Macrogen and Psomagen said that they have registered a patent for its blockchain-based data-sharing technology with the U.S. Patent and Trademark Office.
The registered patent is a technology that combines a token economy system with a blockchain platform to facilitate active data sharing and transactions.
The technology makes its users who wish to purchase data can easily make payments with a point or token, which is automatically distributed to the brokerage platform commission and provider reward by the “smart contract.”
Individuals who have consented to provide and distribute their data will obtain additional rewards not only for the initial data-sharing process but for each data transaction after that as well.
Using this technology, the company expects that the ownership of healthcare and genomic data will return to the individual patients rather than hospitals or research institutions.
“The technology creates a blockchain-based transaction environment in which data providers directly interact with users,” the company said. “Ultimately, this technology will create an ecosystem where individuals can freely exercise their rights at every stage of the healthcare big data value chain, from generation and storage to search and utilization.”
The healthcare big data distribution platform with this technology not only allows individuals to own and manage their healthcare data but also make profits from data sharing, the company added.
Psomagen, which jointly filed the patent with Macrogen, plans to apply the technology to the U.S. direct-to-consumer (DTC) market. The company plans to encourage the voluntary participation of individual users to quickly build high-quality healthcare big data and take the lead in the platform business in the U.S. market.
“The U.S. is the fastest-growing market in the world for the concept of individual health sovereignty, and DTC genetic testing,” Macrogen CEO Yang Kap-seok said. “We expect these market characteristics to help Psomagen’s healthcare big data distribution platform take off quickly, allowing the company to build high-quality healthcare big data in a short period.”
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