Technology entrepreneur, angel investor and Founder of InQube.
With a second wave of the coronavirus, the crypto and tech industries are experiencing a significant boom. According to KPMG’s Enterprise Reboot report, nearly two-thirds of executives see potential in emerging technologies when they are used together.
Many companies already started using completely different combinations to improve performance. The most popular is the use of AI and blockchain. Such adoption can help streamline public health processes and provide information for screening people with Covid-19 symptoms and recommend them whether they need to be diagnosed.
Blockchain is being used as a point of trust to track medical supplies or medications, according to joint research conducted by medical institutes and developers. Whether you work at a hospital or as a first responder, having a single point of reference that organizes and assesses the relevant data can help in the efforts to combat Covid-19.
Supply chain management is no stranger to the use of blockchain, as mentioned in a recent post from Dechert, which showcases how the pandemic revealed the many weaknesses of the system. Blockchain is thus being leveraged by various projects as an instrument for streamlining supply deliveries in medical production. Rapid Medical Parts and MiPasa are using it for manufacturing processes and printing products.
Trust is a new gold in new realities
2020 showed that global healthcare isn’t equipped for instruments to correctly verify and use information related to morbidity rates. The reason is the lack of a single system for storing data. As a result, medical information isn’t properly recorded and can be lost. It also makes it difficult for hospitals to exchange data with each other. Not to mention the exchange of information between countries.
Blockchain makes it possible to record information in a single register. Thus, the need for paper documents disappears, while the speed of information exchange increases. It also becomes convenient for people to track their test results and the world statistics because all data is collected in one place.
One such initiative already works in Estonia, where blockchain has been used in e-health since 2016. The solution is based on decentralized keyless signature infrastructure that authenticates large-scale data without the need for a centralized authority. As a result, over one million medical records are now protected from changes and deletions.
The storage of the most important information is entrusted to the so-called oracles, which operate on the blockchain. Today, oracles are considered the most reliable data source and can be used in medicine, as the case of Estonia has shown. For example, the oracles developed by Kylin Network are capable of verifying any data stored outside the blockchain. At the same time, they are completely impartial sources because the verification process is decentralized and, thus, cannot be manipulated by third parties.
Kylin has recently received a grant from the Web3 Foundation to help accelerate its vision. This may radically change the data infrastructure and the way medical information is received and stored.
And Ofer Lidsky, CEO of DNATix, believes that one of the most appealing blockchain use cases in biomedicine might be the tokenization of DNA. Having their DNA encrypted, people could not only access all their medical records, but also get rewarded for sharing their information with researchers.
The price of cryptocurrency shows that blockchain adoption moves on
Historically, the mass adoption of blockchain solutions in public areas is followed by a surge of the price of cryptocurrencies. Since the beginning of the year, the crypto market capitalization has grown three times and is now approaching the $450 billion mark.
According to Sydney Ifergan, honorary advisor of Hong Kong International Blockchain Association, “Growth is especially visible in developing countries, where users’ confidence in their currency and its stability is similar, so people are looking for alternatives for payment and investment. If this trend continues, then we can talk about crypto adoption in the world in the next 15-20 years.”
Many projects use digital assets to provide financial support to meditech organizations. For example, incubator venture fund Startup Studio Online backs blockchain startups with capital, marketing, and technology. According to Aakash Yadav, co-founder of the fund, blockchain-based innovations are one of the most promising areas in healthcare. “This technology offers new approaches to data storage and management models used in many healthcare applications today. This is due to the ability of blockchain to segment and protect information, and to exchange medical data in an unprecedented manner,” Yadav said.
For people, cryptocurrency is becoming a reliable form of savings against the backdrop of a falling economy. And here the issue of trust is of the highest importance to separate the wheat from the chaff. Along with oracles, special rating systems are created to support this separation. For example, UK-based company Evai offered an unbiased, decentralized rating system underpinned by a 6-factor model, founded on academic research by Professor Andros Gregoriou, University of Brighton.
The cryptocurrency sector has more than 5000 assets, and very few have a live use case, while the rest remains a minefield for new users. Best solutions can be tracked with the help of rating platforms. For instance, based on the independent evaluation, Evai allows all users to operate with cryptocurrencies with more confidence than the traditional methodology of credit ratings because the system is decentralized and unbiased.
Blockchain may accelerate the post-Covid-19 world economy
The help that the blockchain has lent in fighting the pandemic will prove invaluable in showcasing its applicability and value. It may well act as an accelerating force for the post-Covid-19 world economy, and that is one booster no industry can afford to let slip.
Successful use cases of blockchain across different industry verticals suggest that even despite the complexity of its integration, the economic effect of its use will likely force private companies and state corporations to increasingly turn to this technology. Given that, private companies that haven’t yet discovered the potential of blockchain may need to take a closer look at the possibilities of decentralized technology to optimize their logistics processes and improve user experience.
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