The rapidly growing medical data market, valued at $32 billion in 2021, contains some of the most sensitive personal information, which Web 1.0 leaves especially vulnerable to hackers. On average, a single medical data breach costs more than $10 million and at least 337 medical data breaches affecting 19 million records were reported in just the first half of 2022.
Web3 holds the promise of data autonomy and anonymity, which is particularly valuable in the healthcare industry. DeHealth is one web3 application designed to let users securely monetize their anonymized medical data. As a result, users can protect their privacy, prevent their records from being sold on the dark web, and receive compensation when they choose to sell their data to entities like research institutions, labs, and university partners.
Last week, DeHealth integrated Chainlink Keepers and Chainlink Price Feeds as key technologies facilitating decentralized, user-owned medical data. “We believe that Chainlink services will likely help to speed up the development of privacy-first MedFi – an emerging sector which DeHealth aims to lead,” said DeHealth co-founder and CEO, Denys Tsvaig, in an official announcement.
DeHealth’s DHLT Network is a private EVM-based blockchain that uses the proof-of-authority (PoA) consensus algorithm. Built in compliance with both HIPAA and GDPR, the platform depersonalizes autonomously uploaded medical data using unique user IDs to associate each medical record with its owner.
DeHealth’s incentive layer compensates users for contributing and updating their medical data by distributing rewards in its native token. Chainlink Keepers securely and cost-efficiently automates the distribution of user rewards, while Chainlink Price Feeds convert the value of native token rewards into each user’s preferred fiat currency.
Tsvaig told Chainlink Today that DeHealth’s Chainlink integrations represent “major steps” toward overcoming one of the platform’s biggest challenges: integrating large data sets from different data providers into DeHealth’s universal programming language. Because Chainlink Keepers automates user rewards distribution, he said DeHealth is better able to streamline its development workflows.
More than 55,000 users joined the platform after the DeHealth App test release on August 31, 2022, and there are more than 160,000 active members of DeHealth’s growing international social media community.
Ultimately, Tsvaig said DeHealth’s goal is to make it possible for three billion people to securely store, share, manage, update, and monetize their medical data by 2025, telling Chainlink Today, “We are delighted to take on that challenge – and to achieve the goal together with the industry-standard oracle network.”
To learn more about DeHealth, visit their website, Twitter, and Medium.