The conversation about data ownership is taking shape. I am seeing more mainstream articles raising awareness about the topic. Recently, Times Magazine published “What if people were paid for their data”. The article addresses the value of personal data. I would like to be more specific and focus on medical life data which is incredibly valuable and used every day for results and profits people never see. It has been treated as a financial asset for decades but rarely benefits the individuals who generate it.
Back in 2015 Dr. Eric Topol and Leonard Kish published an important article in Nature Biology: “Why patients should own their own data”. This publication explained how the underlying technology of bitcoin can enable digital property and therefore enable the ownership of digitized medical data. Building an ecosystem on the blockchain to leverage on its decentralization and authentication features while treating the data as a financial asset is key.
The authors of the article are asking us to — I quote —“not underestimate the economic value of ownership. For traditional (nondigital) forms of property, clear ownership enabled by networks of trust has been argued to be the greatest difference between the first world and developing world economies. Property drives the flow of commerce.”
Historically, the concepts of property and democratization — spreading decision-making and knowledge — are deeply intertwined. Property and happiness were inextricably linked in 1776; the US Declaration of Independence’s “life, liberty and the pursuit of happiness” is thought to derive from John Locke’s writings on the right to “life, liberty and property.” And property rights were a driving force of the revolution.
This publication is 3 years old but is still incredibly relevant today and is an example of how slow innovation can be in healthcare. But I believe we are making progress: the redistribution of power and ownership to bring symmetry in a current asymmetric ecosystem to augment engagement and collaboration is on everyone’s lips in the healthcare industry.GDPR is clearly having an impact on the philosophy of data ownership as well.
Blockchain-based projects are exploding in healthcare. Our team is building our blockchain solutions on the Ethereum chain.
AI is becoming more accepted within healthcare for data collection as well as for analytics. We are using Deep Learning to build our predictive models.
The tokenization of healthcare will help redistribute power. We believe in programmable money for engagement and financial empowerment, which is why we have created the Neuron currency.
At doc.ai we have built a marketplace for life data exchange that has built-in checks to include user data with known provenance confirming that the data is from a real person; establishing their identity, while maintaining their privacy on the network. Furthermore, the data provided for data trials is immutable and not subject to manipulation. These code-embedded checks will enable the emergence of a self-regulated market for everyone’s health data, unlocking value for all participants.
I can’t wait to share more soon!