Health data is controlled by the centralized parties

We don’t know our health information or data is controlled by kind of centralized parties. And we don’t know our data is being sold or hacked. Though the centralized parties can ensure privacy and security to some extent, but there’s still a lot of drawback here.

1. No benefit for patients: If health data is controlled by centralized parties without any benefits flowing back to the patients, it can be seen as unfair and exploitative. Patients may feel like they are giving away valuable information without receiving anything in return. This can erode trust in the healthcare system and make patients less likely to share their data in the future.
2. No transparency: When health data is controlled by centralized parties, there may be a lack of transparency around how the data is used, who has access to it, and what benefits are being generated. This lack of transparency can make it difficult for patients and other stakeholders to understand the value of the data and ensure that it is being used ethically and responsibly.
3. No security and privacy: Health data is highly sensitive information that must be protected to ensure patient privacy and prevent unauthorized access or misuse. If health data is controlled by centralized parties without appropriate security measures in place, it can be vulnerable to data breaches, hacking, or other types of cyber attacks. This can lead to the exposure of patient data, which can have serious consequences for individuals and erode trust in the healthcare system.
4. Inefficiency: When health data is controlled by centralized parties, it can be difficult to share data and collaborate on research or treatment. This can lead to inefficiencies and missed opportunities for improving healthcare. For example, if a patient’s medical history is fragmented across different healthcare providers, it can be difficult for a doctor to get a complete picture of the patient’s health status and make informed treatment decisions.
5. Siloed data: Centralized control of health data can also result in siloed data, where different organizations or departments have their own data systems that don’t communicate with each other. This can make it difficult to share data and collaborate on research or treatment, leading to inefficiencies and missed opportunities for improving healthcare.
6. Lack of innovation: When health data is controlled by centralized parties, it can limit opportunities for innovation and new discoveries in healthcare. Without access to comprehensive, interoperable data, researchers and innovators may be unable to develop new treatments, technologies, or insights that could improve patient outcomes. Additionally, if the centralized party is resistant to change or innovation, it can create a culture that is not conducive to progress in healthcare.

We are trying to change the situation a bit, making a fair, transparent, beneficial environment for patients, investors as well as research institutions to all benefit from the decentralized health data-sharing platform.