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Web 3.0 could bring 10x optimization in the age care sector with blockchain technologies

Blockchain technology can help make the aged care sector more efficient, reliable, fast and secure.

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Tim Berners-Lee’s invention of the World Wide Web led to the beginning of the Internet era. Web 1.0, as we call it now, was all about websites providing readable content which was a privilege for a few lucky ones. It also led to the birth of aboriginal Internet goliaths. Gradually, we moved on to Web 2.0- an era marked with the trend of writing, generating, and sharing content.

Facebook, Twitter allowed almost everyone to share their experiences and blogging became the ‘it’ thing. Generations changed, but web 2.0 stayed. Oppressive governments were overthrown yet we unknowingly became slaves of centralized Internet authorities. Smartphones took over, and a digital age was born. Although digitization enlightened people about what they have been missing, they still had a yearning for independence.

Somewhere in between, the Internet became a fundamental right ushering in a democratic digital revolution. Web 3.0 will be the age of decentralization and technologies like IoT, Blockchain, AI, VR will be the frontrunners. Blockchain singularly has come a long way over the last decade. From B-money to Bitcoin to Ethereum, Blockchain has created a whirlwind of activities across multifarious industries.

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The digital tamper-proof ledger is facilitating cross-border payments, maintaining health records, providing e-governance and what not. The Blockchain is optimizing lives slowly and gradually, making processes more efficient and manageable than ever before. The technology holds such promise that one cannot help but wonder how effective it will be if implemented in the aged care sector.

While everyone is busy implementing blockchain for business transactions or asset management, no one thought about how it directly impacts human lives. The aged care sector has been ignored long enough. Poor support systems, lack of care homes, untrained caretakers are the exclusive features of traditional care homes not to forget the centralized authorities answerable to no one.

Presently, about 962 million people age 60 or above worldwide. This number is growing at an annual rate of 3 percent. The world is on the verge of a demographic milestone. In the coming years, many of us will be joining this part of the ageing population. Who will we look to then?

Luckily, blockchain technology can help make the aged care sector more efficient, reliable, fast and secure. An ecosystem that resolves present issues by seamlessly implementing blockchain technology is just what we need.

Organized processes – A single platform to manage homes, services and other requirements.

Vetted homes – Standardization of care homes built to the highest standards like anti-skid tiles, emergency-care switches or chamfered wall-edges.

Secure – On-call doctors and emergency response systems, CCTV surveillance along with security guards.

Trained caretakers – Well-trained caretakers that can be rated by the elders based on the assistance provided.

Personal services – Yoga, dancing, art, cooking classes to keep the elders entertained.

Health records – Health records stored on the blockchain with regular updates by doctors.

Reward structure – Caretakers get rewarded according to the feedback provided by seniors thus encouraging the best personal care.

Tokenization – Blockchain implies the use of a cryptocurrency at every stage, eliminating the need for fiat money.

Blockchain technology is probably the only solution to bring the much-needed change in the aged care sector. The technology is already solving age-old issues in finance, trading, healthcare, governance and a well-planned adoption can efficiently provide a senior citizen-friendly system. The aging population may not seem to be that big of an issue today, but it will soon be putting a lot more pressure on government and its services.

Why rely on governments when we can take the first step towards solving a major issue? Just something to think about.

The article is written by Sunny Kapoor, who is the CEO at GladAge, an ecosystem that offers decentralized Care Homes powered by blockchain.

  • Published Date: April 26, 2018 3:54 PM IST