Using Blockchain to Improve Health Information Management

Scientists from Baylor College of Medicine, Harvard Medical School, Technical University of Munich and the University of Copenhagen pleaded for NFTs; or at least, for an NFT-like personal health information framework that could put consumers in control of their personal health data.

The paper argues that personal health information “is highly valued and will become critically important as big data and machine learning move to the forefront of healthcare and translational research,” but that “ the current health information exchange (HIE) market is dominated by commercial exchanges. and (to a lesser extent) not-for-profit entities and generally excludes patients,” which can “undermine trust and create incentives to share data.”

“Patients have limited power to decide which of their data is shared, with whom and under what conditions. In this context, new forms of digital ownership can inspire a digital marketplace for patient-controlled health data,” the paper continues. “We argue that non-fungible tokens (NFTs) or NFT-like frameworks can help encourage a more democratized, transparent, and efficient system for HIE in which patients participate in decisions about how and with whom their PHI is shared. “

The paper reinforces an argument made by analysts at ARK Investment Management in 2016: the use of blockchain technology could reduce the high costs associated with the healthcare industry by improving its inefficient data systems.

“The way blockchain technology could be used is that it could store pointers to all of this information in different databases that doctors could only access if they have the appropriate permissions,” according to ARK. “Because of the structure of a blockchain, this data would remain secure, private and impossible to alter, which would make doctors, patients and insurers happy.”

ARK analyst Ali Urman recently wrote, “The United States is spending more than $3 trillion – nearly 20% of GDP – annually for health care, in part due to ineffective and ineffective data management systems. Recent advances in blockchain technologies and legal frameworks suggest that now is the time to focus on public blockchains and address systemic data weaknesses in the healthcare system.

the ARK Next Generation Internet ETF (NYSEArca:ARKW) has healthy blockchain exposure and has several holdings related to blockchain and digital asset ownership themes, including Coinbase (NASDAQ:COIN), Block (NYSE:SQ), and DraftKings (NASDAQ:DKNG).

According to ARK, ARKW is an actively managed equity fund that invests “in US-listed securities, including ADRs, of next-generation internet-focused companies.” This includes companies that “aim to capture the substantial benefits of new products and services associated with scientific research and technological breakthroughs in Internet-based products and services, new payment methods, blockchain technology, big data, of things, mobile, social media and streaming.

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