The applications of NFT in healthcare includes research trials, eliminating counterfeit medicines, and more. Read on to know more.
Non-fungible tokens (NFTs) are becoming popular due to their ability to provide ownership to unique assets. These blockchain-based tokens have become a lucrative option for investors. The concept of NFTs has been entering many fields, and the healthcare sector is no exception. Organizations are using NFT development to unleash the potential of NFTs in healthcare sectors.
This article analyzes how the sector can use NFTs for patient health records, healthcare supply chains, and more.
NFTs are unique digital identifiers based on blockchain. Currently, digital collectibles and art NFTs dominate the NFT market. Their potential use cases continue to increase.
They expand from general use cases like digital art and games to fashion, music, academia, tokenization of real-world objects, patents, membership sales, and loyalty programs.
While the benefits of NFTs in the entertainment sector are easy to understand, organizations can use the same framework in the healthcare field. NFTs can convey information about your health, medications, and components of the human body like blood.
We can also employ them in medical research fields and supply chains. We have listed all the potential benefits of NFTs below:
Explore | Emerging NFT (Non-Fungible Tokens) Use Cases Beyond the Hype
People often lack awareness regarding clinical trials or biomedical research studies. These trials are crucial for the drug development process as they serve as benchmarks for the safety and efficacy of new medicines.
Additionally, their processes often lack transparency, creating a barrier for people to participate. The traditional way of recording and documenting trial results is inefficient and expensive.
It might be difficult for researchers to get outside financing for their work. For the very first time in science, researchers can use NFTs to autonomously create discoveries in areas like rare diseases and use them to crowdfund their study.
The pharmaceutical sector must be cash-positive to boost profits for its shareholders. As there is no assurance of successful outcomes, this may prevent them from researching specialized domains. Even if the findings are positive only a small percentage of individuals may require the medication, therefore their influence may not be great.
For Big Pharma, this is not a viable option. But NFTs can make it possible for smaller groups of people to support this kind of research. They can create an entirely new pathway for advancements in several study sectors.
Also, Visit | How Decentralized Science (DeSci) can Transform Modern Science
The lack of transparency and visibility across the healthcare supply chain makes it difficult to manage. NFT implementation in the healthcare supply chain can help in resolving these issues.
Organizations can use NFTs to maintain their inventory records. Since blockchain stores the metadata of NFTs, firms get immutability benefits. Subsequently, all the network members can easily track assets within an inventory. It will assist them in making accurate forecasts and estimates that reduce medical waste and costs.
Numerous blood donation entities have already started employing this technology and promoting NFT blood donations. The technology can trace each token supplied to blood donors. The donation can then be followed from the point of delivery to the hospital, through the blood bank, and to the person it is meant for.
The blood is then registered in a virtual "blood bank" by its NFT. Here, the requirement for different blood kinds may be tracked using a blockchain system and delivered to the areas where it is most needed.
Check It Out | NFT Integration for Remodelling Supply Chain Processes
Typically, patients do not have control over their digital health-related records. Moreover, health data is a valuable asset in today's world. Enterprises utilize it for marketing and commercialization.
NFTs can initiate a change in this conventional system. They can provide data ownership to individuals. So, they can assist NFT holders to track the usage or selling of their data by healthcare providers. When a patient mint an NFT for their medical records, the process involves the development of a digital marketplace for patient-controlled health data.
Suggested Read | Understanding Sleep-to-Earn NFT Platform Development
NFTs, backed by blockchain, can speed up the medicine verification process. Assets get token IDs with NFT minting. These NFTs make an immutable ledger record that prevents inconsistency and fraud.
NFTs can protect and accelerate the tracking process, enabling early error detection. Pharmaceutical companies can identify and remove black-market prescriptions from the supply chain.
The application case for NFTs in pharmaceutical manufacturing might mark a specific batch of medications, making it easier to trace and designate it as real. Those who monitor the process throughout the system could spot any difficulties early, allowing faults to be rectified much more swiftly. If a medicine was pulled off the market, it might be noted on the NFT and made known to anyone who could follow it.
Additionally, prescription orders might be linked to an NFT, making it simple to trace their origin and stop fake prescriptions.
Also, Read | Increasing Importance of Blockchain for Healthcare Development
Given these benefits, it's reasonable to say that NFTs aren't just for artistic expression or slam dunks from your favorite NBA star. The above applications can transform the way the healthcare industry works.
If you are interested in NFT development for healthcare, then our blockchain developers can assist you. Contact us to get started.
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