Asian Senior Care Providers To Soon Test Blockchain Technology

When you hear or read mentions of the the term “blockchain” – whether on TV, the news or online – you will likely have one of two reactions: “I have no clue what that is. I don’t really care because it’s too darn confusing (eyes glazing over)…” -OR- the slightly more informed… “It has something to do with technology”… Of course it’s not your fault that this emerging tech is not well understood by you and the masses. Vendors and journalists have been less than helpful with their assumptive injections of buzzwords and “techie stuff” that the average person just doesn’t absorb. That said, I want to do my best in this intro to e.27.co’s article below to briefly and clearly explain “blockchain” …

According to Wikipedia…

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”… Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority… Invented by Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.

Data stored on a blockchain is considered “incorruptible” since there is no centralized location where data is more easily altered or compromised.

The most important thing to understand about blockchain is that it makes large volumes of distributed data secure and easy to access by a decentralized community of users and providers. It brings efficiency and security to every transaction. It does this in large part by issuing and managing digital “tokens” or “coins” which validate providers and users access to certain resources and data.

For example, today nearly every senior care provider – caregiver services, senior housing providers, medical equipment companies, healthcare facilities, financial assistance organizations – operates on their own independent systems. These systems are closed to all other vendors in the senior care “value chain”. Every player operates in their own ecosystem when they deal with the customer. There are no synergies or efficiencies in the value chain.

Now imagine a single network of various, disparate senior care providers and users (patients, caregivers, families) where each stakeholder can access the data as it relates to a senior’s needs. Imagine a “one stop shop” where nearly everything a senior would require to age in place is readily available through accessing a universal network of resources representing the senior care value chain.

Well, there’s no more need to imagine this scenario. As this article by e.27.co explains, it’s already being developed and will soon be deployed and tested in two areas of the world with tremendous need and limited resources: South Korea and Japan. (emphasis added)…

Sunny Kapoor recognised his entrepreneurial spirits back in 1999 when he built a company from scratch in the aged-care space in the UK, called Heath Lodge Care Services. His 20 years of experience has gained him immense knowledge of the care-giving industry and the key challenges it faced, which include lack of senior care homes, missing support system, acute shortage of trained staff, and an unorganised market structure.
With thesenior population projected to cross the 2-billion mark in 2050 and the world not becoming a better place for seniors, Kapoor wishes to do something for this population across the globe by leveraging cutting-edge technologies. His plan is to build a online platform that has everything a senior could ask for, so that the trouble of juggling platforms, products, records and services can be avoided for the best.
And this quest drove Kapoor to start GladAge.
“The oldage care system today is flawed. It is unorganised and not funded properly. Gladage identifies the shortcomings of the current system and creates a unified solution to implement with the help of blockchain technology. It tackles all the existing and future challenges to ensure better care and quality for the elderly population while eliminating unnecessary third parties and costs,” claims Kapoor.
The idea of GladAge took shape in June 2017. After successful market research and product ideation, the project kickstarted based on a bootstrap model in November 2017.
“GladAge is an ecosystem for elderly people with the best options for personalised care and fully vetted care homes to choose from. The platform provides the elderly with the option to choose the care they require depending on their needs, and be able to shop for equipment or services they require to stay independent in either a leased or owned building of GladAge property,” he tells e27.
From the very beginning, Kapoor was particular that he did not want to work for the traditional industry. In his own words,it is not about reinventing the wheel but about introducing technology to the existing processes and systems — and reinvention is just a by-product.As blockchain began disrupting various sectors, Kapoor explored and recognised its potential.
“It thrives to fulfill the vision of designing decentralised senior care equipped to evolve dynamically. Introduction of the most futuristic and disruptive technology in a century-old industry breathes life into it,” he shares. “With blockchain, we can hope for a platform that offers everything a senior might want, by bringing together real estate, healthcare, care providers and senior care equipment all at one place.”
Blockchain, as he suggest, makes the care-giving services more efficient as data (reviews, financial transactions, health records, user profiles, caretaker profiles, tasks, value credits) can be stored in one place with no concern for safety and privacy. Further, the processes become transparent and, in the process, introduce a layer of trust for everyone involved — seniors, their families, doctors, care providers, service providers and real estate owners.
The GladAge has built a community of different stakeholders, including the senior population and their families, as well as the service and product providers.
“We have partnerships with like-minded organisations to leverage their operational experience and are working in tandem with the governments to facilitate distribution and utilisation of grants and aids. We also engage with corporations under CSR schemes for donations,” he adds. “We also offer an online leasing marketplace to connect the lessor and the foundation. Additionally, we have a service trading platform to generate economic opportunities.”
Currently, GladAge haspartnership with a couple of real estate organisations, and is already in talks with various governments and corporates to garner grants and CSR funds, respectively. This is to ensure that all services are available to people at the bottom of the pyramid. Two of its partners are Blockchain Centre & Melbourne-based RMIT University.
Although the startup was incorporated in Australia and is headquartered in London, Kapoor’s vision is not limited to one geography, but envelopes the global senior population.
“As the project is launched in various economies in a phased manner, seniors, family members, service providers, real estate owners and product companies will all be introduced to the platform. Product and service providers across all fields will first be needed to undergo screening and profiling. Once this is in place, a senior (or family member) will be able to look for a senior home nearby, hire a caregiver on demand and review their performance, and buy any care equipment on the GladAge platform. All transactions will be made with the GladAge token GAC,” he elaborates.
Kapoor claims that every care home built by GladAge creates real demand for the coin as they are required by the elderlies in that locality. Because each home will accommodate new people that need to have GAC in order to stay and pay for services they receive, the demand and value of the coins will increase.
“The senior population is rising by the day, and so is the dependency ratio. The need for senior homes and services will keep soaring up as predicted, and thus, the demand for GAC token will soar as well. However, its supply will remain fixed. In such a situation the value of our token can be expected to appreciate for good,” according to Kapoor.
The year 2018 will aggressively be devoted to token sale, listing across exchanges, community building, platform development and launch of the beta version, says he.
“Our project is currently in the ICO stage, and once the platform is ready by January 2019, the enrollment of healthcare providers and caregivers after screening and profiling will begin for different geographies. The business model thrives on the utility of GAG. As more people come on board and transactions rise, the limited supply of GAC will keep pushing its value upward,” Kapoor explains.
The token presale will end on June 30, 2018, and crowdsale will begin there on. The soft cap target of US$2 million has already been met, and the total hard cap target is US$20 million.
After crowdsale gets completed, the GAC token will be actively listed across exchanges. After that, the focus will be on product development, the rollout of beta version and launch of the project in Korea, Japan, UK and Australia respectively.
GladAge is currently working on a project in South Korea. The project will be launched by February next year, followed by Japan by October 2019. “After the successful completion in these regions, we plan to scale to other geographies,” he concludes.