NEM Vietnam supports HIT Foundation
July 7, 2018
NEM Vietnam organized NEM 101 along with HIT Foundation meet up at Modern Hustle. HIT Foundation Chief Data Officer and Co-Founder, Dr. Quy Vo-Reinhard, talked about blockchain technology application in health care and how NEM can be used to achieve the goals.
The Health Information Traceability (HIT) Foundation offers a marketplace that allows individuals to digitize and monetize their health data and trace its usage. Data is the currency of the future and tokenization of health data enables everybody to generate value from his data and pay health services with tokens!
HIT Foundation seeks to address three key issues plaguing healthcare:
- Monopolization of health data leading to siloes and inefficiencies;
- Lack of incentives for individuals to demand or record, digitize, and update their health data and
- Data privacy.
HIT offers to put the individual in the center of care. It is through the individual and the use of blockchain technology that a meaningful exchange of data can take place in a fair, secure and transparent manner. The individual is the one granting access to his data under a smart contract that determines the conditions of the data usage by information seekers such as research institutions, policy makers or hospitals. HIT Foundation is the first ecosystem that allows everybody to get compensated for health information instead of paying others to process or store it. At the same time, blockchain technology and distributed file systems allow to maintain the privacy of the individual and leaves the health data under his sovereignty. Due to its distributed arcitecture HIT does not need a central database. The distributed system supports the global execution of new or existing business cases for information seekers on top of the HIT platform without the need for intermediaries. HIT builds on the public NEM blockchain that is suited for large scale applications and uses an energy conserving consensus algorithm

