All healthcare sectors have one precious asset in common i.e. sensitive health data. It’s not just a precious asset but a well-priced asset as well. Recently, the health insurance industry has joined forces with data brokers to vacuum up patient data. The data stored and shared is mostly user-generated which is traded for clinical research purposes and medical studies to pharmaceutical manufacturers. Unfortunately, very little benefit of these earnings is shared with the users that provide this data throughout their medical journey.
Blockchain technology can solve this issue by “Tokenizing” your data.
Tokenization, in general terms, is the process of converting some kind of assets into tokens which can be processed on a blockchain system. Tokens can stand for any type of asset, some examples include currency (dollar, euro), an insurance policy, a software license, or a ticket to an event.
For example, a user could create a record of his own Fitbit wellness data, store it in some database and give a token representing ownership of that record to a “Pharma company” researching on say diabetes. In this case, assuming that only one token can be associated with that Fitbit wellness data, the user can prove that he owns that Fitbit wellness data by showing his token. The user can also send his token to someone else, allowing another person to own his or her Fitbit wellness data. This is where we can say that this user’s Fitbit wellness data has been “tokenized.”
Such transferable digital tokens can be created using Blockchain. They can be set in a way which can make the transfer between two people easy and ensures that the same token doesn’t belong to more than one person at a time. A user gets a private key to the token when he buys a token in Blockchain. This private key enables the transfer between two users, which is the definition of “ownership” in blockchain.
There is a positive trend amongst healthcare consumers to improve their physical and mental well-being; if they could monetize their positive lifestyle changes, it would definitely be a bigger incentive. Blockchain makes this possible.
Come to #TiECon2019. Learn and discover new frontiers on this topic from experts through our Enterprise Blockchain track taking place on Day 1, May 10th at 2:00 pm.
Register at www.TiEcon.org.
Writer, Vrushali Malpekar