Gu Yanxi: How to use the blockchain to bring about a paradigm shift for the medical and beauty industry?

This article is one of a series of articles on the application of blockchain technology and securities-based certification to transform traditional industries. The industries studied include the medical beauty industry, film production and personal credit industries. This article first discusses the paradigm shifts brought by the blockchain technology and the securities-type pass to the medical and aesthetic industry.

One of the best application scenarios for blockchain technology is cross-border, retail-oriented services. With the increasing degree of internationalization, various cross-border consumption is increasing. However, the current market structure of these industries, the generation and circulation of real information, the trust of producers and consumers, and the means of payment all have great room for improvement. Such an application scenario happens to be the best application scenario for blockchain and encrypted digital assets. Blockchain and Internet technologies can provide a mechanism for ensuring the true and smooth flow of information and the successful completion of transactions in the underlying infrastructure. In terms of business organization model, blockchain technology and securities pass will also provide a brand new cooperative or alliance business organization. Through the application of the Compulsory Economic Model, each participant in the ecology binds the interests of all key participants, which means uniting the factors in the industry that are conducive to the positive development of the industry, and at the same time it is not conducive to the industry. Negative and destructive factors of development are excluded from the ecology. This will promote a healthy ecological development in the industry.

Compared with other consumer industries, the medical and aesthetic industry has the following distinctive features.

The first feature is the rapid growth of the industry . With the continuous improvement of people's economic level, people's pursuit of quality of life is getting stronger and stronger. So the demand for biocosmetic and medical beauty is getting stronger and stronger. Both the actual market data to date and various reports of future growth forecasts indicate that the industry is a fast-growing industry. Moreover, due to the characteristics of this business, the volume of this market is also very large.

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The second characteristic is the growing trend of cross-border consumption and services . The growth of this industry is not limited to markets within a country. Cross-border medical seeking and cross-border employment have shown a very strong growth trend. People with different income levels will look for this type of medical service on a global scale.

The third characteristic is that the information in the industry is very opaque . Due to the strong demand in this market and the different ability of consumers to pay, there are corresponding levels of so-called service organizations, which earn consumers' expenditures at all levels of the market. However, these institutions are mixed, and various types of fraud are widespread. Directly hurt the interests of consumers. In extreme cases, it even causes physical damage to consumers. For doctors and hospitals with formal qualifications, this situation in the industry is not conducive to their business development. Those false organizations that are good at marketing can get more benefits in this industry situation. This state of the industry cannot promote the healthy development of the industry.

The fourth characteristic is the lack of effective supervision and supervision mechanisms in the industry . Because the medical beauty industry is an emerging industry, and especially because of its cross-border characteristics, and because of the geographical dispersion of service organizations and the difficulty of collecting real data, there is a lack of one jurisdiction and cross-jurisdictional An effective, supervisable, and enforceable underlying mechanism to ensure the normative development of the industry. For example, how to supervise an organization to provide real relevant information, including the qualification of a doctor's hospital, the true source of the drug, and the actual customer experience. For example, when there is a dispute between a consumer and a service organization, how to quickly obtain evidence based on facts, and then quickly make a fair judgment.

In addition to the specific characteristics of the above-mentioned medical and beauty industry, there are also general payment convenience and cost issues in cross-border consumption. Although cross-border payment methods have been greatly improved, there is still much room for improvement.

The application of blockchain and encrypted digital asset technology can fundamentally change the status quo of the medical and aesthetic industry, and establish an ecological environment that can be supervised and developed in this industry. With the continuous development of this ecology, the whole industry will be turned into a positive development industry. Such a solution can be done in two phases.

The most basic solution is to ensure the authenticity of the information in this industry, and to transfer this real information to various information consumers in a timely and convenient manner. To this end, it is necessary to establish a block-based information registration storage network, and at the same time establish an Internet website and App based on the information on the blockchain. In this chain, the information and qualifications of practitioners and hospitals in the industry need to be registered, and traceability techniques are used to provide the source of the drugs used in the hospital. If the hospital or user wants to share their medical experience on this network, then the user's true identity also needs to be registered on this network. The experience of visiting a doctor also needs to be double-signed by the user and the doctor. Because the information on the blockchain cannot be tampered with, and because the information on this chain can be found at any time for any individual or institution, the risk and cost of fraud can be greatly increased. Counterfeiters in the industry therefore dare not register false information on this chain. Such a solution can solve the situation of false information that is currently prevalent in the medical and beauty industry, and thus provide a stable and healthy foundation for the development of the industry.

Such a solution can be provided by a third party in the industry, or jointly initiated by an organization with legal qualifications in the industry. For participating hospitals, because the authenticity of their various information is guaranteed by the blockchain, they can directly gain the trust of consumers, and the hospital can therefore charge higher service fees. This feature is even more important for hospitals that offer cross-border medical services.

The second phase of this solution is to use the CIS model to connect stakeholders in the ecosystem. The main roles in this ecosystem include hospitals, users, and network operations managers. In order to promote the healthy development of this ecology, all parties involved need to work together, and all parties can benefit from the development of ecology. The pass-through economic model is the most effective mechanism that can bind the interests of all parties and encourage all parties to contribute to the development of this ecology. In each consumer payment of the user, the payment contract on the network automatically deducts a part of the payment into network income. This part of the income is regularly distributed to the holder of the certificate. The holder of the certificate is the hospital, user and network operation manager in this ecology. Therefore, the interests of these three groups are to increase the amount of consumption in this ecology, and thus can benefit from it.

In this solution, the other two key components are the compliant stable currency provider and a compliant digital asset exchange. There can be multiple stable providers based on legal currency in this ecosystem so that users can use their digital wallets for convenient cross-border payments. This also helps the payment contract on the network to fairly extract a portion of the payment in the ecology to support the development of the ecology. The function of a compliant digital asset exchange is to facilitate users to redeem between different stable currencies. But stable currency providers and digital asset exchanges are not a core part of this medical industry solution. Since stable coins and exchanges are the services that every industry solution needs, they can be shared. You can get their services in a cooperative way.

Such a solution can make the medical beauty industry across borders truly transparent, and the market itself provides a self-monitoring mechanism. Practitioners in the industry will be more compliant because of this transparency, and operators will have the incentive to continuously improve their service quality to establish and maintain their own brand in the market. Because of these characteristics in the industry, consumers will also use the services more confidently. The consumption power will increase, and the total income in the industry will naturally increase. Therefore, the benign ecology of the industry will be established.

Author: Valley Yancey

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