Vision, opportunities and challenges, Health News, ET HealthWorld

Of Abhijeet Satani

In recent 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 using the blockchain and cannot be edited, recreated, copied or exchanged, making them a very lucrative investment option. These NFT-denominated assets cannot have more than one official owner at a time. NFT is a concept that can be used in all sectors and we have seen it enter sectors such as art, real estate etc. and now it is being extended to healthcare.

Research and clinical assessment with patients
In this expanding world of NFTs, digital health services have started using NFT strategy to attract patients and help them participate in research by giving their data complete autonomy and also monetize it. Many third parties then take this data into research to build and create new products, and they can reach patients directly through this digital marketplace.

Unlike the old 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, using blockchain technology and NFT certifications.

Support the fight against counterfeit medicines
NFTs and blockchains play a significant role in the fight against counterfeit 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. Each NFT’s metadata contains information that refers to the valuable digital resources that are updated on the blockchain in real time, defining the uniqueness of each NFT. An immutable ledger record is created by NFTs which helps minimize and even eliminate inconsistencies and fraud to some extent. NFTs safeguard and speed up the tracking process of medicines, enabling errors to be detected quickly. Potential problems such as identifying and removing black market prescriptions from the system can be resolved much faster.

Optimizing the supply chain for blood banks
Several companies and organizations like blood banks are trying to use this technology and convince people to donate their blood using NFTs. This gives the donor a unique token that makes it easy to track and trace it through the system. It will help them create a timeline from the moment it is donated to the point where it reaches the intended recipient. The data is then stored in a digital blood bank by the NFT, to track and monitor the demand for specific blood types and distribute it according to availability and need using blockchain.

There is a blockchain-based biological tracking 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 seeks to satisfy supply and demand in real time, where individuals can register their blood types in a safe and secure environment. They also use AI-based applications on data obtained on the blockchain, to calculate and understand the demand for blood from hospitals and other blood banks to provide the necessary resources to them in a short time.

Securing data from health tracking apps
With technologies such as wearables, home exercise equipment and other health tracking devices gaining popularity and acceptance on a global level, several groups of people are questioning how to effectively utilize health data while managing it safely. This created an opportunity for entrepreneurs to embrace NFT to collect data in a decentralized manner, maximize access and allow patients to take back ownership of their health information as a new method that helped them address the issues and concerns of users regarding privacy and privacy . also to prevent their data from being misused or stolen in cyber attacks.

Enjin, an NFT coining company, recently partnered with Health hero, a digital health platform to create a health tracking app Go!. This application allows users to create a “Well-being NFT” that symbolizes a person’s activity and well-being data that it collects from popular health tracking applications such as Google fit, Fitbit and Apple Health to make them more trackable and secure.

A look ahead
Development of health and personal data with a focus on patient-centred by organizations w
Work in the healthcare system creates an urgent need to manage data while ensuring that patient data’s security and autonomy are taken care of. There is also a great increase in the tracking and control of medical and pharmaceutical devices as there is also an increase in the globalization of healthcare accelerating at a constant pace. These factors tend to create an optimal space for NFTs to solve challenges and ensure improved patient experiences in the healthcare sector.

There are some major obstacles to the rise and growth of NFTs in the future, especially in the healthcare sector. It is flaws regarding security, privacy and intellectual property rights disputes that make NFTs vulnerable. There is also the issue of NFTs being a bit more complex, making it more difficult for lay people to use them to their full potential to exploit them.

Blockchain technology is also quite expensive to work with, and it requires a lot of effort for even the smallest transactions. The digital footprint has also been linked to emissions of high levels of greenhouse gases, which contribute to climate change. However, there are several alternatives in the works for minting NFTs that may only use a fraction of the computational power used in transactions right now.

NFTs are at a stage where they are still in their infancy and there is a lot of future development that 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 has is impeccable.

Abhijeet Satani is a neuroscience researcher. He is the holder of several patents, and is best known for his invention – cognitive operated system, computer-aided controlled prosthesis and Plant to human interface.

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