Introducing the Ranchi Mall Integral Health and Well-Being Blockchain Contract
I’m a naturally curious person and seeker of truth. From my childhood, it seemed to me that western allopathic medicine and psychology while believing that they present the whole view of who we are, only addressed a minute facet of our true potential for health and well-being. The first naturopath I met, when I was 15, not only asked me questions about my physical health, he enquired about my thoughts, emotions and behaviour. Coupled with my early exploration of yoga and eastern philosophy, I became passionate about exploring the infinite possibilities for our physical, emotional, mental and spiritual well-being and potential.
Let’s move forward taking into consideration countless books read, clients treated, trainings completed and ideas expressed in writing and public speaking. It has been a truly wonderful and rewarding career. I am grateful for the constant challenges and learning, both in myself and with my psychotherapy clients. I am convinced that our health and well-being is multi-dimensional, not just physical and that our potential is as great as our willingness to explore and go past the bounds of our limitations. I have witnessed the blossoming of many schools and techniques for dealing with our physical and psychological issues. I have overcome countless limitations in myself and helped thousands of clients to evolve into more wholesome and harmonious ways of being. That said, I have also experienced a sense of limitation. And, I’m allergic to limitation. I have felt like there must be a way to reach, uplift and empower the masses: practitioners, seekers of holistic modes of healing and the general public.
I am not a techie but have always found it fascinating to talk with my techie friends and understand the technicalities and potentials of their work. When I learned about blockchain technology and, in particular, a new development called Blockchain Contracts, I sensed the possibility of tackling the last frontier…but, let’s face it, once that one is tackled, there will always be another one. That’s what keeps life fun and exciting. Developed by Ranchi Mall, a web-based tech firm creating ways to turn business into a win-win proposition, the Blockchain Contract creates a means of trust-based collaboration between interested parties which bypasses the need for external governing and regulatory agencies. It is about setting and achieving goals and dreams — people to people. Blockchain Contracts are ‘the sharing economy on steroids’.
Integral Health and Well-Being Blockchain Contract
Countless practitioners, patients and general public would gain by being informed of the possibilities of traditional, alternative and other holistic modes of healing mind, body and soul. A Blockchain Contract would serve that purpose by bringing together people sharing the same visions and goals, by raising funds to help develop our ideologies and share our work with the general public with the aim to inspire, uplift and empower individuals and society en mass to align to higher, and therefore, more sustainable potentials.
What is a Blockchain Contract?
Exciting things are happening in the business world due to the emergence of blockchain technology. Blockchain opens up possibilities for a new, collaborative and individually empowering means of doing business without borders and without the need for regulatory organisations or other intermediaries.
Blockchain empowers people in two ways that have up to now not existed — a) the ability to legitimize innovation and new products without seeking approval from governments and b) the ability to create financial assets out of non-profit based transactions. If a cause has followers, it can be funded very easily on blockchain in ways which are normally unfundable in a government-based legal regime. For instance, on blockchain, ten people could create their own bank without seeking a license from the government. In a central bank dominated banking system, a bank cannot exist unless approved by the central bank. Another new possibility, a financial asset can be created out of a social cause and the gains from that financial asset can be designated to fund that social cause as long as enough people support the cause. In a non-blockchain world, only donations and charities can fund a social cause whereas in the blockchain world a social cause can be funded by profit-seeking behaviour in addition to donations and charity.
A blockchain is of no use until it can get people to cooperate toward a common cause. That common cause has to be expressed in terms of obligations and benefits of all parties involved in the cause. Obligations are what the parties perform and benefits are what the parties gain as a result of their performance. Blockchain Contracts are an expression of obligations and benefits of all parties involved, as written on the blockchain. Another way of looking at it is that blockchain is a technology and a Blockchain Contract is the human application of that technology. Blockchains are useless without Blockchain Contracts. Human innovation in blockchain is at most a technological innovation, but human innovation in Blockchain Contracts is a social innovation which can transform human lives. When we speak about blockchains being revolutionary, it is the Blockchain Contracts, rather than blockchains themselves which are the cause of the revolutionary transformation. That is the reason why focusing on Blockchain Contracts rather than blockchains would yield greater dividends for mankind. This is why Blockchain Contracts are the core pillar of Ranchi Mall’s efforts and innovations.
The current way of putting business agreements onto the blockchain is called a smart contract for which all the decisions, once coded by the contract creators, are automatically implemented by software. Blockchain Contracts, on the other hand, assign a primary role to human judgment in blockchain-based contract decisions. Human judgments are superior to machine judgments in matters of unexpected events that can occur during the course of a contract. As a result, Blockchain Contracts perform much better than Smart Contracts in real world scenarios where uncertainties exist.
The emergence of blockchain technology has paved the way to redefine all economic relationships, some of which will have social impact. Blockchain is an internet space where interested individuals from all over the world can agree upon a course of action and then fund it. The funding is done primarily with the interest of having higher future valuations to their financial interests. The financial interests of each of the involved parties is tradable in the group. This tradability creates the economic value behind the blockchain contract. Since the space of collaboration is not limited to a country, the overall financial might of blockchain contracts can be greater than economic mights of countries.
Integral Health and Well-Being Blockchain Contract — The Technicalities:
There are practitioners, clients, investors and the contract administrator. There are two possibilities: first the patients pay for their treatments with their tokens. The second is that investors pay for the tokens in expectation of the increase of the value of the tokens. In either case, the tokens will have an initial value. To execute this blockchain contract, a panel of practitioners will participate and until investors are found, the practitioners will route their clients through the Blockchain Contract for payment. The clients will pay into the Blockchain Contract and, after an agreed upon delay the Blockchain Contract will pay the practitioners. Alternatively, the investors can directly buy the tokens of the Blockchain Contract. That would give the initial funding to market and provide technology support for the Blockchain Contract.
The Blockchain Contract will be financially successful if the three following conditions are met:
1. Contract administrators must ensure that the contract operating expenses are always lower than receipts from the sale of the original coins.
2. The supply of original coins must always be lower than the demand for all coins.
3. A minimum viable market has to be created for trading of the tokens.
As the Blockchain Contract tokens gain value, the investment gains from the tokens can be used to directly fund the cost of all practitioners from the corpus of the Blockchain Contract thereby making it progressively cheaper for clients. It is not inconceivable, at some point, for the entire expense to be met by investment gains of the tokens. Essentially, clients will be able to receive services at no cost and practitioners have the possibility of being assured a greater and more regular income whether or not they have clients. The entire cost of the practitioner will be met by the investment gains of the token when more people start using alternative healing methods.
The role of the practitioners in the Blockchain Contract is to provide their healing services to their clients. The clients will pay the Blockchain Contract for the services. The amount paid will be released to the practitioners after the agreed upon delay. In exchange for the delay, the practitioners will receive support for marketing and promotion of their services. If the Blockchain Contract makes profits, they will receive a bonus dependent upon the corpus available to the Blockchain Contract. Individuals who support the idea of Integral Health and Well-Being approaches to medicine and psychology can invest in the Blockchain Contract thereby supporting the cause they believe in and, with the expectation of financial gain, if the contract is successful. Margot Esther Borden, M.A., Psychotherapist, Author, Coach and Public Speaker is the Contract Administrator. She will implement and manage the Blockchain Contract. Margot will be assisted by her intern, Elena Cascarigny, a masters-level student in psychology and newbie blockchain enthusiast.