Blockchain Firm HashCash Participates in NFT Ventures Focused on Healthcare
As per a press release issued on Saturday (April 16), blockchain development firm HashCash Consultants will participate in a novel non-fungible token (NFT) development venture encompassing healthcare business and individuals’ health information.
However, HashCash stated that it is working with a UK-based startup to study the notion, but did not identify the organization. Patients volunteer to have their health information turned into NFTs, which they may then provide to medical facilities for use in studies or research.
Individuals who purchase DNA testing kits or diet plans that are based on genetics are, according to the release, providing their personal data and information to the company selling such products, who may then sell the information for research reasons without compensating the original owner. As CEO of HashCash, Raj Chowdbury stated, the information is tied to a characteristic that can be monitored by converting it into NFTs.
As per the media release, “You’d be able to keep tabs on where your info goes, trace down the individuals who have it, and determine whether it’s being misused.”
It is also possible that a provision that compensates the single owner of the data every occasion a transaction is recorded through the NFT might be activated by the solitary holder of the data.In 2021, HashCash and a Spanish logistics business stated that they were working together to implement an IoT-on-Blockchain architecture. The research cites supply chain issues as the driving force for this decision.
“The firm at that time said it was becoming harder to authenticate the origins of raw ingredients and keep track of goods and products as they moved through the supply chain system. IoT integration allows businesses to monitor, analyze, and observe operations, and procedures inside their value chain structure, all from the comfort of their own office.”
Efficient product tracking and operational optimization in manufacturing, warehouses, and other areas are two examples of IoT functionality. Chowdbury remarked that when blockchain technology is used with the Internet of Things, supply chains may become more efficient.