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FAQ

Why does HIT need a blockchain?

  • HIT is a decentralized system with the goal to be an autonomous application in the future
  • no central database
  • transparency of transactions and traceability of data usage
  • execution of smart contracts and token transfer

Why do you need your own currency and do not use ETH or XEM instead?

  • Like every country has its own currency in order to be independent, the HIT ecosystem has to be independent from the volatility of other cryptocurrencies. Traditionally, healthcare is constantly growing market and is immune to crisis, therefore, we also expect the HIT token to be more stable than other CC.
  • Another reason for HIT to have its own token is the utility that can be incorporated into the token.
  • Last but not least, the HIT token sale finances the platform.

What is the disruption?

  • We tokenize health information and thereby create the healthcare currency of the future
  • Direct and consentual access to health information by information seekers
  • Missing Link: Motivate individuals to digitize their health data

What does HIT add to the existing system

  • Traceability: The individual as the data creator is the one to decide if, when and by whom the health data is being analysed
  • Fair valuation of health data and reimbursement of its usage
  • Easy access to a pool of individuals who can provide data such as patient-reported outcome

Why is HIT different from other blockchain health projects?

  • HIT does not monopolize data!
  • open and autonomous platform for other’s to execute existing and/or new business cases around the transfer of health-related data.
  • HIT focuses on the opportunity to motivate individuals to provide real time and real world data. A persons health history can also be of interest to information seekers. However, HIT is open to everybody: health individuals AND patients.

How do we prevent others from copying the data and reusing it ?

  • Through the smart contract it is clearly defined what the data can be used for. Violation of the agreement by the information seeker will be penalized.
  • HIT is working with external providers to offer a temporary storage where analysis can be performed and the seeker only gets the result (zero-knowledge proof) and the access to the data can be revoked.

Data integrity off chain

  • Data processing oracle and the information seeker define the data standard and the quality in which they want the data to be submitted

Why a foundation instead of a company?

  • A Foundation is more trustworthy when dealing with patient data.
  • The HIT Foundation does not monopolize and commercialize the data of the users.
  • HIT platform is about governance and not about platform capitalism.
  • Protect people‘s rights.

Network Value grows with User Base

  • A growing network leads to increased network value based on the size of its user base, number of quality partners and how often the token changes hands. The network value is closely related to the token value.

What is the business model?

  • There is a 1% transaction fee demanded from the information seekers that will be distributed to all network participants depending on their wallet size, i.e. number of HIT tokens in the wallet, and the number of transactions per wallet.

Why do you need a token?

  • Give individuals an incentive to digitize health data
  • align incentives of network participants, because platforms are not successful without wide-scale collaboration and coordination

Why do you use a distributed file system?

  • HIT does not want to control the users/patients data
  • If you have a central database it is single point of failure

Why do you need an ICO?

  • in order to distribute the token widely

Why NEM?

  • Good scalability
  • Secure and established blockchain
  • Energy conserving consensus mechanism Proof-of-importance
  • Mobile Multi-sig wallet with extended functionalities
  • Interaction with Blockchain through API -> Speed of software solution delivery increases dramatically
  • Smart-contracts can be adapted because logic remains off-chain
  • Public blockchain can be connected / interact with private blockchain
  • Human Friendly Addresses (Namespaces)
  • In the HIT Namespace additional tokens (mosaics) can be created
  • Low transaction costs when writing on blockchain
  • Direct support of HIT by the NEM Foundation
FAQ