NFTs in Healthcare: Revolutionizing Data Management
As the world of healthcare continues to evolve and embrace technological advancements, one innovation that has been gaining significant attention is the use of non-fungible tokens or NFTs. While most commonly associated with the world of digital art and collectibles, NFTs are also being explored as a means of improving the efficiency and transparency of healthcare data management.
By creating unique and tamper-proof digital records, NFTs have the potential to revolutionize the way medical records are managed, shared, and secured. From improving patient privacy to facilitating more efficient and accurate clinical trials, the use of NFTs in healthcare is a promising development that has the potential to transform the industry as we know it. So, let’s dive deeper into the world of NFT development and their role in shaping the future of healthcare.
Benefits of NFT in Healthcare
Healthcare data tokenization on the blockchain using NFTs has several potential benefits.
- It can improve the fluidity of health information among different care providers, resulting in safer care, and reducing duplicate investigations or treatment, which can render health economic benefits.
- Tokenization of health data can also ensure data authenticity and prevent modifications once data have undergone minting, contributing to quality health care during clinical decision-making processes and more accurate findings in research.
- It can encourage patient engagement in their care and allow patients to exercise autonomy over their data, preventing companies from profiting from data aggregated via personal health applications or unauthorized access to institutional databases by third parties.
- By implementing NFTs in healthcare data management, businesses can differentiate themselves from competitors by offering innovative and patient-centered solutions.
- Smart contracts within NFTs further allow for reliable automation of data exchange.
Roles Of NFT in Healthcare:
In Feb 2023, NFT sales surged by 41.96% compared to the previous month, reaching a staggering $997.53 million in just 30 days. This unprecedented increase signifies the growing popularity and acceptance of NFTs as a unique and valuable form of the digital asset.
Unlike cryptocurrencies, NFTs are used to give permission to own a portion of a digital representation of a tangible asset, acting as a certificate of authenticity. While their use in the entertainment industry is evident, NFTs can also be applied in healthcare in various ways.
Improved Blood Donation Process
Blood donation organizations already encourage the use of NFTs for blood donations, where donors are marked with a specific token that can be tracked through the system. Using an NFT, blood can be registered and stored in a digital “blood bank”. Through blockchain technology, the demand for specific blood types can be monitored and the blood can be efficiently distributed to locations where it is needed most.
The Australian Red Cross Blood Service announced a partnership with digital identity company Civic Technologies to explore the use of NFTs in blood donation. Donors are issued a digital token that can be tracked through the system, making it easier to monitor blood donations and ensure that they are delivered to where they are needed most.
Enhanced Pharmaceutical Supply Chain
NFTs can be used to mark particular batches of pharmaceutical drugs, making it easier to track and verify their authenticity. Any issues in the manufacturing process can be identified by tracking the NFT through the system, allowing problems to be fixed quickly.
If a drug is recalled, it can be marked on the NFT and brought to the attention of anyone tracking it. Prescription orders can also be connected to an NFT, tying them back to the prescriber and preventing forged prescriptions.
The pharmaceutical company Pfizer announced that it was working with the blockchain platform Chronicled to develop an NFT-based system for tracking the supply chain of prescription drugs.
The system uses NFTs to mark individual drug packages, allowing them to be easily tracked and verified throughout the supply chain.
Ownership and Control of Health Data
The representation of health data is one of the most exciting applications of NFTs in healthcare. Patients are typically aware that their data exists, but they have no control over where it goes or how it is used. NFTs can enable patients to track how their data is being used and provide them with ownership and control over their data.
An NFT would not only mark off the data as belonging to that particular person but also guarantee ownership, enabling the patient to access and track it. The use of NFTs in health data can also provide residual income to the owner of the data. This can be used in other research projects that plan to make use of patient-generated data.
Healthcare startup EY Health introduced a new platform called EY Blockchain Analyzer that uses NFTs to allow patients to take control of their health data. The platform enables patients to securely store and share their health data using NFTs, providing them with ownership and control over their data.
Secure Medical Records and Streamlined Telemedicine
One of the critical aspects of healthcare is keeping accurate and up-to-date records. With NFTs, medical records can be securely stored on the blockchain, providing quick and easy access for healthcare professionals.
Imagine being on vacation in a different country and receiving prompt medical attention because your medical records are easily accessible via NFTs. Additionally, NFTs could streamline telemedicine by providing doctors with the information they need to give accurate diagnoses without the need for repetitive tests.
The government of the United Arab Emirates got into a new initiative called the “UAE Blockchain Strategy 2021” that includes plans to use NFTs to store medical records on the blockchain.
The initiative aims to streamline the delivery of healthcare services and improve patient outcomes by making medical records easily accessible to healthcare professionals.
Validation of Authenticity of Medical Equipment
In addition to medical records and data ownership, NFTs can also be used to validate the authenticity of medical equipment, from simple blood sugar devices to complex surgical machines.
This transparency could help to reduce fake equipment and iatrogenic errors contributing to patient morbidity and mortality. Furthermore, tokenized medical devices can be traded on reputable NFT marketplaces, making it easier for third-world countries to access authentic medical equipment.
The startup Medtronic announced a new partnership with blockchain platform Chronicled to develop an NFT-based system for tracking the authenticity of medical devices. The system uses NFTs to mark individual devices, making it easier to verify their authenticity and reduce the risk of counterfeit medical equipment.
Enhanced Management in Healthcare
NFTs can also enhance management in the healthcare sector. By tokenizing resources, people, equipment, aid devices, and medications, hospitals can keep track of real-time prices and bolster more accommodative policies in the healthcare sector. Staff identification processes can also be augmented with NFT collections, further streamlining management processes.
The Indian state of Telangana came up with the idea to use NFTs to improve the management of medical supplies during the COVID-19 pandemic. The state government partnered with blockchain platform VeriDoc Global to develop an NFT-based system that allows hospitals to track medical supplies and ensure that they are delivered to where they are needed most.
While the use of NFTs in healthcare is still in its early stages, startups like Aimedis and Enjin are already exploring the potential of NFTs in healthcare. However, there are roadblocks to widespread adoption, including the current inefficiencies of blockchain technology and companies’ reluctance to share profits with patients.
The potential benefits of NFTs in healthcare are significant. By securing medical records, validating the authenticity of medical equipment, and enhancing management in the healthcare sector, NFTs hold promise for improving patient care and outcomes in the years to come.
Conclusion
The use of NFTs in healthcare data management is poised to revolutionize the industry by providing patients with greater control over their personal information and incentivizing them to share their data for the greater good of medical research. By leveraging blockchain technology, NFTs can offer a secure and transparent way to store and share healthcare data, leading to improved efficiency, better patient outcomes, and increased revenue streams for healthcare organizations.
As the healthcare industry continues to evolve, the adoption of NFTs is crucial to creating a more patient-centered and ethical approach to data management. By embracing this innovative technology, we can usher in a new era of healthcare that prioritizes patient privacy, data security, and collaboration among medical professionals. Let’s join hands and take the next step towards a brighter future for healthcare with NFTs.
