Bitcoin
Patientory (PTOY) Is Trying To Solve A Billion Dollar Inefficiency
Patientory (PTOY) currently goes for $0.38 a piece, up close to 80% on the token’s price this time yesterday. This is one of the more interesting concepts to come out of the wave of blockchain based industry shakeups over the last 12 months and it’s one that’s attracting quite a lot of attention outside of the core space.
PTOY Daily Chart
From a short-term trade perspective, this one is pretty tough to figure out right now. The company hasn’t really undergone any fundamental changes over the last 48 hours – at least none that would account for the dramatic upside revaluation we have seen across the period – but this doesn’t necessarily mean that it’s not worth a look from a longer-term perspective, especially at current prices.
What makes us say this?
Many of the coins that we are seeing gain ground on a short-term basis right now are coins that are representative of fresh ideas or are set up to solve relatively small problems associated with inefficiencies in various economic situations. This doesn’t mean they aren’t valuable, of course, but it does somewhat limit their long-term potential.
With Patientory and, by proxy, PTOY, things are a bit different.
The company is set up to be an Electronic Medical Records (ERM) storage network built on the Ethereum blockchain. Right now, inefficiencies in the health data and records space in the US cost billions of dollars annually to overcome. Even then, things like readmissions can never be entirely resolved and much of this is rooted in the fact that the medical record space is highly fragmented. There is nothing to guarantee that one element of a record will be reproduced, or, if reproduced, be available, at any one time and for any one person and this causes obvious problems.
While this problem exists, however, the solution is not a straightforward one. Sure, it would be easy to say that there should be some sort of open network that healthcare facilities and physicians can access and through which medical records are shared and updated but this brings with it some serious data security and privacy issues.
In the US, patient medical records are protected by what’s called the Health Insurance Portability and Accountability Act (HIPPA) of 1996’s privacy rule. We don’t need to go into what this rule entails in any real detail right now but, suffice to say, it makes it incredibly difficult for any centralized entity to build a data storage system that meets its security requirements.
What Patientory is trying to do is to employ the cryptography and security mechanisms built into blockchain technology to overcome this issue and – so far – it looks like it’s doing a pretty decent job.
The company just reported that it’s back on track (after an early month setback last month rooted in some false reporting on an FDA submission) with its December 2017 roadmap meaning that, by the end of this year, there should be a live patient portal and the DApp/Smart Contract(s) surrounding Private Data Store Implementation should be in place. These are both major milestones and their announcing could serve to inject some real upside momentum in PTOY as and when they hit press.
As mentioned above, however, the real opportunity here, in our eyes, is one of long-term disruption. Healthcare in the US is a $3 trillion industry with a multibillion-dollar inefficiency and, if Patientory is able to overcome this inefficiency, the company could quickly be one of the most disruptive blockchain based entities in the world.
Of course, the fact that this inefficiency gap exists highlights the complexity of its resolution but we’ve got to remember that those that came before Patientory were trying to overcome the problem with legacy technology. Patientory, on the other hand, has blockchain in its toolbox.
We will be updating our subscribers as soon as we know more. For the latest on PTOY, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Patientory
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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