NFT In Healthcare: How Patients Could Monetise Their Health Data

This article will walk you through the basics of NFTs, how they can further empower patients in the digital health age, as well as raise concerns pertinent to the technology. What is an NFT? Crowning it as the Word of the Year for 2021, dictionary publisher Collins defines a non-fungible token as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.” Creating or “mining” NFT transactions leverage blockchain technology, akin to what cryptocurrencies like Bitcoin are based on.  In short, the technology relies on a decentralised network of computers employing advanced cryptography to verify the validity of a transaction. We previously explored the relevance of blockchain in healthcare and pharma, where we highlighted its ability to secure sensitive medical data and curb counterfeit drugs. Similar to how NFTs have disrupted the art world, they could positively disrupt the digital health landscape by giving patients unprecedented control over their medical information. As we dive into the digital health era, personal health sensors and apps equip patients with personalised data so that they can become more proactive in managing their health. But what is still mostly the norm is that these sensitive data are governed by the companies providing these services; and they often profit out of it, oblivious to patients. For example, the pregnancy-tracking app O...
Source: The Medical Futurist - Category: Information Technology Authors: Tags: Forecast Biotechnology E-Patients Future of Medicine Future of Pharma Healthcare Design Security & Privacy genetics blockchain patient information NFT Source Type: blogs