Medical Design Briefs - August 2022 - 30
Biodata
Biodata Compensation: An Ethical Responsibility
How NFTs can help pharmaceutical companies track and
compensate biodata contributions.
NFTs can provide a helpful tool for pharmaceutical companies to track contributed data and compensate contributors accordingly. (Credit: Rejuve)
T
he global big data market had a revenue of $162.6 billion
in 2021.1
Data is becoming more valuable to companies
than gold. However, this data has been used, historically,
without contributors' informed consent and without them seeing
a penny from the discoveries the data led to. This article
discusses how non-fungible tokens (NFTs) can provide a helpful
tool for pharmaceutical companies to track contributed
data and compensate contributors accordingly.
NFTs are unique, untradable cryptographic assets that can
be tracked on a blockchain. NFTs provide a unique traceable
token that cannot be replicated, providing a perfect tool to
store biodata. The term biodata refers to details regarding a patient's
history and behavioral patterns.
In a new application of NFTs, these assets can be assigned to
represent that biodata, allowing it to be tracked and secured.
NFT application to biodata would allow the owner of the data
to control their information and monitor its use in research, as
well as to claim compensation when new drugs and treatments
are brought to the market as a result. The usefulness of NFTs
from a contributor's perspective is clear, but for big pharma,
30
About SingularityNET
SingularityNET is a fully fledged AI ecosystem with a rich community
all working toward the global distribution of AI. It is the first and only
decentralized platform allowing AIs to cooperate and coordinate at
scale, while enabling everyone to take advantage of a global network
of AI algorithms, services, and agents. No longer must AI technology
exist in silos, only capable of operating within a specific company,
infrastructure, or industry.
this could be seen as detrimental to the functioning of research
and development.
A Gold Mine of Data
Nowadays, people are often unconcerned with how their
data is used, evident from the endless amounts of privacy policies
online being accepted without reading them. This attitude
is leaving many companies open to buy and sell data without
contributors being aware.
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Medical Design Briefs, August 2022
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Medical Design Briefs - August 2022
Table of Contents for the Digital Edition of Medical Design Briefs - August 2022
Medical Design Briefs - August 2022 - Cov1a
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