MIT Solve

Solution Overview & Team Lead Details

Our Organization

NIMBL Solution PTE LTD

What is the name of your solution?

Wize Cares

Provide a one-line summary of your solution.

Build Your Reputation and make every achievement and work activity count

Film your elevator pitch.

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What specific problem are you solving?

We are solving the problem of Trust and Reputation Building the Care Givers Economy. This class in many scenarios is still not fully recognised by mainstream economy and our governments. Further, there is no trusted visibility around their work experience, skill sets and their earning history, and hence they get marginalized in various financial benefit programs.

Using some statistics [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.],

There are approx 53mn (2020) Care Givers in the US alone, compared to ~43.5mn (2015) caregivers have provided unpaid care to an adult or child in the last 12 months..

The value of services provided by informal caregivers has steadily increased over the last decade, with an estimated economic value of $470 billion in 2013. The value of unpaid caregiving exceeded the value of paid home care and total Medicaid spending in the same year.

At the same time, it is not only the Care Givers, who are affected. As many as 25% of elder care recipients report significant levels of abuse. It is also noted that "Elder Abuse", even modest abuse, increases risk of death by 300% compared to elders who have not been abused. Without the lack of a system to track defaulters, this can go unaddresses putting more lives at risk.

The direct medical costs associated with violent injuries to older adults are estimated to add over $5.3 billion to the nation’s annual health expenditures.

What is your solution?

Wize empowers the Care Workers to own their academic credentials, training certifications and work achievements to build their digital reputation. This is achieved by using Blockchain and NFTs.

Using Wize, Organizations and Individuals create tamper-proof digital records to recognize the achievements of the particular individual. These are issued as as NFTs (Non-Fungible Tokens) on Blockchain and hence creates a Proof of Work and Verifiable record on the blockchain.

These NFT credentials can be

Who does your solution serve, and in what ways will the solution impact their lives?

The Care Workers (our target user group) does not have to struggle with paperwork and gets automatically credit for their work. All the academic, training and work NFT tokens are available in their online digital wallet, which they can easily share with prospective clients, prove work history with financial companies and get better opportunities.

As they continue more jobs and assignments, they continue to collect these NFT credentials, and eventually will be also able to secure better rates for their experience and expertise.

Additionally, it also helps Care Seekers, who can now get services from reputed, trusted and certified care-givers.

Finally, it helps the administration adnd economy which can now re-allocate the cost savings by reducing waste expenditure to better use-cases and create additional programs to support medical services and the care-givers economy.

How are you and your team well-positioned to deliver this solution?

We concieved the idea locally while working on a similar problem statement for the Delivery Agents Gig Economy in India. It was part of a hackathon hosted by FarEye and ShadowFax - we won the challenge and are now working with them towards implementation of this solution.

In addition, we have also approached another organization with Pan-India presence in the food-delivery segment - employing about 180K workers on a week-to-week basis with an annual workforce of approx 300K.

While working with these organizations, we understand the challenges of the gig-economy segment and incorporate these observations and findings into our solutions.

With respect to academic and training certifications, we are going live with a few edtech platforms and also in discussions with on in the healthcare segment which trains junior staff on using technical medical equiment such as MRI machines etc. We are also working with a non-profit in the US which is teaching coding-skills to shcool students.

One of the main learnings from our interactions across all these use cases is in removing the friction when interacting with blockchain technology systems. We have addressed age groups of 24-70 years old with our NFT distribution and continously refine our user experience

Which dimension of the Challenge does your solution most closely address?

Improving access to training & certification, portable benefits, and labor organizations for care workers.

Where our solution team is headquartered or located:

Mumbai, Maharashtra, India

Our solution's stage of development:

Prototype

How many people does your solution currently serve?

0

Why are you applying to Solve?

Cultural Barriers - New ways of working

In which of the following areas do you most need partners or support?

Product / Service Distribution (e.g. expanding client base)

Who is the Team Lead for your solution?

Saurav Raaj