Non-fungible tokens (NFTs), or the emerging form of digital certificate that certifies an asset as being one-of-a-kind, and tokenizes it. In this regard, the world appears to be split between the pro and anti-NFT camps. The pro-campers tout it as a novel approach to finance and own digital media; while those against NFTs point to – their volatility in the financial market and cases of fraudulence.
Besides $69.3 million worth of NFT art relying on a technology that consumes as much energy as a whole country, NFTs serve as pointers to a unique possibility in the digital health age. The proposition is that patients, rather than companies, own their digital healthcare data. With this ownership, patients could leverage it to monetize their data rather than have companies profit off them, as has historically been the case.
The international blockchain development company, HashCash Consultants announces its participation in an exciting new NFT creation project. The uniqueness and benefits of the concept are that it involves the healthcare industry and the health records of common individuals. HashCash, on this occasion, teams up with a UK-based company to explore the potential of the aforesaid concept.
The NFT in the healthcare sector is sensitive and still, in speculative stages. The two organizations are, therefore, taking small steps in weighing the possibilities. In this concept, individuals volunteer with their health data and have them made into NFTs. These individuals can at any point share their NFTs with health care services as a way of participating in studies or research, drawing an earning from it.
How does it work?
Assume an instance when you order a direct-to-consumer DNA testing kit to get a nutrition plan suited to your genetic build, you knowingly or otherwise share your genetic data and related medical history with the nutrition-planning company. You must or how do you get the diet most suited to your genetic makeup. Thus you entrust your health data to the company.
This company maintains a repository of all such data and may at any stage, sell these records to a third party for research purposes, making millions. The original owner of the data receives nothing, meanwhile. Moreover, sensitive data such as this may easily be exploited along the transaction chain increasing the risk of information mishandling.
“If your genetic data were turned into NFTs, the information is then attached with an inherent feature to be tracked,” explained Raj Chowdhury, founder, and CEO of HashCash Consultants.
“This would enable you to monitor where your data ends up and track the people who hold the NFT and also figure out if it is being used without permission.”
Also as the sole owner of the information, certified by NFT authentication, the individual is entitled to a feature that pays them a fee each time a transaction is made on the NFT.
The third parties willing to use the particular data for research or developing new products can reach out directly to patients on a digital marketplace. “This approach is unique in that, here the patients can exercise their choice whether or not to share their data and if they do they must be paid for it.” clarified Chowdhury.
As recently declared, HashCash is ready to work with a Metaverse company. HC Remit, a HashCash product is being deployed by a Vietnamese Payment service company to route payments and remittances. HashCash has toiled on a DeFi business model for granting micro-loans to women entrepreneurs.
HashCash is recognized as a fast expanding company with innovation focal to its growth. The governing body and research teams are active proponents of blockchain technology and its application in any industrial field. The NFT on health data is one of many projects HashCash has been a part of. Most of these projects seek to address some real-world issue and have a welfare motive at their core.