peaq
peaq, a layer-1 blockchain, has announced the expansion of its ecosystem with the addition of Synapx, as the companies look to decentralise physiological data collection. Synapx is building a software decentralised physical infrastructure network (DePIN) utilising health-focused wearables such as fitness trackers, activity rings, and smart watches.
Its dApp will work as a decentralised marketplace for anonymised data collected by such devices, which it says is a valuable repository for health researchers, healthtech companies, decision-makers, and other entities in the field.
peaq says that with increasing use of wearables, along with the rise of AI, wearable devices could prove crucial for 'revolutionising' healthcare with new life-saving technologies. However, various issues, from segmented and siloed repositories to a lack of access and interpretability stand in the way of wider wearable data adoption in modern healthcare.
Synapx is building a software DePIN that it says will unlock data from millions of connected health wearables to researchers, healthcare providers, healthtech platforms, and other key platforms. It is building a marketplace of physiological data, protected by cryptography and orchestrated in an open and transparent way says the company. The people opting to provide data for this marketplace will receive rewards for doing so and will be able to set access rules for their data, choosing who can access it.
“Easy access to physiological data will revolutionise the way research is done for various institutions,” says Tim Lee, Co-founder at Synapx. “With Web3, we will give people ownership over this data, enabling them to share it with researchers, charities, and healthcare professionals. With its Modular DePIN Functions, high scalability, and a robust data handling toolset, peaq is the perfect home for Synapx.”
“In the age of AI, physiological data from wearable devices is a true treasure trove for the healthcare industry,” says Leonard Dorlöchter, peaq’s co-founder. “Synapx uses the DePIN model to unlock this trove for the medtech space while empowering people to own their wellness data — a true win-win for everyone.”
