Cryptocurrency Use In Everyday Life: The DeHealth Case

Few technologies and new developments have peaked the global population’s interest towards finances as much as cryptocurrencies and blockchain over the last years.

October 11, 2021

Few technologies and new developments have peaked the global population’s interest towards finances as much as cryptocurrencies and blockchain over the last years. The development of an alternative to the global banking system and the possibility of controlling personal finances without the intervention of third parties and regulating overseers is one of the main appeals of cryptocurrencies that has attracted millions of users seeking liberty and freedom of action and transaction in online space. But another important appeal of cryptocurrencies is their ability to be used for personal profit generation — a key element in the adoption curve of any new technology. If an invention is unprofitable on a massive scale, it is unlikely to ever be adopted in the first place.

Over a decade since the inception of Bitcoin, the crypto market is flooded with thousands of cryptocurrencies, but the question of their mass adoption and unleashing of their full potential is still up in the air. For the most part, cryptocurrencies are seen as an investment instrument, or turn into one in the eyes of users despite the initial claims of issuing projects that the purpose of the asset resides in practical application.

Cryptocurrency Usage Today

Cryptocurrencies have numerous applications outside the trading arena. First and foremost, they are a viable and proven alternative to fiat as a digital representation of cash that is awaiting legalization, adoption and recognition to be available as legal tender. The first case is already live as El Salvador recently adopted Bitcoin as a legally circulating currency inside the country alongside the US Dollar. Though the state was instantly punished by rating agencies like Moody’s and Fitch with a downgrading of its status, the case still shows that cryptocurrencies are recognized as a viable form of currency and can be applied on a state level. DeHealth also plays its role in this process by partnership with the Ukrainian Ministry of Health.

Regardless of the global potential, at the moment, the biggest hubs of cryptocurrency usage are exchanges like Coinbase, Binance, KuCoin and dozens of others that act as gateways for numerous types of operation. Apart from offering swaps and exchange transactions, such venues also offer additional services, such as lending, staking, trading, liquidity mining, and even act as launchpad for the release, promotion and acceleration of new projects.

The latest and most revolutionary use case of cryptocurrencies received a new lease on life in the early months of 2021 with the rise of the Non-Fungible Token phenomenon. NFTs are one of the most striking examples of practical use cases for cryptocurrencies, leveraging the full capabilities of the underlying blockchain technologies for the solidification of ownership rights to real-world or digital assets tethered to a token. The NFT market has swollen into the billions of dollars in less than half a year as artists realized the potential of copyright protection embedded in NFTs and started releasing branded artworks and collections. But monetary hype and monetary valuation aside, NFTs are a stellar example of how cryptocurrencies can be used for empowering individual users. The fact that NFTs are being extensively incorporated into blockchain-based games for allowing users to create content and monetize it is proof of the gradual and growing adoption of cryptocurrencies in such important industries as gaming and real-asset digitization.

Legal

The legal aspect remains the most troubling stumbling stone for the adoption of cryptocurrencies on the global level. Given the rampant volatility of such assets and the fact that they cannot be fully regulated by virtue of their basement on blockchain technologies makes them a difficult area to monitor and control.

The US is at the forefront of crypto legalization as many banks inside the country, such as Goldman Sachs, are accepting cryptocurrencies through trading desks. The EU, though still working on a legal framework for cryptocurrencies, has special rules in place that favor crypto companies.

The favorable attitude towards cryptocurrencies is largely attributable to their perception as a convenient form of storing value by institutional investors, which often influence regulatory frameworks for their own benefit.

Medical Cases

Surprisingly, medicine is one of the biggest industries interested in the application of blockchain technologies. The vast amounts of information that accumulate within the industry on each patient, including medical histories, real-time lifesign monitoring, and much more, require a secure, transparent, reliable and scalable infrastructure capable of giving doctors access to medical records along with the incorporation of assisting modules based on AI to facilitate diagnostics. But providing storage frameworks is not sufficient to engage patients to submit their personal data without an incentive. And this is where the role of cryptocurrencies in medicine comes into play.

The DeHealth project is the first of its kind to provide a blockchain-based storage environment for medical records with a combination of incentive programs for users and advanced diagnostics functionality. The project offers patients to install the DeHealth application on their devices and provide real-time lifesign monitoring and recording in a depersonalized fashion in exchange for native project cryptocurrencies that can be exchanged for fiat or medical products and services presented on DeHealth Marketplace at any time.

DeHealth aims to give doctors worldwide access to patient medical data via the application and guarantee users an access to quality medical services. Regardless of location our clients will be able to pay for DeHealth services in platform tokens. DeHealth also incorporates a host of functions that help patients with predictive diagnostics. The DeHealth AI monitors vital metrics and identifies potentially hazardous conditions, suggesting users to sign up to an appointment with a corresponding doctor.

Conclusion

Cryptocurrencies have vast applications outside the trading arena and can be applied for not only streamlining global transactions, but engaging users in participating in various undertakings. The medical case of the DeHealth project is but one example of how data capable of potentially saving lives can be shared globally and yield value and benefits for its owner. The fact that the DeHealth project is already operating in Ukraine and gaining global traction is proof of the possibilities cryptocurrencies provide as assets in the real world.

Further Reading
Interview with DeHealth’s Advisor: Ralf P.Gerteis, Scaleswap
Ralf is currently the Co-Founder & CEO of Scaleswap, the next generation IDO launchpad on layer 2 scaling protocol, powered by Polygon. Apart from Scaleswap, Ralf is an Advisor & Angel Investor at Metis, building the next-generation DAO framework on layer 2. In addition, he is active in different blockchain organizations and currently focuses on areas like DeFi, DAO, multi-chain, and layer 2 scaling solutions. As a Blockchain Advisor, Ralf is dedicated to empowering DeHealth with deep knowledge of blockchain and navigating the project in the most disruptive technology.
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