Q&A Series, Question 2:

What is the main aim and value proposition(s) of BurstIQ?  Who is the primary target market?

BurstIQ believes that people should be able to access and use their own data, control how their data is used, and have confidence that their data is safe. We also believe that data is critical to the future of healthcare, and that health systems, digital health companies, biotechnology and pharmaceutical companies, and researchers will all need data to create more effective treatments and health solutions. The trick is enabling both: ensuring people’s privacy and control while enabling organizations to access the data they need.

So BurstIQ created a platform that serves the needs of both of these groups: consumers and health-related organizations.

With regard to consumers, we know that there are lots of players out there who are using and making money from our health data, both for good reasons and bad reasons. Health systems and insurers use data to provide people with better care, and hackers use it for identity theft and to extract ransoms from health systems. BurstIQ wants to put people in control of their own data – letting each person decide if they want to keep their data completely private or share it, and if the latter, how, when, and with whom.

The BurstIQ platform does that. At a basic level, the platform lets people see all their own health data in one place and easily transfer that data to providers, family caregivers, etc. But the platform goes way beyond data transfers. The BurstIQ ecosystem enables marketplaces, collaborations, and lots of products and services that consumers can access. This could include discounted insurance, coaching or nutrition apps, online support groups, telehealth, opportunities to participate in research or clinical trials, pharmacy or medication discounts, etc. The possibilities are really endless.

In order for this ecosystem of products and services to exist, the platform needs companies and institutions to participate. And because the platform gives companies access to the health data they need to support their business, they have good reason to do so. Not only can they use health data from the platform to create more effective products, services and treatments, but they can partner with other organizations on the platform to build additional value, bundle complementary products, strengthen research programs, etc. That’s what we mean when we talk about an ecosystem. The platform provides a foundation for partnerships, collaborations, communities, and marketplaces. Data is flowing through all of these interactions – it is essentially the currency driving all of these relationships. And BurstIQ tokens (BiQs) are the digital currency that represent that data currency.