Additional files
More articles from Volume 5, Issue 1, 2022
From Sharing to Selling
Ensuring Trust in Pharmaceutical Supply Chains by Data Protection by Design Approach to Blockchains
Health Datasets as Assets: Blockchain-Based Valuation and Transaction Methods
Improving End-to-End Traceability and Pharma Supply Chain Resilience with Blockchain
Blockchain in Healthcare Today 2022 Predictions
Article views
Health Datasets as Assets: Blockchain-Based Valuation and Transaction Methods
,
Wendy M. Charles
Brooke M. Delgado
Abstract
There is increasing recognition that health-oriented datasets could be regarded as intangible assets: distinct assets with future economic benefits but without physical properties. While health-oriented datasets—particularly health records—are ascribed monetary value on the black market, there are few established methods for assessing value for legitimate research and business purposes. The emergence of blockchain has created new commerce opportunities for transferring assets without intermediaries. Therefore, blockchain is proposed as a medium by which research datasets could be transacted to provide future value. Blockchain methodologies also offer security, auditability, and transparency to authorized individuals for verifying transactions. The authors will share data valuation methodologies consistent with accounting principles and include discussions of black market valuation of health data. Further, this article describes blockchain-based methods of managing real-time payment/micropayment strategies.
Keywords
References
1.
Demuro P, Petersen C, Turner P. Health “big data” value, benefit, and control: The patient ehealth equity gap. Stud Health Technol Inform. 2020;1123–7.
2.
Tang C, Plasek JM, Bates DW. Rethinking Data Sharing at the Dawn of a Health Data Economy: A Viewpoint. Journal of Medical Internet Research. 2018;20(11):e11519.
3.
Food and Drug Administration. Framework for FDA’s real-world evidence program. 2018;
4.
Role of RWE in regulatory decision-making. Silver Spring, MD; 2021.
5.
Food and Drug Administration. Real-world evidence. Silver Spring, MD; 2021.
6.
Przepiorka D, Ko CW, Deisseroth A, Yancey CL, Candau-Chacon R, Chiu HJ, et al. FDA Approval: Blinatumomab. Clinical Cancer Research. 2015;21(18):4035–9.
7.
FDA approves new use of transplant drug based on real-world evidence. 2021;
8.
Wang X, Feng Q, Chai J. The Research of Consortium Blockchain Dynamic Consensus Based on Data Transaction Evaluation. 2018 11th International Symposium on Computational Intelligence and Design (ISCID). IEEE; 2018. p. 214–7.
9.
Agarwal A, Dahleh M, Sarkar T. A Marketplace for Data. Proceedings of the 2019 ACM Conference on Economics and Computation. ACM; 2019. p. 701–26.
10.
Moro Visconti R. Blockchain Valuation: Internet of Value and Smart Transactions. The Valuation of Digital Intangibles. Springer International Publishing; 2020. p. 401–22.
11.
Marketing: Health information privacy. 2009;
12.
Dna Token, Beach. FL: EncrypGen. 2021;
13.
Elvidge S. Roche buys cancer data company Flatiron Health for $1. 2021;(9).
14.
Cutler J. How can patients make money off their medical data? Arlington, VA: Bloomberg Law. 2019;
15.
Fisher M, Google-Ascension. Why Is HIPAA probably not being violated? Atlanta, GA: Health IT Consultant. 2019;
16.
Google confirms it has legitimate access to millions of Ascension patients’ health records. 2019;
17.
Ross C. Backed by hospitals, Truveta wades into the business of selling health data. 2021;
18.
Wang D, Liu W, Liang Y, Wei S. Decision optimization in service supply chain: the impact of demand and supply-driven data value and altruistic behavior. Annals of Operations Research. 2021;324(1–2):971–92.
19.
Li H, Li H, Wen Z, Mo J, Wu J. Distributed heterogeneous storage based on data value. 2017 IEEE 2nd Information Technology, Networking, Electronic and Automation Control Conference (ITNEC). IEEE; 2017. p. 264–71.
20.
Nolin JM. Data as oil, infrastructure or asset? Three metaphors of data as economic value. Journal of Information, Communication and Ethics in Society. 2019;18(1):28–43.
21.
2008;(2).
22.
2008;(6).
23.
Banterle F. Data Ownership in the Data Economy: A European Dilemma. SSRN Electronic Journal. 2018;
24.
Suarez S, Le Roux C, Saxunová D, Li Y. Intangible assets as invisible value in the global business environment. 2020;140–50.
25.
Bendechache M, Limaye N, Brennan R. Towards an Automatic Data Value Analysis Method for Relational Databases. Proceedings of the 22nd International Conference on Enterprise Information Systems. SCITEPRESS - Science and Technology Publications; 2020. p. 833–40.
26.
Vezyridis P, Timmons S. E-Infrastructures and the divergent assetization of public health data: Expectations, uncertainties, and asymmetries. Social Studies of Science. 2021;51(4):606–27.
27.
Valavi E, Hestness J, Ardalani N, Iansiti M. Time and the value of data. 2020;
28.
Nasonov D, Visheratin AA, Boukhanovsky A. Blockchain-Based Transaction Integrity in Distributed Big Data Marketplace. Lecture Notes in Computer Science. Springer International Publishing; 2018. p. 569–77.
29.
Schwartz R, Platten D, Nadell D. How much is your data worth? Duff & Phelps. 2020;
30.
Firica O, Manaicu A. How to appraise the data assets of a company. Qual Access Success. 2018;(S3):41–9.
31.
Hitchner J. Financial valuation workbook: Step-by-step exercises and tests to help you master financial valuation. 2017;
32.
Mamoshina P, Ojomoko L, Yanovich Y, Ostrovski A, Botezatu A, Prikhodko P, et al. Converging blockchain and next-generation artificial intelligence technologies to decentralize and accelerate biomedical research and healthcare. Oncotarget. 2017;9(5):5665–90.
33.
Lawrenz S, Sharma P, Rausch A. Blockchain Technology as an Approach for Data Marketplaces. Proceedings of the 2019 International Conference on Blockchain Technology. ACM; 2019. p. 55–9.
34.
Yao L, Jia Y, Zhang H, Long K, Pan M, Yu S. A Decentralized Private Data Transaction Pricing and Quality Control Method. ICC 2019 - 2019 IEEE International Conference on Communications (ICC). IEEE; 2019. p. 1–5.
35.
Zozus M, Bonner J;, Lau F, Bartle-Clar J, Bliss G, Borycki E, et al. Towards data value-level metadata for clinical studies. 2017;418–23.
36.
Stack B. Here’s how much your personal information is selling for on the dark web. 2017;
37.
Robinson SC. What’s your anonymity worth? Establishing a marketplace for the valuation and control of individuals’ anonymity and personal data. Digital Policy, Regulation and Governance. 2017;19(5):353–66.
38.
Chernyshev M, Zeadally S, Baig Z. Healthcare Data Breaches: Implications for Digital Forensic Readiness. Journal of Medical Systems. 2018;43(1).
39.
Seh AH, Zarour M, Alenezi M, Sarkar AK, Agrawal A, Kumar R, et al. Healthcare Data Breaches: Insights and Implications. Healthcare. 2020;8(2):133.
40.
2019;
41.
Birch K, Chiappetta M, Artyushina A. The problem of innovation in technoscientific capitalism: data rentiership and the policy implications of turning personal digital data into a private asset. Policy Studies. 2020;41(5):468–87.
42.
Goasduff L. Gartner top 10 trends in data and analytics for. 2020;
43.
34th Bled eConference Digital Support from Crisis to Progressive Change: Conference Proceedings. University of Maribor Press; 2021.
44.
Stahl F, Schomm F, Vossen G, Vomfell L. A classification framework for data marketplaces. Vietnam Journal of Computer Science. 2016;3(3):137–43.
45.
Hayashi T, Ohsawa Y. TEEDA: An Interactive Platform for Matching Data Providers and Users in the Data Marketplace. Information. 2020;11(4):218.
46.
Gray K, Consortia. buying groups and trends in demand aggregation. 2003;
47.
Fruhwirth M, Rachinger M, Prlja E. Discovering Business Models of Data Marketplaces. Proceedings of the Annual Hawaii International Conference on System Sciences. Hawaii International Conference on System Sciences; 2020.
48.
Dai W, Dai C, Choo KKR, Cui C, Zou D, Jin H. SDTE: A Secure Blockchain-Based Data Trading Ecosystem. IEEE Transactions on Information Forensics and Security. 2020;15:725–37.
49.
Spiekermann M. Data Marketplaces: Trends and Monetisation of Data Goods. Intereconomics. 2019;54(4):208–16.
50.
Charles W, Delgado B.
51.
Ahmed E, Shabani M. DNA Data Marketplace: An Analysis of the Ethical Concerns Regarding the Participation of the Individuals. Frontiers in Genetics. 2019;10.
52.
Laoutaris N. Why Online Services Should Pay You for Your Data? The Arguments for a Human-Centric Data Economy. IEEE Internet Computing. 2019;23(5):29–35.
53.
Zhu L, Dong H, Shen M, Gai K. An Incentive Mechanism Using Shapley Value for Blockchain-Based Medical Data Sharing. 2019 IEEE 5th Intl Conference on Big Data Security on Cloud (BigDataSecurity), IEEE Intl Conference on High Performance and Smart Computing, (HPSC) and IEEE Intl Conference on Intelligent Data and Security (IDS). IEEE; 2019. p. 113–8.
54.
Wang Z, Zheng Z (Eric), Jiang W, Tang S. Blockchain‐Enabled Data Sharing in Supply Chains: Model, Operationalization, and Tutorial. Production and Operations Management. 2021;30(7):1965–85.
55.
Grabis J, Stankovski V, Zarins R. Blockchain Enabled Distributed Storage and Sharing of Personal Data Assets. 2020 IEEE 36th International Conference on Data Engineering Workshops (ICDEW). IEEE; 2020.
56.
Lee CK. Blockchain Application with Health Token in Medical & Health Industrials. Proceedings of the 2nd International Conference on Social Science, Public Health and Education (SSPHE 2018). Atlantis Press; 2019.
57.
Täuscher K, Laudien SM. Understanding platform business models: A mixed methods study of marketplaces. European Management Journal. 2018;36(3):319–29.
58.
Brennan B. BurstIQ -Blockchain platform for securing, analyzing and monetizing all of your PHI. 2017;
59.
Technology B, Denver. 2020;
60.
Foundry B, Denver. 2021;
61.
Raths D. Invitae to purchase patient-centric medical records company Ciitizen. 2021;
62.
Campbell J. Why one startup turned away from medical record portability. 2018;49794.
63.
Ciitizen -Faq. 2020;
64.
Draskovic D, Saleh G, Datapace. Decentralized data marketplace based on blockchain. Datapace. 2017;
65.
Haenni R. Datum network: The decentralized data marketplace. 2017;
66.
Data exchange platform. 2021;
67.
Fernandez RC, Subramaniam P, Franklin MJ. Data market platforms. Proceedings of the VLDB Endowment. 2020;13(12):1933–47.
68.
Embleema -Home. 2019;
69.
2020;
70.
2020;
71.
Vahdati M, Gholizadeh HamlAbadi K, Saghiri AM. IoT-Based Healthcare Monitoring Using Blockchain. Studies in Big Data. Springer Singapore; 2020. p. 141–70.
72.
Enigma -Securing the decentralized web. 2020;
73.
Hu-manity -Frequently asked questions. 2021;
74.
Harris R. If your medical information becomes a moneymaker, could you get a cut? 2018;
75.
Lunapbc, Luna. 2021;
76.
Healthcare blockchain operating system. 2021;
77.
Stein Smith S. Data As An Asset. Future of Business and Finance. Springer International Publishing; 2019. p. 213–39.
78.
Ante L. The non-fungible token (NFT) market and its relationship with Bitcoin and Ethereum. SSRN Electronic Journal. 2021;
79.
Sandner P, Tóth D, Siadat A, Weber N. Data tokenization: Morphing the most valuable good of our time into a democratized asset. 2021;
80.
Hapiffah S, Sinaga A. Analysis of Blokchain Technology Recommendations to be Applied to Medical Record Data Storage Applications in Indonesia. International Journal of Information Engineering and Electronic Business. 2020;12(6):13–27.
81.
Klugman C. Hospitals selling patient records to data brokers: A violation of patient trust and autonomy. 2018;
82.
83.
Tlacuilo Fuentes I. Legal Recognition of the Digital Trade in Personal Data. Mexican Law Review. 2019;12(2):87.
84.
Biocuration: Distilling data into knowledge. PLOS Biology. 2018;16(4):e2002846.
85.
Be part of something bigger. 2021;
86.
Lunapbc. Can I lose shares in LunaDNA? LunaDNA Help Center. 2018;
87.
Zhao H, Bai X, Zheng S, Wang L. RZcoin: Ethereum-Based Decentralized Payment with Optional Privacy Service. Entropy. 2020;22(7):712.
88.
Internal R, Service. Instructions for Form 1099-MISC. 2019;
89.
Charles W, Marler N, Long L, Manion S. Blockchain Compliance by Design: Regulatory Considerations for Blockchain in Clinical Research. Frontiers in Blockchain. 2019;2.
90.
Tomaz AEB, Nascimento JCD, Hafid AS, De Souza JN. Preserving Privacy in Mobile Health Systems Using Non-Interactive Zero-Knowledge Proof and Blockchain. IEEE Access. 2020;8:204441–58.
91.
Zhou L, Wang L, Ai T, Sun Y. BeeKeeper 2.0: Confidential Blockchain-Enabled IoT System with Fully Homomorphic Computation. Sensors. 2018;18(11):3785.
92.
Rahman MA, Hossain MS, Islam MS, Alrajeh NA, Muhammad G. Secure and Provenance Enhanced Internet of Health Things Framework: A Blockchain Managed Federated Learning Approach. IEEE Access. 2020;8:205071–87.
93.
Mandl KD, Perakslis ED. HIPAA and the Leak of “Deidentified” EHR Data. New England Journal of Medicine. 2021;
94.
Wang T, Wu X, He T. Trustable and automated machine learning running with blockchain and its applications. 2019;
95.
Yaga D, Mell P, Roby N, Scarfone K. Blockchain technology overview. National Institute of Standards and Technology; 2018.
96.
Hripcsak G, Knirsch C, Zhou L, Wilcox A, Melton G. Bias Associated with Mining Electronic Health Records. Journal of Biomedical Discovery and Collaboration. 2011;6:48–52.
97.
Wu HT, Tsai CW. Toward Blockchains for Health-Care Systems: Applying the Bilinear Pairing Technology to Ensure Privacy Protection and Accuracy in Data Sharing. IEEE Consumer Electronics Magazine. 2018;7(4):65–71.
98.
Lapointe C, Fishbane L. The blockchain ethical design framework. 2019;
Citation
Copyright
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Article metrics
Google scholar:
See link
The statements, opinions and data contained in the journal are solely those of the individual authors and contributors and not of the publisher and the editor(s). We stay neutral with regard to jurisdictional claims in published maps and institutional affiliations.
