While Web3 talks are still roaming around, the popularity of this technology is growing every day. The global healthcare market in the Metaverse will rise to 48.3% CAGR by 2030. Statistics show that the majority of businesses have started investing in this technology, highlighting the reality that the Web3 platform still possesses some unexplored potential that you can take advantage of.
How to grab your chance here? It is feasible only when you launch your Web3 platform with the help of a blockchain smart contracts development services offering company. In this blog, we will talk about the progressive effect of Web3 in the healthcare industry.
Let us start from the basics!
If you are a beginner, then you must know the meaning of Web3 in the first place. This advanced form of the internet is distributed, yet it provides complete control to users over their assets and data. Using Web3, we can overcome the shortcomings of the existing Web2 internet, such as data piracy, censorship, and centralization.
Blockchain is one of the core components of Web3, which provides P2P, a permissionless ecosystem, data ownership, data privacy, and trustlessness. Here is what the healthcare sector will look like with the integration of Web3.
Incorporation of Web3 In The Healthcare Sector
Honestly, Web3 in healthcare is a great pick for the medical industry as it contains three components such as Blockchain, Metaverse, and non-fungible tokens. An overview of those elements is as follows.
Blockchain technology is a distributed, encrypted database that allows you to store, access, and transfer data and assets efficiently.
Nobody will be unaware of this sensational topic. Metaverse is the mixture of different advanced technologies like augmented reality, artificial intelligence, virtual reality, blockchain, and more to provide an immersive 3D experience to users.
Non-Fungible Tokens (NFTs) are digital assets supported by blockchain technology. They symbolize data ownership and help verify the authenticity of an asset.
How Does The Blend Of These Components Shape The Healthcare Sector?
Using blockchain, health organizations can distribute ownership to the respective individual. This will enable a patient-centric healthcare ecosystem. Moreover, technologies like web3 and blockchain have the potential to recast the medical sector completely. Yet, the efficiency, accessibility, and security of healthcare services will be enhanced using these technologies.
We have described a few of the perks that can be generated with Web3 incorporation in the healthcare industry.
Safe and Secure Record Maintenance
Electronic Medical Records (EMRs) could be stored without the need for intermediaries. Meantime, healthcare officials can view and update patient records promptly.
Better Data Sharing
Dapps and smart contracts are two web3 technologies that enable seamless data sharing between healthcare providers and organizations. Additionally, sensitive data records are transferred in a P2P manner.
Blockchain can cut off excess costs and increase access to hospitality. Therefore, larger organizations need not depend on costly centralized authorities.
Obviously, if someone adopts Web3 solutions they can scale their startup or even existing business. For that, they will need the assistance of a qualified expert from a smart contract development services provider.