While still relatively new and developing, NFTs are widely used for digital art, collectibles, gaming, and tokenized real-world assets. However, their potential is far bigger. At PharmaTrace we believe Non-Fungible Tokens can revolutionize the medical industry. In this article, we tell about our solution NFT Pharmatrace, a trusted NFT platform specially dedicated to healthcare, and how businesses can benefit from it.
NFT stands for Non-Fungible Token. It is a type of cryptographic token that is unique and non-interchangeable, meaning it cannot be modified, copied, or exchanged for another asset.
NFTs consist of a token symbol, a unique token ID, a unique token contract address, and a unique creator address. Its transaction history is permanently stored on the blockchain. As there is an immutable record of ownership, it is easy to verify their authenticity. So NFTs can be securely transferred between users: bought, sold, and traded.
NFTs not only include information, but also the agreement between stakeholders. Basically, they are a special way of using and deploying smart contracts on the blockchain.
Kevin McCoy and Anil Dash created the ﬁrst NFT named ”Quantum” in 2014. However, Non-Fungible Tokens came into popularity only in 2020, mainly in the art and gaming worlds. With the development of blockchain technology, NFTs could soon become a more widely accepted way to store and trade digital assets. In the future, NFTs could be used for various applications including digital tickets, digital contracts, digital certificates, digital identities, and more. It can help avoid piracy in the music and cinema industries and ensures buying digital real estate in the metaverse. Healthcare is another industry that can tremendously benefit from NFTs.
The NFT ecosystem consists of a blockchain where the transactions are stored, a marketplace platform for minting and exchange, and decentralized storage for storing the content.
The whole cycle may look like this:
The NFT ecosystem is also supported by a variety of services, such as exchanges, wallets, and block explorers. They allow users to store, trade and explore their NFTs. Developers are also creating various tools and applications to enable users to interact with and manage their NFTs more easily.
Let’s see how key properties of NFTs can be used for the benefit of healthcare.
1. Improved Security: NFTs can help ensure the integrity of healthcare data. By using a decentralized and distributed ledger, NFTs can help provide secure data storage, preventing unauthorized access and data tampering. They can also never be accidentally destroyed, unlike physical documents, objects, or pieces of art. It’s only the NFT owner who can intentionally ‘burn’ it by sending it to an unspendable verified account address. In this case, no further transactions will be added to the NFT system.
2. Streamlined Payment Processing: NFTs can help streamline payment processing for healthcare providers, enabling them to easily accept payments from patients, health insurance companies, and other payers. This can help reduce administrative costs and improve patient satisfaction.
3. Uniqueness and Identifiability of Assets: Non-fungible tokens are valuable because they are limited in number. The NFT creator can decide how many copies to mint. Thanks to blockchain, their authenticity can be easily verified. This makes them eligible, in particular, to be used for medical document storage and management.
4. Improved Patient Care: Records stored in blockchain make it possible for several doctors from different locations to view the same data in real-time. It can improve significantly decision-making and avoid biased conclusions.
5. Possible Monetization: As NFTs work similarly to smart contracts, they can accommodate a variety of functionalities like royalties. In this case, the smart contract specifies that a certain amount of crypto will be paid out whenever the NFT is purchased or rented out. This may give the possibility for doctors to monetize their research, and for patients to be rewarded for sharing personal data.
NFT Pharmatrace is our business division devoted to NFTs in healthcare and the world’s most secure NFT marketplace, and the community to discover, buy, and sell authentic NFTs from the world’s leading digital creators. Below you will find some examples of how it can help the industry players to streamline and revolutionize their businesses and patients to protect and make good use of their personal data.
NFTs can be used for verifying the authenticity of drugs by providing them with unique token IDs and contract addresses. This can help to prevent counterfeit drugs from entering the market and protect consumers from consuming potentially dangerous or ineffective medications. Additionally, NFTs can be used to track the journey of a drug from its origin to its destination, allowing for better regulation of the drug supply chain. Moreover, NFTs can store data on the production process, assuring fair trade and the use of clean and proper ingredients.
Quite usually, it is difficult to find who to blame, when any discrepancies in medical or supply chain data happen. NFTs can be used to create smart contracts which can automate certain processes and help to ensure that all parties involved are held accountable for their actions. It will be possible to verify NFTs through ownership information that is stored permanently on the blockchain. If at any point it will be discovered that there is an error in the data or any unusual activity, the current owner of the NFT will be held liable.
Non-Fungible Tokens is a new and innovative way to securely store and manage patient information. By tokenizing the data, the information can be securely stored on the blockchain and easily accessed by authorized parties. The tokens can also be used to track changes to the information and provide audit trails, allowing healthcare providers to verify the accuracy of the data. Additionally, NFTs allow for the monetization of medical records, which can be used to incentivize patient participation in clinical trials or other medical research initiatives.
Genomics data is rapidly becoming more valuable, and NFTs are a great way to ensure that data is securely stored and managed. NFTs allow for data to be securely linked to its owner, preventing unauthorized access and ensuring data privacy. Owners will have more opportunities to take control of their data and manage access to it as NFTs also allow for the creation of smart contracts that can automate the flow of data between parties.
NFTs can be used to collect and distribute medical know-how in a secure and tamper-proof way. Every day healthcare institutions and medical professionals have something new, be it a decision on how to cure a rare disease, a new medical device application, or a new drug formula. Because of copyright issues, many innovations are being hacked, the rest are left only at the disposal of their owners. The use of NFTs can help to ensure that medical knowledge is kept up to date and is only accessed by those who are authorized to do so. NFTs provide the ability to store and share medical know-how in a secure and immutable way. This will incentivize medical professionals to share their knowledge and expertise, helping to create a more collaborative environment for the development of medical knowledge.
NFTs can be used to create digital twins, digital replicas of physical objects, or processes that can be used to simulate or analyze various scenarios. NFTs can be used to create digital twins that represent physical objects, such as supply chains, hospitals, etc. These digital twins can then be used to simulate various scenarios, such as pandemics. In such a way it is possible to analyze the effects of different scenarios on that object and predict the potential outcomes. This can be used to optimize the design and implementation of projects in the real world. NFTs, in their turn, will ensure data security and authenticity. The concept of digital twins can be further used to create a healthcare metaverse or a virtual environment for remote care.
NFT art has become increasingly popular as a way to raise money for charities, particularly in the healthcare sector. Our NFT marketplace can be used to engage with leading digital artists to help fund medical research, raise money for medical equipment or rare drugs, and provide financial assistance to those in need of medical care. In addition, NFT art can be used to help raise awareness of medical conditions and to help spread the message of the importance of health and wellness. NFT art can be used to help create campaigns for medical charities, and even to create virtual art galleries to showcase the work of medical professionals.
NFTs are revolutionizing the healthcare industry by providing a secure and efficient way to manage the supply chain, store and track sensitive data, and even raise money. Contact us to know more about how NFT PharmaTrace can help you to level up your business, protect sensitive data, enhance transparency, and productivity.