Over view of how Ubricoin will be of great benefit

Ubricoin on blockchain will serve as a platform devoted to improving quality of health for all. We will use Ubricoin to develop global health industry and create market intelligence through a cryptocurrency reward system that will inspire positive contribution to health improvement around the world. We will use a smart review system to reward consumers for positive health behavior.

We need Artificial intelligence for global health. Ubricoin will gather intelligent data about health, nutrition information and diseases. This data will help us develop smart community health decision support system, smart public health decision support system and smart clinical decision support systems. Ubricoin will generate artificial intelligence for early disease detection algorithm built on International Classification of Diseases (ICD), health and diseases monitoring, effect and impact evaluation of health programs, improved data security, accuracy and speed of diagnosis. We will use Ubricoin to fund and create incentives for research, build world-class capacity for health and clinical research in developing countries and for research reporting through peer-to-peer reviewed papers by creating incentive token to the authors. This will lead to more people taking part in developing scientific papers. We will create incentives for research and new product development (R&D) with Brevis tokens for supporting development of scientific products. We will use Ubricoin to suport for manufacturing of biomedical products, and to facilitate commercialization of the products in the online marketing and retail platform called Soko Janja. Ubricoin will also support development and construction of scientific real estates in developing countries, including  Ubrica Retail Clinical Centers (URCCs), Science and Technology Parks (STPs), a Biomedical Industrial City (BMIC).

Ubricoin will benefit you, the consumer of health and other services. Consumers will receive Brevis airdrops from shopping on Soko Janja. Providers of health accepting Ubricoin as payment at the point of sale will receive Brevise loyalty tokens, service quality tokens, direct feedback from consumers. Payers of health using Ubricoin for payment transaction will experience dramatic reduction in payment fraud. Suppliers of products and services to the health system will enjoy simplified payment system. Regulators of health services will create intelligent regulation based on real-time data. This will ensure good governance. Local and international non-governmental organization will enjoy simplified data gathering for needs assessments, project implementation evaluation, and post implementation evaluation. International development organizations concerned with global health will have a system for easy tracking of diseases of global health concern, detecting diseases before they become epidemics.

Phases of the coin sale

Phase I.

Private sale In this phase we will issue 100 million UBCs. The funds raised will be used for the design of the URCCs. Desktop research will be carried out to determine the structure and requirements needed to construct the URCCs. Field research and visiting the sites will be done to determine suitable areas for constructing the URCCs. We will also do environmental studies and acquire permits. We will also do marketing to create awareness and identify doctors who will be running the clinics. Public outreach and evaluation will be carried out to understand the scope of the project. User’s research will also be done to determine our target audience and capacity for utilization of health services in each county. User’s studies will include consumers of care, providers of care and payers of care. This will help in determining the optimal number of clinics for each county. Counties with greater population may require more than two URCCs. We will develop a program for quality training, this will help improve the quality of care that will be provided in the clinics. The identified doctors who will own the clinics will go through continuous professional development. A fraction of the funds raised in this phase, will be used for project planning i.e. getting proper legal document, permits and doing feasibility studies.

Phase 2.

Presale We will issue 300 billion UBCs in this phase. These funds will be used for the development of URCCs. We will hire consultants, architects, engineers, planners, construction security personnel and IT professionals. This team will be responsible for planning and generating of construction documents for different counties.

Phase 3.

Crowdsale In this phase, we will issue 1 billion UBCs on October 1, 2019. This will help us in acquisition of land and their title deeds thereof for the implementation of the URCCs project. This land will be sourced from different counties in Kenya. Our goal is to ensure that we at least have land in all the 47 counties so as to effectively start the construction of the URCCs. These funds will also be used to purchase clinical equipment required in the clinics.

Phase 4.

Token Generating Event We will issue 600 million UBCs for management of the URCCs. We will issue mortgages to the doctors who will own the URCCs. The mortgages will make it easy for fresh graduate to own clinics. Some of the funds raised will be used in an incentive program. We will reward health professionals with Brevis for provision of quality of care. We will also issue tokens to individual with good health seeking behaviors. These incentives are meant to improve the quality of care and as motivation to the Doctors. Offering token to the patients will lead to early disease detection and prevention of diseases.

UNIVERSAL HEALTH COVERAGE

Health risk pooling
Pooling refers to collecting money from many people in a group so that the money collected is then
used to pay for health services for its members. Pooling risks together allows the higher costs of the
less healthy to be offset by the relatively lower costs of the healthy. Pooling ensures that the risk
related to financing health is borne by all the members of the pool. Its main purpose is to share
the financial risk associated with disease, disability and death for which there is uncertain
need.
Arguments in favor of risk pooling in health embody equity and efficiency considerations.
Equity arguments reflect the view that it is not fair that individuals should assume all the risk
associated with their illness, disability, or death. Efficiency argument indicate that pooling
improves population health, increases productivity, and reduces uncertainty associated with
health expenditure. Four classes of risk pooling comprise (a) no risk pool, under which all cost
lies with the individual; (b) unitary risk pool, under which all cost is transferred to a single
national pool; (c) fragmented risk pools, under which a series of independent risk pools (such
as local governments or employer-based pools) are used; and (d) integrated risk pools, under
which fragmented risk pools are compensated for the variations in risk to which they are
exposed. Small, fragmented risk pools, which are the norm in developing countries, have
seriously adverse outcomes for the users of the health system.
Each individual holder of Ubricoin will receive a smart contract to use health services at a
URCC at the time of need. The smart contract will cover preventive and curative services for
the holder by the contract. Pooled smart contract will recreate a super smart contract (SSC)
that will act as health risk pooling

Buy Ubricoin

BLOCKCHAIN FOR CHAIN PREVENTION,MONITORING AND EVALUATION

Blockchain technology has the potential to solve interoperability challenges present in health systems. Indeed, blockchain has great promise to be the technical standard for management of data for health consumers, researchers, providers, payers, suppliers. Blockchain can securely share electronic health data. A health IT infrastructure built on blockchain technology has far-reaching potential to promote the development of precision medicine, advance medical research and invite patients to be more accountable for their health.

We propose to use the blockchain technology to create incentives for

a. for consumers of health who adopt healthy behaviors

b. educators who provide high quality education to their learners

c. researchers who propose original research projects addressing problems of everyday concern

d. researchers who publish their work on peer reviewed professional journals

e. researchers who present their work in professional conferences

f. medical doctors who do their best to provide care of highest quality possible

Benefits of the Ubricoin

Ubricoin will benefit you, the consumer of health and other services. Consumers will receive Brevis airdrops from shopping on Soko Janja. Brevis airdrops are monetized loyalty points issuing from the point of sale platform on Soko Janja. Consumers will also give direct feedback to providers, through the rating systems. Providers receiving good ratings will be rewarded with Brevis airdrops. Consumers will experience increased access to health generating produce products and services.

Providers of health accepting Ubricoin as payment at the point of sale will receive Brevis loyalty tokens, service quality tokens, direct feedback from consumers. Providers will also give direct feedback to consumers, such that consumers who adopt good health habits will be rewarded with Brevis. Payers of health using Ubricoin for payment transaction will experience dramatic reduction in payment fraud. Providers will be paid only for honest work. Payers will enjoy simplified payment system built on blockchain.

Suppliers of products and services to the health system will enjoy simplified payment system. They will receive Brevis airdrops and service quality token. They will also receive direct feedback from consumers, and in turn will give direct feedback to consumers.

Regulators of health services will create intelligent regulation based on real-time data. This will ensure good governance. They will receive Brevis airdrops and service quality token. They will also receive direct feedback from consumers, and in turn will give direct feedback to consumers.

Local and international non-governmental organization will enjoy simplified data gathering for needs assessments, project implementation evaluation, and post implementation evaluation. They will receive Brevis airdrops and service quality token. They will also receive direct feedback from consumers, and in turn will give direct feedback to consumers.

International development organizations concerned with global health will have a system for easy tracking of diseases of global health concern, detecting diseases before they become epidemics. They will also enjoy simplified data gathering for needs assessments, project implementation evaluation, and post implementation evaluation. They will receive Brevis airdrops and service quality token. They will also receive direct feedback from consumers, and in turn will give direct feedback to consumers.

Ubricoin

Ubricoin utility token is a token issued in order to finance development of a company/organization. Ubrica proposes to build science and technology parks for translation and commercialization of science in Africa. Use cases for utility tokens in science and technology parks

People who purchase the Ubricoin utility tokens will gain access to products produced by innovators and researchers in the parks. Holders of the token will be able to purchase products directly from the parks at a much lower price as compared to people who do not have the tokens and purchase goods directly from the market.

Ubricoin for development

Ubricoin is developed on blockchain to improve health quality. Ubricoin will serve in development of global health industry and create market intelligence through a cryptocurrency reward system to inspire positive contribution to health improvement around the world.

A smart review system will be used to reward consumers for positive health behavior, educators and researcher at all levels of education will also receive rewords for excellent work.

Ubricoin will help in improving health related quality of life and quality adjusted life years, Ubricoin will ensure a future where everybody has access to the best health products and services.

UBRICOIN DISTRIBUTION

We plan Ubricoin sales in the following manner: 1 billion (10%) UBCs for design, development, management and scaling of Soko Janja 2 billion (20%) UBCs for design, development, construction and management of Ubrica Retail Clinical Centers (URCCs) 2 billion (20%) UBCs for design, development, construction and management of Science and Technology Park (STPs) 3 billion (30%) UBCs for design, development, construction and management of Biomedical Industrial City (BMIC) 2 billion (20%) UBCs will be reserved for community development and Ubrica team. FIGURE 3. UBRICOIN DISTRIBUTION PROGRAM (Note. SJ = Soko Janja; URCC = Ubrica Retail Clinical Centers; STP = Science and Technology Parks; BMIC = Biomedical Industrial City; CD = Community Development and Team) SMART CONTRACTS Smart contracts help exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. Smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations. Ubrica smart contracts will facilitate, verify, negotiate and conclude contracts between individuals and their contracting party. Due to these smart contracts holding value, individuals may participate or audit all Ubricoins smart contracts. All smart contracts are connected to one super smart contract (SSC) but don’t lose their individual rights. If a smart contract cannot be fulfilled due to performance impossibility (death), then the SSC saves the holder’s rights.

LEGAL FINDINGS ON BLOCKCHAIN AND CRYPTOCURRENCY IN KENYA

The era of blockchain and cryptocurrency is with us. The question that remains is; Are the blockchain transactions legal? In this short journal I will try to bring out the news on the ground and what the Kenyan legislatures have commented on the topic and where they actually hold their ground.

First is to understand what blockchain and cryptocurrencies are. Blockchain in the lay man’s terms is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

The niche of the cryptocurrency definition that I would like to expound on and which forms the basis for the legal structure is that cryptocurrency operates independently of a central bank.

This takes me back to 2015 when the Central Bank of Kenya (CBK) released two circulars one to the general public and the other to the banks in Kenya.

The circulars had one message in common that the public and the banks should refrain from using or transaction in bitcoin and cryptocurrencies. The bank informed the public that virtual currencies such as Bitcoin are not legal tender in Kenya and therefore no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business.

Among the reasons they cited by the Central Bank’s stand were:

  • Transactions in virtual currencies such as bitcoin untraceable and anonymous making them susceptible to abuse by criminals in money laundering and financing of terrorism.
  • Virtual currencies are traded in exchange platforms that are unregulated all over the world. Consumers may therefore lose their money without having any legal redress in the event these exchanges collapse or close business.
  • There is no underlying or backing of assets and the value of virtual currencies is speculative in nature. This may result in high volatility in value of virtual currencies thus exposing users to potential losses.

The CBK then cautioned the banks in Kenya and all institutions against dealing in virtual currencies or transacting with entities that are engaged in virtual currencies. They were advised not to open accounts for any person(s) dealing in virtual currencies such as Bitcoin. Failure to comply with the directive would lead to appropriate remedial action from the Central Bank.

This could well be understood from a legal aspect as the Central Bank’s notice could be view as a precautionary measure protecting the interests of the bank. Mainly this could insulate the Central Bank of Kenya from any legal proceedings in relation to cryptocurrencies in the event one loses their money via cryptocurrency.

It should also be noted that the statute creating the bank, The Central Bank of Kenya Act, Cap 491 Laws of Kenya only defines two types of currencies as defined as under Sec 2 of the Act:

·         currency means the currency of Kenya or foreign currency;

·         currency of Kenya means bank notes and coins issued by the Bank under section 22(1) and any right to receive such bank notes or coins in respect of any credit or balance at a bank or financial institution located within or outside Kenya;

·         foreign currency means bank notes or coins which are or have at any time been legal tender in any territory outside Kenya and any right to receive such bank notes or coins in respect of any credit or balance at a bank either within or outside Kenya;

It is thus not in the Central Bank’s power to regulate cryptocurrency, unless the statute is to be amended. The Bank is given the power to regulate transactions relating to currency which is physical unlike cryptocurrency which is virtual. The transactions are not traceable when compared to the normal currency transfer.

This will make one query, who then is to regulate cryptocurrencies? Which institution is to deal with these type of transactions?

These are questions in every investors mind. If I buy a coin in the initial coin offerings (ICO’s), how can I protect myself against fraudsters and business vultures who are only there for the wrong reasons and not investments?

According to research done many have answered these questions with the view that liability should be on the company and/or persons who are selling the cryptocurrency. Thus the only way to regulate the Cryptocurrencies is by regulating the companies that are going into the business. This can be done by analyzing their business projections which are usually laid out in the whitepaper. The company should be kept under checks and balances to ensure that the objectives of the company and promises made to investors have been reached.

Kenya’s Company law gives a company its own entity as a legal person which can own property, do transactions, sue and be sued. The company’s articles and memorandum act as the guiding light for the company. Thus, regulating cryptocurrency on the company level would be the most reasonable approach in regulating cryptocurrencies.

Recommendations:

In conclusion to this first part of the journal, it is my recommendation that we should as a country, develop an act regulating the crypto field. The act will seek to establish a body that will, as one of its duties, regulate all companies transacting on cryptocurrency and blockchain technologies.

This in my view will work to regulate the companies and the projects they are to initiate, it will deter those using companies as fronts for their illegal dealings from establishing these schemes in Kenya and finally it will work to protect the consumer in this case, investors, from losing their money on investments.

This will also see the growth of the economy as many investors and innovators in the science and technology department will come up. The misconceptions and myths of the technology will have been fully addressed thus reducing the negativity the technology is facing in the country.

 

Written by,

Kihara Kang’ethe,

Legal Advisor,

Ubrica Legal Office.