The world of crypto has matured substantially over the past few years, with many recognising the merits of digital currencies and adopting them for varying purposes. They have made their way into many industries, changing things for the better with a slew of interesting use cases. Specifically for the healthcare sector, CoviCoin had just been introduced and is seeking to solve the many deep rooted issues plaguing the sector alongside a global framework known as — Project X. By progressing through a robust roadmap, CoviCoin seeks to become a globally recognised and accepted currency for healthcare by 2024.
CoviCoin brings tremendous values to the healthcare sector, as the provision of care rests on the shoulders of a mix of privately owned and government aﬃliated organisations. While hospitals and clinics deliver treatment, others such as healthcare equipment providers and pharmaceutical companies contribute to the supply chain in the background. As much as everything may seem fine on the surface, insiders agree that there exists a myriad of deep rooted issues within the ecosystem. Here are some of them:
• Unfair allocation of drugs and medical supplies
• Delay of care provision due to regulations and red tapes
• Financial difficulties plaguing the healthcare systems of developing nations
• Inefficient acquisition of raw materials for manufacture of medical supplies
• Lack of insurance coverage for many, even in first world countries
Through the integration with existing healthcare systems of countries and partnerships with key private organisations, the wide ranging components that make up the CoviCoin project will be answer these longstanding issues in the following aspects:
• Efficiency Through a Common Framework - With the many governments and public/private organisations running their operations, transacting and facilitating care on the Project X framework with CoviCoin as the common currency, unprecedented efficiency is achieved.
• Greater Financial Equality - Through the common framework, a proprietary CoviAI algorithm will fairly allocate charity funds and supplies based on the state of healthcare for nations, factoring in key measures such as their Gross Domestic Product (GDP) and Human Development Index (HDI).
• Transactional Freedom - Regulations and red tapes that have a substantive impact on healthcare supply chains can be circumvented through the adoption of CoviCoin as a unified currency. With restriction-less transactions relating to supplies and care being ensured, the urgent nature of healthcare situations will be largely fulfilled.
• Global Portal for All Healthcare Needs - An all-encompassing frontend portal CoviHub that natively integrates with Project X is planned for launch in late 2022, allowing governments and their citizens to administer and access a vast array of healthcare goods and services.
• Speed and Reliability of Transactions - By leveraging blockchain technology, organisations and individuals alike achieve unmatched speed and reliability for any transactions
As the CoviCoin project establishes itself, the first major allocation of CoviCoins to a sovereign government is expected to happen by mid 2023. With this all important trendsetter, the rapid adoption that is expected to follow will enable CoviCoin to achieve its goal of becoming a globally recognised and accepted alternative currency for healthcare in 2024.
With the boundless potential of blockchain technology and cryptocurrencies, it is exciting to see how they can make a positive impact on the world of healthcare. Beginning with CoviCoin, the world shall move a step closer towards achieving quality care for every human being; regardless of ethnicity, language, religion or gender.
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