Health data is becoming more valuable every day and its value is being increasingly recognized in the cryptocurrency industry. On the other hand, users are still wary of giving their health data to companies. To create a bridge and solve this problem, Nokia is creating a blockchain platform which will be used as a vehicle for users to share their data in a secure way.
Nokia and OP Financial Group started a project to further explore the market for Digital Health last month. They intend to build a platform that will enable people to have more control over their own personal health data. The platform will let the users decide who can access it, share it and how the data can be used, so the users can have more privacy and security.
How Will The Digital Health Blockchain Platform Work?
The two Finnish companies are exploring ways to use technology, health and insurance to help people manage their data and have full control over their data.
The data is encrypted and can only be read by authorized personnel. Not even the company can read the data without the client letting it, but he can share it with his insurance, for example, using a valid device like the Nokia Steel HR.
The initial experiment was made with 100 people. Users were rewarded for sharing their data (gathered via wearable devices) in order to further explore incentive models. The users share information about how much they sleep through the app and are rewarded with points.
Nokia and OP intend to create a relationship of trust with the users because they believe that this is the way for them to voluntarily sell their data and collaborate. Because of this, they think that the blockchain technology could help to create an ecosystem that benefits both the individual which receives the reward and society as a whole.