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3 Blockchain Use Cases That Go Beyond Cryptocurrency

  • Post published:January 18, 2023

Blockchains are decentralised, open, and increase the capacity of a network as a whole. They also give users full control over their data while making the network work better.

In recent years, blockchain has been used for a lot more than just cryptocurrency. Many industries, such as healthcare, logistics, and financial services, have started to use the technology.

There are many things that led to all the fuss. Blockchains are decentralised, open, and make a network’s capacity bigger. This makes it possible to find solutions that need a lot of computing power. More importantly, they give users the ability to control their assets, including their data, without having to rely on third parties.

As blockchain develops, companies all over the world are working to find the best ways to use it in a variety of ways. Cointelegraph talked to projects that are shaking up industries and bringing blockchain into people’s daily lives to learn more.

The Blockchain and Health Care

Medical records have been thought to be the responsibility of clinicians or health institutions around the world for a long time. In Argentina, in 2020, a database was made public that had the government IDs and tax ID numbers of more than 115,000 people who had applied for COVID-19 circulation permits.

This event led ShelterZoom to come up with a way to protect the medical information of patients from being stolen in the future. The company became a software-as-a-service provider for smart documents and teamed up with a private hospital to give patients full ownership and control over their medical records.

“Each patient record is tokenized,” ShelterZoom CEO Chao Cheng-Shorland said. This means that each online record has a private key.

With a blockchain-based extension or mobile app, users can get to their medical record dashboards and do all the tasks they need to do at any time. It also lets patients keep track of email attachments and cut off access to them, even if the recipient hasn’t opened the email. The business leader said:

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

Because of the partnership, more than 300,000 patients can use the Web3 application right now, and there are plans to make the service available to other health care providers in Argentina.

Data Possession

In the decades since the internet began, data has become a valuable resource. In the past, users have given their private information to websites and services for free, and when those websites and services sell their private information to third parties, they don’t get any money out of it. With Web3, however, users can once again control their own data and decide if they want to sell it to make money for themselves.

Dimo is a decentralised protocol for transport data that lets users record data about vehicles in a way that can be checked. Owners can share this information with applications in a private way, which lets them get better insurance and loan rates. Its own DIMO token is given out for referrals and participation in the network.

Alex Felix, chief investment officer of CoinFund, which is one of Dimo’s investors, mentioned :
“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 in a broader sense. We want consumers to choose crypto technology without even thinking about it. To get there, we need to focus on the best use cases.”

Felix thinks that projects that use first-party data will replace cookies in advertising and help make it more personal. “Web3 lets users sell their own data, and consumers stand to gain a lot from this fundamental innovation made possible by blockchain technology,” he said.

Luxury embraces blockchain

The Aura Blockchain Consortium was started so that customers of luxury brands could check the authenticity of products. Through a partnership with Aura, for example, Prada makes it possible for customers to track the origin of recycled gold jewellery and diamonds, making sure they are real and honest at every step of the process.

LVMH brands such as Louis Vuitton and Christian Dior are also part of the consortium. The group gives its customers a diamond certificate that is run by Aura and keeps track of each stone’s qualities, origin, and journey.

Traceability has been a problem for the jewellery industry for a long time, especially when it comes to diamonds. The jewellery industry works hard to make sure that only conflict-free diamonds are sold.

Aura is based on the Ethereum blockchain and uses Microsoft Azure. ConsenSys built the project’s smart contracts for tracking and blockchain infrastructure. Mercedes-Benz and Cartier are also part of the funding group.