Patients to Control Their Own Health Data Healthcare Through Decentralized Mobile Platform
Health Wizz has announced the launch of its blockchain-powered technology solution to address Electronic Health Records (EHR) problems and give consumers control over their medical data. Built to provide users with the ability to access and manage their health information electronically, the Health Wizz secure, decentralized mobile platform enables people to aggregate, organize and share personal medical health records securely and efficiently.
Issues in the global EHR market include data breaches, scalability, interoperability and data integration. Furthermore, the rise of EHR has also led to companies profiteering from the selling and trading of personal medical records, often without the consumer’s knowledge. The mobile platform developed by Health Wizz addresses these problems by returning ownership of medical health records back to the consumer.
Raj Sharma, chief executive officer of Health Wizz, remarked: “My mother was admitted to ER last year. Doctors couldn’t find anything wrong. Shortly after, she was readmitted to another hospital. They repeated all of the tests because the first hospital would not share her medical records. That is a lot of time and money wasted. My mother is not alone. Testing redundancies add an estimated $25 billion to the nation’s healthcare costs. This is completely avoidable. We envision a future where consumers own their medical health data and can easily organize and share their records, in a secure fashion, at little to no cost. The launch of the Health Wizz platform is the first step in bringing this vision to reality.”
The use of blockchain in health information data flow allows the use of cryptocurrency to incentivize contribution of individual health data for research, analytics and precision medicine. Parties desiring to acquire health data from users will have the ability to pay patients for their data using cryptocurrency. On public blockchains supporting smart contracts, such as Ethereum, tokens can fuel the health data marketplace.
Dr. Nitin Desai, chief medical officer of Health Wizz, said: “Medical records and data management are some of the greatest impediments to quality health care. We have seen MHR inaccuracies, data integration problems and privacy concerns in regards to the buying and selling of personal data. Your health is your greatest asset. Your health data records are your second greatest asset. We believe that people must be in control of their health records. It is your body, your data.”
Chief technology officer of Health Wizz, Sirish Bajpai commented: “Dubbed the most innovative technology since the Internet, blockchain eliminates the middleman between the patient and his or her medical health records. We’ve developed a platform based on blockchain, data management and mobile technologies that shifts the locus of control from medical institutions back to the patient, enabling people to take control of their own data. Health Wizz doesn’t store health records on the blockchain. It stores a signature of the record on a blockchain and provides secure access to the patient, who is ultimately in control of when, where, how and who can access that record. This digital signature also assures the integrity of the record,”
OmCoin, a digital token issued by Health Wizz, is used to incentivise data exchange contracts between users, data providers and data seekers, including pharmaceutical companies, insurance companies, medical providers and research organizations. OmCoin is a custom Ethereum token that will serve as digital access keys, providing users with a secure and efficient way to manage and exchange their healthcare data via blockchain.
To support the further development of the platform and the virtual health data marketplace, Health Wizz also announced the pre-sale of its digital token, OmCoin. The pre-sale will run from the 30th of November, 2017 until February 2018. Investors will be issued Simple Agreements for Future Tokens (‘SAFTs’), which will convert into OmCoin upon the formal launch of the mobile platform in March 2018. The solicitation, offer, and sale of SAFTs will be conducted in a manner that is compliant with applicable securities laws and regulations, including Rule 506(c) of Regulation D. Only verified accredited investors will be eligible to purchase SAFTs. Funds will also be used to establish a virtual marketplace where people can exchange and trade their data securely.