Basics first. A token is a piece of code. It is an entry in a database, that certifies your identity or that you own a piece of land, or a share in a company. This database is somewhat special, because it is decentralised, hence no one owner or administrator to verify your ownership. Instead, most, and sometime all computers connected to this database verify it. In this way, such a decentralised ledger is much more resilient than a traditional database with one owner, hence one point-of-failure.
Also, decentralised ledgers do not allow changing anything backwards. Blockchains, as their name suggests, is a chain that consists of blocks. Any change is another block in the chain, no prior blocks are changed. If you want to change anything in a blockchain, you do it, but in a blockchain another block will be added to your chain that says, for example, ‘Please read the block # in the new way, with these new values’. No backward changes are known to ensure immutability of blockchains.
Another important core feature of blockchains is transparency. Everything is open to any participant to a public blockchain, you can see, trace & track any transaction. Corporate, or blockchain, may limit the number of participants to, for example, medical professionals only.
Now, back to our blockchain based tokens: unchangeable, validated, transparent records in a decentralised database. What can these records contain? It can be a record of full or partial ownership of an asset, a house, or a room in house, a piece of art, or a share in a piece of art. However, it can also be full information about your blood, or a genetic dataset.
Why do we want to have it? The process of creating, or minting, a blockchain based token is known as tokenization. Tokenization establishes a legally binding connection between a piece of information, such as health data, and a particular individual. The individual will be then able to trace the use of this data, prove her or his ownership to this data, if it is used improperly or without consent. Through tokens, automatic dynamic consent is also possible. In fact, tokenization opens for a whole range of new opportunities in healthcare, they are examined below.
Tokens to health data ownership
By transferring data control from insurance companies and organizations to patients, tokenization can help reduce the cost of medical care. No information about these holders is shared with patients in the present system, and patients cannot check the accuracy of the data. Data tokenization enables the general public and patients to hold and share their personal data.
An individual may grant consent to their use of her/his health data, but also to monetize from it via a blockchain, where a self-executable (or smart) contract will determine forward a micro-payment for use of the data medical or research institutions, and policymakers. It is important to note that other forms of remuneration may be envisaged instead of payments. After all, the results of medical research are used to provide healthcare services to individuals. Hence, tokens will help democratize ownership and increase data mobility.
Tokenization of telehealth
The tokenization of health data may also be employed to monitor health conditions at home and help improve health outcomes. Here, the hope is that tokenization incentives may motivate individuals to monitor their health data.
The collected data may be available to healthcare professionals who may be in a better position to leverage a preventive healthcare service. Previously confined to remote health monitoring of senior citizens, telehealth has enjoyed a much wider adoption since the recent pandemics. Think of tokenization of health data as the next logical step in telehealth.
Reward tokens in health behaviour
But we can take another step forward ourselves, from home care of elderly to healthy lifestyle to all. Blockchain based reward tokens for maintaining healthy lifestyle, or even further any socially responsible activity, is another logical development in tokenization of healthcare. Currently, the society focuses on punishments for displays of socially irresponsible behaviours, accompanied by more or many cases less effective pr campaigns that aims to convince.
Reward tokens can motivate by providing direct benefits. Do you jog in the morning? Get ten tokens, that is half price discount to a local theatre. Quit smoking? Get hundred tokens, that may equal to half price of sports shoes in a local sports store to start jogging. Donate blood? Get 500 tokens one time, spend on discounts with local partners to this program, in the same fashion as any modern loyalty program functions. Such motivation, or reward, tokens may also target a particular condition, foe example, an increased blood pressure, and be tied to the wearable blood pressure monitor.
Tokenization of all health data
A lot has been said how blockchain may become the preferred infrastructural choice for healthcare of tomorrow. If these predictions materialize, it will be possible to employ tokens in health data sharing. Indeed, the health data is the currency of future and in many ways of present healthcare, and any currency is a unit of measure. Tokenization may provide such units. However, several challenges shall be addressed on the way to such a widespread adoption. Besides significant improvements in the interoperability of health data, blockchain capabilities must be combined with robust encryption components for integrity, security, and portability of user-owned health data.