by Abhijeet Satani
Over the past few years, NFT or Non-fungible Tokens have become one of the most popular assets in recent years. This ownership of Unique Items are stored and managed using blockchain and cannot be edited, recreated, copied or switched, making it a very attractive investment option. These NFT-minted assets cannot have more than one official owner at a time. NFT is a concept that can be applied in all sectors and we have seen it entering fields like art, real estate etc. and now it is expanding to healthcare.
Research and clinical evaluation with patients
In this expanding world of NFTs, Digital Health services have started to use NFT strategies to help attract patients and participate in research by providing and profiting from their data with full autonomy. Many third parties take this data to research and develop new products, and they can reach patients directly through this digital marketplace.
Unlike the old method, this allows patients to disclose their data in a secure and informed manner. It also allows patients to take ownership of their health records and make them more visible with the help of blockchain technology and NFT certificates.
Supporting the fight against counterfeit pharmaceuticals
NFTs and Blockchains Using this verification process plays an important role in the fight against counterfeit drugs. Assigned during its existence with the help of a “Token ID” that remains with the NFT leaving a digital footprint. Each NFT’s metadata contains information that refers to valuable digital resources that are updated in real-time on the blockchain that defines the uniqueness of each NFT. An immutable ledger record is created by NFTs which also helps in reducing and eliminating inconsistencies and frauds. NFTs secure and speed up the tracking process for drugs, allowing errors to be detected quickly. Potential problems can be eliminated more quickly, such as identifying and removing black-market prescriptions from the system.
Optimizing the supply chain for blood banks
Many companies and organizations like blood banks are trying to use this technology and use NFTs to convince people to donate their blood. This provides the donor with a unique token that makes it easy to track and trace through the system. It will help them create a timeline from the moment the donation is made to the moment it reaches the intended recipient. The data is then stored in a digital blood bank through its NFT, to track and monitor demand for specific blood types and distribute them according to availability and need using blockchain.
BloodChain is a blockchain-based biological tracing company that uses NFTs to avoid barriers to storage and distribution of biological products such as blood. They created an “Open Social Blood Bank” that allows anyone to donate blood with the help of the BloodChain network. BloodChain seeks to meet supply and demand in real-time where individuals can register their blood types in a safe and secure environment. They also use AI-based applications on data captured on the blockchain to calculate and understand blood demand from hospitals and other blood banks to provide them with the resources they need in time.
Securing data from health-tracking apps
As technologies such as wearables, at-home fitness equipment and other health-tracking devices gain popularity and acceptance globally, multiple groups of people are questioning how health data can be used effectively while also managing it safely. This created an opportunity for entrepreneurs to adopt NFT to collect data in a decentralized manner, maximize access and allow patients to take back ownership of their health information as a new method that helped them overcome users’ issues and concerns regarding data privacy. Also to prevent their data from being misused or stolen in cyber attacks.
Engine, an NFT minting firm, recently partnered with Health Hero, a health tracking app Go! There is a digital health platform to build. The app allows users to create “well-being NFTs” that tokenize a person’s activity and wellness data it collects from popular health-tracking apps like Google fit, Fitbit, and Apple Health to make them more discoverable and secure.
A look ahead
Development of health and personal data by organizations with a focus on patient-centricity w
Working in healthcare creates a sudden need to manage data while also ensuring patient data security and autonomy are taken care of. The tracking and control of medical and pharmaceutical devices has also increased greatly as the globalization of healthcare is also increasing which is accelerating at a constant pace. These factors tend to create the best space for NFTs to solve challenges and ensure improved patient experiences in the healthcare sector.
There are some major obstacles to the rise and growth of NFTs in the coming future, especially in the healthcare sector. Security, privacy and disputes over intellectual property rights are related drawbacks that make NFTs vulnerable. There is also the issue of NFTs being a bit more complex which makes it difficult for laymen to capitalize on their full potential to use them.
Blockchain technology is also very expensive to work with and it takes a lot of effort for even the smallest transactions. The digital footprint has also been linked to higher greenhouse gas emissions, which contribute to climate change. However there are multiple options in the works for mining NFTs that can use only a fraction of the computational power used in transactions right now.
NFTs are at a stage where they are still emerging in development and have a great future with developments that will give patients complete control over their data and health data. There are still some challenges standing in the way of NFTs becoming a mainstream source of data in the healthcare sector but the potential it holds is impeccable.
Abhijit Satani is a researcher in the field of neuroscience. Holder of several patents, he is known for his inventions – cognitively driven systems, computer aided controlled prostheses and plant to human interfaces.
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