Patientory, Dentacoin, Crypto Airdrops and the Initial Coin Offering Phenomenon Building In Healthcare

March 9, 2018

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Patientory - who are they are what do they do?


Patientory was founded in December 2015 by Chrissa McFarlane as part of the 2016 inaugural class of the Boomtown HealthTech Accelerator in Boulder, Colorado. The company is focused on building a central depository for patient information. It uses blockchain technology to safely store and share patient records.


Patientory is empowering people to take charge of their own health. They’re revolutionizing the way doctors and patients interact and gain access to information, cutting out all layers and processes that currently are stumbling blocks in care coordination. 


Patientory connect doctors, care providers, and consumers all within a single, secure platform – creating a care team that works together to provide the best care.


Patientory was Healthcare’s first ICO company, starting its crowdsale on the 31st of May 2017 and raising $7.2 Million in just 3 days.


The Patientory team aims to solve 3 well known challenges of the healthcare industry:


1. The industry lacks a central platform recording all the personal health information (PHI). Currently, medical data is stored and shared in silos. This creates a lack of interoperability and an uneven distribution of the data. Medical tests are therefore duplicated which leads to a considerable loss of time and money.


2. Patient do not have control over their PHI. This means that they are unable to decide with whom they will share their information. This leads to a misuse of medical records and to information circulating without the patient’s consent.


3. Given the increasing number of data breaches, IT systems are unable to safely and securely store medical records.


Using blockchain technology, data can be collected and shared among the medical community while insuring patient consent. Access to the information would be made easier though a centralized platform, therefore improving care coordination.


Finally, Patientory plans to make the most out of the information it gathers with machine learning and AI techniques that support doctors in making informed decisions.



ICO - what is an initial coin offering?


An ICO is a fundraising vehicle, typically for start-ups. Investors send some form of currency, usually bitcoin or ethereum, to the company. In exchange, they get an entirely new cryptocurrency.


An ICO is a lot like an initial public offering, but instead of getting shares in return, investors get digital assets, called tokens. One major distinction — tokens typically don't give investors any equity stake or voting rights in the underlying company. That means you're just betting that the coins will increase in value over time.


The second risk is limited regulation. If a company you've bought coins from decides to run away with your tokens, there is a high chance you will not be able to get them back. There is no dedicated "ICO regulator."



PTOY - The Patientory token


The Patientory token has a market capitalization of nearly $50 million and it can be traded on Bittrex, TokenMarket, HitBTC, and ICObazaar. Its usage is summarized in the company’s whitepaper: “The primary usage of the token is to regulate network storage allocation, health care quality measures and revenue payment cycles. Patients are given an allotted amount of space to store information for free on the Patientory network.


PTOY allows them to purchase extra storage space from nodes set up in hospitals systems.


PTOY can be purchased via the plat- form or an exchange. Healthcare organizations use PTOY in this instance as well.” Moreover, the token can also be used as a payment method through smart contracts with insurance companies.


Patientory has a PTOY supply of 100,000,000 tokens from which 70,000,000 were sold during the crowdsale to 1,728 purchasers worldwide. The purchasers were mainly from the US, Russia, Asia and the UK, where the recent ransomware attacks convinced people to invest in more secure ways of storing patient data. From the 30,000,000 remaining tokens, 10% is allocated to the team and 20% is for research and development.


Patientory CEO, Chrissa McFarlane sees ICOs as a way to gain early supports as only token owners can access the platform. Moreover, as crypto-currencies can gain value over time, the PTOY token can also be an asset for purchasers that they can trade. “We were able to give our purchasers a roadmap of what we were going to do with the funds we raised. As we meet those milestones, we’re able to receive more funds held by the company for execution and product development.” McFarlane said.


Airdrops - what is a crypto airdrop?


A​ ​crypto airdrop​ ​is​ ​when​ ​a​ ​blockchain project distribute​s free​ ​tokens or​ ​coins to​ ​the​ crypto ​community.


To​ ​be​ ​a​ ​recipient​ ​of​ ​an​ crypto ​airdrop often​ ​the​ ​only​ ​requirement​ ​is​ ​that​ ​you​ ​have​ ​coins from the relevant blockchain stored​ ​in​ ​your​ ​wallet. Examples of this format of airdrops are Byteball, Stellar lumens and OmiseGo.


Other crypto airdrops require social media posts or you need to contact a member of the team on the Bitcointalk forum. These projects use an airdrop as a marketing campaign.


The​ ​format​ ​of​ ​these​ crypto ​giveaways​ ​is​ ​usually​ ​like​ ​this:​ ​At​ ​a​ ​pre-announced​ ​time​ ​the​ ​project​ ​behind the​ ​event​ ​will​ ​take​ ​a​ ​”snapshot” ​of​ ​the​ ​blockchain,​ ​and​ ​anyone​ ​holding​ ​Ether or Bitcoin​ ​at​ ​that​ ​point​ ​will​ ​receive​ ​a certain number​ ​of​ ​free​ ​tokens.​ ​This can also be done on other blockchains, but Ethereum and Bitcoin are the most used for this airdrop format.



Healthcare Coins - the future of Healthcare?


Today there are 30 Tokens that operate within the healthcare, medicine or pharmaceutical space. In the next 12 months there could 120, maybe 150 new tokens in issue as more and more entrepreneurs and innovators flock to the ICO markets in search of funds to develop their healthcare products and services.


One example of healthcare coins and the future of Healthcare is Dentacoin (DCN) - the first Blockchain concept designed for the Global Dental Industry.


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. Dentacoin develops the dental industry as well as creates market intelligence through a cryptocurrency reward system that inspires participation throughout the community.


Dentacoin is the first cryptocurrency that uses a decentralized review platform and transparently rewards patients and dentists who make contributions that benefit the community. The Dentacoin Foundation team strongly believes in building a future healthcare industry that will fall into the hands of the people, resulting in the disruption of the existing industries and the creation of new industries in the short and long term. Looking forward, Dentacoin expects the platform to drastically improve dental health and hygiene habits, thus improving the quality of life for individuals resulting in improved overall health and increased longevity.



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