“Dentacoin chooses to reward those who contribute to trusted
reviews, dental practice registrations and valuable feedback content for the
industry,” notes the Dentacoin
white paper (which is still under development). “The rewards are directly
connected to the level of participation.”
Besides earning DCN, participants will also be able to trade DCN
or buy DCN directly
from Dentacoin. The foundation has big hopes for the token, which it expects to
appreciate and become popular as a global currency.
Though Dentacoin has been mostly covered by the press in relation
to its initial
coin offering (ICO), the foundation seems more solid than many of the projects
that have emerged during the recent ICO craze. In July 2017, Dentacoin purchased an
existing dental clinic in London, Dentaprime International, for $90 million
(paid in DCN).
Participating service providers (dentists, clinics and suppliers)
and patients can use DCN tokens as internal currency of the Dentacoin network.
Patients can use DCN to pay for dental products and treatment on a subscription
basis, and dentists can use DCN to pay for dental materials, supplies and
equipment. The Dentacoin ecosystem also includes a decentralized database of
medical records, access-controlled by individual patients. And a dental
insurance product is under development.
“At the moment there are
seventeen dental practices all over the world, which have
implemented Dentacoin tools in their workflow and accept DCN as means of
payments,” according to a
February post on Dentacoin’s blog. “The first three tools of Dentacoin were
released as planned: Dentacoin
Trusted Reviews — the first blockchain-based platform for incentivised detailed
Research platform, gathering valuable market research data on dental related
topics; and DentaCare
Mobile App, helping users to establish healthy dental care habits.”
“The patient can earn Dentacoin tokens for proactive steps they
take to improve their dental health,” noted Forbes. “The
result is that both the patient and the dentist are incentivised to improve
Philipp Grenzebach, co-founder of Dentacoin, elaborated on the foundation’s
philosophy and operations in an
interview with Forbes. He noted that, through blockchain technology,
a better system for healthcare operations can be established.
“Blockchain technology offers the highest level of efficiency. …
Also, it is the most effective way to automate data security,” said Grenzebach.
“Using the blockchain technology made us independent from banks. Therefore, we
do not only cut expenses, but also speed up all our transactions. An additional
benefit is that we are able to reach hundreds of thousands of people in the
world who do not have access to a bank account, but still (of course) should be
able to receive dental care.”
Grenzebach also espoused the benefits of the Ethereum blockchain,
a go-to solution for many enterprises looking to leverage the advantages of
“We also believe that the Ethereum project will evolve over time,”
said Grenzebach. “Sharding and proof-of-stake, for example, will lead to the
much faster transaction times that DCN users will access as soon as our project
Trading and investing in digital assets is speculative and can be high-risk.
Based on the shifting business and regulatory environment of such a new
industry, this content should not be considered investment or legal advice.