The Sustainability and Exploitation Scenario
As always, the challenge of sustainability is very important. There are many market opportunities both as a service to the health system, for example as an infrastructure for multi-centre clinical research projects, and for the conscious involvement of the public and as in the educational system, where several actors need data to verify, collect and use data from “student, professors, researcher, and other roles of the Educational Industry.
Data marketplaces are emerging in multiple industries, even beyond the two-target industry of KRAKEN project, driven by momentous economic and technological trends, among which stand increasing cost of drug development, the emergence of artificial intelligence, healthcare services and business strategies based on providing more personalized services and products in an increasingly automated fashion. These trends, all of which require vast amounts of heterogeneous, personal data, are evolving on the backdrop of new and evolving regulations, such as eIDAS 2.0, that together with evolution of GDPR will “disrupt” the data market together with the market of Qualified services) and heightened public awareness about privacy and data protection, and still unclear rules for what concerns data monetization.
In healthcare and education services for example, these issues take on distinct risks and importance. On the other hand, Artificial Intelligence is recognized as a crucial evolution in modern medicine, to provide higher quality of care, lower costs, and indeed more personalized treatments. The need to scale up data sharing mechanisms, while preserving privacy, is therefore particularly stringent. Similar pressure exists on data sharing systems in the more traditional biomedical sectors such as research on new personalized drugs and medical devices. In the same way, education data and student lifecycle datasets contain valuable insights to numerous stakeholders. This is especially true if regulations do not allow the combining of datasets from different sources, which is for example needed for statistical research.
KRAKEN Pilots: Healthcare and Education Industries
Health data are the most common, fastest growing, and most valuable type of information among enterprise data as they are key to fuel biomedical innovation, track pandemics, developing medical-AI systems or reducing healthcare costs. Accessing it is, at the same time, ethically and legally complex and therefore slow and expensive for both businesses and public institutions. The healthcare pilot will focus on several type of data coming from several sources and players creating an environment with tremendous potential value in a variety of sectors and applications. While the Healthcare pilot will see involvement of hospitals, Healthcare Apps developers, healthcare, and lifestyle IoT devices the KRAKEN Education Pilot will see the involvement of players such as Students, universities, and HR Companies.
Our Value Proposition in a nutshell
The platform is offered directly to users pursuing a “supply-first” strategy in the EU. The rationale is twofold: 1) data availability is the single, most crucial milestone to ease and accelerate the path to revenues, 2) each data asset will support multiple use cases, in multiple segments, with the number of paid accesses scaling geometrically with that of data sources. For instance, in the Healthcare Industry, Academic Hospitals have on average richer and better-quality data which they must use in research and innovation so to keep their academic status. They also have better data governance and IT systems but are under the same financial pressure as non-teaching hospitals.
Synthetizing the general value proposition, KRAKEN aims at:
- Monetizing access to highly valuable data assets
- Share Access to Data in a real-time, secure and low cost while guaranteeing GDPR Compliance and individual privacy
The previous example on healthcare gives a view on how the health use case is contemporary and will generate real-world usefulness. There is tremendous potential of re-using medical data that has been collected via different methods in a privacy preserving way. Current solutions are far from leveraging it to the possible extent. We can synthetize the specific value proposition for Healthcare Pilot as:
- Easily identify and access real-world data from individual citizens for Biomedical research
- Activating innovation and fostering the development of medical AI applications at scale
On the other hand, the education use case is contemporary and very important in many regions and countries. This is confirmed by the fact that the “diploma use case” is one of the most popular ones addressed by SSI communities in various jurisdictions throughout the world. We can say that the specific value proposition on Education Pilot as:
- Easily expose student profiles in a secure and privacy preserving way
- Integrity & Authenticity of educational data is ensured
Kraken Channels and Revenue Stream Model for exploitation and sustainability
The goal of the channels is to raise awareness about the KRAKEN platform and the value it provides to potential users and to help customers to evaluate these values. Furthermore, the channels provide means to support partners and customers and, those are tools to support any initiative with the integration of the platform and purchasing Data Products. Additionally, the KRAKEN consortium can continue to support its existing community of customers through these channels. We can think as KRAKEN Channels:
- Website, Marketplace Website & Kraken App
- Newsletter, email contact
- Activities on Social Media Platform (such as this blog)
The sustainability of the KRAKEN will come from several ways, direct and “indirect”. The details on Business Model are not disclosable yet but we can say that the “main” source will be comparable to other Digital Marketplace aiming to give reliable information with the max level of Trust, Security, and efficiency.
In addition to the main and more classic direct ways to sustain the KRAKEN Project may also look to exploit other revenue streams after the completion of the project, but not during the duration of the project like for example Consulting Services related to data Markets, Advertising Revenues Models or others.
On top of it, it’s important to remember that exploitation, especially for Companies / players involved in KRAKEN project, can means to create value through a future use of a component in another project as a “building block” of more complex solutions.