Curiously, a fair amount of genetic research is done this way: the genetic info is PHI, but the covered entity holds the data and the computer capacity. The researcher just pushes an algorithm to the cluster and gets aggregate results back.
That's the idea, but in practice GA4GH is still working on the API's and protocols to make this work in an automated and containerised fashion for modern genetic data. We do often send the algorithm to the data but mostly by way of granting an account to collaborators and them sshing into a remote cluster because copying 120 terabyte datasets is no fun.