- Blockchain is changing industries and bringing the benefits of the new technology to every day life.
- Medical innovation and data confidentiality are big trends.
- Blockchain technology in gaming, supply chain management and digital identity verification are also huge steps.
In recent years, application cases for blockchain have extended significantly beyond bitcoin, with various businesses embracing the tech in a broad range of industries. These industries include healthcare, transportation, and financial services, to name a few.
However, there are a number of hidden things and the curtains are about to get off. Because blockchains are decentralized, transparent, and boost the capacity of an entire network, they open the door for innovations that require a large amount of computational power to be implemented.
Most significantly, they give customers the ability to exercise control over their assets, which may include their data, without having to rely on any outside parties.
As blockchain technology continues to advance, businesses all over the world are collaborating to discover the most effective methods to apply the technology in a variety of contexts. In order to gather deeper insight, we have sought out initiatives that are changing industries and pushing blockchain closer to the lives of people on a daily basis.
The medical innovation
For a very long time, physicians or health institutions all over the world have been thought of as the exclusive owners of medical records.
A database in Argentina that contained sensitive data such as governmental IDs including tax ID numbers with over 115,000 persons who filed for COVID-19 circulation licenses was breached in the year 2020. This database contained the information of everyone who applied for the licenses.
Turning the pitiable state of patients into a comfortable one
Because of this occurrence, ShelterZoom decided to develop a system that would safeguard the medical records of its customers from any future cyber breaches that are comparable to this one.
In order to empower patients with full ownership and control over their medical information, the firm developed a smart-document software-as-a-service supplier and collaborated with a private hospital.
Users are able to access medical record panels and do any and all essential procedures whenever they choose by utilizing a mobile app or extension based on blockchain technology. It also gives patients the ability to monitor email attachments and access privileges to those documents, irrespective of whether the receiver of the email has even opened it.
As a direct result of the agreement, more than 300,000 individuals have permission to the Web3 application. Additionally, there are plans in place to make the service available to other healthcare professionals in Argentina in the near future.
According to the opinions of several experts, projects centered on first-party information will eventually replace analytics in advertising and serve as the basis for personalization. Users are given the ability to monetize their own data through Web3, and consumers stand to gain considerably as a result of this fundamental innovation that is made possible by blockchain technology.
The authority leading to data confidentiality
In the decades that have passed since the introduction of the internet, data has evolved into an extremely valuable resource.
Traditionally, users have donated their personal data to services and websites for free, and they do not receive any monetary advantage when those businesses sell their personal data to other parties.
Users are able to once again exercise control over their own data and decide for themselves whether or not to commercialize it for their personal advantage when using Web3.
Dimo is a decentralized system for transport data that gives users the ability to produce vehicle data recordings that have been confirmed.
Owners have the ability to privately share this information with apps, which provides them with the ability to negotiate cheaper insurance and finance prices. The native DIMO token can be earned as a reward for both referrals and active involvement in the network.
According to the opinions of several experts, projects centered on first-party content will soon overtake cookies in marketing and serve as the basis for personalization.
Users are given the ability to monetize their own data through Web3, and consumers stand to gain considerably as a result of this fundamental innovation that is made possible by blockchain technology.
The luxurious leverages of blockchain
Customers of high-end brands can now easily confirm the genuineness of their purchases thanks to the Aura Blockchain Consortium.
For instance, Prada is guaranteeing the authenticity and transparency of its recycled gold jewelry and diamonds through a relationship with Aura, allowing customers to track the items from mine to finger.
Louis Vuitton, Christian Dior, and other LVMH labels are also part of the group. The company provides its customers with an Aura-powered diamond certificate detailing the features, history, and travel of each stone.
The jewelry trade has struggled with the issue of traceability for a long time, notably in regard to diamonds, despite the trade’s efforts to sell only conflict-free gems.
While ConsenSys developed the blockchain infrastructure and the traceability smart contracts for Aura, the Ethereum blockchain is the foundation around which Aura is built. Mercedes-Benz and Cartier are two additional members of the funding group.
The silver lining
Blockchain technology is being adopted in a wide variety of industries, from healthcare to gaming to supply chain management to digital identity verification.
With Ethereum as well as other blockchains now able to store and run computer code, the number of potential applications for this cutting-edge technology has skyrocketed.
Over the past year, we’ve dispelled the misconceptions that cryptocurrencies serve as a bank for the unbanked, provide a safe haven from inflation and that Decentralized Finance (DeFi) financial engineering can produce higher returns than any other asset class.
Recently, though, people have returned to ask about the practical applications of digital assets rather than my forecasts for their future prices. And that’s making headway.
The recent events may prove to be a blessing in disguise by shifting the blockchain industry’s focus from financial engineering to more appealing business applications that actually add value.