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Role Of NFTs In Healthcare
By Ruchi Sharma
Medical data has been siloed until now due to its unique intellectual property, and despite its high value, monetising it remains a challenge because people are afraid of using or losing medical data. When it comes to NFTs in healthcare, it offers a one of a kind opportunity in which patients, not firms, control their health data. Patients may use this level of control to monetize their data rather than allowing firms to benefit from it in the past.
Let’s look at some examples of where NFTs in healthcare can work.
1. Medical data ownership
We are losing control of our personal information, from social media platforms collecting our data to companies using our genomic information. NFTs address this issue by safeguarding patients’ sensitive information while also improving privacy and security.
Because of their non-fungibility, NFTs are ideal for storing sensitive and personal data such as genomic information. Tokenizing data ensures that individuals’ data is secure and only accessible to those they trust. Furthermore, NFTs enable individuals to monetize their genomic data. They could, for example, use an NFT marketplace to sell access to their NFT to research organizations or companies developing new treatments. NFTs could help people profit from their data while maintaining control over it in this way.
2. Medical records keeping
Keeping accurate and up to date records is critical in the healthcare industry for medical records, which must be comprehensive and easily accessible in order to provide patients with the best possible care. Consider being on vacation in another country and overcoming a medical challenge because your medical records are easily accessible as NFTs on the blockchain.
The use of NFTs in healthcare could revolutionize operations, particularly in telemedicine, by making it easier for doctors and other healthcare professionals to access the information they require and provide quick yet accurate treatment without repeating diagnoses.
3. Medical equipment
Recently, there has been a surge in interest in tokenizing medical equipment, particularly in developing countries. Developing a transparent method for validating the authenticity of medical equipment ranging from simple blood sugar meters to complex surgical machines will help to improve existing trust issues in medical practice. This reduces the prevalence of counterfeit equipment and, as a result, the rate of subclinical errors that contribute to patient morbidity and mortality.
Tokenized medical devices can be traded on reputable NFT marketplaces such as AirNFTs.
4. Management
As important as consultations, clinical, and laboratory research are, sustainability is driven by proper resources, people, inflows, outflows, and so on management. Aside from safe record-keeping of hospital finances, tokenization of equipment, aid devices, and medications with real-time prices is possible. NFT collections can also be used to supplement staff identification processes in hospitals. All of these factors can aid in decision-making and support more accommodating policies in the healthcare sector.
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