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The company aims to transform the healthcare sector by offering a secure platform that will let people better manage and share their health data.
BurstIQ, a blockchain-based health data company based in Colorado Springs, is preparing to launch an ICO next month.
According to the company’s CEO, Frank Ricotta, BurstIQ has created a platform to enable changes in the current healthcare industry. Data, he noted, is playing a major role in clinical, operational, and individual decision-making. Moreover, there is a growing interest in partnerships and products that leverage data.
“Within the next five years, data will become the currency that drives the healthcare industry, and BurstIQ will be the marketplace,” said Ricotta.
In 2013, BurstIQ says, the healthcare industry accounted for 153 exabytes of data, and this number is anticipated to increase to 2,314 exabytes by 2020.
BurstIQ delivers technology advisory services and information and cyber security services to commercial enterprises and government agencies allowing them to reduce security risks. The startup brings together big data capabilities, blockchain, machine intelligence, and advanced security protocols to develop a platform that allows managing large information sets while providing security standards and HIPAA compliance.
The system combines data from multiple sources to create LifeGraphs, which are individual genomic, socioeconomic, medical, demographic, proteomic, and social profiles. Combined with BiQs, they provide the foundation for BurstIQ’s HealthWallet, which can be used to sell, share, license, store, and donate data.
With the BurstIQ marketplace, users will be able to get insights into their disease risk, donate their data to different research projects, obtain personalized lifestyle coaching or health benefits, etc.
BurstIQ collects data from mobile devices and sensors and integrates it into a common analytics model stored in the cloud-based aggregation platform. The system makes sense of all health data, including hospital stays, doctor visits, and information from wearable devices such as Fitbit and Apple Watch. While being securely stored, data will be available in case of emergency so that doctors could access the person’s healthcare history.
The token sale is planned to begin on August 27. The startup will offer as many as 700 million BiQs at a price of $0.12 per each token. Early investors will get a bonus of BiQs depending on the week of the purchase: 20% bonus in the first week, 15% bonus in the second week, 10% bonus in the third week, and 5% bonus in the fourth week. All the tokens can then be exchanged for transaction credits which can be used to get healthcare products and services.
BurstIQ was founded in 2015 using $250,000 raised in seed funding from the Colorado Springs-based venture capital company PV Ventures.