VeChain And DNV Launch First Blockchain-based IVF Service App

VeChain And DNV Launch First Blockchain-based IVF Service App

VeChain has taken blockchain’s technology potential to a new sector in association with DNV and one of China’s most important Healthcare facilities, the Renji Hospital. The partners have launch MyBaby, a blockchain-based service app for In-Vetro fertilization (IVF).

Its objective is to mitigate the stress of this process by providing women and their families with a tool to help manage and improve the IVF process. The app allows hospitals to provide a better data management service and can help families to keep track of their babies’ development.

In addition, the app has been created to become a useful instrument to reduce anxiety, depression, and the stress associated with this process. The VeChain Foundation added:

lifting the confidence and providing emotional support to tens of thousands and more women and families during this challenging stage in their life.

In China, the In-Vetro fertilization (IVF) market is projected to surpass $2,8 billion in the next 4 years. The app is set to positioned VeChain at the center of a growing market to be worth billions and to have an active role in its development with the Assisted Reproductive Service Center of Renji Hospital.

Around 400,000 patients are treated each year at this facility and with VeChain, the hospital will embrace innovation to provide a more transparent and data security service. The VeChain Foundation added:

The delivered outcome is greater trust in data, enhanced healthcare provider decision-making, providing greater data security for all parties, and most importantly, lessening the emotional and physical burden of women and families involved.

VeChain Creates More Blockchain-based Use Cases

The app is a combination of third-party assured data verification, but with the immutability of a blockchain platform. As the VeChain Foundation revealed, all data collected related to the IVF process is stored on blockchain VeChainThor. Thus, it can only be accessed by authorized users.

They can view and track every step in such a process, from the extraction, labeling, fertilization, and scoring of the eggs and their preservation. MyBaby’s ultimate purpose is to enhance the user experience and offer key data ease a process comprised of complicated stages. At the same time, private sensitive information will be protected without the intervention of a third party.

On June 2nd, 2021, representatives from VeChain, DNV, the Center for Reproductive Medicine of Renji Hospital, and the Shanghai Quality Control Center for Assisted Reproductive Technology held a ceremony and celebrated the app’s deployment. The VeChain Foundation concluded:

MyBaby clearly demonstrates the value-add public blockchain can create for daily life. This new use case exemplifies the myriad ways blockchain can be utilized in society, touching aspects of life far beyond the common perception of the scope of the technology.

At the time of writing, VET trades $0,13 with a strong recovery in lower timeframes. In the 7-day chart, VET records a 16.1% profit with a 39.9% loss in the monthly chart.