The collaboration between Binance Pay and Solve.Care is propelling cryptocurrency adoption as it enables 70 cryptocurrencies to be used in healthcare payments.
Solve.Care offers a decentralized healthcare platform that features interoperable Web3 digital health networks. The healthcare experience is enhanced by delivering a more customized patient care that is based on the individual’s health problem, economic considerations, and social needs.
Solve.Care’s healthcare application, Care.Wallet, can also be used to accumulate SOLVE tokens that can be used in exchange for healthcare products and services within its platform. Users also have full control over their personal information.
“Helping eliminate delays in payments frees up doctors to focus on what they do best, and if this model were to be adopted at scale, it could significantly help reduce healthcare costs,” said Joel Hugentobler, Analyst of Cryptocurrency at Javelin Strategy & Research. “Solve.Care has a two-token model: Care.coin is a stable digital currency issued by insurance companies and other payers. This token isn’t publicly traded, and it is backed by financial reserves of issuers. The SOLVE token is publicly traded and is required to participate or transact on the Solve.Care platform, and it’s an ERC-20 token (ethereum blockchain).”
“It will be crucial for the team at Solve.Care to implement a layer 2 solution to significantly reduce transaction fees that the ethereum blockchain is notorious for. While this platform may be a huge success, there will likely be roadblocks and challenges they will have to navigate through and improve over time. Regardless, this is a big step for a company like this to help push the industry forward, and I’m sure other companies are anxious to monitor the developments moving forward,” he added.
The Convergence of Crypto and the Healthcare Industry
One of the biggest and long-standing pain points within the health industry is their payment systems. They are often sluggish, expensive, and susceptible to error. When cryptocurrencies are integrated into the healthcare payment structure, transactions are faster, more secure, more cost-effective—and it eliminates the intermediaries.
The rise of crypto adoption worldwide is causing a tremendous shift across various industries, including healthcare. Although the healthcare industry has generally been lax in adopting new technologies, many in the industry are realizing its many benefits, especially when it comes to security. When payments are made within blockchain technology, users can rest assured that their personal health information will be safe during the payments process.