Leading healthcare blockchain tech platform Solve.Care just announced the launch of Definitize, the world’s first Decentralized Autonomous Organization (DAO) for Healthcare Financing.
Definitize is designed to serve actual patients and doctors while being 100% Community operated and governed. The team behind the DAO designed the platform to improve access to care by democratizing healthcare financing.
Definitize allows the community to select and finance projects that they consider deserving and to create value for members while generating lucrative returns transparently.
Pradeep Goel, CEO of Solve.Care, praised the initiative, noting that it was a gamechanger in the healthcare industry that is currently worth over $8.45 trillion.
“Traditional finance fails to serve the needs of the many stakeholders in healthcare, including patients. Definitize allows for patients to get directly involved in financing healthcare projects, giving them more choice and autonomy,” noted the CEO.
Solve.Care now plans to leverage its recent collaboration with ChainLink to develop oracles for Definitize pools. The oracles will provide verified off-chain data feeds that quantify the performance and value of each asset pool.
How Does Definitize Work?
The new healthcare financing DAO will utilize decentralized finance (DeFi) throughout the healthcare sectors to provide easy global financing to the healthcare market.
As medicine and care go digital and online on an international scale, there is an urgent need to access financing for specific healthcare products and services.
Consumer medical devices needed by the market include monitoring devices such as glucose monitors, pulse oximeters, etc. Healthcare professionals also require fast and easy financing for medical equipment such as X-Ray machines, CT scans, and so on.
Sometimes, patients require unplanned immediate medical surgeries that are not covered by insurance.
These are some of the scenarios where Definitize can help by creating a community-governed platform that approves and funds diverse healthcare projects. Once a certain project proposal is approved, the Definitize protocol creates asset pools to fund that particular project.
Contributors can choose which pools to provide liquidity to, after which they are rewarded with a predetermined fixed interest rate and a share of the pool’s income.
Definitize, through its decentralized finance network, can fund endeavors such as medical device financing, underwriting malpractice insurance, or lending cash flow for healthcare workers.
Solve.Care will work closely with Definitize as the main distributor for 4G medical monitoring devices to remote patients, thus complementing its Global Telehealth Exchange (GTHE) offering.
Become A Definitize Citizen
Anybody can become a Definitize citizen and take an active role in governing the community. Investors can participate in Definitize in several ways.
Firstly, they can stake SOLVE, Solve.Care’s native token, to mine DCARE governance tokens. DCARE holders get access to voting rights that allow them to have a voice in how the community is governed, and which healthcare projects to finance. DCARE token mining is scheduled to start in Nov. 2020.
Secondly, asset contributors can deposit stablecoins to fund asset pools and earn lucrative interest via smart financing contracts.
Contributors get to choose which pool to deposit their funds to, and they also get a share of the revenue generated from their pool.