3 blockchain use cases that extend beyond crypto

Blockchain use instances have expanded far past cryptocurrency lately, with a number of industries embracing the expertise in a variety of fields, together with healthcare, logistics and monetary providers. 

There are numerous components behind the hype. Blockchains are decentralized, clear and enhance the capability of an entire community, opening a window for options that require vital computational energy. Extra importantly, they offer customers the capability to regulate their property, together with their information, with out counting on third events.

As blockchain evolves, corporations internationally are working to search out the most effective methods to implement the expertise for a spread of purposes. To achieve additional perception, Cointelegraph reached out to initiatives disrupting industries and bringing blockchain nearer to individuals’s every day lives.

Healthcare on the blockchain

Medical data have lengthy been thought-about the area of clinicians or well being establishments worldwide. In 2020, a database that included delicate data reminiscent of authorities IDs and tax ID numbers of over 115,000 individuals who utilized for COVID-19 circulation permits was uncovered in Argentina.

This incident impressed ShelterZoom to develop an answer to protect sufferers’ medical information from related future cyber breaches. The corporate created a smart-document software-as-a-service supplier and partnered with a personal hospital to present sufferers full possession and management over medical data.

“Every affected person file is tokenized, which means a personal secret is hooked up to every on-line file,” ShelterZoom CEO Chao Cheng-Shorland instructed Cointelegraph.

By a blockchain-based extension or cellular app, customers can entry medical file dashboards and perform all required operations at any time. It additionally permits sufferers to trace e mail attachments and revoke entry, no matter whether or not the recipient has opened the e-mail. The chief defined:

“By transferring record-keeping to a blockchain ecosystem, suppliers and sufferers can have entry to medical data immediately, reasonably than ready for paper data to be delivered or faxed.”

Greater than 300,000 sufferers at the moment have entry to the Web3 utility because of the partnership, and there are plans to develop the service to different healthcare suppliers in Argentina.

Knowledge possession

Knowledge has develop into a priceless useful resource within the many years for the reason that web’s debut. Traditionally, customers have given up their personal data to web sites and providers free of charge and don’t profit financially when these corporations promote their personal data to 3rd events. With Web3, nonetheless, customers can as soon as once more take management of their very own information — and decide whether or not to monetize it for their very own profit.

Dimo is a decentralized transport information protocol permitting customers to create verified automobile information recordings. Homeowners can share this data privately with purposes, enabling them to barter higher insurance coverage and financing charges. Referrals and participation within the community are rewarded in it native DIMO token.

Associated: What is blockchain technology? How does it work?

Alex Felix, chief funding officer of CoinFund — one in every of Dimo’s traders — instructed Cointelegraph:

“Whether or not it’s NFTs or gaming, the extra blockchain expertise is used exterior of buying and selling and speculating, the extra we count on customers to grasp the worth of this expertise extra broadly. We need to get to a spot the place customers are selecting crypto expertise with out excited about it, and that comes from specializing in the most effective use instances.” 

Felix believes that initiatives targeted on first-party information will exchange cookies in promoting and underpin personalization. “Web3 permits customers to monetize their very own information, and customers stand to learn materially from this elementary innovation made attainable by way of blockchain expertise,” he famous.

Luxurious turns to blockchain

The Aura Blockchain Consortium was based to permit luxurious model clients to confirm product authenticity. By a partnership with Aura, as an illustration, Prada is enabling shoppers to hint recycled gold jewellery and diamonds, making certain their authenticity and transparency at each step of manufacture.

Different members within the consortium embrace LVMH manufacturers reminiscent of Louis Vuitton and Christian Dior. The group affords its shoppers a diamond certificates powered by Aura, which shops every stone’s traits, provenance and journey.

Traceability, particularly because it pertains to diamonds, has lengthy been a problem to the jewellery business, which strives to make sure that solely conflict-free diamonds are offered.

Aura relies on the Ethereum blockchain and makes use of Microsoft Azure, whereas the mission’s traceability good contracts and blockchain infrastructure had been developed by ConsenSys. Different funding members additionally embrace Mercedes-Benz and Cartier.