Unlike other digital assets that can be mutually interchanged, Non-Fungible Tokens (NFTs) come with proof of authenticity, which we have discussed in earlier chapters. This concept is what makes it a suitable security addition for the healthcare industry.
Why Are NFTs Suited For The Healthcare Industry?
The healthcare industry is a sector very frequently targeted by cyber adversaries. Nevertheless, NFTs promise to create a verified digital healthcare space with minimal data theft, impersonation, scams, and malware attacks. Right from human error elimination to data ownership by health care professionals (HCPs) and patients, NFTs can be utilized in every aspect of the domain to create a safe, secure, efficient, reliable, and non-threatening cyberspace for all healthcare industry stakeholders.
Where Can NFTs Be Used In The Healthcare Industry?
The use of NFTs in the healthcare industry is an under-explored avenue. It facilitates optimized and digitized health services where stakeholders feel more responsible in managing their data. Also, there is little room for ambiguity. The following areas in healthcare can benefit highly by deploying the NFT concept.
Tokenizing Patient Data
One of the most direct uses of NFTs in the healthcare industry is the authentication of patient records. NFTs distinguish one set of original patient data from another and enable patients to own their data set. It brings down privacy risks from third-party data breaches, and patients can decide which third-party service has access to their confidential data and for how long. Consequently, there is less chance of human error and other benefits, like minimal transfer time, faster completion of treatment formalities, and increased overall efficiency.
Riddance From Fraudulent Practitioners
By tokenizing the credentials of HCPs, NFTs ensure that only verified practitioners with necessary educational backgrounds, certifications, degrees, and Continuing Medical Education (CME) credits provide their services at hospitals. NFTs remove the possibility of fraudulent practitioners launching impersonation attacks and ensure patient safety both financially and health-wise.
Intellectual Property Protection
The field of medical science is the platform for scientific geniuses to put forth their research findings, discoveries, and inventions. Pharma marketing also develops unique materials and solutions. Tokenizing these remarkable discoveries, ideas, and solutions using NFTs facilitate the eradication of intellectual property theft. NFTs protect intellectual property and provide transparent ownership transfer with zero room for ambiguity or fraud.
NFTs In Health Services Offering
Apart from the general suitability of NFTs for the healthcare industry in terms of better security, data management, efficiency, and authenticity, they are particularly favorable for core health services, as explained below.
Services Verification
The verification of offline and online transactions linked to each other has become necessary in times of the COVID-19 pandemic, and NFTs are the solution. Be it over-the-counter purchases or tokenized prescriptions, NFTs ensure that information can be traced back to the initial manufacturer or writing (if there is an anomaly). NFTs facilitate transparency in the prescription delivery service by associating digital tokens with physical products.
Coupon Redemptions
An advantage associated with NFTs is the ease with which one can trace back coupons to the issuer. NFTs facilitate quicker and more accurate coupon/offer redemptions at a one-on-one level. It further ensures that coupons aren’t manipulated, forged, misused, or falsely generated. NFTs uphold the integrity of such coupons by making the entire redemption process black and white and traceable to the end.
Tokenized Blood Donation
Several blood donation organizations are already using tokenizing blood donations using NFTs. It gives donors the provision of monitoring whether their gift has reached a person in need. Such tokenized blood banks ensure that every ounce of donated blood can be traced back to the donor and recipient, with details of the intermediaries (blood bank, hospital, etc.).
Factors That Led NFTs To Tokenizing Healthcare
When NFTs proved their worth as lucrative investment options, there were discussions on implementing this futuristic innovation in the healthcare sector. As a sphere beset with cyber issues, the traditional healthcare field could use the security that NFTs guarantee.
Since NFTs are a digital version of tangible assets, data, or objects, they ensure transparency of ownership and transfer in healthcare services. It, in turn, allows the best healthcare providers to flourish. It led to the tokenizing of the healthcare industry.
NFTs Vs. Latest Technologies In The Healthcare Industry
Over the last decade, many technologies have been widely incorporated into the healthcare industry. They include telemedicine, portal technology, the Internet of Things (IoT), and blockchain technology. However, the inclusion of technology has brought in an increased risk of cyberattacks, and a testimony to this fact is the rampant ransomware attacks on healthcare providers. Thus, the concept of NFT can be a savior for the healthcare industry to an extent to help cope with the above threat scenario.
Conclusion
NFTs thus find tremendous applications in the healthcare sector. By tokenizing the healthcare industry, NFT implementation can help ensure that there is no mutual interchangeability or manipulation of data. They also facilitate the creation of transparent and coherent market spaces. NFTs will potentially play a crucial role in the future healthcare industry.
