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Blockchain Technology Revolutionizing So Much More Than Currency
Cryptocurrency and the promises it holds for privacy, censorship resistance and financial equity would be more than enough for us to be onboard the crypto train. It’s why we at Silvermint are dedicated to achieving Web3. But it’s great to have a reminder that what we are doing in ushering in the next revolution in blockchain technology goes far beyond mere financial transactions. Industries are embracing blockchain technology in a wide range of applications, from the medical industry in keeping patient privacy to data ownership and asset verification. The applications that could be unlocked with Web3? Unlimited.
There are many factors behind the hype. Blockchains are decentralized, transparent and increase the capacity of a whole network, opening a window for solutions that require significant computational power. More importantly, they give users the capacity to control their assets, including their data, without relying on third parties.
As blockchain evolves, companies across the world are working to find the best ways to implement the technology for a range of applications. To gain further insight, Cointelegraph reached out to projects disrupting industries and bringing blockchain closer to people’s daily lives.
Healthcare on the blockchain
Medical records have long been considered the domain of clinicians or health institutions worldwide. In 2020, a database that included sensitive information such as government IDs and tax ID numbers of over 115,000 people who applied for COVID-19 circulation permits was exposed in Argentina.
This incident inspired ShelterZoom to develop a solution to shield patients’ medical data from similar future cyber breaches. The company created a smart-document software-as-a-service provider and partnered with a private hospital to give patients complete ownership and control over medical records.
“Each patient record is tokenized, meaning a private key is attached to each online record,” ShelterZoom CEO Chao Cheng-Shorland told Cointelegraph.
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 and do not benefit financially when those companies sell their private information to third parties. With Web3, however, users can once again take control of their own data — and determine whether to monetize it for their own benefit.
Luxury turns to blockchain
The Aura Blockchain Consortium was founded to allow luxury brand customers to verify product authenticity. Through a partnership with Aura, for instance, Prada is enabling clients to trace recycled gold jewelry and diamonds, ensuring their authenticity and transparency at every step of manufacture.
Other members in the consortium include LVMH brands such as Louis Vuitton and Christian Dior. The group offers its clients a diamond certificate powered by Aura, which stores each stone’s characteristics, provenance and journey.
Traceability, especially as it relates to diamonds, has long been a challenge to the jewelry industry, which strives to ensure that only conflict-free diamonds are sold.