Posts tagged "NFTs use cases"

How Patients Could Make Money from Their Health Data Using NFT in Healthcare

The globe appears to be divided into pro- and anti-NFT camps when it comes to NFTs, a type of digital certificate that verifies an asset as being unique. Others in the former group promote it as a cutting-edge method of financing and owning digital media, while those opposed to NFTs emphasize, among many other things, its catastrophic consequences on the environment.

But despite NFT artwork valued at $69.3 million and reliant on technology that uses as much energy as an entire nation, NFTs represent a special opportunity in the era of digital health: that of patients controlling their own digital health data rather than corporations. With such a high degree of ownership, patients might use it to their advantage to monetize their data as opposed to letting businesses benefit from them, as has been the case in the past.

NFTs are novel, therefore their potential in healthcare may not even be understood, let alone what they are and how they operate. This essay will introduce you to the fundamentals of NFTs, discuss how they might increase patient empowerment in the era of digital health, and highlight relevant concerns about the technology.

NFT definition.

A non-fungible token is “a unique digital certificate, recorded on a blockchain, that is used to document ownership of an object such as an artwork or a collectible,” according to dictionary publisher Collins, who named it the Word of the Year for 2021. Blockchain technology is used to create or “mine” NFT transactions, similar to how cryptocurrencies like Bitcoin work.

In essence, the concept depends on a decentralized network of computers using cutting-edge cryptography to confirm a transaction’s legitimacy. We have discussed the utility of blockchain in healthcare and pharmaceuticals, emphasizing its capacity to protect private medical information and prevent the sale of fake medications.

By granting individuals unprecedented power over their medical information, NFTs might positively alter the digital health sector, much as 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. It is still frequently the case that the businesses offering these services are in charge of these sensitive data and frequently make money off of it while neglecting patients. 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 above could sell your genetic information to other parties for study. However, you decide to utilize the service anyhow because it’s the most precise way to acquire a customized diet at a reasonable cost.

The corporation, however, might make millions by selling your genetic information as well as that of other people, but they will never give it to you. Additionally, the danger of the information being handled improperly grows when such sensitive data are transmitted through the transaction chain.

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 from whom the data are utilized by Ovia and 23andMe, for example, are not receiving any compensation from the businesses. However, by providing their data and profiting from it, NFT-based businesses that provide digital health services might entice patients to engage in research. Patients might be contacted directly on a digital marketplace by other third parties interested in using the data for research or creating new goods. The primary distinction between this method and the conventional one is that patients truly do have the option to disclose their data more knowledgeably.

The usage of patient data might therefore become more open with the supporting blockchain technology and an NFT certification, giving patients ownership over their medical information.

Is there a future for NFTs in medicine?

There are several startups that are investigating the possibilities of NFT in the healthcare industry, even if much of it is still hypothetical at this stage. But various possible barriers might prevent widespread use of the technology in the near future, particularly in the field of healthcare. Blockchain technology currently operates fairly inefficiently, requiring significant energy even for little transactions. Significant greenhouse gas emissions, which contribute to climate change, are also linked to this. NFTs could not be completely economically feasible as a result in the near future. Alternatives to NFT minting, however, are being developed that may only require a small portion of the processing power used by its existing transactions.

The question of whether businesses providing digital health services would genuinely want to utilize the technology is another one. Given that companies have historically profited off patients rather than the other way around, they may not be all that interested in sharing their earnings with them.

Applications of NFTs: Everything You Need to Know

Recent years have seen a lot of attention paid to blockchain and crypto-assets. Most importantly, individuals, companies, and governments need to be prepared for the digital economy in every manner imaginable. If you’ve looked into the blockchain, you’ve probably come across the concept of tokens. Several blockchain-related blogs and articles have gone to great lengths on the differences between digital coins and tokens.

Non-Fungible Tokens are a new and sophisticated token, and now is the time to talk about them. In creating the future of blockchain, several experts have emphasized the importance of NFTs. Consequently, they’ve been getting a lot of attention from people from all walks of life.

In this post, we’ll take a closer look at the Non-Fungible Token (NFT) and see how it may be put to good use in various scenarios

Non-Fungible Tokens’ History

Understanding NFTs’ origins are essential before addressing their potential applications. There’s no doubt that a “fungible” item may be replaced by something else. As a result, a fungible token is any form of token that may be replaced with something comparable. As a result, NFTs are one of a kind and can never be used interchangeably.

An essential component of blockchain and cryptocurrencies is tokens. It is possible to find them in a variety of forms and uses. Tokens may be divided into two categories: fungible and non-fungible tokens. Fungibility is a critical consideration for most cryptocurrencies since it can be used as a common medium of exchange.

People may, for example, swap one US dollar for another or a British Pound for another. There is no requirement to return an identical dollar with the same serial number if you lend a dollar to someone else. Non-fungibility, on the other hand, is what happens when you give someone a unique piece of art and expect them to return it in the same form.

All significant cryptocurrencies, including Ethereum and Bitcoin, have fungibility as a key characteristic. As a new token version with some unique properties and intriguing uses, NFT has grown in popularity. But non-fungible tokens are a whole new notion, and as a result, they’re difficult to comprehend. The notion of non-fungible tokens, their characteristics, uses, and the future of these tokens might lead to serious uncertainties among the general public.

Use Cases of Non-Fungible Token

Non-fungible tokens have sparked a slew of blockchain predictions throughout the years. NFTs, on the other hand, may prove the ownership of certain assets on the blockchain via the use of proof of ownership. Individuals’ rights to certain assets may be held, denied, or restricted by NFTs, providing exclusivity for the owner. Consequently, NFTs have a long road ahead of them, and their applications are expected to rise over the next years.

NFTs, on the other hand, are useful in a broad range of corporate blockchain applications. You shouldn’t take for granted their ability to make authenticity checks on digital platforms easy or the fact that information is scarce on these networks. Following this, let’s take a closer look at the many applications for non-fungible tokens.

Art

Recently, the blockchain community was rocked by the revelation that digital artist Beeple had sold an NFT of his work for an astounding $69 million at Christie’s. After a succession of progressively valuable auctions, the record-breaking NFT sale occurred. The first batch of Beeple’s NFTs was sold in October for $66,666.66 apiece. After that, he sold a series of his paintings totaling $3.5 million. For Beeple’s work and NFT as a technology, Christie’s, an auction house with a history spanning 255 years, places a fair value on both.

The most prevalent non-fungible token use case is programmable art, bringing together the best of all worlds. Various limited-edition works of art are now available for purchase. Indeed, they provide a degree of programmability that may be used to adapt to various situations. Smart contracts and oracles can let artists create visuals that can adapt to changes in the value of digital assets on the blockchain.

As a result, non-fungible tokens might be used in the realm of legacy arts via the tokenization of real-world assets and other works of art. It’s possible to register an artwork’s ownership on the blockchain by simply scanning a code on a tag affixed to an artwork. Furthermore, users were able to look back at the artwork’s prior purchases and owners and its current value.

Fashion

There is no doubt in anyone’s mind that blockchain will benefit everyone involved in the fashion industry. As a result, counterfeiting scams might be reduced by making it easier for consumers to authenticate the ownership of their items and accessories. A simple QR code on the price tags of clothing and accessories in the form of an NFT might be scanned by customers.

As a result, information like the location of the asset’s creation might be made readily available to customers. In addition, customers might learn more about the previous owners of the asset, which could help them make more informed decisions. The use of blockchain technology in the fashion industry has been critical in reducing emissions of greenhouse gas carbon dioxide. Consequently, they may improve staff well-being while also safeguarding clients. As a result, NFT has the potential to develop a new form of blockchain for the supply chain in the fashion sector.

Certifications and Licenses

NFT use cases may also provide significant advantages for checking licenses and certifications. Certificates of course completion, like any other degree or license, are often issued to successful students in either digital or physical form. A copy of the course completion certificate is required as a reference by universities and companies before offering a job in a firm or an academic institution.

Admins may save a lot of time by using NFTs to access such licenses. The difficulty of record checking and verification is alleviated by using NFT certificates and licenses. Consequently, this method makes it simpler to keep track of course completion or licensure proof.

Collectibles

Non-fungible tokens have several applications in the world of collectibles. Online collectibles like Cryptokitties were one of the first ways consumers learned about NFTs. The Ethereum network became crowded in 2017 because of the popularity of Cryptokitties.

These virtual kittens may be bred to produce a variety of different kittens. As a result of unique characteristics like their hair texture or eye color, crypto kitties might be more or less attractive to potential adopters. In order to breed two separate cats, the user merely has to click on the “buy” button.

Using a Genetic Algorithm or GA, the kitten is given a new identity. Simply put, the value of crypto kitties is based on the rarity of their genetic composition. It’s also important to consider how many times a Sire has been used for breeding other kittens when evaluating the worth of crypto kitties.

Sports

Some of the most pressing concerns facing the sports business are counterfeit tickets and goods. As an ideal substitute for addressing such challenges, blockchain technology is emerging as a leading contender. Counterfeit artifacts and tickets can be avoided because of blockchain technology’s immutability.

NFT application cases in the sports business may be shown by the example of tokenized sports game tickets issued on the blockchain. Data unique to each ticket’s registered owner may be found in the blockchain for each ticket. Sport NFTs are also becoming popular since many well-known athletes are being tokenized and placed on the blockchain. Success as an athlete is reflected in the value of the medals and other mementos they earn.

Unstoppable Domains and Ethereum Name Service

Unstoppable Domains and the Ethereum Name Service (ENS) use NFTs to represent crypto addresses. Myname.crypto and myname.eth are two well-known instances of non-fungible token applications. Like a Twitter or Instagram username, each user’s crypto address is unique.

Hundreds of individuals may attempt to get the same handle name if the name is very prevalent. Even while Twitter and Instagram prohibit users from selling their login handles, Unstoppable domains and ENS may be used to purchase and sell bitcoin addresses. As a general rule, popular names are more valuable than those that aren’t as sought-after.

Final Words

Non-fungible tokens are becoming more important across a wide range of businesses, as is seen above. The gaming business has the most active NFT use cases of any other industry.

Other businesses, however, are gradually transitioning to NFTs by using blockchain and tokenizing assets. Using NFT tokens for blockchain implementation is a major boost to the token’s popularity. A supplementary measure for keeping personal data on the blockchain or picking a crypto address will be the adoption of NFTs in the future, fueled by the increasing usage of blockchain and the corresponding growth in NFT use. NFTs, on the other hand, might lead to a future in which individuals utilize blockchain and cryptocurrencies without even recognizing them.