The health of individuals and communities impacts economies tremendously. While technology and advancements in medicine have enabled us to live longer, they have also burdened health incumbents and governments with rising health care costs. Governments around the world are spending exorbitant amounts of money to meet the health care needs of their nations, yet they continue to fall short of meeting demand. To bridge this gap, individuals must shift away from solely relying on medical providers and move towards a more proactive form of health monitoring.
Playpal, a platform that is using blockchain and artificial intelligence to make strides in the digital health market, enables this proactive approach to self-care by applying Michael Grossman’s (1972) ‘Health Capital Model’ to the health profiles of its users. To elaborate, ‘health capital’ is an economic model that views an individual as both a producer and a consumer of health, where health is treated like a stock that can fluctuate depending on the management of, and the “investments” in, that stock. By quantifying health in this way, the Health Capital Model creates an economic incentive for individuals to set, and continuously manage, their personal health goals.
Numerous behavioral theories corroborate the fact that investments in human capital raise productivity and, since health is a component of human capital, it is in everyone’s best interest to invest in it. Fortunately, digital technology, along with the recent popularity of wearable devices, is helping us turn this concept of ‘health capital’ into a reality. Misfit Shine 2, Fitbit Alta HR, and Huawei Band 2 Pro are just a few examples of smart devices that have tried to quantify health. In much the same way, Playpal’s platform believes that because health is a quantifiable asset, it can then be combined to define the collective health capital of entire communities. What sets Playpal apart from the front-runners in the market is its capacity to store, consolidate, transfer and validate all kinds of health data for its users, its ability to integrate with different apps and devices, and its propensity to financially compensate users for building their health capital via health tokens, a cryptocurrency that is issued by its health partner, the HIECOH Wealth Foundation.
It is clear that, of all the developments in the digital health industry, the Playpal platform is a ‘one stop shop’ for health management and proactive care. As the platform propagates the industry, we can expect more and more people to start taking control of their health, the benefits of which will extend to the population as a whole, such as a decrease in overall health expenditure.
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