Bryan Menell, a serial technology entrepreneur, announced Tuesday the launch of Verimos, a data bank with information on health and wellness powered by Blockchain technology.

Menell, who unveiled his latest company at a press conference at Capital Factory, said the company is partnering with all kinds of businesses in the wellness industry including health food suppliers and fitness studios.

“People are wearing devices, monitoring health measurements, and downloading apps on their phones to track workouts, jogging, calories, water consumption, and almost every aspect of their wellness,” Menell said in a news statement. “Verimos is creating a protocol that makes it easy to store this data in a new type of database called a blockchain.”

“People distrust big technology companies that continue to accumulate personal data for the purpose of selling us more products. Verimos will allow individuals to store their information in such a way that details are private to them, but available as aggregate data to researchers tracking trends in public health and wellness.”

Blockchain technology is the same technology that is used in Bitcoin. It distributes the data to hundreds of computers worldwide and no single entity has control over it.

Customers can then access their health data and use it to get discounts with health insurance companies.

Other uses include pharmaceutical companies looking for clinical trial candidates with certain health traits. Healthcare professionals can also design precision therapies and medicines targeted at the individual. It can also be used by companies for workforce risk assessment.

The Verimos team includes Menell, CEO, Jason Stoddard and Michael May.