CareX is a blockchain platform that aims to help people pay for healthcare services using blockchain technology. Find out how it works today in our review.
What Is CareX?
CareX, found online at CareX.tech, aims to allow patients to control their health records and purchase healthcare services at a reduced rate, regardless of borders. The company, according to the official website, “is building a new way for people to find and pay for healthcare by utilizing tokens on a blockchain platform.”
On the supply side of the industry, meanwhile, CareX allows providers to cut their administrative costs, get paid immediately, and access a global market of customers.
As a CARE token holder, you can use your CareX wallet to securely host your medical records, gain short-term access to providers, and access preliminary, unofficial diagnosis via the medically trained AI-based chatbot.
Obviously, there are a number of blockchain companies seeking to disrupt the healthcare space. Let’s take a closer look at how CareX works.
What Problems Does CareX Seek To Solve?
CareX seeks to allow users to purchase medical services on demand using CARE tokens. You can spend CARE tokens at any healthcare providers in the CareX network.
However, CareX seeks to specifically focus on problems within the medical tourism space. The biggest problem, according to the CareX whitepaper, is that patients are forced to carry large amounts of cash to pay for medical services in places worldwide.
“Instead of carrying large amounts of cash or engaging in expensive wire transfers, patients and providers can make a simple CARE token transaction.”
The whitepaper mentions an example of someone from Dubai coming to Houston for a major surgery. That person needs to carry more than $10,000 cash to pay for his medical services. However, he cannot bring more than $10,000 cash on his tourist visa.
Instead of bringing relatives or performing a costly bank transfer, that person can invest in CareX, then pay for his procedure using CARE tokens.
CareX also sees itself as a vehicle for a free, open market medical community: SafeX users can avoid using their country’s national medical services, choosing instead to pay for services around the world – like in a country with the best specialists or the shortest wait times.
How Does CareX Blockchain Healthcare Ecosystem Work?
Overall, CareX sees itself as “a new way for people to find and pay for health care using a blockchain-based alternative to insurance.”
The company is creating a marketplace for tokens by signing a network of providers. These providers will offer medical services in exchange for tokens.
All transactions on the CareX platform are performed with smart contracts. Transfers between personal users, however, are cheap and easy: the community of CareX token holders can give or exchange tokens with anyone at any moment right from their wallet.
CareX is being developed on an existing healthcare software platform that’s already “used by providers around the world”, according to the CareX whitepaper.
The CareX wallet is a multi-asset wallet, and “all blockchain assets are compatible” with that wallet. Assets can stay in the cryptocurrency of your choice. Or, they can be exchanged into US Dollars. CareX promises to offer the “lowest available foreign exchange and transaction fees” with no other charges.
The whitepaper mentions that CARE tokens are accepted at 100,000 healthcare providers in 100 countries worldwide. However, this is not currently the case with the CareX network – and it’s unclear the timeline for this goal.
There’s also a CareX chatbot for providers and patients. Patients can use the medically-trained AI-based chatbot to get a preliminary, unofficial diagnosis based on symptoms or conditions.
The CareX whitepaper mentions all of the following benefits:
- Holders of cryptocurrencies like bitcoin can exchange their BTC for CARE tokens, effectively transferring their BTC holdings – a liquid asset – into a service through one simple transaction
- Employers can directly purchase discounted healthcare rather than cover or match a payment into an insurance premium
- Family members can invest in a loved one’s health
- Medical tourists can avoid traveling with large amounts of cash on their person, and can instead hold assets in the CareX wallet
- As a CareX token holder, you’re entitled to a share of 0.5% of annual profit from the company
Who’s Behind CareX?
CareX is led by Mike Bishop (CEO). Bishop launched CareX in Texas in September 2017. His LinkedIn page lists a number of other blockchain ventures, including positions as an Advisor at Global Investment Services Corp, Covesting, and Flashmoni. Bishop is originally from Utah and has a background in law.
Other listed members of the CareX team include Hendrik Klein (Chief Investment Officer) and Jackson Adams (Chief Communications Officer).
CareX claims to already be partnering with healthcare providers in the United States. Some of the listed providers include CallHealth and CareCorp.
CareX CARE ICO Details
The CareX token sale is underway from December 11, 2017 to March 11, 2018.
During the token sale, the exchange rate is set at 1 CARE token = $10 USD. CareX is accepting ETH, BTC, LTC, and USD during the token sale.
There’s a hard cap of $120 million USD for the token sale and a soft cap of $20 million.
CareX sees itself as “the future of healthcare.” The platform will link 100,000 healthcare services in 100 countries, allowing customers to pay for healthcare services at each of these companies using CARE tokens.
You can purchase CARE tokens during the token sale, which is underway until March 11, 2018.
To learn more about CareX and how it works, visit online today at CareX.tech.