Openning up a discussion and peer review to challenge and question the concept Herriot Lux Inc, a not-for-profit organisation based in Melbourne, Australia, have developed since January 2018. The ERC20 token Petcoin (PETC) is a utility token that is a driver of the ecosystem we are building.
Using a suite of applications addressing four problems:
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Poor horizontal transfer of pet health data.
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Lack of hybrid stablecoin payment system to allow cross-border settlement of pet insurance globally.
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High entry requirement for quality veterinary practice management software.
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Poor coverage of basic health care to pets owned by owners on restricted budgets.
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Horizontal Data transfer
One of the choke points in veterinary data management is client data friction between clinics, clinicians, specialists, referral clinics and laboratories, all attempting to address patient problems with incongruous and often digitally incompatible data.
What we are attempting to do with PETC is to solve this problem by creating a mobile pet owner-facing data storage app which seamlessly integrates and displays pet medical data from multiple vet clinics, specialty centers and laboratories.
In Australia, there are a handful of professional veterinary software management programs (Rx Works, CHS, VetlinkSQL, IDEXX Cornerstone, Henry Schein). Most are proprietary and incompatible with other software. Some veterinarians use in-house ad hoc software systems.
It is not uncommon for new clients at a clinic to present with multiple pages of historical data, often inconclusive or vague with respect to diagnoses and treatments.
What we are attempting to create is a digital data management system for veterinary patient health records, stored within an app that is free to use, authorizes the pet owner as custodian of the data and allows seamless integration and updates from other veterinary sources (specialists, laboratories, prior clinics).
The driving impetus to pull pet data toward the pet owner’s app (and this drive adoption) is peace of mind arising from having cogent and integrated veterinary records on the single app. Pet owners will thus request and thus legally procure relevant data from their veterinary provider without compromising veterinary records or confidentiality.
Blood results, radiographic and CT results, diagnoses, and medical therapies can be procured through pet owner request.
For startup clinics, the app also functions competitively as a fully operational veterinary practice management software (VPMS).
The app is currently being implemented as a beta app with CHS (Ciderhouse), a No. 2 VPMS based in Melbourne and operations worldwide.
Starting in January 2018, we have also been working on CHS integrating our app with Petsure insurance underwriting. This feature will hopefully be rolled out in 2020.
The PUP app features Petsure insurance underwriting, incorporated through Ciderhouse's CHS software. Insurance premiums and veterinary payout settlements will be done via a Herriot Lux proprietors stablecoin, provisionally called PUP.
The advantage of using a utility token as a hybrid stablecoin for settlements of insurance premiums and payments is that they allow immediate, secure, decentralised, low fee payments across borders.
In addition to using Petcoin (PETC) obtained through the app as a form of Pet Savings, tethered to Australian Dollars. Petcoin can be earned in a variety of ways, including being a petsure.com.au pet insurance policy holder and an amount of Petcoin given when taking out cover for the first time or during policy renewal. This Petcoin can be redeemed at market rate to contribute to insurance gap costs for treatments and consultations and the Vet being paid in Australian Dollars.
Balance tracking through the mobile app would display a Tethered Value (value amount of fiat currency used to obtain Petcoin) and a Market Value (value that can be attained for PETC on digital exchanges). In the event that the market value becomes lower than the tethered value, the mobile app user can still access the value as is held reserve by Herriot Lux.
A tokenised ecosystem has all the features of fiat without the high fees associated with other fiat payment methods. With users in multiple countries, Herriot Lux would be able to settle premiums and payouts immediately without waiting for bank settlement.
Initially tethered to the AUD$, but over time would be weighted against other currencies including the US$ and GBP£.
The advantage of tokenised hybrid stablecoin settlements of insurance premiums and payments is that they allow immediate, secure, decentralized, low fee payments across borders. Enabling Vets to accept Bitcoin, Ethereum and other digital assets and being paid in Australian Dollars, with PUP facilitating the conversion.
Most VPMS software are limited to Western country based veterinarians, with poorer countries relying on open-source software such as MS Excel, etc.
A low cost veterinary practice management software (VPMS) oftware would be incorporated into the app as an add-on feature, either through an in-house VPMS or use of existing VPMS such as CHS through software licensing agreement.
Our medium term goal is to develop PUP into its own blockchain amalgam. A public/private chain for pet data including genealogical lineage validation, genome data an immutable memorialisation enshrining an animals social media content alongside medical history. On top of the aforementioned features.
For further detail our White Paper can be viewed here
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