Decentralized Health: What is SOLVE? And Why Did It Just Pump 105%?
The market cap top hundred gained another new entrant on Wednesday in the form of SOLVE (SOLVE). The Ethereum-based token gained spiked to the tune of 105% before the price evened out, leaving it just outside the market cap top fifty.
The sudden surge coincides with a listing on Korean cryptocurrency exchange, Upbit. But after a teasing (almost Justin Sun-esque) tweet from the team, something even bigger might be just around the corner.
So what is SOLVE, and what problems does its technology hope to resolve?
What is SOLVE?
Taking aim at the healthcare industry, SOLVE proposes a blockchain solution for reforming doctor-patient interactions. Decentralized healthcare is a concept that’s been explored before in blockchain. You may remember Dentacoin (DENT) – the decentralized cryptocurrency network for the dental industry,
SOLVE takes that concept a step further to encapsulate the entire healthcare sector. According to its documentation, the project is:
“…designed to simplify access to care, reduce administrative steps and burden, simplify and speed up payments to healthcare providers globally using Blockchain technology.”
Marketing materials on the project’s Bitcointalk announcement claim the U.S healthcare industry loses $500 billion annually to fraud and mismanagement. If Deloitte’s assessment that the entire health sector will be worth $10 trillion by 2022, that estimate might be low.
Within the healthcare industry, the SOLVE team estimate annual IT costs reach $100 billion alone. In short, the healthcare industry, like most in the face of blockchain, is ripe for disruption. Indeed, the team aim to:
“…reduce the enormous global clinical and IT system costs associated with our current healthcare system.”
Blockchain Healthcare in Practice
If all of that sounds too much like typical marketing speak, then it may be worth noting SOLVE’s practical use-cases to date. When the project launched in January 2018, it claimed to have already been adopted by a major U.S healthcare organization – Arizona Care Network (ACN).
A multi-year partnership would see SOLVE’s products tested in daily usage by thousands of doctors, hundreds of hospitals, and over 300,000 patients.
It’s unclear if the full scope of that plan came to fruition, however ACN was recently given an award for innovation based on its pioneering use of the Solve.Care wallet. That’s a mobile app which tracks spending, and was utilized by 80% of physicians, according to an in-house press release.
No indication of the sample size is given, however, and adoption by hospitals and patients is still in the planning stage. In fact, there are more plans afoot for the project.
Negotiations with Federal Healthcare Providers?
CEO of SOLVE Pradeep Goel recently described negotiations with a representative of HMS Technologies. HMS is one of the handful of companies who deliver healthcare information technology (HIT) to U.S government departments. Those include the U.S Veterans Administration, the Department of Health, and more, according to Mr. Goel.
The implication here is that if Goel can convince HMS of the effectiveness of his product, SOLVE could soon be on a gravy train towards one of those cushy government contracts.
On June 6th, the project’s Twitter team posted this teaser, promising something big in the next twenty-four hours:
“Be the first to hear tomorrow what the buzz is all about. It’s a big step for Solve.Care and a giant leap for healthcare on blockchain! Tune in June 6 at 2pm GMT+1 / 9am EDT / 10pm KST.”
At this point speculation must be rife among token holders. Given what we know about HMS Technologies, holders will be hoping that the anticipated contract with Uncle Sam has come through.
But just a day after spiking 105% on an Upbit listing, could it be that another exchange is about to list SOLVE? It’s already listed on Bittrex, where its trade volume exploded in the past few hours.
From the daily low of $0.275578, the per-token value surged to $0.565907 within mere minutes – a 105% jump. That coincides with the listing on Upbit, which was announced just before the spike commenced.
The pullback carried the token price back down to the $0.45 range, leaving it up around 65% for the day. Meanwhile trade volume reached its highest peak to date, hitting $122 million.
Over $100 million of that came from the newly listed Upbit pairs, against KRW and BTC. Over $16 million came from U.S-based exchange Bittrex.
SOLVE differentiates itself from the usual altcoin suspects which pop up from time to time with crazy +100% growth. Its progress thus far has been quiet, but steady. And its practical testing by real-world physicians seems a promising sign.
But as always, don’t allow yourself to get caught up in the hype. Whatever tomorrow’s big announcement ends up being, there’s a good chance today’s spike was related to it. If SOLVE really does deliver on its promises, there will be plenty of time to get on board.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.