The Numerous Applications of Blockchain
Many innovative platforms in different sectors have recently begun using Blockchain to establish themselves within their industries and further their dependability and application. For example, a Blockchain-based supply chain application is heading towards mass adoption to create a fair and reliable ecosystem. The benefits provided by the Blockchain include more transparency and visibility, traceability, reliability, and seamless cross-border transactions. Another example is the introduction of Blockchain in the finance sector, which intends to remove the need for central dependency on big financial institutions and provide a decentralized environment. However, introducing Blockchain to healthcare, self-care, and fitness models is where the actual value of innovation lies today.
The scope of Blockchain technology extends far beyond establishing a transparent and secured network. Leveraging Blockchain with personal health and wellness carries more significance and applications than initially thought. For example, Blockchain is being implemented for better drug traceability to combat issues presented in the traditional system. Another well-known example is the application of Blockchain’s distributed immutable ledger to maintain patient records and provide instant insurance claims, typically taking weeks or months to process.
The applications of Blockchain in the healthcare and wellness industry truly have no bounds. However, the most important use lies within the confidentiality of a user’s data. From fitness bands to private laboratory tests and procedures, users’ health-related data is typically stored in a cloud platform owned by the company that provides the services. For example, suppose someone always wears a fitness band. In that case, the company very likely has data records about the user’s location information, times that the person was at the location, what activities they did, and much more. The data is sometimes used for several purposes without the user being made aware, such as analyzing performance based on age, location, gender, and much more. Even worse, these companies are hacked rather frequently, exposing users’ information to malicious companies and individuals.
Increased data privacy and control over personal data are critical benefits of Blockchain technology. Numerous companies have already begun introducing applications and platforms allowing users to maintain and control their health securely. Integrating medical records, logging, tracking apps, and wearable technology makes all users' health data accessible to themselves conveniently and privately. With specific platforms, the users can even lease certain portions of their data anonymized to other companies for monetary rewards, which is preferable to just letting big companies make money from selling user data without informing the users.
The Dangers of Trusting Your Data with Independent Companies
To learn more about how the blockchain can improve and protect the wellness industry, go to TechTimes.com:
“Other than a fitness band, even the multiple applications installed in mobile phones store our data on a cloud platform. Life today is heavily dependent on these applications for activities such as calorie intake tracking, getting fitness suggestions, learning about personal healthcare, or even remembering to drink enough water in a day.
What needs to be considered here is that this data is shared with a third party who enjoys complete control over the personal data. This data is further used for several purposes. The research institutes use our data to analyze performance based on our age, location, physical attributes, eating habits, gender, and much more.
Other organizations such as a fitness company launching a new protein product can use this data to target specific audiences according to their needs. Even the manufacturers and distributors of food and beverages can target a specific group of people using the personal data collected through different applications.“
From Wellness on Blockchain - Tech Times
Photo Source: WIX
Are there any platforms, websites, or apps you use that are starting to integrate Blockchain tech?
Written by Yellow Brick Road
April 1st, 2021