3 blockchain use cases far beyond crypto

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

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

As blockchain evolves, companies around the world are working to find the best ways to implement the technology in a variety of applications. Cointelegraph reached out to projects that are disrupting industries and bringing blockchain closer to people’s daily lives to gain further insights.

Healthcare services on the blockchain

Medical records have long been considered the domain of clinicians or healthcare institutions worldwide. In 2020, a database that included sensitive information such as public IDs and tax ID numbers of over 115,000 people applying for COVID-19 circulation permits was exposed in Argentina.

This incident inspired ShelterZoom to develop a solution to protect patients’ medical data from cyber breaches like this in the future. The company created a smart-document SaaS provider, partnering with a private hospital to give patients complete ownership and control of their medical records.

“Each patient record is tokenized, meaning a private key is associated with each online record,” ShelterZoom CEO Chao Cheng-Shorland told Cointelegraph.

Through a blockchain-based plugin extension or mobile app, users can access medical record instruments and perform all 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 manager explained:

“By moving record keeping to a blockchain ecosystem, providers and patients can access medical records immediately, rather than waiting for paper records to be delivered or faxed.”

More than 300,000 patients currently have access to the Web3 application as a result of the partnership, and there are plans to expand the service to other healthcare providers in Argentina.

Data ownership

Data has become a valuable resource in the decades since the Internet’s debut. Historically, users have given up their private information to websites and services for free, but do not benefit financially when these companies sell their private information to third parties. With Web3, however, users can once again take control of their own data – and decide whether to monetize it for their own benefit.

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

Related: What is Blockchain Technology? How does it work?

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

“Whether it’s NFTs or games, 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 place where consumers choose crypto technology without thinking on it. about it, and that comes from focusing on the best use cases.”

Felix believes that projects focusing on first-party data will replace cookies in advertising and underpin personalisation. “Web3 allows users to monetize their own data, and consumers can benefit significantly from this fundamental innovation made possible through blockchain technology,” he noted.

Luxury is moving to the blockchain

The Aura Blockchain Consortium was founded to allow luxury brand customers to verify product authenticity. Through a partnership with Aura for example, Prada enables customers to track recycled gold jewelery and diamonds, ensuring their authenticity and transparency at every stage of production.

Other members in the consortium include LVMH brands such as Louis Vuitton and Christian Dior. The group offers its customers a diamond certificate powered by Aura, which stores each stone’s characteristics, provenance and journey.

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

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