We recently caught up with Pradeep Goel, CEO of Solve.Care, which is a global healthcare blockchain technology platform.
Solve.Care recently announced the launch of Definitize, a Decentralized Autonomous Organization (DAO) for healthcare financing. Definitize aims to improve access to care, which should enhance healthcare outcomes by offering better services.
Definitize leverages certain aspects of decentralized finance or DeFi to “democratize” healthcare services. The platform aims to create real value for all parties that are involved in the healthcare industry. Our conversation with Pradeep is shared below.
Crowdfund Insider: Can you tell us about Solve.Care’s most recent announcement, Definitize, the world’s first Decentralized Autonomous Organization (DAO) for Healthcare Financing?
Pradeep Goel: Definitize, built upon a framework designed by Solve.Care, is the world’s first DAO that utilizes DeFi for healthcare financing. This DAO is 100% community owned, run and governed. It is an ecosystem that is designed to improve access to care, and enhance healthcare outcomes by better serving patients, doctors, and care organizations. It utilizes decentralized finance to democratize healthcare by having the community select and finance deserving projects that create value for communities and generate sustainable returns in a highly transparent manner.
Crowdfund Insider: How can DeFi solutions help solve healthcare challenges?
Pradeep Goel: Traditional finance currently does not satisfy the needs of the many stakeholders in the healthcare industry, including both patients and practitioners.
Community service providers have a great need for cash flow financing. They need to serve populations first, then bill the government, and get paid in 90-180 days. They end up paying a very high price if finance is available at all.
Professional equipment financing is only available for large equipment manufacturers, in turn reducing the amount of lower cost, better quality SME manufacturers. Smaller manufacturers such as this would benefit greatly from a financing option for their customers.
Definitize can solve each of these problems while also allowing patients to get directly involved in financing healthcare projects of their preference, giving them more choice and autonomy than ever before. Applying DeFi throughout the healthcare segments will ultimately benefit patients, doctors, and care organizations.
Crowdfund Insider: How will the recent launch of Definitize benefit Solve.Care, and its community? How can the community get involved?
Pradeep Goel: It is Solve.Care’s mission to make healthcare work better for the patient, by redefining care coordination, improve access to care, reduce benefit administration costs, and help reduce fraud and waste in the global healthcare industry. Definitize’s mission is in line with Solve.Care’s mission, which is to ultimately improve healthcare outcomes. Through Definitize, the community has the opportunity to take an active role in selecting and supporting healthcare projects of their choice. The Definitize community can choose to get involved through several ways.
They can choose to become a citizen of the DAO, by staking SOLVE to mine DCARE governance tokens. As citizens, they get to vote on healthcare projects of their choice, and get a share of the income that the DAO generates.
They can choose to be Asset Contributors, by funding a variety of Asset Pools that have been set up to fund specific projects. These pools are designed to pay a fixed interest and a share of the pool’s income to the asset contributor. They can also choose to be distributors by submitting a proposal for a healthcare project that needs to be financed. Distributors can either be individuals or organizations.
Solve.Care seeks to be a distributor for Definitize to provide 4G medical monitoring devices into the hands of patients to enable better remote patient monitoring for doctors. This will complement Solve.Care’s Global Telehealth Exchange due to go live at the end of the year.
Crowdfund Insider: What are the main challenges and solutions, in regards to launching Definitize?
Pradeep Goel: Definitize is based on a very comprehensive framework developed by Solve.Care. The success of Definitize is dependent on the community, as it is 100% owned, run and governed by them. Once the community realizes and understands the trillion-dollar opportunity that Definitize holds, there should not be any reason why Definitize will not succeed.
Crowdfund Insider: Solve.Care have recently teamed up with Chainlink. Please tell us more about this partnership.
Pradeep Goel: The recent collaboration between Solve.Care and Chainlink has brought together two leading companies in their field; one in healthcare technology using blockchain and the other, oracle services for blockchain-enabled smart contracts.
By working together, the two companies will deliver greater transparency, better compliance, and enable better decision-making for patients and clinicians worldwide. The first use case of this collaboration will result in the building of oracles for Definitize asset pools, providing verified off-chain data feeds that measure the performance and value of each pool daily.