Blockchain News

Nokia fears on missing out (FOMO) on blockchain exlained

Nokia must be fearing on missing out FOMO after learning a very big lesson from giving away their position in the mobile industry to Apple and Samsung by being at the forefront of blockchain technology only this time around in the health industry.

How can the Blockchain technology be used in the health industry and how does Nokia plan on tapping this?

Health history is among one of the most sensitive information people like to keep private and this has caused a lot of obstruction in the health Industry as the likes of Dropbox, Facebook and Google can hardly guarantee privacy with health records. This is where the blockchain technology comes in as information can be made very private and only shared when the owner decides to do so.

Nokia has decided to collaborate with OP financial group, a Finish based financial service group in order to use blockchain to leverage the trust issue in managing health issue and provide more control of personal health data to the owner. A pilot project is currently being carried out where data provided by participants is being encrypted and can only be assessed by them. The Owner of the data will use Nokia steel HR to share their data and provide proof of authenticity.

After the owners share their data, they are being rewarded for that and it’s being shared via an app and recorded in the blockchain. OP then automatically rewards the participants with points based on their fitness goals.

It is expected that with this project, there would be a broader acceptance of smart health insurance programs that support a healthy lifestyle as Nokia believes the best way to provide valuable advice on health issues is by building trust with the participant and aims to create a global digital platform that benefits both parties.

Is Nokia experiencing Fear of missing out (FOMO)? Do you think this yet another step towards mass adoption of the blockchain technology? Please let us know what you think in the comment section below.

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