With the integration of blockchain technology into healthcare well underway, B2C blockchain based startups are focusing intently on developing tools that facilitate ownership and provenance of personal health information (PHI). In this space, prevention is the name of the game, and there is no better way to prevent illness than precisely knowing what makes you, well, you.
Colorado based BurstIQ “has solved two fundamental challenges that have, until now, prevented blockchain from being utilized in the healthcare space: support for large volumes of data and ensuring security of the underlying data.” The ecosystem includes an intuitive and easy to understand consumer facing product called Lifegraph, where a participant can consolidate all PHI and share what you want with who you want all the while delivering personalized wellness plans. What makes BurstIQ stand out is their marketplace, where you as an individual can license, sell, loan or even donate your PHI to established research networks on the other end. This kind of dedication to active matchmaking is a key incentive for consumer participation.
Monetize Health Data on the BurstIQ Marketplace
BurstIQ is personalizing the next generation of healthcare by converging multiple technological sources of your health information into one singular place: The Health Singularity. BurstIQ is the marketplace and your data is the currency. How does tech like this presumably work?
BurstIQ Goals:
- Improve Patient Satisfaction
- Improve Quality of Care & Outcomes
- Increase Market Shares
- Reduce Excessive Costs
- Build Brands That Shake Hands
- Target Research to Save on Costs & Time
The BurstIQ marketplace is where individuals and businesses or research institutes can freely collaborate, reaching agreements together with the assistance from artificial intelligence. Engagements in the marketplace are supported by BurtIQ’s Healthwallet, which powers PHI data governance, compliance, security and permission rules. Other platform services include BurstChain, which is the backbone for rights management functionalities as well as managing consent contracts to permit access to patient-sensitive information, and LifeGraph. LifeGraph is able to cross-examine and manage information from multiple sources to create a road map of your health-data throughout a lifespan.
Elements of the New Health Ecosystem:
- A.I. systems provide more precise insights about your health habits, and which ones are positively (and negatively) impacting long-term care results.
- Use remote patient monitoring and targeted testing, as well as immediate access to Physicians through telehealth consults. It’s your Virtual Clinic!
- Consumer focused health plans act to tailor wellness needs based upon home tests made available to participants
- Sensitive patient information is securely stored in personalized digital HealthWallets.
- Through the HealthWallet, your health metrics as defined by your LifeGraph determines the care you receive. For example: Primary Care Physicians can write and approve your prescription in exchange for BiQ tokens.
BurstIQ is a beacon for blockchain HIT innovation that not only supports owning your PHI, but also having the tools to learn from it, which can be tremendously helpful when deciding what you want to do with it.
Unquestionably, using blockchain technology to help gather and store patient data in one place improves treatment accuracy and redundant administrative costs. What remains to be seen from B2C blockchain HIT startups is the network effect of having the security, collaboration and incentive motivation to share PHI. In practice, it can help improve the accuracy and cost of clinical research, which could trickle down to affecting drug prices. The first litmus test though for this innovation fork in healthcare’s timeline is to what degree does all this technology will make any given citizen more accountable and engaged with their data.
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