The Impact of Web3 on Telemedicine and Remote Patient Monitoring

by
Victoria d’Este

Published: October 05, 2024 at 7:00 am Updated: October 04, 2024 at 4:53 pm

by Ana

Edited and fact-checked:
October 05, 2024 at 7:00 am

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Web3 technologies have the potential to change the healthcare business by bringing about major adjustments in patient care, data administration, and industry processes. When we examine this developing field, it is evident that combining tokenization, dApps, and blockchain technology may solve persistent problems in the healthcare industry while creating new opportunities for advancement and innovation.

There are divisions of data, inefficiencies, and a dearth of patient-centric methods in the healthcare system today. By offering safe, open, and decentralized platforms that can improve data integrity, expedite procedures, and give patients authority over their health information, Web3 technologies provide answers to these issues.

The Key to Secure and Accessible Health Records

EHRs using blockchain are one of the most exciting uses of Web3 in the healthcare industry. Since traditional EHR systems are sometimes disjointed, it can be challenging for medical professionals to obtain accurate and current patient data. A single, unchangeable record of a patient’s medical history that can be safely shared between healthcare professionals can be produced using blockchain-based EHRs. This lowers the possibility of medical mistakes and unnecessary testing while simultaneously enhancing the quality of care.

Web3 technologies are also making great progress in the domain of patient-owned health data. Patients may take complete control over their health data by determining who can access it and under what circumstances by utilizing blockchain technology and smart contracts. 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.

One important Web3 feature, tokenization, is finding new uses in the medical field. The Sweat Economy initiative is one such instance that seeks to reward physical exercise with cryptocurrency tokens in order to encourage healthy living. Sweat Economy commissioned research that indicates the potential economic benefit of tokenizing physical exercise, with each active day potentially worth $2,280 annually.

AI and Web3: A Powerful Duo for Better Patient Care

Another area of great promise in healthcare is the combination of Web3 technology and AI. AI-powered solutions are already being implemented to improve clinical decision-making, expedite administrative procedures, and improve patient care. For example, AvaSure, Oracle, and NVIDIA are working together to develop a virtual concierge system powered by AI that can handle staff and patient requests in real time, easing the burden on bedside staff and enhancing patient care overall.

AI is also revolutionizing healthcare administration. Healthcare professionals may perform electronic health record entries more quickly and effectively with the use of the Suki Assistant, an AI tool created by Suki. The Suki Assistant employs speech recognition and AI-based dictation. One of the main problems with modern healthcare delivery is that these instruments reduce paperwork, freeing up more time for direct patient care.

Businesses like AngelEye Health are incorporating AI, computer vision, and machine learning into NICU bedside cameras in specialized fields like newborn care. With the use of these sophisticated devices, healthcare professionals may monitor early health markers in neonates, potentially improving long-term results by allowing for earlier intervention. This use of Web3 and AI technology shows how some of the most vulnerable patient groups may benefit from state-of-the-art solutions.

Web3 has the opportunity to improve patient care and administrative procedures in the healthcare industry. Blockchain-based distributed clinical trials have the potential to completely transform the way that medical research is carried out. These technologies have the potential to expedite the medication development process and increase the accessibility of clinical trials for a wider variety of participants by facilitating safe, transparent, and effective data gathering and management.

Healthcare supply chain management is another sector that Web3 technologies have the potential to upend. Blockchain-based solutions can offer complete supply chain visibility for pharmaceuticals and medical devices, guaranteeing product authenticity and lowering the possibility of fake drugs. Improved inventory management, waste reduction, and guaranteeing that essential supplies are accessible when and where they are needed most may all be facilitated by this greater openness.

The Future of Remote Healthcare with IoT and Telemedicine

The field of telemedicine, which has grown quickly in recent years, could greatly benefit from Web3 technology. Secure, confidential, and smooth communications between patients and healthcare professionals can be facilitated via decentralized telehealth systems. Smart contracts have the potential to enhance efficiency and user-friendliness for patients and providers by automating tasks, including appointment scheduling, payment processing, and digital prescription distribution.

New opportunities for remote patient monitoring and individualized healthcare are created by the combination of Web3 technology with IoT devices. Real-time health data can be gathered via wearable technology and smart home sensors, and blockchain and artificial intelligence may be used to safely store and analyze the data. More individualized treatment regimens and early identification of health problems may result from this ongoing monitoring.

Healthcare IT still has a lot of interoperability challenges. Therefore, Web3 technologies will need to show that they can easily interact with current systems.

Healthcare workers’ education and training will be essential to the effective application of Web3 technology. It’s possible that many administrators and physicians are not aware with ideas like tokenization, smart contracts, and blockchain.

Web3 has major monetary implications for the healthcare industry. Tokenizing healthy habits might result in considerable cost savings for individuals, companies, and healthcare systems, as evidenced by the Sweat Economy research. The estimated value of an active day is $6.25 for people and $4.38 for employers. This suggests that Web3 technologies have the ability to develop new healthcare economic models that link financial incentives to improved health outcomes.

About The Author

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Victoria d’Este

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.