Blockchains give users complete ownership over their data while being decentralized, transparent, and increasing the capacity of an entire network.
- In recent years, blockchain applications have far surpassed cryptocurrencies.
- A variety of sectors, including healthcare, logistics, and financial services, are using blockchain technology.
Blockchain Technology
There are numerous causes behind the hype. Blockchains enable solutions that need much computational power since they are decentralized, transparent, and boost a network’s capacity. More crucially, they would allow users to manage their assets, including data, independently of outside parties.
Healthcare on the Blockchain
For a very long time, doctors and other healthcare professionals have been thought of as the owners of medical records. Over 115,000 persons filed for COVID-19 circulation permits in 2020, and in Argentina, a database including private data, including government identification numbers and tax ID numbers, was made public.
This occurrence prompted ShelterZoom to create a solution to protect patient medical data from similar future cyberattacks. The business teamed up with a private hospital to provide patients total ownership and control over medical records and developed a smart-document software-as-a-service provider. CEO of ShelterZoom Chao-Cheng-Shorland noted that “each patient record is tokenized, which means a secret key is associated with each online record.”
Users can access dashboards for medical record management and do all necessary activities whenever they want through a blockchain-based extension or mobile app. Without regard to whether the receiver has opened the email, it also enables patients to track email attachments and revoke access.
The CEO said that instead of waiting for paper records to be delivered or faxed, physicians and patients could access medical records immediately, thanks to the blockchain ecosystem. The collaboration has given more than 300,000 patients access to the Web3 application, and there are plans to make the service available to other Argentine healthcare providers.
Data Ownership
Since the internet’s beginning, data has become a valuable resource. Users have traditionally provided their private information freely to websites and services, and they have not reaped any financial rewards when those companies sell their information to third parties. However, with Web3, individuals may again be in charge of their data and choose whether to monetize it for their gain.
A shareholder in Dimo, Alex Felix, stated that “whether it is NFTs or gaming, the more blockchain technology is deployed outside of trading and speculating, the more we expect customers to realize the benefits of this technology more broadly. We can reach a stage where consumers choose crypto technology on autopilot by concentrating on the best use cases.”
The foundation for personalization, according to Felix, will be first-party data initiatives, which will substitute cookies in advertising. He states, “Web3 allows users to monetize their data, and consumers stand to truly benefit from this fundamental innovation made possible by blockchain technology.”
Luxury Turns to Blockchain
The Aura Blockchain Consortium was founded to give buyers of high-end companies the ability to verify the validity of their purchases. Prada allows customers to track recycled gold jewelry and diamonds through a partnership with Aura, ensuring their authenticity and transparency at every stage of manufacturing.
The group includes other LVMH brands, including Christian Dior and Louis Vuitton. The business provides its clients with an Aura-powered diamond certificate that details each stone’s characteristics, history, and journey. The jewelry industry has long struggled with traceability, especially when it comes to diamonds. The jewelry industry attempts to ensure that only conflict-free diamonds are marketed.
Conclusion
While these blockchain application cases are motivating, they hardly touch the surface. Numerous innovative blockchain use cases have the potential to revolutionize business practices soon.
