Which industries are ripe for disruption?
It is often difficult to imagine how something will disrupt an industry because it may seem that the industry is already functioning with no problems. However, industries that are ripe for disruption share some characteristics.
The first character of an industry ready to be disrupted is that it is made up of many small companies or providers. One example of this type of industry is the moving industry. This is a $16 billion USD industry that is served primarily by small companies with less than 10 employees. These companies have over 50% of the market.
The wedding industry is another example of this. About $300 billion USD is spent on weddings around the world, but every provider of services is almost exclusively local. In fact, industries that provide local services are high on the list of those that are ready to be disrupted.
This almost perfectly describes the dental industry. 79% of patients travel 10 miles or less to visit their dentist. In addition, the American Dental Association reports that over 81% of dental firms employ less than 10 people. Over 40% employ less than 5 people. This is incredible for an industry estimated to be worth over $106 billion USD in America only.
These kinds of industries can be disrupted because they are not controlled by a dominant player. The small companies have not banded together to protect their market share. This means that a change in the way the industry operates has the opportunity to be accepted by small companies independently and spread from there.
Of course, the reason a change would spread throughout an entire industry is because it is simply a better way of doing business. The change either reduces cost or improves quality. Inc magazine describes this as finding a problem in an industry. Reducing cost while improving both quality and customer service are the reasons why Casper is disrupting the mattress industry.
Reducing the cost of making payments has the potential to disrupt major processors such as Amex, Visa, and MasterCard which charge 2% or more for each transaction. Over $24 trillion USD is still transferred by paper check because of these high costs. Smart contracts executed on blockchain have the potential to completely disrupt the credit card industry.
The dental industry also has economic inefficiencies that open an opportunity for a disrupting force like Dentacoin. Of the global total of $440 billion USD spent on dental care, over $400 billon USD is for preventable problems. This is an incredible inefficiency. Anything that saves patients even a portion of these costs will gain incredible acceptance in the dental industry.
Dentacoin has this potential through the Dentacoin Insurance-like model, known as the Dentacoin Assurance Program. This new approach brings the financial interests of dentists and patients in line and oriented toward better dental health. The benefits to both patients and dentists will be a powerful incentive for others to begin using Dentacoin.
This potential and the fragmented condition of the dental industry imply that a project like Dentacoin can be a powerful disrupter. This can mean the swift acceptance of Dentacoin, an increase in its value, and an improvement in global dental health. All of these benefits and more simply demonstrate how an established industry can benefit from being disrupted by new technology.
Dentacoin is already implemented as means of payment at nineteen dental clinics around the world (in USA, Australia, UK, Italy, Hungary, Bulgaria, Serbia, Malaysia, Taiwan, Fiji, India, Pakistan) and more than 10 000 people are actively using the developed tools (Dentacoin Trusted Reviews, DentaVox Research Platform, Dentacare mobile app). Recently Dentacoin also announced strategic partnerships with Arklign, an end-to-end digital dental lab partner located in San Jose, California, and PCP Dental Recruitment, one of the fastest growing dental recruitment agencies in the UK. The currency cycle is closed.