By Frank Ricotta
DATA HAS BECOME THE MOST VALUABLE ASSET IN THE HEALTHCARE INDUSTRY. Health systems use it to identify costs savings and revenue opportunities, digital health companies use it to build and optimize products, and biopharma companies use it for R&D, clinical trials and marketing. And all of these companies collect it. But as the volume and importance of data increase, the industry is struggling with two fundamental challenges:
- Security and privacy regulations such as HIPAA, while vital to ensuring people’s privacy, make it difficult for organizations to share their data with other companies that either need it or would greatly benefit from it. Health information exchanges (HIEs) have tried to address this, but the data held within them is often difficult for businesses (let alone individuals) to access and B-to-B data sharing is virtually impossible.
- For the most part, people — you and me — are left completely out of the value stream, despite the fact that all of this data is based on us — our health, our habits, our lives. Personal health records (PHRs) and patient portals are beginning to improve access, but the data held within them is often incomplete and difficult to understand. And even if we can access it and understand it, then what? What would we even DO with our data?
The BiQ Ecosystem addresses both of these issues. At a basic level, the BurstIQ platform enables data owners (both people and businesses) to share their data through Consent Contracts. The natural extension of this capability is to enable an ecosystem where people and businesses can interact directly with each other — offering products and services, discovering and purchasing products and services, collaborating with other data owners, creating social networks, publishing requests for data, mining data for insights… the possibilities are endless.
At its core, each of these interactions is enabled by a person (or organization) actively deciding to share their data with someone else. BurstIQ isn’t the gatekeeper — you are.
BURSTIQ ISN’T THE GATEKEEPER — YOU ARE.
So where do BiQ tokens (BiQs) come into this? On the BurstIQ platform, data can be transferred between people and organizations in the same way as currency is. So, in essence, data becomes the currency. But how do you represent that data currency in actual financial currency?
BiQs power every transaction on the BurstIQ platform. When a person or organization creates a HealthWallet on the platform, they can convert Bitcoin, Ethereum, dollars or any other currency into BiQs — and use those BiQs to pay for transaction costs, purchase products and services, and enable a myriad of other uses.
Data is the currency. BurstIQ is the marketplace. BiQ tokens are the coin.
Over the last two years, we have been working hard to build the foundational platform — ensuring that the security and data cloaking mechanisms are rock-solid, that Consent Contracts are working properly, and that the platform can handle the large data volumes we know it will need to support.
DATA IS THE CURRENCY.
BURSTIQ IS THE MARKETPLACE.
BIQ TOKENS ARE THE COIN.
Now we’re ready to open the gates. We want people to start accessing, managing their own data. We want companies to start offering products and services. We want people to discover these products and services. We want researchers to find study participants. We want companies to collaborate with each other. We want to create an ecosystem where the products, services and discoveries enabled by all this data go far beyond anything we could have envisioned when we founded BurstIQ.
Hosting a BiQ crowdsale allows us to jumpstart the BiQ Ecosystem in a way that is simply not possible through other means. Discounted BiQs purchased during this crowdsale can be used on the platform by both businesses and people to buy products and services, cover transaction costs, etc. As the BiQ Ecosystem grows, so will the possibilities.
So the only question that remains is: what will YOU do with your data?
The BiQ token crowdsale begins on September 19th. To learn more about the token sale and how BiQs can be used on the BurstIQ platform, please read our Crowdsale Memo.