BurstIQ is a blockchain startup that aims to change the way medical companies manage patient data. Read our BurstIQ review today to learn more.
What Is BurstIQ?
BurstIQ is a Colorado-based blockchain company that promises to make data access simple and secure. The company was founded in April 2015. This past week, the company announced its crowdsale for its BiQ utility token. That crowdsale will take place on August 27, 2017.
BurstIQ sees an opportunity in the way the medical industry handles patient data.
“Within the next five years, data will become the currency that drives the healthcare industry, and BurstIQ will be the marketplace”, says CEO Frank Ricotta.
To create that marketplace, BurstIQ has built a platform involving blockchain technology, big data processing, advanced security protocols, and machine intelligence. The platform also maintains high security standards while complying with HIPAA standards.
All of this technology comes together to create an individual’s “LifeGraph” – a term trademarked by BurstIQ. Someone’s LifeGraph shows relevant health data – including data collected from personal health trackers, personal genome sequencing services, and other health tools available today.
The end result is that patients maintain access to their health data while choosing to securely share that data with whomever they wish.
What Problems Does BurstIQ Seek To Solve?
In their July 2017 whitepaper, BurstIQ outlines the problems their platform seeks to solve. Those problems include three fundamental challenges facing the healthcare industry today, including:
- Health data is stored in silos with little or no integration with other data sources; we have more health data than ever before, but we struggle to access that data in a practical way, or take full advantage of the data available to us
- HIPAA regulations are valuable and necessary, but they make it extremely hard to share data between people and organizations; this makes the healthcare industry less efficient
- People often have limited access to their own patient data, and they often struggle to understand if they even can access their own data
How Does BurstIQ Work?
BurstIQ isn’t some brand new startup with no prototype. The company was founded in 2015. They already have a fully operational platform with sustainable revenue streams, multiple large business customers, and hundreds of thousands of LifeGraphs – according to the company’s whitepaper.
In the first 12 months of operation, the BurstIQ platform processed 25 billion data points.
So how does the platform work? The platform relies on blockchain technology and machine intelligence. Together, these two technologies allow data from different sources to be brought together in a single, unified data repository. They also allow that data to be shared quickly and easily while maintaining HIPAA compliance.
However, the platform isn’t just a collection of your health data. The platform includes an ecosystem where individuals can fully manage their data. Individuals can share their data or use it in exchange for access to products and services, for example.
Benefits Of BurstIQ
To help understand how BurstIQ works, here are some of the use cases and benefits of the platform:
- Individuals can access their health data in one single location, and control who sees their health data and how they can use their data
- Providers can get a complete view of each patient’s history, including encounters out-of-network, prescription fills, lifestyle information, and other problems
- Health systems can create more powerful decision support systems using comprehensive data, AI, and deep learning
- Healthcare companies can acquire and retain patients through targeted marketing, using patient data
- Insurers and self-insured employers can create personalized wellness plans based on their unique physiology instead of being shoehorned into one-size-fits-all plans
- Biotech and pharmaceutical companies can access patient data to find the best genomic or medical match, then interact with those patients directly; this can reduce administration challenges and trial risk
- Researchers can find and access people and data to support their research, collaborate with other researchers, and explore new ideas
- Digital health companies can increase the intelligence of their products using deep learning an AI, while products can be marketed to the most receptive audience
As you can see, the uses for BurstIQ extend across multiple industries. The company sees its platform as having a wide-ranging effect on the world of personal healthcare, pharmaceuticals, advertising, and more.
The BurstIQ platform consists of three different service levels, including Secure Data Grid, LifeGraph, and Ecosystem.
Secure Data Grid
Secure Data Grid is the part of the BurstIQ platform that manages end-to-end data rights for patients. It provides secure data storage and an indisputable chain of custody. This part of BurstIQ uses blockchain technology, data cloaking, sharding, and encryption services to securely manage data objects and stores. Like other blockchain technologies, it provides an immutable record of transactions that took place.
LifeGraph is the center of the BurstIQ platform. The BurstIQ whitepaper claims that the average American adult has 16 doctors over their lifetime. Data collected by these doctors is spread across a number of non-coordinated systems. BurstIQ seeks to solve that problem with LifeGraph, a centralized source of patient data.
BurstIQ’s Ecosystem feature allows organizations and individuals to partner with each other through a secure marketplace. Patients can choose to sell their data to make money, for example, and organizations can find willing subjects for advertising or drug trials. Transactions on the marketplace will take place with BiQ utility tokens.
The BurstIQ ICO
The BurstIQ ICO is scheduled to start on August 27. 700 million of the total supply of one billion BiQ utility tokens will be available for sale at a price of around 12 cents apiece. BurstIQ has a declining weekly bonus structure in place.
BiQ tokens can be redeemed for transaction credits, which can be used to access health-related products and services on the BurstIQ platform.
Who’s Behind BurstIQ?
BurstIQ is led by CEO and Founder Frank Ricotta. Frank holds numerous patients in the fields of cyber security and machine intelligence, and he has 30+ years of experience building companies across multiple industries, including in defense, health care, cyber security, and finance. Other key members of the team include Brian Jackson (Operations, Co-Founder). Full details about the entire BurstIQ team can be seen in the whitepaper.
You can contact the company by email at [email protected] BurstIQ is based in Colorado Springs, Colorado.
BurstIQ seeks to revolutionize the way we share and access patient data. Today’s system is inefficient. Patient data is siloed across numerous data storage systems, most of which are incompatible with one another. This leads to an inefficient medical system and poor patient care. BurstIQ seeks to solve these problems using blockchain technology and machine learning AI.
BurstIQ is preparing for its ICO on August 27. You can learn more about the company by visiting them online at BurstIQ.com. The company also has a working platform in place, including thousands of patient records and several major healthcare partners who have already signed on.