3 Use Cases For Blockchain Technology Beyond Cryptocurrencies

Blockchain use cases have expanded well beyond cryptocurrency in recent years, with multiple industries adopting the technology in a wide range of fields, including healthcare, logistics, and financial services.

The hype has many reasons behind it. Blockchain networks are decentralized, transparent, and increase the capacity of an entire network, opening a window to solutions that require significant computing power. More importantly, it gives users the ability to control their assets, including their data, without relying on third parties.

As Blockchain technology evolves, companies around the world are working to find the best way to implement it in a number of applications. Cointelegraph reached out to projects that are revolutionizing industries and bringing Blockchain technology into people’s daily lives to learn more.

Blockchain-based healthcare

Medical records have long been considered the domain of physicians or healthcare institutions around the world. In 2020, a database was discovered in Argentina that included confidential information, such as the identity documents and tax identification numbers of more than 115,000 people who had requested circulation permits due to the COVID-19 pandemic.

This incident inspired ShelterZoom to develop a solution that would protect patients’ medical data from cyber breaches like this in the future. The company created an intelligent document SaaS provider and partnered with a private hospital to offer patients complete ownership and control of their medical records.

“Each story is tokenized, which means that a private key is attached to every story online,” ShelterZoom CEO Chao Cheng-Shorland told Cointelegraph.

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Through a blockchain-based plugin extension or a mobile application, users can access the menus of the medical records and perform all the necessary operations at any time; it also allows patients to track email attachments and revoke access, regardless of whether the recipient has opened the email. The executive explained:

“By moving medical record keeping to a blockchain ecosystem, providers and patients can have access to medical records instantly, instead of waiting for paper records to be delivered or faxed.”

Currently, more than 300,000 patients have access to the Web 3.0 application thanks to this association, and it is planned to expand the service to other health providers in Argentina.

data ownership

Data has become a valuable resource in the decades since the Internet’s debut. Historically, users have given their private information to websites and services for free, but do not benefit financially when those companies sell their private information to third parties. With Web 3.0, on the other hand, users can once again take control of their own data and decide whether to monetize it for their own benefit.

Dimo is a decentralized transportation data protocol that allows users to create verified vehicle data records. Owners can share this information privately with apps, allowing them to negotiate better insurance and financing rates. Referrals and participation in the network are rewarded in the native DIMO token.

Alex Felix, CIO at CoinFund and one of DIMO’s investors, told Cointelegraph:

“Whether it’s NFT or gaming, the more blockchain technology is used outside of trading and speculation, the more we expect consumers to understand the value of this technology more broadly. We want to get to a point where consumers choose the technology without thinking about it, and that happens by focusing on the best use cases”.

Felix believes that projects focused on origin data will replace cookies in advertising and underpin personalization. “Web 3.0 allows users to monetize their own data, and consumers will materially benefit from this fundamental innovation made possible by Blockchain technology,” he noted.

authenticity verification

The Aura Blockchain Consotium was founded to allow clients of luxury brands to verify the authenticity of products. Through a partnership with Aura, for example, Prada enables its customers to trace recycled gold and diamond garments, ensuring their authenticity and transparency at every step of manufacturing.

Other members of the consortium are LVMH brands such as Louis Vuitton and Christian Dior. The group offers its clients a diamond certificate with Aura technology, which stores the characteristics of each stone, its origin and its course.

Traceability, especially as it relates to diamonds, has long been a challenge for the jewelry industry, which strives to ensure that only conflict-free diamonds are sold.

Aura is based on the Ethereum blockchain and uses Microsoft Azure. The project traceability smart contracts and blockchain infrastructure were developed by Consensys. Other funding members include Mercedes-Benz and Cartier.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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