SEOUL, South Korea--(BUSINESS WIRE)--DEVITA Global (“DEVITA”) together with the Bodi Insurance Group (“Bodi Insurance”) have agreed on a cooperation partnership for the joint development of a decentralized health data sharing economy by employing blockchain technology to create a network of trust on which platform participants, characterized as either “Data Owner” or “Data User”, can securely store and exchange personal health data.
This agreement comes at a time when the global health insurance sector faces a major data management crisis, which has only accentuated higher demand for high-quality, auditable, and reliable health data. After all, data is the lifeline of healthcare today, with reliable and censorship-resistant exchanges crucial to quality and efficiency.
DEVITA’s decentralized health data sharing economy enables Data Owners to profit from providing their personal health information to the Decentralized Health Database or through the sale of their data on the DEVITA Marketplace to Data Users who require the acquisition of untampered health data collected through reliable means. Data is directly sourced from the patients and securely recorded to an immutable and interconnected decentralized ledger, made available on a permission basis to Data Users for research, market analysis, or in the case of insurance companies, specifically, Bodi Insurance, to gain accurate and reliable insight about individuals’ health information in the evaluation of health risks.
Commenting on the partnership with DEVITA, B. Zolbayar (CEO of Bodi Insurance) remarks: ‘We are delighted as this (DEVITA) presents a way to reliably, securely, and efficiently source high-quality personal health data directly from the data owners in our evaluation of health risks to yield cost-effective insurance products for our consumers.”
Bodi Insurance, established in 1995, has consistently delivered cost-efficient insurance services in Mongolia, nationwide, through its 26 branches located in 330 soums of 21 provinces. Bodi Insurance is Mongolia’s official representative of the French multinational insurance firm, AXA, and consists of over 200 employees and 800 representatives from the Bank Insurance Network to provide both local and international health insurance. Annual sales of Bodi + AXA Insurance products yield 3 Billion MNT or $1 Million USD and much of this success has been attributed to readily available and reliable national census data for the creation of tailored insurance products, localized to fit the needs of the Mongolian people.
Since 2020, Bodi Insurance has fervently advocated the full-on digitization of the Mongolian health insurance sector in order to remain globally competitive. The latest implementation of blockchain technology through DEVITA’s proprietary decentralized data management system for the acquisition of high quality, auditable, and reliable health data demonstrates the company’s commitment to applying the latest digital technologies to solve systemic inefficiencies prevalent in legacy healthcare and delivering high quality insurance products to its customers.
Joseph Lee, Co-founder of DEVITA, states, “DEVITA facilitates the secure peer-to-peer exchange of personal health data in real-time and at a fraction of the cost compared to health information exchanges and electronic health record service providers. Championing healthcare inclusion and upholding global data management and privacy standards, including GDPR and HIPPA, DEVITA proffers a suite of digital healthcare services to ensure reliable health data is readily available to all those who continuously strive to enhance our lives.”
The first step to solving the problem of health data management is determining the reliability of the data source. DEVITA’s proprietary decentralized identification solution, ONE-ID, verifies healthcare data sources and destinations, allowing the secure and reliable data exchange between trusted parties, including patients, physicians, health providers, pharmaceutical, insurance, and other healthcare enterprises. The partnership between DEVITA and Bodi Insurance marks a significant milestone as the first use case of DEVITA’s blockchain solution to the healthcare industry.
DEVITA’s core features include a telehealth service for wider-reaching access to healthcare services, coupled with a health data marketplace and a decentralized health database with a proprietary decentralized identifier of verifiable credentials, ONE-ID. The native platform token, LIFE, fuels user engagement across all features.
For more information about DEVITA, please visit https://www.devita.global or https://bodi-insurance.com for Bodi Insurance. Please also join your local DEVITA telegram community through the links provided here for our latest developments: Mongolia, Korea, English.
