Health Data Monetization Through NFT in the Healthcare Sector.
The world appears to be divided into pro- and anti-NFT camps when it comes to non-fungible tokens (NFTs), a growing type of digital certificate that validates an asset as unique. Others in the pro-NFT side promote it as a cutting-edge way to fund and own digital media, while those opposed to NFTs emphasize, among many other things, its catastrophic consequences on the environment.
In the digital health era, NFTs hold a special potential beyond $69.3 million in NFT art and depending on technology that uses as much energy as an entire nation. This potential is that of people controlling their own digital healthcare data as opposed to businesses. Patients might use the advantage of having such a high level of ownership to make money off their data instead of letting businesses make money off them as has been customarily done.
NFTs are novel, therefore their potential in healthcare may not even be understood, let alone what they are and how they operate. The fundamentals of NFTs will be covered in this article, along with how they might further empower patients in the era of digital health and some relevant safety issues.
NFT definition.
Dictionary publisher Collins names a non-fungible token the Word of the Year for 2021, describing it as "a unique digital certificate, recorded on a blockchain, that is used to record ownership of an object such as an artwork or a collectable." Blockchain technology, on which cryptocurrencies like Bitcoin are built, is used in the creation of or "mining" of NFT transactions.
Briefly stated, the concept depends on a decentralized network of computers using cutting-edge cryptography to confirm the legitimacy of a transaction. In a recent analysis of the use of blockchain in healthcare and pharmaceuticals, we emphasized its potential for protecting private medical information and reducing medication fraud.
NFTs might positively change the digital health sector by providing patients unprecedented ownership over their medical information, much like they have already done for the art world.
Personal health sensors and applications provide patients with individualized data as we enter the digital health era, enabling them to take a more proactive approach to managing their health. However, what is still frequently the case is that the businesses offering these services, who frequently make money off of it while disregarding patients, are in charge of this sensitive data. For instance, it was discovered that the pregnancy-tracking app Ovia sold employers aggregated user data. Similar to this, 23andMe plans to create medications using the genetic information collected from consumers who used its genetic testing kits; these customers may not even have been made expressly aware that their data may be used in this way.
Simply said, it is unfair for private organizations to profit from patient data in this manner. The same should hold true for monetizing personal health data if the genuine paradigm shift in digital health—that of patient empowerment—occurs, and NFTs may turn the tide in this area.
Potentials of NFT in Healthcare
Let's say you've made the decision to acquire a direct-to-consumer DNA testing kit so that a private firm may create a nutrition plan specific to your genetic profile. Additionally, you are aware that the latter might sell your genetic information to other parties for study. However, you decide to utilize the service anyhow because it's the most precise approach to acquire a customized diet at a reasonable cost.
But the corporation might make millions by selling your genetic information as well as that of others, and they won't ever tell you about it. Furthermore, the danger of information handling errors grows when such sensitive data is moved through the transaction chain.
Blockchain Data - Digital Health Privacy
Now, if your genetic information were created as NFTs, it would have the ability to be monitored inherently. Since you are the exclusive owner of the data, as confirmed by the NFT authentication, you would be able to track its final destination and hold anyone who utilized it without your consent responsible. Additionally, the NFT owner can activate a function to make money each time a transaction using the data takes place.
Patients whose data is utilized by the businesses, such as Ovia and 23andMe, are not being recognized in any way. However, using an NFT strategy, businesses providing digital health services may incentivize people to take part in research by donating their data and profiting from it. Other parties might contact patients directly through a digital marketplace if they were interested in using the data for research or creating new goods. Patients truly do have the option to disclose their data in a more educated manner here, which is the fundamental distinction from the conventional method.
The usage of patient data might be made more transparent and give patients authority over their medical records with the help of the underlying blockchain technology and an NFT certification.
Future or fad for NFT in medicine?
While many aspects of NFT in healthcare are still hypothetical at this time, certain startups are looking at this possibility. One such business is Aimedis, which offers a medical NFT marketplace where customers may engage in transactions involving their health information. The Go! health tracking software, created by Enjin and Health Hero, can gather personal activity and wellness information from well-known applications like Fitbit, Google Fit, and Apple Health. This results in the creation of Well-being NFTs, or W-NFTs, that are endowed with the rarity of the users' health data assets. Even on the open market, they can be exchanged.
But there are various possible barriers that might prevent widespread use of the technology in the near future, particularly in the field of healthcare. Currently, blockchain technology is highly inefficient, requiring significant energy even for little transactions. Additionally, this is linked to large greenhouse gas emissions that contribute to climate change. Therefore, it's possible that NFTs won't be fully economically feasible in the foreseeable future. However, substitutes for NFT minting are being developed that could only require a small portion of the computational power now used in their transactions.
Another concern is whether businesses that provide digital health services will truly want to use the technology. Given that companies have historically made money off of patients rather than the other way around, the thought of sharing their gains with them may not appeal to them very much.
Ultimately, despite the fact that NFTs are still in their early stages, the technology may advance and become more persuasive in the future, causing patients to choose the agency it offers over their data. Before NFT in healthcare becomes widespread, there are considerable obstacles to be overcome, but its promise is undeniable.
Written by Drs. Pranavsingh Dhunnoo and Bertalan Meskó
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