SOLVE is an Ethereum-based utility token fueling the blockchain-based platform Solve.Care developed by a healthcare IT company. The project aims to make use of blockchain technology to improve the healthcare industry by reducing the costs associated with administrative work and other systems. Solve.Care Foundation which stands behind the project defines its key mission to decentralize and redefine the management processes of the healthcare industry all across the globe.
The healthcare industry the way we’ve known it for ages has many flaws. Over the past couple of decades, a lot has been done to convert all the patients’ data into electronic format which is much more convenient and cost-effective. But although the electronic healthcare record (EHR) system has already been implemented in many countries, its administration still requires high costs. It is unable to cope with the constantly increasing demand from patients and health providers.
Moreover, there is no unified set of IT systems across different organizations that negatively affects their interoperability and creates additional obstacles for patients should they decide to change their location.
In order to resolve all these issues and bring the efficiency of healthcare systems to the new level, Solve.Care develops a blockchain-based platform to manage and keep track of all services and payments that circulate in the industry between all the interested parties. Doctors, their patients, laboratories, insurance companies, pharmacies - all of them can significantly benefit from the new approach represented by the platform.
On the platform, administrators will be able to set up appointments, enroll payments, check bills and payments and manage their clients’ data. Patients will be able to manage their prescriptions, book visits to specific doctors and get their appointments. Clinicians will benefit as well as the platform will give them a possibility to manage their patients’ diseases, prescribe regular wellness checks and do many other things. Thanks to the blockchain technologies, all transactions between the parties will be stored on a public ledger in a safe and immutable way.
The Solve.Care products
The platform combines the following products under its hood. Taken together, they make up a whole environment designed to coordinate users’ activities.
Care.Wallet. Patients and healthcare providers can manage all their operations through this wallet and conduct payments for the services. Customers stay in full control over their funds and personal information. The app is available for download on SOLVE’s official website and is compatible with Android and iOS devices.
Care.Cards. As it’s stated on the project’s official website, these are purpose-built apps within the Care.Wallet that fit the specific needs of their users.
Care.Coin. This intelligent programmable token is designed to simplify payments as it comes with such features as transparency, immutability, proof of authorization/service and accountability.
Care.Protocol. This system helps to connect and synchronize wallets, cards, and coins across all users.
Care.Vault. This module is a part of Care.Protocol and it is designed to help the users of the platform manage their data.
The platform is fueled by its native utility tokens named SOLVE. Initially launched under the ticker “CAN”, the rebranding was conducted on July 5th, 2018. The token gives its holders the right to use the products represented on the platform, participate in the community and influence the products’ development.
There is no unified information on the time when the private and public token sales were conducted as different ICO listings name different dates. The whole fundraising process started at the end of 2017 and finished in the first months of 2018. During the ICO, the team has managed to raise 35 million USD. 50% of all tokens were distributed via the public and private sale, 18% were reserved for the team, 20% were allocated to support the community, 9% were left for the long-term budget and the remaining 3% were reserved to cover the Token Sale expenses.
Since the tokens are based on the Ethereum blockchain, they fall under the ERC-20 standard. They can be used to pay for Care Administration Network fees, set up Care.Wallets, buy Care.Cards and participate in the services offered at Care.Marketplace.
SOLVE has a limited supply of 1 billion tokens. 350 million tokens were distributed via the token sale with further plans to burn unsold items once the target is achieved.
SOLVE team and partners
The project's website claims that its team counts more than 100 proven experts. While the company itself is headquartered in Kyiv, Ukraine, most of its members are dispersed across other regions and work on its development remotely.
Pradeep Goel is listed as the Chief Executive Officer of SOLVE. Prior to joining the project, he led some other innovative companies taking the positions of CEO, COO, CTO and CIO since 1990.
David S. Hanekom is a Chief Medical Officer responsible for setting the clinical direction and the company’s expansion in North America. He has extensive experience in this area as he has worked in different medical organizations since 1999 and holds a Bachelor’s degree at the University of the Witwatersrand School of Medicine & Health Sciences.
Solve.Care Foundation has managed to onboard some strategic partners to expand their business further Among them are the American Research and Policy Institute (ARPI), HMS Technologies, the National Association of Accountable Care Organizations (NAACOS) and some others.