/C O R R E C T I O N -- Timicoin/TimiHealth/
In the news release, TimiDNA Opts You Out Until You Choose to Opt-In, Because It Is Your Genetic Data, issued 11-Sep-2018 by Timicoin/TimiHealth over PR Newswire, we are advised by the company that the fourth paragraph has been rewritten with a hyperlink removed. The complete, corrected release follows:
TimiDNA Opts You Out Until You Choose to Opt-In, Because It Is Your Genetic Data
AUSTIN, Texas, Sept. 11, 2018 /PRNewswire/ -- Timicoin/TimiHealth (www.timicoin.io), a healthcare Blockchain-as-a-Service company announces the expansion of TimiDNA platform as a full service genetics company, which has APIs being optimized to facilitate porting of genetic data.
In the coming weeks, consumers will also be able to get their DNA tested directly with TimiDNA testing kits and TimiDNA will secure the results with blockchain technology while also tokenizing the data to empower the consumer with the option of selling their DNA data.
The retention of your genetic data through TimiDNA will first and foremost be to secure it in our blockchain ecosystem to provide consumers with full ownership and control.
Unlike some genetic testing organizations which has a default Opt-In data sharing policy, TimiDNA will default to an "Opt-Out" policy for all data sharing. Consumers' health and genetic data will be guaranteed to be secure and private unless they as individuals make the decision to share it with those that they choose.
"What's so exciting about placing DNA data on the blockchain is that it changes the paradigm of data ownership and that's the core of what drives us. We see the future as empowering consumers with the ownership of their digital DNA," said Will Lowe, Founder of Timicoin/TimiHealth.
"The power to make decisions regarding how that data is dispensed is up to the individual through our default opt-out model. Ultimately, we bring the buyers of DNA data to each consumer who then decides on whether or not to sell the data. TimiDNA will give the consumer 70% of every transaction that takes place on the platform. That's the right thing to do," he added.
The TimiDNA is a transparent model that is about data ownership, privacy, and tokenization. Consumers are the ones in control with the TimiDNA platform.
"We tell you to your face what we are about, there is no bait and switch. We believe honesty in our business model and our values is core to honoring your health data and gaining the consumers' trust," said Joyce Lignell, chairman of Timicoin/TimiHealth.
"There should be regulations against the sale of any health information without the clear understanding and consent from the consumer. So many believe they are sharing data to support non-profit research because of overly complicated terms of service and unethical default opt-in policies," she added.
Lignell continued, "Opting-out, which is what you have to do in order to be excluded from 3rd party usage of your data with most DNA testing companies is an overt action they require you to take. If you don't take that step, the data is included in 3rd party agreements. What we do different,TimiDNA assumes you have full control of your DNA data and will not make you a part of any data pool unless you Opt-In. Once you opt-in you can participate in purchase requests for your data and you will be paid."
Lignell went on to emphasize, "I believe our model become the standard in the future as consumers realize that technology has evolved past centralized systems where corporations hold all the control,to one like ours where we shift power and control to the consumer, where it should be. I see a time where the consumer drives the price of data and the business model changes as a result."
The Blockchain-as-a-Service Platform provides decentralized healthcare data which can be accessed instantly from anywhere in the world. Timicoin/TimiHealth (Timicoin.io) is a patent-pending solution to securing patient data, while providing unprecedented portability.
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