Vision, Opportunities, and Challenges, Health News, ET HealthWorld

NFT


By abhijeet satani

In recent years, NFT or not expendable Tokens have become one of the most popular assets in recent years. This property of unique Items are stored and managed via the blockchain and cannot be edited, recreated, copied or changed, making them a very lucrative investment option. These NFT minted assets cannot have more than one official owner at a time. NFT is a concept that can be applied across all sectors and we have seen it enter sectors like art, real estate, etc. and now it’s expanding into healthcare.

Research and clinical evaluation with patients

In this sprawling world of NFTs, Digital Health services have started to use the NFT strategy to attract patients and help them participate in research by providing their data with full autonomy and also earn profit. A large number of third parties then take this data for research to build and create new products, and can reach patients directly through this digital marketplace.

Unlike the previous method, this allows patients to disclose their data in a safe and informed way. This also allows patients to gain ownership of their health records and make them more visible, with the help of blockchain technology and NFT certifications.

Supporting the fight against counterfeit pharmaceuticals
NFTs and block chains play an important role in the fight against fake medicines by using this verification process. With the help of “Token ID” assigned throughout its existence that remains with the NFT, leaving a digital footprint. The metadata of each NFT contains information referring to the valuable digital assets that are updated on the blockchain in real time, which defines the uniqueness of each NFT. NFTs create an immutable ledger record that helps minimize and even eliminate inconsistencies and fraud to some degree. NFTs safeguard and speed up the drug tracking process, allowing for rapid detection of errors. Potential issues like identifying and removing black market prescriptions from the system can be fixed much more quickly.

Supply chain optimization for blood banks
Multiple companies and organizations like blood banks are trying to use this technology and convince people to donate their blood using NFTs. This provides the donor with a unique token that makes it easy for them to track and trace through the system. It would help them create a timeline from the time it is donated to the point it reaches its intended recipient. The data is then stored in a digital blood bank by their NFT, to track and monitor the demand for specific blood types and distribute them according to availability and requirements with the help of blockchain.

There is a blockchain-based bio-tracing company called BloodChain that uses NFTs to prevent bottlenecks in the collection and distribution of biological products like blood. They created an “open social blood bank” that allows anyone to donate blood with the help of the BloodChain network. BloodChain tries to meet supply and demand in real time where people can register their blood types in a safe and secure environment. They also use applications based on AI on the data acquired on the blockchain, to calculate and understand the demand for blood from hospitals and other blood banks to provide them with the necessary resources in a short time.

Protection of data from health tracking applications
With technologies such as wearables, home fitness equipment, and other health tracking devices gaining popularity and acceptance globally, various groups of people are wondering how health data is used effectively, and at the same time time, are safely managed. This created an opportunity for employers to embrace NFT to collect data in a decentralized way, maximize access, and allow patients to reclaim ownership of their health information as a new method that helped them address user issues and concerns with regarding data privacy and also to prevent your data from being misused or stolen in cyberattacks.

Enjin, an NFT minting firm recently collaborated with Health hero, a digital health platform to create a Go! health tracking app. This app allows users to create a “Wellness NFT” that tokenizes an individual’s activity and wellness data they collect from popular health tracking apps like Google Fit, Fitbit, and Apple Health to make it more trackable and secure.

a look into the future
The development of personal and health data maintaining the focus on the patient by organizations w
Working in healthcare creates an abrupt need to manage data while also making sure to take care of the security and autonomy of patient data. There is also a huge increase in the monitoring and control of pharmaceutical and medical devices, as there is also an increase in the globalization of healthcare that is accelerating at a steady pace. These factors tend to create an optimal space for NFTs to solve challenges and make sure to improve patient experiences in the healthcare sector.

There are some major obstacles to the rise and growth of NFTs in the near future, especially in the healthcare sector. There are flaws related to security, privacy, and intellectual property rights disputes that make NFTs vulnerable. There’s also the issue that NFTs are a bit more complex, making it difficult for laymen to use them to their full potential to capitalize on.

Blockchain technology is also quite expensive to work with and requires a lot of effort for even the smallest transactions. The digital footprint has also been linked to the high emission of greenhouse gases, which contributes to climate change. However, there are multiple alternatives at work for NFT minting that could use only a fraction of the computational power that is used in transactions right now.

NFTs are at a stage where they are still very early in development and have a lot of future to come with evolutions which will give patients absolute control over their data and health data. Several challenges still stand in the way of NFTs becoming a mainstream source of data in the healthcare sector, but the potential it holds is impeccable.

Abhijeet Satani is a researcher in the field of neuroscience. Holder of several patents, he is best known for his invention: cognitively operated system, computer-aided controlled prosthesis, and plant-to-human interface.

(DISCLAIMER: The views expressed are solely those of the author and are not necessarily endorsed by ETHealthworld. ETHealthworld.com shall not be liable for any damage caused to any person or organization directly or indirectly.)

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