Many different use cases for blockchain have been tried and tested over the last years by startups, corporations and governments alike. Some of them have found real world applications but most have not made it out of a proof-of-concept phase. Building on interactions with major blockchain actors at national level, the B-hub consortium has identified a number of particularly relevant use cases throughout the different ecosystems.
Our series of blockchain use cases articles features examples that, while varying greatly in terms of sectors and usage, have in common that they are currently applicable, somewhat mature – underlying technology exists and is available on the market – and implemented.
This fifth article deals with incentivization of health data sharing. As businesses face backlash from users that are not rewarded for providing their personal wellness data, blockchain solutions allow users to remain in control of their wellness and lifelog data and receive monetary rewards, while businesses can receive the data they need for further product development.
Description and problem statement
Nowadays in many cases, apps users are expected to provide access to their personal data, in exchange of using applications freely. Citizens become increasingly concerned as to how their data is used by corporates.
With blockchain solutions, businesses receive the data they mostly need for further development of the product by rewarding users with cryptocurrency that can later be exchanged against goods and services. Blockchain ensures transparent data transfer and rewards, while cryptocurrency usage incentivizes users to continue using the application.
Why is blockchain particularly relevant to address this problem?
Blockchain applications allow users to selectively share their data, while obtaining automatic rewards based on the data provided. Rewards are received upon completion, guaranteed by a smart contract.
How does it work?
User data is anonymised before entering the application creator’s database. Based on the provided healthcare and wellness data, where reward is described in the smart contract, the user receives the due amount of cryptocurrency. It can be later used in the exchange to monetise or to buy specific goods provided by the application creator or its partners.
What are some examples of implementation?
Synsal is one example of implementation. The startup invented a Compact Home Device with Blockchain Technology Capable of Detecting Coronavirus.
What are some examples of technology providers?
Want to see more blockchain use cases articles? Check out our previous articles on Notarization, timestamping and tamper-proof records ; Traceable ownership records for secondary market trading of digital assets ; Peer-to-peer consumers energy management and trading platform and our country-specific perspectives on blockchain adoption.