentistry worldwide. This is an opportunity to invest in this growing, high-tech oriented, 500 billion USD industry.
Additionally, according to the statute of the Dentacoin Foundation every single decision that is made by the management, as well as all financial statements, must be shown and clarified to the Dentacoin owners. The integrated voting system then gives coin owners the opportunity to vote on these decisions. Coin owners are therefore involved in all business activities and have a great influence on them.
Besides offering a voting right and being a cryptocurrency, DCN provides value-creating tools. Those tools, together with the game-changing insurance model, will inevitably improve the dental industry providing various benefits for suppliers, patients and dentists. It will improve dental health and will lower costs for dentists and patients.
Nowadays a treatment with crowns and bridges fixed on implants is not affordable for most people. Patients are forced to choose unreliable, insufficient dentures. With time, this leads to a number of health issues, problems with self-esteem and an overall low quality of life. This affects 1 billion people, as health insurances do not cover this type of implant treatment. No money — no dental health? We believe this unfair reality needs to be changed.
A sophisticated prophylaxis system will prevent 90% of all dental problems. The remaining 10% will be covered by a blockchain-based insurance — one of the long-term project of Dentacoin.
With the Dentacoin insurance model, patients will receive lifelong dental care by paying low monthly fees to their dentists in DCN. Dentists will have a strong incentive to to provide their patientswith proper care and advice. This concept will not be supported by the powerful insurance groups as it circumvents their services and cuts their costs and profits.
A dentist using Dentacoins will have a powerful tool to keep the loyalty of their patients, build a stable monthly income and motivate patients to keep their appointments for prophylaxis. This crypto currency and smart contract system for the dental industry will unite the efforts for all businesses and individuals, thus removing the middlemen, who make profits at the expense of dentist and patients.
Dental suppliers (manufacturers and laboratories) and dentists can now easily communicate and exchange value, without the extra time, efforts and fees for dealers, logistics, importers, wholesalers and retailers. This direct connection between the producer and the dentist is established on the Ethereum blockchain. No time is wasted for international transactions. This enables dentists to provide lower prices to the patient, pushing the excess middlemen out of the way.
The supplier, the dentist and the patient will then find themselves in a “win-win-win” situation. The only losers are the middlemen and bloated organisations, whose high margins will be obsolete.
Dentacoin is based on the Ethereum blockchain. Dentacoin follows the ERC20 token standard which guarantees real currency security and fraud resistance. The dental insurance concept will be developed and executed as an Ethereum Smart Contract for maximum safety and minimum operating costs.
Why Blockchain? 3 main reasons:
1. Only contracts concluded inside the Blockchain structure could provide legal transparency, comparability and enforceability of the agreed obligations at a very low cost for all the involved parties. The contract is not concluded through intermediaries or insurance companies, but in a direct, responsible relation between the interacting parties. The logic behind is simple: the chance for manipulations of all kinds is eliminated.
2. Nowadays, it is hard for most of the dentists to buy straight from the manufacturers, since their daily workflow does not correspond to the minimal order quantities (MOQ). In addition to the general MOQ unfairness, unbearably high costs are involved.
Only by means of a global industrial currency (Dentacoin) the purchase of material and technology could be carried out directly between the manufacturer and the dentist, no matter the scale of his work, in a fast, cost-effective and legal way.
3. The preparation of an individual prophylaxis plan or a highly individualized treatment plan requires a holistic view of the overall health of the patient.
So an Ethereum based dental health database will store the patients data in a secure and reliable way.
The patient alone decides which doctors and providers he allow to access his medical records. If, in comparison, a traditional platform was used, that would allow for too many persons and entities to easily gain access to personal information and use it to their advantage like marketing or data analysis. With the blockchain technology, a dentist can read only upon prior given access. This peerless security degree and control over one’s own data will be ensured by the blockchain. There is no central regulatory institution; no external decision-makers. The blockchain guarantees that the contract could not be changed and manipulated by whatever means possible. It allows transparent and easily enforceable contractual relation, forming an absolutely safe environment.
The risk of inflation is extremely reduced in comparison with FIAT currencies, due to the value-generating distribution model of Dentacoin and the limited amount of the coins. Therefore, the involved parties are given further benefits as the Dentacoin value is expected to increase in time. For investors, manufacturers, dentists and patients that is an additional opportunity.
1. The Dentacoin concept integrates the blockchain technology in a large, fast-growing, high-tech global market with a market cap of 500 billion USD (p.a.).
2. The concept has low entry barriers as the main target groups — patients (a target group of 3 billion people) and dentists (a target group of 200 000 professionals) — are individuals and not large corporations that could master the market.
3. The interests of the main target groups — patients and dentists — will be aligned. Dentists will be multipliers. After a slow but stable start, dynamic scale effects will lead to disproportional growth. This will be the starting point of the democratization of the dental industry.
The Team behind:
Dentacoin is backed by a team with a real world business background — developers, marketing specialists, dentists, industry 4.0 engineers, macroeconomists, insurance economists, lawyers and financial experts from the UK, BG, IND, USA, DE, NL, F, RU and SA. In total approx. 120 people were involved in different aspects of the concept creation.
The Dentacoin value:
Each Dentacoin is legally bound to one share of the Dentacoin foundation and all its assets. The issuance of DCN is stated into the Foundation statute. The Director of the Foundation has no free decision-making power, but must adhere to the rules of the Articles of Incorporation. It is allowed for all coin holders to vote for important decisions regarding the foundation. As a result, we also subject the Foundation to the public control of all DCN owners.
With the proceeds from the initial coin offering (ICO), the Dentacoin Foundation will start to develop and implement the publicly presented projects and inform all DCN owners and the public about the current state of the projects. As mentioned above, the issuance of Dentacoins is strictly bound to the rules of the foundation. This strongly restricts the output of Dentacoins.
DCN owners, the blockchain community, dental partners, suppliers and the public will be updated continuously. The interest in DCN will grow fast. This will create demand for DCNs.
Dentacoin as a means of payment
As a part of the test phase of the concept, Dentacoin is already being used as a means of payment and as a part of a Patient Loyalty Program in partner dental clinics. According to them, Dentacoin is a highly beneficial tool for creating a community with the patients and for improving the service quality in accordance with patients’ needs. Hundreds of patients already receive and spent Dentacoins.
So far, DCN is accepted as a means of payment in the first Dentacoin partner clinics (Report here). Although the usage is still in the beginning, being so strongly bound to the real business world helps reaching development targets faster than many other coin issuers.
Happening right now:
The team is currently (February 2017) in negotiation with a state-of-the-art dental clinic with an integrated digital laboratory in London. This dental surgery is about to be purchased as a pilot clinic in order to further develop the concept under practical conditions. The business plan of the company is valued using the discounted cash flow method (DCF) to aprox. GBP 90 million. It looks like the seller will accept the purchase to be made exclusively in Dentacoins. This would be a very big step for the DCN value development.
The acquisition of companies or shares of companies in the dental industry by the Dentacoin Foundation is carried out under these conditions:
1. If the company to be acquired can play a key role in the implementation of the strategic or operational objectives and thereby supports the testing and dissemination of the Dentacoin concept and uses it to promote the value of Dentacoin.
2. Payment in these cases always takes place in Dentacoins and not in FIAT currencies. Due to the acceptance of the vendor, the value of Dentacoin is further stabilized.
3. The proceeds from ICO and crowdsales are exclusively used for the project development. All the ICO and crowdsales campaigns are limited to the equivalent of a maximum of 2 million EUR. No exception. This ensures that the capital invested will be used effectively and not wastefully. Only when the current project is realized, another project could be launched. The described approach is also an intelligent form of “window dressing” in the interest of the DCN owners, which would further strengthen the distribution model and accelerates the increase in value.
The team hopes that this first, essentially important deal will be realized before the first ICO (Stay tuned!). Currently, the purchase contracts are being prepared by attorneys and are close to completion. For the first time in the history of cryptocurrency, a real company would be acquired and paid for exclusively through tokens (DCN).
Originally published at www.dentacoin.com on May 8, 2017.