The World’s Profitable Blockchain Applications – Blockchain News, Opinion, TV, and Jobs

By Masha Balanovich, Manager of External Communications at Dropa Communications.

Fintech headlines blur one another, speculating and predicting the future of the blockchain and crypto industry. In 2021, fintech is leading sector for venture investments, with over $130 billion going to startups worldwide. Unfortunately, global fintech funding in 2022 drop more than 40% year over year, with the figure decreasing steadily as the year progresses. And many don’t miss the opportunity to poke fun at crypto enthusiasts (Gen-Z “Kryptok” including) in anticipation of a new collapse story.

Jokes aside, I like to remind myself and others of why we are in this ship and what it is that makes us work and believe in this industry by returning to the bigger picture. When talking about blockchain, most people, including industry professionals, ignore other applications of this technology than crypto and financial services. But collapse of FTX reminding us that the most valuable asset in blockchain is not finance but technology at its core and how it is applied in various areas of life.

Let’s check out talking about crypto and deep dive into three areas. I consider it an excellent example of how blockchain can benefit society and it is successfully doing so today.

Unlimited Health

Health has one of the best performers industry for global VC funding since the COVID-19 boom. In fact, it is ranking first in attracting venture investment in Q3 2022, ahead of fintech in second.

However, many countries still have difficulty providing secure data management for healthcare clients, meaning that patients and medical providers have an incomplete view of medical history. This can easily result in unintentional medical errors and, in the worst-case scenario, fatalities.

Integrating blockchain-based solutions into the medical industry can revolutionize record keeping and improve the performance, security, and transparency of medical data sharing.

For example, Taipei Medical University Hospital and Digital Treasury Corporation (DTCO) released Personal Health Records Operating System (phrOS) a few years ago to enhance medical record keeping. phrOS encourages healthcare-related entities to co-create ecosystem applications that have demonstrated tremendous advantages for insurance claims, security and patient care. In this way, global e-health initiatives will be able to secure health records while making healthcare systems more efficient and responsive to patient needs and expectations.

Imagine a future where your hometown doctor can easily share medical records with a colleague in Italy where you went on vacation and fell ill. Imagine being able to control your personal data rather than letting tech companies harvest it for free and sell it to third parties for profit — this is the future of blockchain in healthcare.

Revolutionized Relationship with Energy

While blockchain’s carbon footprint and environmental impact may be of concern to many, Ethereum’s recent transition to a less energy-intensive proof-of-stake consensus could influence other companies to follow suit.

Especially the newest studies has demonstrated that blockchain solutions for energy transition have high application potential as the ‘distributed driving brain’ of the energy community. This concept will revolutionize the energy sector and enable systems to become more intelligent, efficient, transparent and secure in the long term.

For customers, energy trade ‘transactions’ can be recorded and completed almost instantly without intermediaries. And someday, we will enjoy regular P2P energy transactions between users of a decentralized electricity system to “share” residential generators and electric car charges. But don’t be too hasty.

Government Policy Transparency

It doesn’t hurt to mention a few cases that illustrate government, Big Brother, or how it looks with the mainstream adoption of blockchain.

For example, Estonia has electronic services in every field related to the state by citizens: e-Health Record, e-Prescription database, e-Law and e-Court systems, e-Police data, e-Banking, e-Business Register, and e-Land Registration.

KSI Blockchain, Estonia’s backbone technology, ensures data is free from compromise while maintaining complete data privacy. And the backbone of democracy, namely the voting industry, can win significantly by following this example as we see internationally. Tsukuba became the first Japanese city to introduce blockchain digital voting in 2020. South Korea is active million dollar investment in the blockchain voting system, and India is planning to implement blockchain-based E-voting in the 2024 general election.

Blockchain integration into voting allows citizens to cast their ballots from any computer in the world while providing unprecedented security measures and eliminating outdated voting methods such as printed ballots. It can also increase the number of young voters.

In Estonia, citizens aged 16 and 17 have been eligible to vote in local elections since 2017. And historically, no less than 36% — and sometimes almost 64% — of young voters follow in the i-Voting system. In comparison, 27% of US citizens are aged 18-29 cast vote in 2022, the second-highest youth turnout in nearly three decades. As such, blockchain-powered systems can be a better way to encourage young voters, especially in the legislature era maker a number of laws make it more difficult to choose.

Final Thoughts

These are just some of the successful applications of blockchain technology that the modern world knows. Better yet, let more and more experts melt the agenda, write about interesting cases and share the results achieved.

I just want to emphasize that crypto is not the end or a panacea. The goal of blockchain is decentralization and transparency in all aspects of our daily lives. This undoubtedly has the potential to fundamentally change how we operate as a society in the future. So let’s keep it up and invest in its healthy growth.