How will NFT Change the Healthcare Industry?
NFTs are progressively developing in this dynamic industry due to the multiple benefits and board usage possibilities. Especially interesting is the usage of NFTs in the healthcare industry, and in this article, we will cover everything related to this topic, including further changes and predictions.
This article will cover:
How will NFT Change the Healthcare Industry?
Potential of NFT in healthcare industry or How NFTs will revolutionize medicine
Key NFT Use-Cases in Healthcare
Benefits of NFTs in Healthcare
What is an NFT?
To start from the very beginning, let’s start with the explanation of the NFT concept., NFT (non-fungible token) is a non-exchangeable piece of data stored in the blockchain, a form of digital ledger. First thing to make clear is that NFT is a cryptocurrency token but non-fungible type. NFTs are intended to be an equivalent of a certificate of authenticity. Each item is uniquely identifiable. NFT can be anything digital, such as photo, music, art, etc...
The most common example of NFT and the usage of blockchain within it is digital art. So, it is a non-fungible token; therefore, it cannot be exchanged with another artwork. When it is bought by someone, the data within the block will represent the original creator and the current owner. Within each owner, one more block is added to the chain, and it is securely recorded and stored who was the owner of a particular piece during any given point in time.
Potential of NFT in healthcare industry or How NFTs will revolutionize medicine
I think the advantages that come with the usage of NFTs are quite obvious. In this article, however, we are going to review a few of the potential uses of NFTs in the healthcare industry, the benefits, changes that will come with those, along with existing platforms that are bringing these changes. As I love to say, “Future is Now”.
How can NFT potentially be used in healthcare?
- Accessible Medical Records: Patients and Doctors will be able to access medical history from one place, which will save time, and assist in making the experience better, and more accurate than it was ever possible.
- Fighting Fraud in Pharmaceutical Manufacturing processes: each item prescribed to NFT will have its unique ID during its lifespan, therefore crime is made potentially impossible, and issues arising can be easily accessed and resolved in real-time.
Key NFT Use-Cases in Healthcare
Lifetime Medical Records
Medical records of the patient are scattered across platforms and are very difficult to access both for patients and for healthcare providers. Therefore, finding the way to create a master document, then the way to maintain, safely store, and update information, is a new technological solution we need in the 21st century. NFTs have the potential to solve this problem by making data accessible for patients and healthcare providers, making the experience better and more customer-centric (the 4Cs). Medical information, test results, and everything will be accessible immediately from one place without the need to go from doctor to doctor.
So basically, NFTs give millions of possibilities to revolutionize patient data ownership and access, thus increasing efficiency.
Pharmaceutical Manufacturing
By expediting the authentication process, NFTs and blockchain can help to fight against counterfeit pharmaceuticals. NFTs create digital footprints, otherwise called “token IDs,” that stay within the prescribed item during its lifespan. Everything can be tracked in real-time; therefore, NFTs create an immutable ledger record, almost fully eliminating discrepancies and outright fraud.
So, in this case, NFTs possibly can secure and streamline the tracking process, identify issues, and eliminate black market prescriptions quickly.
Fitness and Health data
Much like in everything else here NFTs can be also highly valuable. First of all, massive popularity is gaining at-home workouts and gym equipment right in the apartment. NFTs can be a way to decentralize data collection, optimize access, and, most importantly, give patients access to their own health records. Platform that is already offering such kinds of solutions is:
- MedicalVeda — is a platform that leverages innovative technologies such as DeFi, blockchain, AI, and smart contracts in order to provide up-to-date and safe solutions for the healthcare industry. This platform offers patients tokenizing healthcare and allows them to access, have total control over their clinical records, and also be able to monetize it. Besides, it offers DeFi (decentralized finance) protocol which assists patients in covering medical-based financial obligations.
Benefits of NFTs in Healthcare
After the discussion of the potential usage of NFTs and provided solutions for multiple improvements of the healthcare industry, we can take a look at the certain benefits that will come with it.
- Secured from hacker/cyber-attacks: NFTs are stored in blockchain, a decentralized ledger shared across the networks. Therefore, the likelihood of a cyber-attack is almost impossible.
- Exchangeable data: NFT provides the opportunity to exchange data in the healthcare digital ecosystem, along with the opportunity to trade it.
- Safe healthcare: For example, if there is an extreme situation, and a patient in a critical condition has just arrived at the hospital, every minute is on the count. While normally doctors would have to spend half an hour to try and find previous records, find out about allergies or current medication that potent is taking, NFTs will provide doctors with the opportunity to immediately access the health records and be able to provide healthcare solutions without losing any extra second, which can be crucial for patient’s life.
- ID: NFT has the potential to be implemented as a digital health ID to quickly present and identify patients.
Summary
To summarize this article, I can say that there are many ways in which NFTs and blockchain technology can be implemented in the healthcare industry and that in the near future they will be able to revolutionize this industry. The healthcare industry can be the one that most benefits patients within the NFTs, blockchain and Decentralized Ledger Technology. It takes the experience to a whole new level and makes every piece of information accessible to a patient, as well as to a doctor.
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