HashCash Consultants, a blockchain growth firm, will probably be collaborating in a brand new non-fungible token (NFT) creation challenge involving the healthcare trade and peoples’ well being information, in response to a Saturday (April 16) press launch.
HashCash stated it’s partnering with a U.Okay.-based firm to discover the thought, though that firm isn’t named within the launch. The idea entails people volunteering to have their well being knowledge made into NFTs, permitting them to share these NFTs with healthcare companies to take part in research or analysis.
Per the discharge, when a person does issues like order a DNA testing package or get a diet plan primarily based on their genetics, they’re sharing knowledge and historical past with these corporations — who can promote the information for analysis functions whereas the unique proprietor doesn’t get something.
HashCash CEO Raj Chowdbury stated that by turning the info into NFTs, the data is hooked up to a function that may be tracked.
“This may allow you to observe the place your knowledge finally ends up and observe the individuals who maintain the NFT and likewise work out whether it is getting used with out permission,” he stated within the launch.
As well as, the only real proprietor of the data might doubtlessly allow a function that pays them each time a transaction is completed through the NFT.
PYMNTS wrote that HashCash introduced final yr that it was working alongside a Spanish provide chain firm in an effort to change its infrastructure with IoT-on-Blockchain structure. In keeping with the report, the impetus for this was due to the difficulties confronted by provide chains.
Learn extra: HashCash Launches Spanish Provide Chain Venture
“It’s turning more and more troublesome to confirm the supply of uncooked supplies and keep visibility of merchandise and merchandise whereas they’re touring by means of the worth chain community,” the agency stated on the time. “The combination of the Web of Issues (IoT) permits corporations to watch, observe and monitor merchandise, actions and processes inside their respective worth chain networks.”
The IoT functionalities additionally come together with issues like handy product monitoring and optimizing operations for manufacturing, warehousing and different issues. Chowdbury stated blockchain tech, when built-in with IoT, can assist enhance the effectiveness of provide chains.