The advantage of having our Health Record in NFT
In this dynamic industry with unstoppable evolving trends in technology, we get to gain many advantages in every aspect of our daily lives, including healthcare.
However, what advantages are those, and what are the potential use cases of NFTs, blockchain, and Smart Contracts in the healthcare industry? This article will answer all your questions.
What are NFTs?
“Let’s start from the very beginning, a very good place to start.” — Julie Andrews
Non-fungible tokens are based on blockchain technology, and those are any form of unique digital assets. The most popular forms of NFTs are digital illustrations and photos. However, NFTs also can be health records.
How can NFTs benefit the healthcare industry?
To dive deeper into the concept of NFTs related directly to the healthcare industry. I suggest that we take a look at the few actual benefits that the NFT marketplace and blockchain technology, alongside smart contracts, can provide the industry with.
Advantage 1 — Patients regain control over their data
Patients lose control over their own data, and it can be easily traded to other industries, which can make millions on it, and the original owner wouldn’t get a cent. So, blockchain technology allows to turn of medical records into a monetized NFT asset, and the patient will have a private key, and decide who grants access to the records. Moreover, patients will be able to monetize their own records.
Advantage 2 — Better healthcare
When all your records are available from one place, you do not have to waste time collecting them, as well as hackers do not have the chance to hack simple databases and use your information, you get an incredible opportunity to be provided with better healthcare services. First of all, you decide who grants the access; secondly, if it is an emergency in a completely new area, then doctors will be able to see your records to know what medicine you have allergies to, etc., and provide the best possible diagnosis and further treatment.
Advantage 3 — Better organization of the data
To talk about facts, we can take a look at the statistics. Over $1.2B in clinical data is produced solely in the United States each year; 80% of that data remains unstructured or locked away. Another fact, according to statistics, is that Americans tend to spend $750B each year for completely unnecessary treatments because of the missed data, which leads to misdiagnosis. This proves that most healthcare facilities still do not have a working patient identity management system. Therefore, NFTs, Smart Contracts, and Blockchain technology do provide a working solution for healthcare data management in terms of saving money both for patients and medical facilities.
MedicalVeda is the world’s first NFT Marketplace for health and medical records. The purpose of this project is to first assist users in creating their NFT and obtaining a unique Health ID Barcode that they can share with healthcare providers. The MVEDA NFT marketplace will assist users in displaying their Health-related NFT and categorizing that is based on the categories that have been posted. MedicalVeda is very much helpful for doctors and patients to access the complete medical record of a patient in one place. This project is a holistic solution for storing health records on the blockchain. MedicalVeda is all set to revolutionize the healthcare industry, with the first-ever NFT marketplace for medical records