Inspiration
As a former doctor and patient, I'm excited to introduce the concept of a decentralized community-owned health data bank. In this innovative model, the power is shifted from centralized institutions to us, the individuals who generate and own our health data.
Traditionally, our health data has been scattered across various healthcare providers, making it difficult to access and control. However, with a decentralized community-owned health data bank, we now can securely store, manage, and monetize our health data.
By leveraging blockchain technology, our health data is stored in a transparent, immutable, and tamper-proof manner. This ensures the integrity and privacy of our sensitive information while granting us full control over who can access and utilize it.
Moreover, being a community-owned platform means that decisions regarding data governance, monetization models, and platform development are made collectively. We have a say in how our data is used, who can benefit from it, and what incentives we receive in return.
This new paradigm opens up exciting possibilities. Researchers, pharmaceutical companies, and healthcare providers can access our anonymized data for groundbreaking medical discoveries and tailored treatment options. As individuals, we can monetize our data by participating in research studies, and clinical trials, or sharing specific health insights with interested parties.
By embracing the decentralized community-owned health data bank, we take control of our health data, unlock its value, and contribute to the advancement of medical research and healthcare innovation. Together, we shape the future of healthcare, putting patients at the center of their health journey.
What it does
Data Monetization: Patients have the opportunity to monetize their health data by granting access to interested parties, such as pharmaceutical companies, researchers, or healthcare institutions. They can share specific portions of their data or their entire health profile. In return, patients can receive financial compensation or other incentives for granting access to their valuable data.
Data Investment: Users of the platform can become data investors by investing in health data assets listed on the marketplace. These assets represent anonymized and aggregated health data sets contributed by patients. Investors can analyze the potential value and impact of the data sets before making investment decisions. By investing in data assets, they can potentially earn returns as the value of the data increases over time.
Curation for Investment: Curation plays a crucial role in the investment process. Users can curate and evaluate the quality, reliability, and relevance of health data assets listed on the platform. They can provide ratings, reviews, and insights about the data sets, helping other investors make informed decisions. Curation ensures that high-quality and valuable data assets are highlighted, fostering trust and transparency within the investment community.
Data Purchase: Interested parties, such as pharmaceutical companies or researchers, can browse the marketplace and purchase access to specific health data sets for their research, development, or analysis purposes. The data purchase process is facilitated through secure and transparent transactions on the platform. Patients who contribute their data can earn revenue from these purchases, creating a fair and mutually beneficial ecosystem.
Data monetization, investment, curation, and purchase collectively enable the efficient and secure exchange of health data, ensuring that patients have control over their data and can derive value from it. It opens up opportunities for collaboration, research advancements, and innovation in healthcare while providing patients with a means to participate in and benefit from the data economy.
Here is always a question: how do you deal with this private information? We do not collect any private information such as name, phone number, card number, address, etc. We use DHID (Decentralized Health Identity) to link everyone.
How we built it
Health data monetization is what we want to do a few years ago but it was not the perfect time to start. Our team members are so lucky to meet and group up in the Chainlink hackathon. So we get started. We play a role game to act as the patient, investor, banker, researcher, businessman, etc, to express personal ideas about the utilities of health data based on the patient-benefit-driven. Then we extracted several scenarios including data uploading, investment, curation, etc. And we get started designing the prototype, coding, and testing.
Challenges we ran into
We indeed meet some tough challenges. We were not good at the smart contract that we had to learn and code. The 2nd was how to construct the relationship between DHID and the data NFT asset. And we found ERC-6551 would be a good solution for now. And some challenges we haven't solved yet such as tokenomics, as well as the asset price oracle. The price oracle maybe not be that easy in our project because the asset is not transferred but invested which means investors only have the dividend rights. Thus we not only want to achieve the price up or down via the action of investment but also actions of curation and purchase for research.
Accomplishments that we're proud of
Though we haven't finished the project yet and the features of it are not so hard. But we're proud of we are truly starting our dream. And, we're proud of building a community-owned project for patients, patients can earn some medical fees from their health data. And we've estimated and believe the cost of health data consumption for third parties such as universities, institutions, and pharmacy factories will drop due to decentralized science. Meanwhile, we are pretty sure will collaborate with several communities in different countries which would be an over 30k market at the beginning.
What's next for Patients help patients DAO (PHP)
We want to set up a startup for this project and fundraise for developing, and networking. We've set a 2-year plan for development and growth.
Test account
Username: test Password: test The test period for Hackathon: UTC+0 00:00 June 12 to June 30. (All the information created by this test account would not be stored in the database for a long time.)
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