The building Block(chain)s of the Metaverse: NFT and Blockchain in the Healthcare industry

So far these blog posts focused on the nature of the Metaverse, its challenges and the catalysts to its future existence. After describing this broad framework, I my going to dedicate my blog posts to one of the fields that is about to undergo a complete transformation once we are inside the Metaverse,... Healthcare!

From now on until the end of this blog series, each post will address a major issue regarding the relationship between the Metaverse and the healthcare industry.

The most suitable subjects to open this discussion are NFT and the Blockchain, being two crucial factors providing the foundation for the future Metaverse. In this blog post I’m willing to focus on the implementation of these cutting-edge technologies in the healthcare industry nowadays and in the nearby future.

Many of you probably encountered these buzzwords that have been making headlines in the last two years for their booming market.

So, what is NFT?

For starters, NFT stands for non-fungible token, but it doesn’t make it any clearer. Well, NFT is a one-of-a-kind digital file on a blockchain attached with codes containing unique identification its possessor. Thanks to the technology of NFT, now for the first-time digital goods have a certificate of authenticity verifying their ownership available to the public. Hence, even a perfect copy of an NFT will be flagged as fake right away, and that what make the NFT non-fungible.?

Everything from works of digital art , music, bits of video are exchanged with NFTs.?? NFT sales ?have reached an estimated 3 billion in the first part of 2021 alone.

You probably heard about massive purchases of NFTs such as the first twit and CryptoPunks; all of them and the rest of the NFTs are traded over a blockchain.

A blockchain is a distributed digital database that stores information regarding to transactions and doesn’t require a third party. The unique structure of the blockchain ensures data confidentiality, security, and accuracy. For instance, an access to a specific identification record must be given by its owner and can be shared only among the blockchain members. In other words, the individual determines whom to share their identification with which enhances data privacy.

We have “a new way to transfer and prove ownership” as well described by the futurist?Dr Bartalan Mesko

These are some examples of the NFT use in healthcare and pharma inside the Metaverse.

Pharmaceutical drugs

The use case for manufacture of pharmaceuticals using NFTs could mark a particular batch of drugs, making it both easier to track and mark it off as authentic.?Any issues in the process or issues related to adverse event reporting and tracking once the product is in use could be identified and fixed faster in comparison to the situation we are dealing today.?

NFTs can secure and streamline the tracking process – enabling the immediate identification of errors as they occur. It means that the time spent on fixing an error is much shorter, including the identification of black-market prescriptions, to eliminate them completely.?

Tokenized Prescriptions

Using the unique identifier and the public archive offered by the NFTs system, Prescriptions and OTC purchases can be managed in a much more holistic and accurate manner than ever before. By tokenizing prescriptions and medical bills, tracking of products can be done seamlessly, ensuring that information such as replacements or recalls can be easily linked to both consumers as well as manufacturers through the central shared ledger. The irreplaceable metadata of NFTs can guarantee that patients get the right medications, and use them before their expiration date.?

Patients will monetise their Health Data

How far can we trust the institutions and organizations that hold our sensitive medical information?

One of the most promising uses of NFTs in healthcare is in the representation of?health data . Today, patients are aware their data exists, but usually have no access to it or control over it. Patient data are scattered between different clinics and healthcare providers and stored in electronic health record (EHR) systems that are not compatible with each other.

While personal health sensors and apps allow patients to proactively gather and manage their own health data, they may also present privacy concerns.

The use of NFT’s would reverse the situation by giving the patient the ownership of their data and making the healthcare organization to ask for permission to get an access to it and trace its use. Moreover, even if a health organization has data regarding a patient’s health condition, it won’t be able to identify its owner without the owner’s permission. Patients who are aware of their data and understand how it's being managed can help ensure data accuracy and gain privacy. This way it will be easier for patients to trust the healthcare system.

Digital Medicine & Intellectual Property

Digital medicines products that use software's and algorithmically driven products to measure or intervene to improve health can be tokenized as NFTs. The tokenization of intellectual properties as NFTs allow them to be maintained securely, minimizing the potential of manipulating, or copying?as they are directly and easily traceable back to the owner. NFTs also allow for easy transferability of assets such as intellectual property in cases of pharma's mergers and acquisitions.

Blood Donations

We already see that?blood donation organizations ?already encourage the use of NFTs for blood donations.?Blood donors are marked with a specific token that can then be followed through the system.?The donation can then be followed from transport to the hospital, into a blood bank, and into its eventual recipient.?

Blood?can then be registered ?by its NFT into a digital “blood bank” where the need for particular blood types can be tracked by a blockchain system and delivered to where it is most needed.?

To sum up

In this post we have shed light on the application of the NFT in the healthcare industry which is based on blockchain technology. Namely, I elaborated on the crucial part of NFT in the healthcare system nowadays and in the next couple of years ahead. Importantly, it’s just the tip of the iceberg concerning the implementation of NFT in healthcare system, including in the Metaverse. Probably NFT will make its way into the heart of the healthcare system in many manners we can’t even conceive.?As we can see, the opportunities the NFT technology provides are endless.

In my next blog post I will go through one of the most incredible innovations depending on NFT that is about to change how we perceive healthcare once we are inside the Metaverse- Digital twin.

Imagine using a remote patient monitoring utilizing several wearable biosensors. These sensors would measure and transmit vital signs such as respiratory data and heart rate, as well as other patient data like posture and activity level. All health data would be monitored, tracked, and tokenized using NFT’s.

Thank you for taking the time to read, Be sure to stay tuned,

Yigal.??