4 min read
The Future of Healthcare is Here: Immunify.Life's Groundbreaking Approach to Using Blockchain in Africa
Immunify.Life is a company using blockchain technology and cryptocurrency to improve healthcare in emerging economies, particularly in Africa, by creating a large data pool and programs that incentivize patients to share their data and participate in the company's success
By: Flagship Team
Subscribe to Flagletter
Get content like this in your inbox
Blockchain technology has the potential to revolutionize a variety of industries, and healthcare is no exception. One company that is taking on the challenge of using blockchain to improve healthcare is Immunify.Life, whose vision is to address some of the world's most significant healthcare issues.
An interview with Immunify.Life CEO Guy Newing by Flagship Cardano Captain Greg Schneider delved into Immunify.Life's unique approach to using blockchain and cryptocurrency to improve healthcare in emerging economies, starting with Africa.
The Problem: Lack of Reliable Medical Records in Africa
One of the major pain points in healthcare in Africa is the need for a reliable system for recording and storing medical records. According to Immunify.Life's calculations, approximately one billion people in Africa still rely on paper or nothing to record their medical records.
This can lead to several problems, such as:
- Patients visiting the doctor have no record of their visit or medical history. This can lead to duplication of tests and treatments and a lack of continuity of care.
- Governments cannot track the link between their healthcare investments and patient outcomes. With a comprehensive system for monitoring healthcare spending and patient outcomes, it is easier for governments to understand their investments' impact and identify areas that need improvement.
- Difficulty in tracking the spread of epidemics like COVID-19 in real time. In a paper-based system, it can be challenging to quickly and accurately track the spread of an infectious disease. This can lead to delays in implementing control measures and exacerbate the epidemic's impact.
These issues contribute to the poor healthcare outcomes and inequities in healthcare access that plague many African countries. For example, the life expectancy in Nigeria is significantly lower than in countries like Australia, where life expectancy is 83-85 years.
Immunify.Life's Solution: A Blockchain-Based Health Management System
Immunify.Life's solution to these problems involves the creation of a large pool of data collected through a health management system that is provided to patients at no cost. With the patient's permission, this data can be accessed by organizations such as governments, NGOs, and pharmaceutical companies. To access this data, these organizations must acquire tokens, which drives demand for the tokens and helps increase the data pool's value.
The tokenomics of Immunify.Life's system is quite complex, but at its core, it was developed by academics from Cambridge University. The system utilizes three key elements to create utility for the tokens: the data pool, the cryptocurrency rewards system, and the staking program.
As mentioned above, the data pool is created by providing patients with a free health management system, which allows for collecting large amounts of data. This data can then be accessed by organizations that acquire tokens, which drives demand for the tokens and increases the value of the data pool.
The cryptocurrency rewards system allows governments, NGOs, and other organizations to deliver tokens to patients through the Patients app. These tokens can be converted to fiat currency and used to purchase necessities like food. Immunify.Life is currently conducting a study in Kenya that utilizes cryptocurrency rewards to encourage people living with HIV to take their medication. By providing a small reward for taking their medication, Immunify.Life hopes to improve adherence rates and ultimately improve healthcare outcomes for these patients.
The staking program allows patients to earn additional rewards by participating in the company's success and sharing their data. When organizations sample the data, they generate tokens, which are staked and create a decentralized finance (DeFi) element. Patients can stake their tokens to earn additional rewards when they receive rewards. This empowers patients to share their data and benefit from its value, which can improve healthcare outcomes and reduce inequities in healthcare access.
By empowering patients to share their data and benefit from its value, Immunify.Life aims to create an ecosystem where tokens and data are linked, and patients are incentivized to share their data. This can help to improve healthcare outcomes and reduce inequities in healthcare access, particularly in emerging economies where access to quality healthcare is often limited.
Immunify.Life's innovative approach to using blockchain and cryptocurrency in healthcare has the potential to address many of the problems facing the industry in emerging economies, particularly in Africa. By creating a large pool of data and empowering patients to share and benefit from their data, Immunify.Life is working towards a future where healthcare is more accessible and equitable.
A data pool, cryptocurrency rewards system, and staking program create a unique ecosystem that incentivizes patients to share their data and participate in the company's success. This has the potential to improve healthcare outcomes and reduce inequities in healthcare access, making a real difference in the lives of patients in Africa and beyond.
Subscribe to Flagletter
Get content like this in your inbox
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.