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Will Non-fungible Tokens Save Healthcare?

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Will Non-fungible Tokens Save Healthcare?

Non-fungible tokens became popular in 2020. Unlike other cryptocurrencies, which can be used as money or a digital asset, NFTs are designed to function as a proof of authenticity. They consent to owning a piece of a digital version of a tangible item. NFTs were used to exchange everything from digital art, music, and video clips. In the first half of 2021, NFT sales are expected to reach $3 billion.

While the benefits of NFTs in the entertainment business are obvious, the same framework may be applied to the healthcare industry. NFTs can reflect your health data, pharmaceutical medications, and human composition elements like blood.

The use of NFTs for blood donations is already encouraged by blood donation organizations. Blood donors are given a unique token that may be tracked throughout the system. The gift can then be tracked from the time it is delivered to the hospital, through the blood bank, and to its intended recipient. The NFT of blood can then be used to register it in a digital “blood bank,” where the demand for specific blood types may be tracked via a blockchain system and distributed to where it is most required.

The application case for NFTs in pharmaceutical manufacturing, on the other hand, might identify a specific batch of medications, making it easier to trace and authenticate. Those who track the process via the system will be able to identify any issues, allowing problems to be resolved much more rapidly. If a drug was recalled, it might be noted on the NFT and brought to the attention of anyone who could track it down. Prescription orders might likewise be linked to an NFT, allowing for easy identification of who issued them and the prevention of faked prescriptions.

The depiction of health data is one of the most potential applications of NFTs in healthcare. Patients are now aware that their data exists, but they typically do not have access to it or control over where it is used. Google, a subsidiary of Alphabet Inc., and HCA Healthcare Inc., a national hospital chain, recently announced a partnership to build healthcare algorithms based on patient records, marking the latest incursion by a digital giant into the $3 trillion healthcare industry. Patients’ data is spun off in real time, but the usage of NFTs would allow them to track how their data is being used. An NFT would not only identify the data as belonging to that individual as a kind of identification, but it would also ensure ownership, allowing the patient to access it and track where it travels, as well as providing residual revenue to the data owner. This can also be applied to other research projects involving patient-generated data.

Patients who are aware of their data and understand how it is managed, according to Karly Rowe, Vice President Patient Access, Identity, and Care Management Product at Experian Health, may assist ensure accuracy and, as a result, their own quality of care and security. They should also be aware of and trust the manner in which a healthcare organization manages its data. Despite these dangers, many healthcare institutions have yet to implement a complete patient identity management plan.

Identity management necessitates enterprise-level planning, strategy, and solutions because it is the backbone of healthcare’s digital transformation. Patients are at danger from inaccurate or inadequate patient information, which can be lethal, and patient identity management can have a variety of financial and reputational consequences for an organization. Experian Health, for example, developed the first Universal Patient Identifier (UPI) certified by The National Council of Prescription Drug Programs (NCPDP) in order to comply with new pharmacy billing and electronic prescribing regulations set to take effect in January 2022.

With so many benefits, it’s easy to say that NFTs aren’t only for artwork or slam dunks from your favorite NBA star. Earning money for the use of your data may come sooner rather than later, however it is clear that patients’ data control has been long overdue.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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