Victoria d’Este
Posted: October 5, 2024 7:00 AM Updated: October 4, 2024 4:53 PM
Correction and fact check date: October 5, 2024, 7:00 a.m.
briefly
Combining tokenization, dApps and blockchain, Web3 technology has the potential to revolutionize healthcare by improving patient care and data management and enhancing patient-centric methods.
Web3 technology has the potential to transform the business of healthcare by bringing major changes to patient care, data management, and industrial processes. Looking at this area of development, it is clear that combining tokenization, dApps, and blockchain technologies can solve ongoing challenges in the healthcare industry while creating new opportunities for advancement and innovation.
Today’s healthcare system suffers from data fragmentation, inefficiencies, and a lack of patient-centric methods. Web3 technology answers these challenges by providing a secure, open, and decentralized platform to improve data integrity, expedite processes, and give patients control over their health information.
The key to safe and accessible health records
EHRs using blockchain are one of the most exciting uses of Web3 in the healthcare industry. Traditional EHR systems are sometimes disjointed, making it difficult for healthcare professionals to obtain accurate, up-to-date patient data. A single, immutable record of a patient’s medical history that can be securely shared between healthcare professionals can be created using blockchain-based EHRs. This improves the quality of care while reducing the likelihood of medical errors and unnecessary tests.
Web3 technology is also making great strides in the area of patient-owned health data. Patients can take full control of their health data by leveraging blockchain technology and smart contracts to determine who has access and under what circumstances. In addition to improving privacy, this change in data ownership gives patients the option to charge for the use of their health information in research projects.
Tokenization, one of the important features of Web3, is finding new uses in the healthcare sector. The Sweat Economy initiative is one such example that seeks to reward physical exercise with cryptocurrency tokens to encourage healthy living. Sweat Economy commissioned a study that revealed the potential economic benefits of tokenizing physical exercise, with an active day potentially worth $2,280 per year.
AI and Web3: A Powerful Duo for Better Patient Care
Another promising area in healthcare is the combination of Web3 technology and AI. AI-based solutions are already being implemented to improve clinical decision-making, expedite administrative processes, and improve patient care. For example, AvaSure, Oracle, and NVIDIA are collaborating to develop an AI-powered virtual concierge system that can process staff and patient requests in real time, easing the burden on bedside staff and improving overall patient care.
AI is also revolutionizing medical administration. Healthcare professionals can use Suki Assistant, an AI tool created by Suki, to perform electronic health record entries faster and more effectively. Suki Assistant uses voice recognition and AI-based dictation. One of the main challenges of modern health care delivery is that these devices reduce paperwork, leaving more time for direct patient care.
Companies like AngelEye Health are integrating AI, computer vision, and machine learning into NICU bedside cameras for specialties such as neonatal care. Using these sophisticated devices, healthcare professionals can monitor newborn health indicators early to allow for early intervention, potentially improving long-term outcomes. This use of Web3 and AI technologies shows that some of the most vulnerable patient groups can benefit from cutting-edge solutions.
Web3 offers the healthcare industry an opportunity to improve patient care and administrative processes. Blockchain-based decentralized clinical trials have the potential to completely transform the way medical research is conducted. These technologies have the potential to accelerate the drug development process and make clinical trials more accessible to a wider range of participants by facilitating safe, transparent, and effective data collection and management.
Healthcare supply chain management is another field that Web3 technology has the potential to transform. Blockchain-based solutions can provide complete supply chain visibility for pharmaceuticals and medical devices, ensuring product authenticity and reducing the likelihood of counterfeit drugs. Improved inventory management, reduced waste, and ensuring essential supplies are accessible when and where they are needed most can all be facilitated by this increased openness.
The future of telemedicine through IoT and telemedicine
The field of telemedicine, which has grown rapidly in recent years, can greatly benefit from Web3 technology. Decentralized telehealth systems can facilitate secure, confidential, and seamless communication between patients and healthcare professionals. Smart contracts have the potential to improve efficiency and user-friendliness for patients and healthcare providers by automating tasks such as appointment scheduling, payment processing, and digital prescription distribution.
The combination of Web3 technology and IoT devices creates new opportunities for remote patient monitoring and personalized medicine. Real-time health data can be collected through wearable technology and smart home sensors, and data can be safely stored and analyzed using blockchain and artificial intelligence. This continuous monitoring can lead to more individualized treatment regimens and early identification of health problems.
There are still many interoperability issues remaining in healthcare IT. Therefore, Web3 technology must demonstrate that it can easily interact with current systems.
Education and training of healthcare workers is essential for effective application of Web3 technology. Many managers and doctors may not be aware of ideas such as tokenization, smart contracts, and blockchain.
Web3 has a major financial impact on the healthcare industry. As demonstrated in the Sweat Economy study, tokenizing healthy habits can result in significant cost savings for individuals, companies, and healthcare systems. The estimated value of an active day is $6.25 for individuals and $4.38 for employers. This suggests that Web3 technologies have the ability to develop new health economic models that link financial incentives and improved health outcomes.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Victoria is a writer covering a variety of technology topics, including Web3.0, AI, and cryptocurrency. Her extensive experience allows her to write insightful articles for a wider audience.
more articles
Victoria d’Este
Victoria is a writer covering a variety of technology topics, including Web3.0, AI, and cryptocurrency. Her extensive experience allows her to write insightful articles for a wider audience.