In the growing world of technology, blockchain is booming. Across the globe, adoption of blockchain technology is growing at a rapid pace and blockchain solutions are leading the market. IT innovations, including hybrid cloud solutions, blockchain implementations, and artificial intelligence are trending strongly in the global market and are believed to be value-added technologies that will dominate enterprise IT infrastructures in the near future. The new hybrid cloud solution provides scalable public cloud applications and services, keeping personal healthcare data secure and compliant with regulatory requirements. One such as a company named BurstIQ is one of the leading providers of blockchain-enabled data network solutions for the healthcare industry.
The company’s private, permissioned data network efficiently allows health systems, payers, digital health companies, life science & pharma, and governments to unlock the potential of health-related data. The company combines Blockchain, Big Data, and Machine Intelligence to enable granular data ownership and consent, connect data from across disparate data sets, build longitudinal profiles of people, places, and things, and empower the interactions between them. The result is a global, secure data network that allows health systems, payers, digital health companies, pharma & life science companies, and governments to collaborate, share, analyze and unlock a deeper understanding of the diverse factors that influence health.
Standing Apart from Competitors
BurstIQ manages data very differently from traditional data systems. BurstIQ provides a HIPAA and GDPR compliant data network that enables organizations to manage granular ownership and consent of sensitive data assets. Granular consent allows organizations to provide permission-based access to highly sensitive and valuable data assets, from a single data point up to petabyte-scale data sets, without physically transferring or relinquishing control over their data. The company’s secure blockchain-based data network enables organizations to collaborate and share with each other using a controlled, compliant, and auditable framework. BurstIQ is the first commercially available blockchain platform that provides secure on-chain data management, granular data ownership and consent, complex data associations for longitudinal profiling, and the ability to run deep analytics between disparate and diverse data sets efficiently.The BurstIQ platform is the first secure data network that connects all health data: clinical, social, environmental, IoT, and even genomic, building multi-faceted health profiles that uncover the hidden connections between all the factors that impact health.
But most importantly, BurstIQ enables a global network by which organizations can access new partners and data sets, driving connectivity between datasets, people, devices, processes, government agencies, companies, and others.
Contributions of BurstIQ in Blockchain Technology
In 2018, PWC reported that 49% of healthcare organizations are pursuing blockchain projects . BurstIQ has seen this trend play out in the market; the company reports that they are starting to see the market move past the early adopter phase and into a broader operational phase. “Supply chain was an early use case for blockchain, but now we’re seeing partners use the BurstIQ platform to enablemuch more complex systems: public and private health information exchanges, provider credentialing services, revenue cycle, research and innovation sandboxes, and more. The tide is really turning in favor of blockchain-based services,” says Frank Ricotta, Co-Founder and CEO of BurstIQ.
However, apart from BurstIQ, there are still relatively few blockchain platform providers that can address the core challenge inherent to the healthcare industry: balancing the need to exchange data and build deeper connections between different types of health data with the need to maintain strict compliance with a complex web of data security and privacy regulations.
“One of the most exciting areas for blockchain adoption that we’ve seen is in enabling truly personalized medicine utilizing digital therapeutics, omics data, and biomarkers with an open and configurable sharing model between all parties,” says Brian Jackson, Co-Founder and COO of BurstIQ.
In the coming years, BurstIQ is looking forward new expansions in the global network through key strategic partnerships with traditional integration platform providers, system integrators, blockchain platform providers, and large enterprises.
Collaboration is the most powerful way to expand human knowledge. In fact, it might be the only way.
BurstIQ was the first company to successfully develop and commercialize a HIPAA- compliant, blockchain-based data network for the healthcare industry. The company has pioneered several innovations in the blockchain space that set it apart from other others, including:
Complex Data Ownership & Consent
The platform enables data ownership and consent-based data access to be defined not on a separate DLT that references off-chain data, butembedded within the actual data asset itself.
Ownership can be attributed to a person, an organization, a device, or any other entity (or entities). Consent can be highly customized to support conditional consents, time-limited and revocable consents, and global (governance) consents. This structure solves several critical challenges for the healthcare industry:
– It allows the platform to adapt to a complex and evolving regulatory environment
– It positions the data asset itself as the source of truth and value, rather than a tokenized representation of that asset.
– It reduces the barriers to adoption by eliminating the need to build “spaghetti networks” of 1:1 integrations
– It allows the functional process of data sharing to be automated, compliant, and auditable.
Longitudinal Profiles & Complex Data Associations
The company’s platform uses blockchain and machine learning to build data into longitudinal health profiles. These longitudinal profiles can relate to a patient, a provider, a product (e.g., pacemaker or IoT device), a manufacturing & supply chain process, etc. Each of these longitudinal profiles relates and connects to each other, building a global web of connected profiles that, together, provide valuable insights into the complex set of factors that influence individual health, system efficiency, care processes, and population behavior.
The Network Effect
By building a network of connected data, BurstIQ enables both public and private organizations to access new customers, partners, and data sets – all within a framework that allows them to maintain compliance with individual privacy laws and other regulatory requirements. This connectivity will build global communities of both known and unknown collaborators.
These new communities will build networks, and networks will develop new markets. In the end, what BurstIQ is building is an entirely new health market, where health data itself becomes the currency; and where that data is owned and controlled not by a few corporate interests, but by each person.
The Mission Behind BurstIQ
Frank Ricottaand Brian Jackson, the Co-Foundersof BurstIQ, have been in the data and cybersecurity field for over 20 years and were working with the fundamentals of blockchain long before the term was codified. They strongly believe in the value of blockchain as both an enablement technology and a philosophical approach.
BurstIQ startedwith a deeply held belief that each person on this planet has inherent, equal value, and that each person deserves to live their healthiest life. Everything the company does stems from that core belief.
BurstIQ believes that health is not limited to the walls of traditional healthcare institutions. Instead, health is a reflection of our individual and collective stories: social, behavioral, environmental, educational, and even genomic stories. As the world becomes more interconnected, these stories will weave together to capture a much broader view of all the diverse factors that impact a person’s health.
“We believe that if we can help the health ecosystem by providing a secure infrastructure that connects data while respecting the rights and privacy of each person, then the health ecosystem will be able to break through the silos and barriers that have held it back,” says Jackson. Researchers and innovators will be able to combine their knowledge power and find correlations in seemingly unrelated data. Those correlations will begin to tell more about what works and doesn’t work for each person, based on not just their clinical data, but their social and behavioral patterns, their environment, their housing conditions, their family history, their education, and so much more. And the company is able to enable this connectivity while respecting each person’s right to decide what data they share, and for what purpose.
As all this data becomes more connected and the health industry is collectively able to understand at a deeper level all the factors that contribute to health, the industry will be able to personalize its services more effectively for each person, and this will lead their goal of achieving global health access and equity – a healthier world.
Global Advocacyfor Blockchain
BurstIQ is heavily involved in blockchain education and advocacy, both in the U.S. and globally. In particular, Ricotta serves as an advisor to the OECD, World Economic Forum (WEF), and the EU Parliament on blockchain matters. He has been involved with Humanity 2.0 and advises the organization on how blockchain can be used to address global social challenges. The company was the first blockchain company to enter into a strategic partnership with the International Trade Administration (ITA), providing strategic guidance to the ITA on federal strategy, educational efforts, and policy related to blockchain.
In addition, the founders led BurstIQ to join as a participant to the UN Global Compact – a public commitment that the company’s social mission is not just rhetoric, but is built into the fabric of the company.
BurstIQ is Driving Market Maturity
When BurstIQ was founded in 2015, very few people in the industry were talking about blockchain, and those who were often conflated blockchain with cryptocurrency. As the first to bring a blockchain-based health data platform to market, BurstIQ spent much of its early marketing energy on helping the market understand the transformative potential of blockchain. In 2017, that conversation began to shift as a wave of blockchain solution providers entered the market and awareness began to increase.
Now, the focus is shifting from pilots, testing, and validation, to broad market adoption. BurstIQ has made a strategic decision to pursue partnerships with both blockchain-based platforms and more traditional data integration platforms, intending to accelerate the adoption of blockchain as a foundational technology, even with the risk of increased market competition for the company itself. In addition, the company takes active measures to foster collaboration among the company’s active developer community. The company believes strongly thatcollaboration is critical to success and increased competition is a sign of market maturity.
These strategic priorities set the stage for the maturation of blockchain technology and accelerated adoption in the healthcare industry. The company is confident that its blockchain-based secure data network will continue to stand out as the only enterprise-ready solution that meets the needs of today and positions the healthcare industry to thrive in the future.
For the moment, BurstIQ remains the market leader in blockchain-based secure data services for the healthcare industry. The company has processed tens of billions of data points, hundreds of millions of medical claims, and impacted millions of lives.
Future Plans forBurstIQ
“In the next 1-2 years, we will be expanding BurstIQ’s global network through key strategic partnerships with traditional integration platform providers, blockchain platform providers, system integrators, governments, and large enterprises. Our goal is to build bridges, allowing governments and enterprises to collaborate more closely with each other and with emerging innovators,” says Ricotta.
Ultimately, the company is looking to build the world’s first truly global connected data network. By providing a secure and compliant framework for granular data ownership, granular consent, and longitudinal profiling of disparate data, BurstIQ has successfully built the technology to make this goal a reality. They have built a growing and highly engaged developer community and launched a number of high-profile enterprise partnerships.
And the industry has taken notice. In 2019, Ricotta was recognized by Ernst & Young at the Entrepreneur of the Year awards, and BurstIQ has been awarded numerous other honors: Frost and Sullivan 2019 Best Practices Award, 2018 Red Herring North America Top 100, Mirror Review 2018 Top Ten Leading Enterprise Grade Blockchain Solution, GDS Review 2017 Best Cloud Based Data Aggregation Platform , and the Government Blockchain Association 2020 Annual Achievement Award.
BurstIQ has laid down the gauntlet. The company is challenging the health industry to join the interconnected world, and to capture the insight and personalization that can be gained from it. But the company presents this challenge while holding one thing sacred: that we must always respect the inherent dignity, sovereignty, value, and rights of each person. The company is challenging the health industry to create a future in which data is connected, individual privacy and ownership rights are respected, incentives are aligned, and trust is inherent.
BurstIQ does this by providing the foundational technology infrastructure to empower secure and compliant connections between people, places, and things. The company organizations build connections with people and with each other, unlocking hidden intelligence through the power of connected data.
BurstIQ believes that connecting health data will build health networks, and that health networks will build entirely new health economies. But more importantly, they believe that by providing the framework for data to be securely owned, shared, monetized, and trusted,they will empower organizations and people to collaborate, discover, learn, and find hope for a future in which health is accessible, equitable, trustable, and personal.