Announcing the BitMED Exchange

Does the world need another Exchange?

These days any cryptocurrency player out there seems to have an Exchange. Almost all of them focus on offering a broad crypto “menu”, everything from the likes of ETH and BTC to some of the most recent newcomers. Few set their sights on partnerships centered around their coin acting as currency for points systems, gaming systems. or even cellular airtime. Few are going as far as providing ATM-like access to funds.

The one issue that most of these solutions have is that, from a consumer perspective (me!), they all look more or less like good old fashion banks. Crypto purists will not agree with that statement (most likely they will have me crucified!), but at the end of the day to a consumer like me why would I care about the name on the ATM machine or the denomination that I use to buy tonight’s movie tickets? I’m certainly oversimplifying, however that’s what it looks like from 50,000-foot view!

Said otherwise, all these exchanges guarantee fast access to funds, however they are doing nothing to help me get better seats at tonight’s private screening of Bohemian Rhapsody! As I mentioned in a prior article, it is in situations like this when I wish for things to “just work” and not have to take it upon myself to figure out the next step towards seeing the movie tonight.

BitMED’s Solution

At BitMED we are all about frictionless delivery of healthcare. Through everything that we build, the Platform, the Token, the Wallet, and now the Exchange, we want to make sure that the user is free to concentrate on their own needs as opposed to having to figure out which service or which website should be used at a particular point in the process.

By putting strong integration between its core components (Platform, Exchange, Data, Protocol, Wallet) front and center, the BitMED ecosystem is able to deliver an industry-first free healthcare service solution that has the Humans at its core. To make it work, each core component plays a key role. The Protocol is the underlying bridge. The Platform is the ultimate service orchestrator. The Token is the bloodline of the entire ecosystem. Next, comes the Exchange …

What is the BitMED Exchange?

Although probably not obvious from its landing page (depicted below), the BitMED Exchange sits at the intersection between Protocol and Service Delivery. The Exchange enables participants in the BitMED Ecosystem to gain access to services by acquiring BXM Coins that can be used to “pay” for such services.

The trading pairs that the Exchange support are BTC ↔ BXM, and ETH ↔ BXM.

Once the member acquires BXM coins, they can use them to get medical assistance, access to data (if it’s a Data Scientist), or reward someone else. Aside from raising BXM Coins by using the Exchange, members also earn Coins by being an active participant in the ecosystem, e.g. by posting comments, rating articles, having their data anonymized and shared, and so on.

In conclusion …

The world DOES need another Exchange … however, it must go behind being just an Exchange! It has to enable the delivery of an end-to-end service, not be able to handle only financial transactions.

Through its very pursuit, the BitMED Exchange, in collaboration with other components of the Ecosystem, caters to actual, realistic human needs, as opposed to being just another piece of mindless machinery that buries humans under lots of useless complexity.

Your comments are always welcome.

Until next time, all the best!

Announcing the BitMED Exchange was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.