Now There’s a Cryptocurrency for Retirees as Well

May 16, 2018

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First, we had to get used to Grandma having a mobile phone. And, we all know the only thing worse than no one liking your Facebook post is getting a thumbs up from Grams. Don’t be too quick to dismiss the older generation when it comes to tech, though. In fact, now there’s a cryptocurrency for retirees as well.

It may be hard to conceive of retired folks in a nursing home debating whether to HODL or cash-in while playing dominoes. But, according to a report by WorldPay, the baby boomer generation is reshaping the global online payments industry. They’re buying more stuff online, and a cryptocurrency for retirees could be the next logical step.

Vendors often overlook this demographic, desperate to win over millennials. Yet these “silver surfers” have better health than generations before them–and substantial spending power. In fact, global online spending by consumers aged over-60 is expected to reach $15 trillion by 2020 (twice as much as 2010).

They’re getting better at managing their iPhones. They’re starting to buy Alexa. And, they’re slowly opening up to the concept of Bitcoin. It won’t be long before seniors are financing their retirement with cryptocurrency too. At least, according to GladAge CEO Sunny Kapoor.

What is GladAge?

GladAge is looking to improve healthcare for the aging population.

GladAge is an ecosystem built for seniors to provide personalized care and fully vetted senior homes. “On the GladAge platform,” says Kapoor, “the control is handed over to the seniors as they select the type of care needed, shop for equipment or services and even review caretakers who they can hire on demand.”

The interface is designed to be as simple as possible, for the less than tech-savvy, and “the processes are incredibly age-friendly and simple,” according to Kapoor. For those interested in investing in GAC tokens, there’s even a hold-your-hand process for setting up an ether wallet. Bet you didn’t think you’d see Grandma with one of those.

“The purpose on which GladAge thrives,” continues Kapoor, “is to design a decentralized senior care sector equipped to evolve dynamically. It does so by introducing the most futuristic technology in a traditional industry that’s over a century old.”

What Problem is GladAge Solving?

The population is aging. According to a report by the United Nations, in 2015, one in eight people globally was 60 years or older. By 2030, that ratio increases to one in six, and by 2050, at least one in five people will be aged 60 or over.

It’s great that we can look forward to a longer life. More time to play golf, head to Florida, maybe even play Bingo. But with a reduced birth rate and fewer young people to shoulder the burden, that places a major strain on resources. Clearly, there’s a need for an efficient support system for the growing senior population.

“GladAge seeks to solve the sector’s biggest problems that the traditional systems have failed to resolve. Lack of senior homes, a severe shortage of trained workers, unorganized market structure and chaotic processes are a few to name,” says Kapoor.

Lack of Care Homes And Poor Quality Care

Awarded the best ICO of the year at the Cryptocon Conference 2018, GladAge is so appealing because it is working to tackle a real pressing issue. “There is a huge gap between the care homes available and the number of care homes needed,” says Kapoor. “Even the ones that are available are not fit for the purpose and often lack the desired standard to provide a homely atmosphere.”

Current problems with the senior healthcare industry.

If you’ve ever stepped into a state-run senior care facility, you’ll know what he’s talking about.

Most country’s national resources are stretched and non-government institutions work with limited resources. In many cases, there’s simply no mechanism to evaluate the quality of their services. “This translates into mental and physical woes for our senior citizens,” he says.

To add insult to injury, most caregivers aren’t properly vetted. A cursory check may reveal an ex sex-offender or thief. But, what about their reputation and suitability as a caregiver? After all, who wants to be manhandled by a sour-faced bint, or a frustrated Sergeant Major?

“Non-profiling of caretakers leads to a market phenomenon of ‘anything is fine’,” says Kapoor. “A Scoring system brings in healthy competition among the stakeholders–to maintain their prosperity and livelihood they must perform well at their jobs.”

Using Blockchain

When Bitcoin came into the public conscience, it was pretty hard to imagine that in a few short years, cryptocurrency would be solving major word problems. Or that there would be a cryptocurrency for retirees.

GladAge will harness blockchain for its features of transparency, open source, improved capacity, immutability, efficiency, effectiveness to perform a task, and potential to ease the problems across the entire sector.

“At GladAge, we will be using Blockchain to keep all sensitive data in the ecosystem fully secure. Data like user reviews, financial transactions, health records, user profiles, caretaker profiles, tasks, value credits to specific tasks and many others will be stored on blockchain to yield the best efficiencies possible. It also enables open financing that brings transparency to the financials in GladAge, thus opening up possibilities for collaboration with CSR funds.”

Cryptocurrency for Retirees

“By using a cryptocurrency inside the GladAge ecosystems, there will be lower friction in the offshore transactions,” explains Kapoor. “This equips us to scale this industry-specific economy globally.”

GladAge is an Australian blockchain company, looking to tackle the aging population in that corner of the world first. “It’s also helpful to build micro-economies where all the transactions can be tracked more efficiently. This assists in monitoring the impact more accurately and to route the investments towards activities with highest possible impact.”

Where is GladAge at Right Now?

Diverse stakeholders have shown interest in the company, which is currently in their presale. GladAge has already raised $2 million, fulfilling their soft cap. “Crowdsale is scheduled to begin next month after the Pre-sale ends on May 31st. The GladAge platform Beta will roll out later in the Q4 of 2018,” says Kapoor.

“With right stakeholders on board, we are looking forward to delivering a paradigmatic shift in the aged-care sector. We see a huge gap, and it needs to be bridged promptly. This can only be done through decentralization, and this is the thought that molded GladAge Ecosystems.”

No one wants to end up in a care home, but we don’t always have control over the course our lives take. So it’s comforting to know that we may be able to at least have a say–and a stake–in the quality of our care with a cryptocurrency for retirees.

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