Photo Credit: Artem Bali
APPLICATIONS IN TECHNOLOGY, IoT AND HEALTHCARE:
IoT can be effectively encapsulated into blockchain technology for predictive maintenance, product improvement and enhanced customer service. The data from IoT devices can be seamlessly integrated and cross validated by the blockchain technology (for e.g., the data from automotive, F1 and aviation sectors can be merged for devising structures and methodologies that deliver more efficient results). Such massive data handling facilities should be installed in solar energy rich regions like Africa, India and Saudi Arabia; this would greatly help in reducing the carbon footprint of blockchain technology.
Crypto-tagging and geo-tagging can be used (similar to RFID tags) to track cars, communicate with IoT devices & sensors of the cars, and use the information for improving their future cars, inform users about any reported malfunctioning in their cars or the next due date of servicing, etc.
In healthcare, the blockchain technology can be used for recording patients' records and clinical data. The data can be retrieved using crypto-tags and used effectively by physicians, hospital authorities and health insurance companies. IoT data from fitness bands and health monitoring apps can also be integrated into the blockchain hierarchy.
Doctors can use ‘blockchain-as-a-service’ to track (by crypto-tags) all the medicines, food items and livestock ever consumed by the patient; this would help to correctly trace patients’ life history. Health insurance companies can also benefit by tracking any negligence on the patients' part.
Enhanced customer service can be delivered by linking all the household devices using IoT devices and feeding the data into blockchain’s vertical and horizontal data repository; these datas can be used to map product/service behaviours and the way customers approach them (Amazon’s Alexa being an example of such applications).
Also, people visiting a particular application/portal/website from a social networking platform can receive cryptocurrency based payments for doing so (while allowing the site to access said user's data). This symbiotic customer-corporate relationship would help in better product development and optimisation.
In terms of legality, notaries and legal agreements can be better secured using blockchain security, whilst removing any middlemen or chances of non-compliance. The crypto-tags would help customers to keep track of the product/service they consume and successfully sue corporates in case of malpractices (the crypto-legal contracts would sabotage any events of corporate lobbying in courts of law).
As always, I would appreciate any comments, feedback and upvote :)
Disclaimer: The written article is for a general knowledge and entertainment only. This is not a financial advice or any other professional advice of any kind. Anything you may choose to do or not to do based on the written above is at your very own responsibility .