Bowhead Uses Blockchain and Smart Contracts to Help Medical Sector, raises $1M+ USD ICO
Bowhead Health (Bowhead) is building gamification into a real-time, customizable medical testing and drug dispensary unit. Launching in early 2018, the organization raised $1M USD+ through an ICO, according to co-founder CEO Dr. Rhea Mehta.
“It’s a rare opportunity to work at the intersection of cryptography, biochemistry, hardware, and software,” said Dr. Mehta. “We hope to show what’s possible when the patient is at the centre of the healthcare ecosystem.”
Bowhead plans to combine blockchains, smart contracts, and a physical device to gather and disseminate medical information. Users will have access to, and control of, their medical data. They will also earn rewards via digital currency tokens for sharing their anonymized health data with medical researchers.
In turn, researchers can study illnesses, drug outcomes, and side effects with the information gathered from users.
Confidential and secure personalized medical data
Bowhead is developing a dispensing device, a test cartridge, nutritional supplements, and a mobile app to enable connectivity between the user and their confidential data. Users provide a blood prick or saliva sample using a test cartridge that the dispensing unit analyzes.
A licensed healthcare professional then recommends supplements or medicines based on biometric data analyzed by the Bowhead device.
Bowhead hopes that a gamified mobile app will not only gather data, but also empower people to be more accountable for their wellbeing. Patient records are encrypted, and the blockchain include the terms of the agreement within its code.
“While the Bowhead test cartridges are being developed and go through the FDA regulatory process, Bowhead will launch lab tests that users can order directly from the mobile app in early 2018,” explained Dr. Mehta.
“These tests will arrive at the user’s home within 3-5 business days and users will return the kits along with their blood or saliva samples, depending on the test. Users will then interact with a licensed healthcare professional on the mobile app to receive recommendations.”
More individualized information will lead to better care
The device helps both patients and healthcare professionals acquire new medical knowledge through connected blockchain technology. This product will be available to anyone and provide personalized and efficient health and data management.
Users will receive tokens for generating and sharing their personalized biometric data. Blockchain technology securely stores all patient data, removing privacy concerns.
Bowhead will initially offer the device in developed markets. They aim to add solar-powered kiosks in time, which could serve small communities in developing countries.
Dr. Mehta added, “Bowhead is working in partnership with a diagnostics manufacturing facility in California that has considerable experience in bringing FDA-approved products to market.”
They will initially offer the site’s users the opportunity for personalized wellness by being the first users of this unique device. In turn, this will allow Bowhead to reach the critical mass of users and collected health data to sustain the model of value exchange underwritten by the Anonymized Health Token (AHT).
Medical practitioners may use biometric data collected and stored by blockchain technology to provide more individualized treatments for the end user. The Bowhead Device will launch on Kickstarter in 2018 with the first shipment of devices arriving that summer.
Image credit: Bowhead Health
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