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Tokenization Of Healthcare Data Could Revolutionize The Industry's Future

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It’s no secret that our health data is worth gold.

According to figures from PwC, the connected health market is expected to be worth $61B worldwide by 2020. A further report from the Transparency Market Research suggests that by 2025 the global digital health market will hit $536.6B.

Yet, while this presents a major opportunity for the industry, people need to have confidence in sharing their health data. And that’s where the blockchain comes in.

Swiss-based HIT Foundation, who is exploring the tokenization of health data, are of the opinion that the use of the blockchain may help transform the healthcare industry.

As healthcare costs continue to rise, the traditional top-down approach by governments is no longer manageable, nor is it sustainable, said Elizabeth Chee, COO of the HIT Foundation. This results in decreases in budgets for healthcare providers who are also struggling to contain costs.

Chee adds that current challenges in healthcare stem from data, information and exchange issues, ranging from data silos to fraudulent claims.

This has led to increasing levels of compliance and transparency of healthcare providers from both regulators and patients alike, she said. It, therefore, calls for a fundamental shift in approach, driven from the bottom-up, enabling the population, empowering not just patients but healthy individuals to proactively manage their health and their health data.

The HIT Foundation whitepaper states that it is offering a “marketplace that allows individuals to digitize and monetize their health data and trace its usage.” In order to achieve this, the platform is aiming to solve three issues currently in play: the 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.

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