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Blockchain technology is beginning to revolutionize the world’s systems and industries with its innovative qualities that allow for transparency, security and integrity of data, as well as big data to be immutably stored on a distributed ledger. The COVID-19 outbreak has created a surge in data generated by various industries as people move many of their daily activities online.
The healthcare industry is one that is greatly in need of a better system that can accommodate the big data generated especially during this time of pandemic. Healthcare on blockchain also gives back ownership of data to patients. It is an advocacy that needs to become a reality soon as it not only allows for patients to own and control their data, but also gives them a new avenue to earn revenues by monetizing their health records.
“In historical practice, the reason there’s no U.S. law about that in historical practice, it was the collector of data—your doctor, the pharmacy, your lab, your hospital—that collects the data, and then, they claim ownership of the data they collect about you. And you’re trying to help educate the world about how maybe with the advent of blockchain technology, we need to change that and allow patients to actually have ownership rights to their own data.” Founding President of Bitcoin Association, a Switzerland-based organization that supports the development of the Bitcoin SV (BSV) blockchain, Jimmy Nguyen said.
VXpass, a digital vaccine verification application that allows individuals, providers and manufacturers to conveniently keep track and have a record of COVID-19 vaccinations was introduced during the BSV Virtual Meetup focusing on the latest blockchain developments and ideas in the Americas. Just by using a QR code, patient information recorded on VXpass can be disseminated to other systems. This creates a seamless process of keeping track of all vaccinations in a certain city, state and country.
“For us, while we are moving towards pilot in some of the smaller towns in the United States, the bigger goal is to on-board countries and essentially, eventually, to on-board pharma. So, the first version I built of this, the pharma companies would actually be the token authors, not VXPass. And as they create and manufacture these vials and doses, they’re creating and manufacturing tokens to follow the life cycle of those vials. You know, from the table, manufacturer to injection kind of thing…. But what we’ve seen is that we’re getting the most traction in countries that do not necessarily have a robust EHR system in place today,” VXpass founder Zachary Weiner explained.
And because patients own their data, they can control where they want to get vaccinated. For instance, a user has already been vaccinated with the first dose, they can now choose to get their second dose from whichever healthcare provider they want, without the need to register their personal information and provide their medical records again. And all of this is made possible because the BSV blockchain offers low-cost microtransactions.
“In this case, we are talking about some ephemeral data. So while it may be reasonable to hold your records for 10 years… more than likely, you’re not going to really care much beyond next year’s vaccines, or maybe even beyond the second dose. So [it proves] that ephemeral data, stuff that doesn’t need to live forever, can still hold tremendous value by being stored on the blockchain. It can live forever, but we don’t need to do the same sort of PII (personally identifiable information) storage because the data is only valuable for use or to be put in use for some small window of time where the patient really wants it to interact with some other entity, a third party,” Weiner further explained.
Data, whether ephemeral or perpetual, is valuable. And this is what the future is all about.
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