BEAT ICO Review: Safekeeping And Sharing Personal Health And Sports Data On The Blockchain

1 month ago kakp2 Comments Off on BEAT ICO Review: Safekeeping And Sharing Personal Health And Sports Data On The Blockchain

Health is your most important asset, not only from a personal perspective, but from a professional one as well. You need your health to stay active both at home and in whatever work environment you live your professional life in.

A human body continuously produces vital data about our health and fitness status as we go about our daily lives, and this data holds a value which is seldom tapped into.

BEAT is brand new ICO that introduces a blockchain platform to secure and share this valuable information with third parties for the benefit of the person, in terms of sponsorship, gym discounts, health insurance discounts, etc.

BEAT: your health and fitness data on the blockchain

Many people go to the gym, or take part in sporting events, yet these activities remain largely as anonymous personal achievements for most.

BEAT provides a blockchain-based platform through which users can share and monetize this data, potentially gaining access to a number of financial advantages or rewards. Sharing your fitness status with third-party entities may lead, according to BEAT, to sports and talent sponsoring or discounts from health insurers, for instance.

In its own words: “the BEAT Blockchain builds a bridge of trust between Data Providers and Data Consumers as well as between trusted third parties (TTP). It enables the user to control his personal data and share it with sports sponsors, talent scouts, doctors, insurance companies and many more to unlock the vast potential hidden in his health and fitness data.”

The BEAT platform will host three types of users:

  • Data Providers
  • Data Consumers
  • Trusted Third Parties

Consult the BEAT white paper for more information on these roles.

The BEAT ecosystem

This graphic illustrates the BEAT concept.

BEAT in figures & quick facts

  • Token name – BEAT token (BEAT)
  • Total numbers of tokens issued – 5,000,000
  • Token worth – 1 BEAT = 1 Euro cent
  • Initial token sale start date – January 23rd 2018
  • Initial token sale end date – May 15th 2018

Bonus Scheme

BEAT offers a Bonus Scheme for early token purchasers.

Tokens purchased between:

  • January 23rd, 2018 to February 20th, 2018 – 100% bonus
  • February 20th, 2018 to March 13th, 2018 – 75% bonus of BEAT Tokens

The BEAT token

The company will issue its own currency, the BEAT token, which will be based on Ethereum’s ERC-20 standard.

According to BEAT, “the BEAT Token is the equivalent of a ticket which gives the owner access to a certain amount of services on the BEAT Blockchain.”

Once created, the BEAT token will be distributed as follows:

  • ICO – 70%
  • Bounty, bonus, referral program – 9.7%
  • Founders – 4.3%
  • Business development – 16%

Social media presence and digital footprint

Social media numbers for Beat (mid-March 2018).

  • Twitter – 3,100 followers
  • Facebook – 66k followers
  • Telegram – 25.5k followers

BEAT enjoys a remarkable presence on social media, so it should be able to get a good momentum going. This will surely aid in spreading the word about this ICO’s concept.

Competition

While the concept of sharing and monetizing health data through the blockchain isn’t new, there aren’t many other ICOs with the same goal out there. SRCOIN and Lympo perhaps offer similar propositions.

Additional details

See BEAT’s review on ICOBench.

White paper

Consult BEAT’s white paper for more information about the platform, additional features and services, etc.

Conclusion

BEAT’s platform, while not unique in its conceptual development, is one of the few ICOs dedicated to the monetization of health and fitness data.

This very concept has challenges as many people would consider health and fitness data to be confidential, so sharing this information with third parties might lead to unwanted attention.

The white paper  says “only the user will have truly comprehensive access to his data“, and “the Data Consumer only gets access to the data as agreed in the contract and for the sole purpose defined in the (smart) contract.” Still, the issue of data breach and misuse is a factor.

BEAT’s offer is somewhat of a niche for fitness and health fanatics and those with exceptional sporting capabilities and ambitions.

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