We all know that HEALTHCARE is a vast sector. It produces over $1.2 billion worth of medical documents every year in the US alone. But, a significant portion of these records is unstructured and vulnerable to theft or misuse. NFTs are at their peak, with headlines in art, music, real estate, and sports. The healthcare industry is not an exception. Now, let us discuss the nook and corners of NFT’s role in healthcare.
The Potential Of NFTs In Healthcare
NFTs have unique attributes including, ownership, indivisibility, and uniqueness that make them ideal for various sectors. So, in the healthcare industry, these attributes can add immense value to private medical data. Also, NFTs have utility in logistics, manufacturing, and supply chain related to drugs. Furthermore, incorporating blockchain into the medical sector benefits all the stakeholders involved. Anyone can track the origin of medical equipment or drugs and confirm their genuineness.
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The Issue Of Medical Data
Once patients submit their medical data, they remain unaware of its destination. Furthermore, some kingpins dominate a huge market for medical data which leaves patients neither with incentives nor access to their healthcare data. With AI and big data becoming more crucial, entities sell, exchange, and purchase sensitive medical information without the patient's consent.
Secure Medical Records With NFTs
By converting medical information into NFTs, patients can gain digital ownership and access to use their data. Using this approach, patients can secure their data against fraudulent activities. Likewise, it ensures strict adherence to the terms and conditions. Also, patients can hold unauthorized parties accountable for any unauthorized use of their data, and they can decide who to share it with.
Ownership And Control Of Medical Data
If a patient owns their medical information, they may be entitled to receive royalties. Also, various health services that work digitally can use NFTs to entice people to engage with them for research purposes. Correspondingly, other third parties interested in such research data can contact patients directly through digital platforms. In the traditional method, patients did not have any control over their medical data. However, with the help of NFTs, people could disclose the information in an informed manner.
NFTs And Blood Donation
Several organizations prompt people to utilize NFTs when they donate blood. Since these tokens are unique, they are linked to donors to track their whereabouts. By tokenizing donated blood, its usage can be tracked, allowing people to understand how it is being utilized. Typically, donated blood is registered in a digital blood bank through tokenization, which uses DLT to record and monitor the demand for specific blood types.
The use of NFTs can be beneficial for both healthcare providers and patients. This blog is a better proof or an excellent example of this statement. Do you think it is worth developing an NFT marketplace? Connect with Blockchain Firm, the leading NFT marketplace development company for the best assistance and affordable services.