DeFi and De-Psi (Decentralized Psychiatry)

The innovations in Decentralized Finance (DeFi) are a result of Distributed Ledger Technology (DLT) breakthroughs. Whereas DeFi is built upon DLT, the foundation of Traditional Finance (TradFi) and every other sector is rooted in Centralized Ledgers. Healthcare is no exception. E.g. this is why it is senselessly infuriating and cumbersome to transfer medical records from one healthcare system to another, unless they are connected via the same Electronic Medical Record database.

Healthcare stands to undergo disruptive innovations (for the benefit of everyone) in similar ways to which the current legacy financial system is presently awakening to.

DeFi transformed information into money. Thanks to smart contracts on the Ethereum blockchain, data can also be converted into DeFi tokens that are tradeable in the DeFi free market.

On the blockchain, data behaves like money.

Decentralized Psychiatry (De-Psi) will enable each participant in the network to generate valuable data which will be monetized in de-identified ways. This conversion has been enabled by initiatives like the Ocean Protocol.

The value created will be distributed in accordance with positive-sum tokenomics which have already contributed to the success of various Decentralized Autonomous Organizations (DAOs) on the Ethereum blockchain and beyond.

Here is a comparison between De-Psi and Trad-Psi (data = biometric data):

Decentralized Psychiatry	Traditional Psychiatry
You own and hold your data	Your data is owned and held by third parties
You and your trusted providers create data together	Data is collected from you
You control how your data is used	Healthcare systems and third parties like insurance companies decide how your data is used
Data can be shared and transferred within seconds to minutes	Data shares and transfers can take days to weeks
Data markets are open 24/7	There are no data markets; instead your valuable data is isolated and siloed inside centralized ledgers
The new system is built on transparency - you can verify how your data is being used on-chain	Legacy systems are opaque and plagued with information asymmetry; you cannot verify

Wouldn't it be great if you could make money for sleeping? Keep on reading to learn more about Data Collection and Data Markets to see how this can become a reality.