Today, Cryptocurrency industry has created $230 billion global market for millions of enthusiasts and participants around the world. Despite the large market size and participants involved, cryptocurrency market is often categorized as ‘difficult to evaluate or understand’ and has not realized its full potential due to its legal uncertainties in number of countries and questions raised around underlying business value. The core challenge cryptocurrency industry needs to solve in coming years is whether it can prove its underlying value and establish the rightful legal status, rather than developing a software that may or may not have any value in the future. Recently, we came across a project that it is setting a new paradigm in the cryptocurrency industry. Through basing its value on innovative patents, SR Project is proposing ‘intellectual property based token’ to the cryptocurrency industry.
In September 2018, SR Project has applied for the global patent in the US and other countries around the world. According to Mr. John Doughty, a patent lawyer in the US, SR patent will be effective for next 25 years and help SR Project to become a leader in health data industry through collecting health information through massage chairs and other health-related products. By introducing a business model backed by a global patent that has qualitative legal status as well as quantitative financial value, SR Project distinguishes itself from the other blockchain projects with no clear business model and positions itself as a key player in the multi-billion dollar luxury massage chair and health data industries. There are approximately 6,000 massage chairs models from over 500 massage chair manufacturers worldwide, and the market size is expected to exceed $2.5 billion in 2018 with an annualized growth rate of 6%.
The increased awareness and health consciousness among consumers, especially working professionals and baby boomers, have boosted the need for a luxury massage chair. However, luxury massage chairs available in the current market are only equipped with pre-set massage sessions and lack the method to provide a human-like massage that is customized to individuals’ body shape and focus on the uncomfortable parts of the body. To tackle this issue, first, SR Project has developed an advanced A.I. system that defines the process in which massage chair gathers numerous biometric data and use this collected information to customize and personalize massage sessions for each user. Second, SR Project built the process to build blockchained health databases using a large amount of health data that is collected from all massage chairs that use SR patent worldwide. Thirdly, the immense amount of the data collected from the massage chairs establishes SR Project as a key player in the healthcare data industry and its data will be used by various medical institutions, government agencies, insurance companies, and pharmaceutical companies for medical research and advancement. Thus, with SR global patent, SR Project is well-positioned to take advantage of growing health data and health database industries.
In order to produce these next-generation massage chairs, massage chair manufacturers will need patent license agreements with SR Project. Under the license agreement, manufacturers are required to pay the license fee in SRCOIN tokens and use SRCOIN platform to transmit and collect biometric data from the massage chairs. With $5,000 as an average selling price of a luxury massage chair, SR Project is expected to generate $300 million of license revenue annually and a gross revenue of $7.5 billion over next 25 years during its patent life.
In uncertain cryptocurrency world, SR Project’s new intellectual property based business model distinguishes itself from other projects and demonstrates a unique solution to solve uncertainties that cryptocurrency industry pose in today’s world. It is exciting to see projects like SR Project that finds a creative solution in the ever-evolving cryptocurrency industry.