How to make the most of medical lab data: A Decentralized Solution Using Blockchain
Introduction
The global blood testing market size has been valued at USD 73.9 billion in 2020. Fuelled by the growing medical spending by the government and regulatory bodies, this is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. In addition, Government and key organizations are constantly engaged in promoting preventive healthcare and are encouraging patients to undergo regular diagnostic examinations. This increases the number of medical lab tests and its associated data exponentially.
Our white paper proposes a decentralized solution using blockchain technology to address issues related to data storage and management, security of the data, limitations in accessing the data and lack of interoperability, and thereby maximizing the value of medical lab data.
This in turn can lead to improved patient outcomes through more accurate diagnoses, better-informed treatment plans, and enhanced disease monitoring and management.
Our proposal
Our proposal can address the following problems in the medical lab data domain (detailed explanations can be found here)
- Continuity of the data journey
- Research cohort selections — connecting the participants with the researchers
- Effective secondary use of data
Our foresight of the concept benefits
We see further growth and use cases in the following areas:
- Creating a community of data donors around our app
- Creating a DAO to expand our reach and align onboard users as shareholders
- Creating a Tokenomics to build an ecosystem and further incentivize users
- Creating partnerships and shared business models with local service providers (e.g. healthcare providers, pharmacies, fitness studios, medical labs etc.)
- Creating connections to other data sources including data from wearable devices to provide more connected insights
Links to white paper and pitch deck
Contributors:
Dr. Arunakiry Natarajan, Ahmed Shalabi, Valerio Jacobi, Ellie Shaw, Manoj Fatnani, Okeke Francis Chukwudalu, Sharvari Patil, Benny Lison
Acknowledgements:
Thanks to the DeFi Talent program, a 18-week mentoring program to empower talent for leadership in the decentralized finance space.
Disclaimer:
The original proof of this concept named LaDaFo was developed for a grant application submitted by a team of volunteers to Ocean Protocol. The same concept was used to develop this white paper/ article, as a partial fulfillment of the requirement (Capstone project) to the completion of the DeFi Talents program at Blockchain Center-Frankfurt school. The contributors were part of the DeFi Talents program (winter 2022 cohort), and bear no ownership or copyrights of the concept. The concept can be developed further with mutual agreement/ collaboration with LaDaFo’s volunteer team.