Dental Trends, Dental News

Will blockchain reviews pave the way for cryptocurrency in dentistry?

July 13, 2017

The internet of money, as some call it, has gained prominence in the last few years with the rise of cryptocurrencies such as Bitcoin or Ethereum and blockchain networks. Some industries have embraced these new digital currencies for the extra security and transparency they provide.

A recent article on Bitcoin Insider mentions Dentacoin, a blockchain network made specifically for the dental world. Customized on the Ethereum platform, Dentacoin will launch with a blockchain-based review network.

A blockchain is a distributed database managed by a peer-to-peer network to store and maintain records, called blocks. Each additional block contains a timestamp and a link to the previous block. These connections add extra security to the data because any modification will affect the entire chain.

Dentacoin’s goal is to help legitimize reviews of dentists, hinder any manipulation, and foster a community of dentists and patients sharing honest opinions and feedback. The review platform’s ambition is to eliminate fake positive or negative reviews by verifying patients and rewarding participating reviewers.

Beyond this initial review platform, Dentacoin plans to use blockchains and cryptocurrencies to improve dental insurance, electronic health records, health apps, continuing education, and even the dental equipment marketplace.

Given that most dental practices are still using outdated desktop practice management software, it remains to be seen whether the platform will gain any traction, but it’s certainly an interesting approach.