Revolutionizing Healthcare : Meet the Game-Changing DAO that’s breaking down Health Data Silos
Health data is more crucial than ever in our fast-paced, rapidly evolving world. But the current health data landscape is plagued with problems like isolated data silos, interoperability issues, data breaches, and a lack of security and control for individuals. The result is a fragmented, disjointed system that leaves patients feeling frustrated and powerless. Imagine a world where you, as a patient, have total ownership over your health data, with secure and easy access to all your valuable information. This world is not only possible; it’s what Itheum and the creation of the Panacare DAO will make a reality. This innovative partnership between Itheum and Panacare will transform the healthcare industry by creating a more secure, accessible, and user-centric data landscape where users will truly own their valuable health data.
The Panacare DAO is a monumental milestone in healthcare technology, marking a revolutionary step towards a user-centric, secure, and accessible health data landscape. Unlike the current healthcare system, which suffers from locked data silos, data breaches, and a lack of security and control for individuals, Panacare DAO promises a world where patients have ownership of their health data and can work transparently and in synergy with Healthcare Providers. This article will explore the partnership between Itheum and Panacare DAO, highlighting its status as the first of its kind and its potential to transform the healthcare industry. The partnership will provide eligible entities and individuals with control and ownership over their personal health data through various tools like Data NFT technology, Health Metaverse Passport, and Data Coalition DAO technology. These tools will allow individuals to manage, own, and trade their data, giving them greater control over their personal health information. The Panacare DAO represents a major step forward in creating a patient-centered healthcare system, where individuals have greater control over their health data and can use it to their advantage.
Lack of Control Over Health Data: The Unseen Burden on Patients
Today, patients are faced with a growing dilemma in the healthcare industry. Despite the wealth of information being collected about their health, they often need more access to and control over their health data. This leads to numerous problems that create inconvenience and leave patients feeling frustrated and disempowered. The system is far from perfect, from failing data silos that make sensitive information vulnerable to breaches to the lack of security that leaves personal health information at risk. Furthermore, poor interconnectivity, isolation and the lack of collaborative data sharing between various health services leaves patients in the lurch when it comes to accessing their health information promptly and conveniently. These issues, when combined, paint a bleak picture of the current state of health data management and highlight the urgent need for a better, more patient-centric solution.
Panacare DAO aims to revolutionize the healthcare industry by bringing together healthcare providers, payers, professionals, researchers, and patients to collaborate on innovative solutions that can improve healthcare outcomes. The DAO provides a decentralized platform for members to share ideas, develop healthcare protocols, and ultimately put into real-world practice the core building blocks needed for patient-centric healthcare to evolve and grow.
The Rise of DAOs
The rise of DAOs (Decentralized Autonomous Organizations) in the last year has given us a glimpse into the future of how corporations and enterprises can leverage the true power of decentralization that is associated with Web 3. DAOs by nature have a community-driven decision making process through the power of votes including the freedom to discuss and collaborate on critical decisions instead of having one central unit of power making up all the rules (which often are biased towards a few parties that gain the most). Community is an essential aspect of any project in Web 3, an exceptional trait whereby trust, transparency, integrity, and constant engagement are vital for a project’s longevity and continued success.
Partnership Details:
The partnership aims to provide eligible entities and individuals with control and ownership over their personal health through various tools. The three core technologies are listed below:
1. Data NFT Technology — Secure and Efficient Data Management
As part of the partnership, Itheum will provide Panacare DAO with its Data NFT technology, which will allow eligible entities and individuals to log into the Data DEX via their wallets and claim control and ownership of their data. The Data NFTs will act as access control and IP rights mechanisms for personal data, providing a secure and efficient way for individuals to manage their data. This is an essential step for the user as it ensures their data is protected and easily accessible.
2. Health Metaverse Passport — Ownership and Control of Valuable Health Data
Itheum will also provide Panacare DAO with its Web 3 Health Passport technology, which coordinates the complexities around the collection, identity, sharing and governance of the specific health data contributed by the involved stakeholders. The core building block of the Health Passport is Itheum’s NFMe ID technology, a Soulbound decentralized identity (DID) Avatar which is a digital representation of their human-self in avatar form. Ultimately, The Health Metaverse Passport is a revolutionary solution aimed at allowing users to have more control of their “health ecosystem identity” and making health data an interoperable space.
3. Data Coalition DAO — Responsible Data Governance
Finally, Itheum will also provide the entities involved with its Data Coalition DAO technology, a bulk healthcare data trading solution with governance use cases.
Data Coalitions are DAOs where the creators bond $ITHEUM tokens to form and run. This “bonding” process ensures that the creators have a “stake in the game” and that they provide the most value to their members. These creators, called “Board Members,” work to align the best interests of all parties to ensure that the bulk data under the coalition’s management are an attractive asset for new and existing data consumers; these creators are therefore also incentivised with a share of any data trade that they facilitate. Their charter is to always act in the best interest of the coalition’s “Members’’ to keep the coalition attractive and robust. Itheum envisions enterprises and SMEs running successful Data Coalitions, which balance commercialization and accountability for end-users, and in this case, for the patients. Board Members will vote on terms, conditions, governance, and parameters, which are visible to potential coalition members.
Data Coalitions enable the creation and curation of groups of “similar data”, increasing the value of the data by clustering it and creating bulk datasets that can be made available to interested data consumers. By joining a Data Coalition, users can delegate the ownership of their data and earn a steady value return on their data, while also supporting the growth of the Data Coalition. This allows for a more efficient and accountable way of trading personal data, while also providing users with control and ownership. The involvement of enterprises, SMEs, and subject matter experts in the governance of Data Coalitions ensures a balanced approach between the commercialization of data, data regulation and accountability to end-users.
The Data Coalitions are modeled on credit union philosophy, which means that the coalition members are all invested in its success and have a say in its direction.
Introducing the Panacare DAO
The Panacare DAO is a Data Coalition DAO and is the first of its kind in the world. It was established to address the issues surrounding the lack of control and ownership that patients and users have over their health data.
The DAO aims to help healthcare providers to use a transparent governance model to create an environment where patients can claim, own, and trade their health data using Itheums technology. Doing so facilitates interconnectivity in health and provides users with a means to benefit from their health data’s value. Overall, the Panacare DAO represents a step forward in creating a patient-centered healthcare system where individuals have greater control over their health data and can use it to their advantage. The ultimate goal of Panacare DAO would be to generate the framework needed for the healthcare Metaverse Passport Avatars to be used in the wider healthcare industry.
Itheum will provide the entities involved with its Data Coalition DAO technology. Initially this technology will be provided in a draft phase so we can co-design and evolve the DAO schemes by working with the various stakeholders. After we reach maturity with this phase, a complete Web 3 solution will be introduced as a bulk healthcare data trading solution with built-in governance mechanisms. This will allow the involved stakeholders to participate in the operation of the DAO, providing governance around how the data will be used. The initial version of Pancare DAO will be operational on the DAO platform Commonwealth, where regular members and board members will be onboarded to the DAO. This is important for the user as it ensures that their valuable health data is governed responsibly and securely.
Patients, who will be known as Members, will align with the Panacare DAO and delegate ownership of their health data. The Data Coalition groups the data into clusters and advertises them to Data Consumers. Additionally, as previously mentioned, patients will have their very own NFMe ID Avatar, a digital representation of their data in the form of an interoperable soulbound Avatar, which will connect to their Health Metaverse Passport and enable health data and identity to be more interoperable
With its decentralized and autonomous nature, Panacare DAO is poised to bring significant benefits to the healthcare industry. By leveraging the power of blockchain technology, the DAO can provide secure and transparent healthcare solutions that are free from the bureaucratic constraints that often plague the traditional healthcare industry. Overall, Panacare DAO represents a promising solution for the future of healthcare, and its potential impact cannot be overstated.
DAO Tooling
The DAO Home: Details
Commonwealth is the DAO hub and is where the Panacare DAO will be housed. Commonwealth provides an interface to educate DAO members on the governance process and provides easy access to the channels below to streamline the DAO’s operation and enhance its utility. Discussions will happen here.
Learn More ➡️ Panacare DAO
Voting: Details
Snapshot is used for voting. Proposal drafts that have passed their respective approval processes become available for voting on Snapshot. Snapshot is integrated in the commonwealth hence we will be using the same platform to cast our votes on the proposals raised by the board members.
Goals of the DAO
- Empowering the user to own and trade their health data.
- Empowering interconnected healthcare entities to enrich user profiles by identifying and filling in “patient profile data gaps”.
- Deciding the terms & conditions, privacy, and usage permissions for data trade.
- Pricing of individual and collated data sets.
- Streamlining the interaction processes between members.
- Identifying valuable datasets and use cases.
- Identifying, agreeing on, and implementing health interoperability standards for patient identity and data storage and transfer
- Encouraging public and private healthcare stakeholders and governmental entities to define the applicability of and compliance with current and future legal frameworks.
Who can participate?
As mentioned earlier, the Panacare DAO will be a decentralized autonomous organization that allows stakeholders to collectively manage and govern the platform. However, during its initial launch, not everyone will be able to join the DAO right away. Instead, the first users of the Panacare DAO will be selected through a whitelisting process.
The process of whitelisting involves creating a list of pre-approved users who are authorized to join the DAO. In the case of the Panacare DAO, the board members of the involved entities will be responsible for deciding which users will be whitelisted. These board members will have the authority to review and approve user applications based on certain criteria, such as expertise in the healthcare industry, willingness to contribute to the platform, and alignment with the DAO’s goals and values.
The reason for having a whitelisting process is to ensure that the initial members of the DAO are committed to the project and have the necessary skills and experience to contribute to its success. By carefully selecting its initial members, the Panacare DAO can establish a strong foundation and foster a collaborative community that is aligned with its goals and values.
It’s important to note that while not everyone will be able to join the DAO during its initial launch, the whitelisting process will not be exclusive forever. Over time, the DAO may expand its membership and allow more users to join based on their contributions and alignment with the platform’s goals and values.
But in the true spirit of Web 3, all DAO activity is fully transparent and public and can be viewable by anyone who visits the DAO’s home on the Commonwealth DAO platform.
Involved stakeholders:
We’re thrilled to have a variety of revolutionary advanced companies and technologies involved in bringing this exclusive DAO to the world.
Panacare
Panacare is a healthcare technology platform that leverages Web3 to address the challenges faced by all healthcare stakeholders in delivering comprehensive and interoperable healthcare services. By putting the patient at the center, Panacare aims to provide a 360-degree view of the individual along their entire health journey while ensuring full compliance with data protection regulations and regional legal frameworks. Panacare aims to connect people with the corresponding healthcare services they need using innovative technologies.
Learn More ➡️ Website
The Megalon Group AG
TMG is owner-managed. Its subsidiaries, holdings, and networks have been involved in the industries for decades:
- Technology & Fin-Tech,
- Marketing, Performance & Subscription Commerce,
- Healthcare & Services
With more than 15 company investments, the focus is on the one hand in B2B solutions, but always with the focus on the end customer (B2C) with a broad marketing, sales, market, and industry focus and an interdisciplinary network concept.
Learn More ➡️ Website
Medivato AG
Medivato is a health service provider that offers complete health services and practical solutions for everyday use. They provide care and support, emergency call services, and tailored products without hidden costs. Medivato focuses on its clients’ health, and they are available 24/7. They offer high-quality products and unique services such as video consultation and emergency call systems. Medivato provides support with the application and communication with institutions involved in care and the transition from inpatient to outpatient care at home.
Learn More ➡️ Website
Verklizan GmbH / Enovation Group
Enovation helps healthcare organizations to work together better and to improve digital care for patients. The Company is a leading provider of IT solutions and is a leading authority for connecting healthcare organizations, healthcare providers, and patients.
Learn More ➡️ Website
Medondo Holding AG
Medondo holding AG, formerly amalphi AG, is a Germany-based software company. The Company specializes in developing and marketing software for medical facilities and patients. It also provides associated services such as training, advice, and software maintenance.
Learn More ➡️ Website
Looking Ahead
We are partnering to study the overlapping data-touch points and create a robust framework to involve the data creators in the frontier to provide data ownership to our network.
This partnership will create a broader roadmap for upcoming healthcare partners in the future and create a base layer for other healthcare providers to join the bandwagon.
In the short term, we aim to achieve the launch of our DAO to help the users own and trade their collected data with consent and a mutually agreed governance model.
The best practices and technology around DAOs are still evolving. Itheum’s strategy is to adopt a similar approach by incrementally increasing the value-at-risk over time and allowing space for learning and technological advancements to the complete ecosystem.
About Itheum
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that facilitate high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer trade. It allows for “viral adoption” via our creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and our innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly and multi-chain; making it the most comprehensive core blockchain data infrastructure available in the market with use-cases in both the enterprise and retail space.
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