HashCash embarks on a popular yet speculative concept that creates NFTs of a person’s health data that they can sell on a marketplace.
The global blockchain development company, HashCash Consultants, is thrilled to announce its participation in an exciting new NFT creation project. What’s unique and beneficial is that it involves the healthcare industry and the health records of common individuals. HashCash, on this occasion, joins forces with a UK-based company to explore the potential of this idea.
Given that the NFT in the healthcare sector is sensitive and still in speculative stages, the two organizations are taking small steps in weighing the possibilities. In this concept, individuals volunteer with their health data and have them made into NFTs. These individuals can at any point share their NFTs with health care services as a way of participating in studies or research, monetizing it.
When an individual orders a direct-to-consumer DNA testing kit to get a nutrition plan suited to their genetic build, they knowingly or otherwise share their genetic data and related medical history with the nutrition-planning company. This company may at any stage, sell these records to a third party for research purposes, making millions. The original owner of the data receives nothing, meanwhile. Further, such sensitive data may get passed along the transaction chain, and the risk of mishandling the information increases.
“If your genetic data were turned into NFTs, the information is then attached with an inherent feature to be tracked,”
Raj Chowdhury, founder, and CEO of HashCash Consultants.
“This would enable you to monitor where your data ends up and track the people who hold the NFT and also figure out if it is being used without permission.”
Also as the sole owner of the information, certified by NFT authentication, he/she may enable a feature that pays them a fee each time a transaction is made on the NFT.
The third parties interested in using the specific data for research or developing new products will reach out directly to patients on a digital marketplace. “This approach is unique in that, here the patients can exercise their choice whether or not to share their data and if they do they must be paid for it.” pointed out Chowdhury.
As for recent developments, HashCash is set to work with a Metaverse company. HC Remit, a HashCash product is being implemented by a Vietnamese Payment service company to route payments and remittances. HashCash has worked on a DeFi business model for granting micro-loans to women entrepreneurs.
HashCash is a fast expanding company with innovation focal to its growth. The management and teams are active proponents of blockchain technology and its application in any industrial field. The NFT on health data is one of many projects HashCash has been a part of. Most of these projects seek to solve some real-world challenge and have a welfare objective at their core.