Digitalization has created a frenzy in our technology-driven world and blockchain is the latest hot cake. Blockchain has a lot to offer in the field of digitalization. It has not been too long since blockchain technology came into the limelight with the growing craze of cryptocurrency.

The technology on which cryptocurrency is based has been proved to be more useful than any other newfound technology. Although people initially have been a bit skeptical about investing in cryptocurrencies blockchain has stood strong on grounds of the pros it offers to many industries.

Technology has been doing wonders to reform the discrepancies faced by a wide range of sectors. Offering digital security, high transparency, and permanency in the data stored in blockchain, the technology is proving to be an opportunity for many sectors across the world to innovate. Some of the leading examples are as follows.

Artificial Intelligence

Giants like Facebook, Google, and many others are mining users’ data. By tracking users’ activities they structure their ‘Artificial intelligence algorithm’. These companies use data, save them in their servers and earn millions without parting the fair share of the amount to the user whose data is being used.

Startups like Synapse, are now using blockchain and artificial intelligence to compile data in an interactive way and generate small networks where these data will be stored in a decentralized form using blockchain to be used by companies, businesses, and other governments use. The data contributors will be rewarded for sharing their data.

Dan Gailey, CEO of Synapse, stated, “We upload and tag photos, we share our location, we provide access to our purchase histories – all for free. But that’s neither fair nor sustainable. The future will be built on a fair and balanced intelligence available to all equally, using newly created AI economies that any agent can participate in and receive some reward for doing so.”

Blockchain in Healthcare

The healthcare sector across the world has been degenerating with time. EHR i.e. Existing Healthcare Records, the system of storing healthcare data is in great need of reform. It’s inefficient and insecure. The data stored is not secure and data entry is both time-consuming and error prone. Recently UK’s Healthcare records were hacked (2017) and the amount of data stolen from records has caused severe damage to the healthcare system.

Ethereum-based blockchain network Iris can be a potential solution to such disastrous problems. Cryptography is used to create records, they are then stored digitally in the form of blocks and put on a decentralized platform which makes the data easily accessible to patients and doctors and the data will be highly secured due to the tamperproof features blockchain provides.

The data uploading will also be incentivized and uploaders are given tokens called Iris tokens. This will make the data more secure and approachable for purchasing by researchers and health insurance companies.

Also, read – What skills do you need to have as a blockchain engineer?

Crypto Education for the future

The world is transforming with the ever-growing frenzy of cryptocurrency and one must match up to the new trends. However adventurous it might seem but the complexities and terminology will get you confused. To make people fully aware about the cryptocurrency there have been initiatives like Hybridblock which becomes the education tool and a wallet for cryptocurrencies. It provides familiarity with the crypto-culture. Let’s see how.

It works on three levels.

1) BaseTrade– It is a easy, simple and user friendly set up to exchange cryptocurrency. This function breaks through the barrier that how should one enter the crypto market and guides you through complexities.

2) HybridExchange – provides you a wallet to store cryptocoins in a secure place.

3) HybridTerminal – this provides the cryptotrader the access to partner company’s API. Thus making the complex trading easily available to traditional mass-market traders. Thus trading, storing, and tax-related queries are solved with this innovations.

The above few examples have just summed up the transformation potential that blockchain technology have. Sectors such as financial, hospitality, education and a lot many are exploring these technical advances and making the most of it.