Vision, Opportunities & Challenges, Health News, ET HealthWorld

Vision, Opportunities & Challenges, Health News, ET HealthWorld

By Abhijit 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 is stored and managed on the blockchain and cannot be edited, recreated, copied or replaced, making them a very profitable investment option. These NFT minted assets cannot have more than one official owner at the same time. NFT is a concept that can be applied across all sectors and we have seen it making its way into industries like the arts, real estate, etc. and now it is expanding to healthcare as well.

Research and clinical evaluation of patients

In this expanding world of NFT, digital health services have begun to use the NFT strategy to recruit patients and help them participate in research, providing their data with full autonomy, and also profit from it. Many third parties then take this data for research to create and build new products and they can reach out to 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 medical records and make them more visible through blockchain technology and NFT certificates.

Support for the fight against counterfeit medicines
NFTs and blockchains play an important role in the fight against counterfeit medicines using this verification process. With the help of the “Token ID” assigned throughout its existence, which remains with the NFT, leaving a digital footprint. The metadata of each NFT contains information related to valuable digital resources that are updated on the blockchain in real time, which determines the uniqueness of each NFT. An immutable ledger entry is created using NFT, which helps to minimize and even to some extent eliminate inconsistencies and fraud. NFTs secure and speed up the drug tracking process, allowing errors to be detected quickly. Potential problems, such as black market prescriptions being identified and removed from the system, can be resolved much more quickly.

Supply chain optimization for blood banks
Several companies and organizations such as blood banks are trying to use this technology and encourage people to donate blood using NFTs. This gives the donor a unique token, making it easier to track and trace in the system. This would help them create a timeline from when a donation is made to when it reaches the intended recipient. The data is then stored in the digital blood bank using the NFT to track and control the demand for certain blood types and distribute them according to availability and needs using the blockchain.

There is a blockchain-based biological tracing company called BloodChain that uses NFTs to avoid bottlenecks in the collection and distribution of biological products such as blood. They created an “open social blood bank” that allows anyone to donate blood using the BloodChain network. BloodChain attempts to meet real-time supply and demand where people can register their blood types in a safe and secure environment. They are also using AI-based blockchain data applications to calculate and understand the demand for blood in hospitals and other blood banks in order to provide them with the necessary resources in the shortest possible time.

Protecting data from health tracking apps
With technologies such as wearables, home fitness equipment and other health tracking devices gaining popularity and acceptance globally, many groups of people are wondering how to use health data effectively and manage it safely. This has given entrepreneurs the opportunity to use NFT for decentralized data collection, maximizing access and allowing patients to reclaim ownership of their health information as a new method that has helped them address user concerns and concerns regarding data privacy and also to prevent misuse or theft of their data. data during cyberattacks.

NFT mining company Enjin recently partnered with Health hero, a digital health platform, to create a health tracking app, Go!. This app allows users to create “NFT wellbeing” that tokenizes the human activity and wellness data it collects from popular health tracking apps like Google fit, Fitbit and Apple Health to make it more traceable and secure.

Looking ahead
Development of health and personal data with a focus on patient-centric organizations.
Working in the healthcare industry creates an urgent need for data management, as well as ensuring the security and autonomy of patient data. There has also been significant growth in the tracking and control of medical and pharmaceutical devices as the globalization of healthcare is also accelerating at a constant rate. These factors tend to create an optimal space for NFTs to address challenges and deliver better patient care in the healthcare sector.

There are some major hurdles to the expansion and growth of NFTs in the near future, especially in the healthcare sector. There are weaknesses regarding security, privacy, and intellectual property rights disputes that make NFTs vulnerable. There is also the issue that NFTs are slightly more complex, making it difficult for non-specialists to take full advantage of them to capitalize on them.

Blockchain technology is also quite costly to operate and requires a lot of effort even for the smallest transactions. The digital footprint has also been linked to greenhouse gas emissions that contribute to climate change. However, there are several alternative options for creating NFTs that can only use a fraction of the computing power used in transactions right now.

NFTs are at a stage where they are still under development and have a great future with development that will give patients absolute control over their data and health data. A few challenges still stand in the way of NFTs becoming the main source of data in the healthcare sector, but the potential it holds is undeniable.

Abhijit Satani is a neuroscience researcher. The owner of several patents, he is best known for his invention – a cognitively driven system, a computer-controlled prosthesis, and a plant-human interface.

(DISCLAIMER: The views expressed are solely those of the author and ETHealthworld does not necessarily subscribe to it. will not be liable for any damage caused to any person/organization directly or indirectly.)

Written by khirou

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