Non-Fungible Tokens (NFTs) and their Impact on the Medical Industry
David Rutledge
CEO & Founder of Global Strategic Solutions, LLC | PRRC for the Medical Device Sector | Best Selling Author, Mythical Medical | Podcast - What's in Your Strategy? | Lead Auditor ISO 13485 | Notified Body - BSI Trainer
Anyone interested in better understanding the future of the medical industry should be interested in this topic. Here, I aim to discuss what NFT is, what the blockchain is, and then how all of this can potentially tie to the medical industry.
What do I think about NTFs relating to healthcare, medical devices, or medical technology? I’ll use a highway and a unique car or asset to explain this. Think about this as a virtual asset (e.g., a unique vehicle) that is assigned to and travels along a blockchain (or highway) and then monitors how it picks up a value that others may want. If your car had a bar code or QR code, you could precisely track it.
NFT, the abbreviated version of the non-fungible token, was Collins Dictionary’s 2021 "word of the year." The dictionary publisher defines a non-fungible token as “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible.” It goes on to say, it’s a chunk of digital data that records who a piece of digital work belongs to. “Unique” is essential here — it’s a one-off, not “fungible” or replaceable by any other piece of data. The concept of “fungible” is not new. It is something such as a currency, share, or goods, that have value but can easily be exchanged for others of the same value and type.
Non-fungible tokens have the potential to make waves in the medical industry. They can significantly benefit healthcare, medical devices, and medical technology, among other things. Overlooking the potential benefits of NFTs by anyone involved in the medical industry, from consumers to businesses, is a huge mistake. However, there is a lot to understand regarding this topic, and it requires big thinking and careful understanding to determine precisely how to do this.
Did you know some believe that obtaining and selling health data appears to be a form of free speech? Current laws and regulations don’t sufficiently support patient privacy in this area. Some believe that patients should set the terms of how transactions involve their data. Data exchange decisions could have an element to be more patient-centered. Of course, we need better-encrypted data storage. Patient health information must be protected.
What is a Non-Fungible Token (NFT)?
An NFT or a non-fungible token is a digital asset that represents authentic, accessible goods. The term fungible means that these are one-of-a-kind goods you cannot replace with identical assets or anything of equal value. In other words, it means these assets are unique.
A great example of this would be standard currency. All money is fungible. The value of any single dollar bill is fungible with that of any other dollar bill. Fungibility means you can exchange a dollar with someone, and the value of your dollar or possession would stay stagnant, and the new dollar your receive would not be unique.
NFTs are bought and sold with cryptocurrency. They are stored on a blockchain to ensure they can be easily managed and guarantee their authenticity and uniqueness. Furthermore, the blockchain prevents anyone from claiming to own an NFT that they do not own. So what is the blockchain?
What is the Blockchain?
The blockchain is a ledger of sorts. This ledger is entirely public and records the ownership and transactions of digital assets. Anyone can look at the blockchain to see what is already owned and distributed throughout the blockchain. Still, it prevents individuals from claiming ownership over digital goods and collectibles they do not own. Blockchain is not Bitcoin, but Bitcoin does operate on a blockchain. Blockchain is a set of technologies and tools. It automatically creates an audit trail for any data.
The entire NFT and crypto industries use various blockchains. These blockchains operate differently depending on the currency or asset they are inherently tied to. For example, the Bitcoin blockchain is vastly different from the Ethereum blockchain, but they both serve similar purposes and goals.
At Global Strategic Solutions, we can help you make the right decision for your business in the medical industry. Contact us today!
How Do NFTs Impact MedTech, Medical Devices, and Healthcare?
So, what in the medical industry could be an asset? Non-fungible tokens (NFTs) can affect the medical industry in a variety of ways. Here we are going to discuss some of the most immediate and valuable of those effects:
Healthcare
NFTs greatly benefit the healthcare industry and the privacy and security of their customers. One way to do this would be to mint your genetic data as an NFT. Doing this would allow an individual to keep track of their genetic data and how it is used. Healthcare companies tend to share and distribute their customers' data, allowing the customer agency to monitor and maintain their personal genetic and healthcare data.
Maintaining your data and its security is so crucial for any individual. Unfortunately, the healthcare industry frequently cheats its customers out of the protection they expect. NFTs have the potential to solve this and overall improve the healthcare industry. They are making it a safer and more professional environment for all parties involved. Challenges exits.
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Medical Devices
Non-fungible tokens can benefit the industry surrounding medical devices. These benefits tie to the storage of genetic and personal healthcare data on the blockchain. Several devices, such as health-related wearables, smart homes, and interconnected medical devices, may benefit from using NFTs and the blockchain as the primary method to store and exchange data.
NFTs are a solid potential addition to the medical devices industry. They could be the future of medical data transfer through various medical devices and systems. Again, challenges exist.
MedTech
NFTs have the potential to advance and develop medical technology as a whole. One reliable way to accomplish this is by tying NFTs to physical medical assets such as units of blood, medications, and other forms of non-reusable medical technologies. So why would people want to tokenize blood, among other things?
Tokenizing medical assets would ensure quicker access to these resources for patients who need them most. Suppose you can look up the ledger on the blockchain, find the help you need, learn their location and how quickly you can access them, and get them to you as soon as possible. In that case, you will fare better than fighting through traditional medical industry bureaucracy. Avoiding that bureaucracy is one of the best things that can happen to patients and their providers as it has the potential to speed the whole system up exponentially. These improved systems benefit everyone. It potentially provides another form of competition that could drive overall costs to patients down. Yes, challenges exist.
Related: Medical Device Patents 101
Are NFTs the Future of the Medical Industry?
NFTs have the potential to be the future of the medical industry. Over time, they can improve the system, speed it up, and provide more resources and services to those in need. Some hurdles are in the path of rapid adoption of NFTs regarding scaling, adaptability, and public perception of non-fungible tokens. However, backing major medical providers will accelerate this process and make it more achievable soon.
The slew of benefits from adapting NFTs to the medical industry is too long to list in this article, but the evidence is there. Patients will experience a more user-friendly and secure service when NFTs get involved.
Here at Global Strategic Solutions, we can help you make the right decision for your business in the medical industry. Contact us today!
Final Thoughts
NFTs are a new and emerging technology rapidly transforming the face of data transference worldwide. This could have enormous benefits for healthcare, medical devices, medical technology, and the medical industry. It will allow for a safer, more secure, and more consistent system that benefits everyone quickly and efficiently. It has the potential to reduce strain on the industry itself as well. They should not be overlooked when looking at potential methods of improving the growing medical sector.
Global Strategic Solutions in the Silicon Valley area in California is a consultancy firm committed to ensuring safety in the medical field by helping inventors and businesses take the appropriate steps to get their devices approved and ready for sale. Learn more about our services.
David R Rutledge, Pharm.D., FCCP, FAHA
+1 (630) 846-0350 cell
Chief Strategy Officer @ SysDICE GmbH | Knowledge For Impact ??| Regulatory Compliance | Market Access | System Modelling & MBSE | Quality Management | Digital Transformation | MedTech Insider ??
2 年Blockchain is a fantastic technology and will transform clinical and patient data as we know it. I find the polkadot protocol very interesting as it allows unrelated blockchains (e.g. Different hospitals or registries) to securely exchange data. This can be the future for medical device companies who need access to patient data. Patients can also possess digital keys to their information in the blockchain and give explicit consent for use. There is also data exchanges where an algorithm (e.g. For tumor recognition), regulated by a third party, can be sent over to the data source (patient health records) to learn on the data stored and the algorithm is then transferred back to the owner without the need of data being transferred. This enables privacy, while still having the value. In short, data is a critical factor of production, and the race has just begun.