Discover How Web3 and NFTs Can Help Businesses Run Better – and Save Consumers Money
Ric Edelman: You have heard that the next big thing in crypto is tokenization. And to help us explore all this and help you understand it, I'm very happy to bring onto the program John Weiser. He is the co-founder and CEO of TokenologyLabs.com John, welcome to the program. Good to have you with us.
John Weiser: Thank you for having me here, Ric.
Ric: So, John, you're very deep into Web3. Explain to folks what Web3 is.
John: Web3 is a completely decentralized Internet that is more technically equipped to interact with advanced technologies which include AI (artificial intelligence), ML (machine learning), IoT (the Internet of Things), blockchain NFTs, crypto wallets, cryptocurrencies, DeFi and a lot of other tools to help navigate the digital world.
Ric: What were you doing before your deep dive into Web3?
John: Before I was part of Tokenology and the team we've built, I was president at Sony Pictures Entertainment. I had really the pleasure and responsibility of working with on the film side, representing in the marketplace the Spider-Man movies, the James Bond movies and some of the biggest films and some of my favorite films ever from Talladega Nights and Superbad. And we released about 22 new films a year, and we managed a library of upwards of 5000 feature films. On the television side, the shows include the great Garry Shandling's, The Larry Sanders Show. I've represented Seinfeld from day one and done preproduction coaching on shows like Shark Tank, worked on shows like Wheel of Fortune and Jeopardy, Breaking Bad and worked on over 350 television series. And in leaving Sony, I was leaving a very well paid, very highly perked job because I saw the future and I saw myself in it and I had to pursue that. When Web 3.0 came along it was an undeniable draw to it and I pursued my passion.
Ric: And that really is quite a statement because someone who of your caliber who's at the top of their game, one of the leading executives in Hollywood, to walk away from that career and create a brand-new company focusing on a technology that didn't even exist ten years ago. So tell us what Tokenology Labs is working on and what you're trying to accomplish.
John: The real question for us was how could Web3 - the technology, advance and add value to a business that currently is broken or under optimized? And that led us right to healthcare. And in healthcare, we have a broken non interoperable system with perverse incentives for companies to work against each other with a lot of money running through the system. And where we saw as the bottleneck, were all of the dysfunction in healthcare is best manifested is in the billing where doctors submit claims. I think the number from the health department is that only 2% of medical claims in the United States are filled out and paid correctly. So to us, we saw a 98% improvement possibility for us to get involved with. So we've spent the last 14 months engineering what we believe is the most sophisticated and best in class blockchain tokenization system to improve the process for medical billing. And what that does is, because we're in medical billing, which is the other end of the pool from NFT art, we went to a mature business with years of historical data of how the performance works and what the revenues are. And we figured out a way to wrap that business in technology to improve it.
Fixing the Hectic Healthcare Claims Process
And with that, we're tokenizing healthcare bills. So when the doctor submits a claim, we improve all the codes on the claims so the doctor gets a greater return on the claim they're submitting and the patient gets a higher return. We also can speed up the claim time, which today takes anywhere 3 to 6 months for a doctor to get their money back. We can adjudicate upwards of 60% of the claim within 48 hours.
Because we have so much data running through our system that through AI and ML, we can accurately predict what a new medical claim will pay. Which enables us with the state Treasury to be able to adjudicate up to 60% of that claim, which changes doctors lives in terms of their cash flow. Also, because every medical claim is an NFT, it has intrinsic tradeable value, which decouples it from all the subjective volatility valuation with crypto and NFT art. In this, we also have a way through biometric SSID check in to reduce - drastically reduce, all the fraud that goes on in the healthcare system. So for every stakeholder involved, we believe, gets a benefit of efficiency, of optimizing the system of more money back and reducing fraud. We have in the process also partnered with Polygon, specifically Polygon Edge. This week we were able to mint for each medical claim, 25,000 individual NFTs in a minute. And that type of scale speed and efficiency will continue to grow because we have bigger plans for the number that we'll be able to mint per minute by the end of the year. So with that, we think we have found a way to create a great deal of trust for Web3 for people trying to enter the space. What they're going to see is a very adult version of Web3 with us, helping transform and improve the healthcare business in the United States for doctors, patients and insurance companies.
Ric: So for those who think that NFTs (non-fungible tokens) is just about silly pieces of digital art that doesn't have any utility or purpose, you're demonstrating pretty clearly that tokenization can revolutionize commerce in astonishing ways, making business operate faster, cheaper, safer, and delivering better results to consumers and better profits simultaneously for businesses and at the same time, huge benefits for government, saving taxpayers an awful lot of money. This is why tokenization is the big thing in crypto right now and how it's leading to the next big thing of the metaverse, which John alluded to as well. The work you're doing is extraordinarily exciting. It's going to be noticed by consumers in coming years and it's going to be massively improving our lives. And I'm really excited to see that you're at the forefront of this, John.
John: Thank you very much. And with the success, the early success of our healthcare platform, we're working right now on plans in multiple large addressable market industries, including real estate, finance and some others. But it's a very exciting time to be in the business. There are tremendous opportunities, that will create enormous value and very important to us in Tokenology, make a positive difference in people's lives, and we're going to leverage the technology to do that. That's what we're committed to.
Ric: It's fascinating conversation and we'll be watching your work overtime and I'm sure I'll have you back. That's John Weiser, the co-founder and CEO of Tokenology Labs. You can learn more about the work that they're doing at TokenologyLabs.com.
John: Thank you.