Paying for your next root canal could be less financially painful in the near future. An industry-targeted cryptocurrency called Dentacoin is aiming to make high-quality dental treatments more affordable and bring blockchain efficiencies to the dental industry.
A Worldwide Problem
Lack of access to affordable dental care is a reality in many countries. The World Health Organization estimates that 60 to 90 percent of schoolchildren and the majority of adults experience some level of tooth decay. Moreover, oral and periodontal health has been linked to overall health. And poor dental health has been associated with heart disease and diabetes.
Access is also a function of cost. According to a 2012 Gallup poll, only 60 percent of Americans had some form of dental insurance and only 30 percent of adults over age 65 have it, at a time in their lives when dental problems need the most treatment. Even those who do have insurance may find that only a portion of expensive procedures are covered.
Crypto Innovations
There are various attempts to offer alternatives to dental insurance such as discount programs and dental savings accounts. The Netherlands-based Dentacoin Foundation wants to take dental payments to the next level. The Dutch group believes they can change the game by offering patients that ability to earn Dentacoin when they leave customer feedback on the Trusted Review Platform. (The coin is listed as a top 100 crypto on coinmarketcap.com.)
Patients' comments serve as catalyst for dentists to improve their practices. Also, patients can use Dentacoin as a form of payment during their next visit. The rewards system is somehow similar to getting free food credits at your local restaurant for leaving feedback about your latest meal.
Ripe For Disruption
This year, the media has focused on bitcoin's price surge as well as proliferation of initial coin offerings (ICOs). But industry-targeted cryptocurrencies could be the next big thing. That's why observers are watching Dentacoin to see how its ICO pans out. Dentacoin Foundation launched its ICO in early October so it's still cutting its teeth in the world of digital payments. The digital cash is currently accepted at two partner clinics in Europe.
However, more companies have expressed interest in ways to implement the digital coin into their workflow. According to a spokesman, their currency is configured for global use and they believe “crowd power” could revolutionize the way patients pay for treatment. Today's innovations could improve the quality of, and access to, dental care. According to the CDC, only 64 percent of American adults have visited the dentist in the last 12 months. Lower costs, driven by more efficient dental practices, could increase access to dental services around the world.
