‘Should you go for elderly home care?’ This question makes the lives of seniors, their kids and close family a real struggle. Reputable elderly care homes are not easy to come by, and the good ones are often too expensive to afford for a working-class family. The sluggish economy and rising cost of living makes it even harder to decide whether parents should live at home or a facility.

Choosing home care can be one of the toughest decisions of your lives as it implies handling a lot of finances. Medical advancements may have saved a lot of lives, but they have also become expensive and high-maintenance.

The blockchain is one of the few technologies that stands true to making life easy and financially manageable. The tech is profoundly affecting the healthcare sector with data security, supply chain management, data management and supposedly, it is expected to have a similar effect on care sector. Can it help finance elderly care?

Let’s take a look at ten ways tokenization can help to finance senior home care-

Greater investments

The world is starting to warm up to blockchain technology and blockchain-based systems. If the care sector gets tokenized, it will generate a vast interest amongst blockchain believers and enthusiasts who are willing to invest money in such innovative ideas. The care sector is in dire need of better investments and more importantly, a better system to handle everything. Tokenization is capable of providing just about everything to this fragmented sector.

Bye Bye fiat

A blockchain-based ecosystem eliminates the need for a government-regulated legal tender aka fiat currency. Instead, a digital token is released, and it replaces the use of fiat currency completely and irrevocably. The value of fiat money is regulated and controlled by government-run financial institutions which give them a superior authority over ordinary people. On the other hand, tokenization hands power back to the people who can buy, sell or use tokens according to their wish and earn profits accordingly.

Interoperability

The blockchain is known to be reliable, trustworthy and it adds the first layer of security to any system. Tokenization introduces a new feature in the home care sector- interoperability. In other words, it gives people the opportunity to exchange their assets for a token or even exchange these tokens over another platform. This interoperability comes handy when acquiring new properties for care homes; property owners can directly be paid in the form of tokens which they can use in any manner whatsoever.

Affordability

An electronic ledger takes care of everything from data, care services to other vital information of elderly. This system issues caretakers according to personal preferences, encourages maximum communication and shares all information with family members. All this at a very inexpensive investment that necessarily does not end up being just an investment. After all, tokenization makes you stakeholders in that care home, and you profit as the platform gets bigger and gains popularity.

Tokenized transactions

Acquiring properties is just one aspect of tokenization, it also promotes a system where every transaction takes place through a digital token. Elderlies living in a care home get to demand personal caretaker and pay for them in the form of token. They get to shop for daily need items or special equipment through this token. In short, tokenization forms a sort of independent, decentralized industry of care homes.

Smart Contract-bound trust

Smart contracts are an essential part of tokenization; they handle all trust-related issues. When blockchain eliminates human interaction by bringing in a digital ledger to record all transactions, the trust factor tends to remain a worrying issue. A smart contract makes things more manageable by binding everyone involved in a deal through a digitally-signed and automated contract. The promised or agreed-upon amount of tokens are released only when the contract is fulfilled by either party. This ensures that no one stands a chance to get fooled or do frauds.

Automated care services

Caretakers are the building blocks of care homes, and blockchain implementation automates the entire operation of caretaking. Seniors get the chance to choose a caretaker of their choice and demand services as/when required. Any tokenized system will have the feature of on-demand personalized care with an added feature of payment through token only.

Reward structure

A reward system where elderlies get to rate caretakers who in turn get rewarded in the form of tokens makes the entire system more convenient. This encourages caretakers to handle various kinds of behaviour in the best possible manner and not ill-treat any senior out of fear of lousy rating or no reward. Such systems ensure care homes hire only well-trained caretakers who are ready to go that extra mile.

Public-Private Partnership

Tokenization can lay the foundation of tandems amongst care home and government aids/grants. Care foundations can lease government lands making them stakeholders in the foundation which in turn uses those lands to build care homes for the elderly. A similar concept can be applied to the pension funds offered by various governments across the world.

Service trading

Seniors stand a chance to earn some tokens of their own by providing services or simply assisting people in need of assistance. A tokenized care home can give them an opportunity to share their knowledge and experience with individuals or organization who pay back in the form of tokens itself. Seniors not only work from the comfort of care homes, but they also get to earn token which can be used to buy stuff or order personal care.

A tokenized economy powered by blockchain is the way to go forward with digital disruption. In a rapidly-digitizing world, one cannot help but wonder about tokenization of elderly home care. Afterall, tokenization has the capability of making economies fairly independent, and this may be precisely what is needed to make aged care a more viable and affordable option for everyone.

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