Algorand
Algorand is a cryptocurrency platform based on blockchain and proof-of-stake principles. This states that someone can only mine and validate crypto assets based on the amount of assets that they own.
Algorand bridges the gap between traditional and decentralized finance by introducing next-generation technologies and protocols. Transactions on this platform are scalable, secure, and transparent. Algorand also has its own currency, Algo.
eToro
eToro is a top crypto app that allows safe trading via mobile without the fear of stolen funds. eToro supports approximately 50 cryptocurrencies, including Bitcoin, Ethereum, and various altcoins.
One of eToro’s top features is the ability to mimic a seasoned investor’s past transactions. There is also the option for users to put their money into a diverse cryptocurrency portfolio that will be managed by the eToro staff.
Application of Blockchain in Health and Logistics
Blockchain technology has made its way to the health and logistics sectors. This is especially impactful, considering these fields are prone to data manipulation and contract breaches.
A few health and logistics apps have utilized blockchain to increase transparency and prevent contract breaches. Here are three examples.
Nexus Mutual
Nexus Mutual is a decentralized insurance protocol powered by the Ethereum blockchain. Nexus Mutual offers protection from smart contract risks.
Typically, an insurance product is owned by a traditional insurance provider. However, Nexus Mutual offers a more transparent and cost-efficient alternative. Instead of relying on a provider, users can collectively pool their funds and share risks.
Etherisc
Etherisc is a parametric insurance company based on blockchain. It offers various insurance products, such as life insurance, health insurance, and insurance for protection against natural disasters.
What makes the platform stand out is its open-source nature. Using blockchain technology, it upholds transparency, lower prices, and faster processes.
Akiri
Akiri operates both as a network and a protocol for a more secure transportation of patient health data. Akiri’s system itself does not store data—it simply configures data layers and verifies the sources and destinations of data in real-time.
Confidential medical data is often bought or sold by shady companies. With Akiri, healthcare data can remain secure and accessible only by authorized parties.
Application of Blockchain in NFT and Gaming
Blockchain is also prevalent in the world of gaming, especially those that integrate NFT. As a reminder, an NFT or non-fungible token is a unique digital identifier that certifies ownership and authenticity of a digital asset. NFTs are typically stored in a blockchain.
In traditional games, in-game items are owned by developers. However, blockchain games allow players to own their digital assets through NFTs. This introduces a play-to-earn model, where players can exchange their in-game items for other cryptocurrencies, providing real-world value.
Here are several games that utilize NFTs and blockchain technology.
Axie Infinity
Developed by Sky Mavis, Axie Infinity is a pioneer in the world of blockchain-based games. At a glance, the gameplay is simple. Players simply collect, breed, and battle with fantasy creatures called Axies.
However, each Axie is an NFT with unique attributes. They are thus distinct digital assets that carry value, which players can own and trade.
The Sandbox
The Sandbox is a virtual metaverse that allows players to create, own, and monetize their gaming experiences. Through the game, players purchase land and build various buildings and attraction sites.
The platform has a native token, SAND, which is used in transactions and governance. This enables a decentralized community in an environment that encourages and even rewards diverse creativity.
Gods Unchained
Gods Unchained is a digital trading card game. It is technically a free-to-play game, but leverages blockchain technology to offer players real ownership of their in-game cards.
Each card is an NFT that can be traded on secondary markets. The game combines strategy and a robust card collection, appealing to competitive players and collectors.
Application of Blockchain in Government Transparency
Individuals and businesses tend to rapidly embrace new technologies, including blockchain. Meanwhile, government institutions are typically slower to adapt. However, blockchain has actually been used in several government platforms to enhance transparency.
e-Estonia
Estonia became the first country to use blockchain on a national level. Its e-Estonia initiative utilizes blockchain technology to protect critical data in government systems from internal and external breaches.
SIAp Jabar
Indonesia has also looked into blockchain technology for government platforms. In particular, several applications managed by the West Java Province Regional Civil Service Agency have utilized this technology.
One of them is SIAp Jabar, an application that manages the employment data of all civil servants in West Java. This application has already utilized blockchain for a more secure storage system.
“With the help of blockchain, all data stores in SIAp can be more secure, as this technology ensures that each recorded data cannot be modified without confirmation from authorized parties,” explained Bey Machmudin, Former Acting Governor of West Java, at 06/11/2024.
The Future of Blockchain
Blockchain technology will continue penetrating many aspects of our lives, allowing people to have more control over their data and slowly reducing power held by centralized companies.
The IBM blockchain team has predicted five blockchain trends that we will see in the near future.
Pragmatic governance models
We will start to see new governance models that enable larger and more diverse associations to make decisions, provide permissions, and even manage payments moore efficiently.
As a result, information from different sources can be more standardized and new and robust data sets can be captured.
Interconnectivity
Interconnectivity is the ability of different systems, networks, and devices to connect and communicate seamlessly with one another.
Right now, reaching a maximized level of interconnectivity may seem far-fetched. However, with blockchain technology, organizations believe that interconnectivity and interoperability is essential in joining industry-wide blockchain networks.
Combining technology with blockchain
When adjacent technologies are integrated with blockchain, we can accomplish things that have never been done before. Data stored in blockchain are more trustworthy, creating a stronger and more informed algorithm.
Erasure of fraudulent data
Heightened data protection mechanisms are in high demand. Thus, blockchain solutions utilize validation tools that remove the dependency on human data entry, which is prone to errors.
Central Bank Digital Currencies (CBDCs)
Countries in Asia, the Middle East and the Caribbean are beginning to experiment with CBDCs in real time. There will also be an increased interest in tokenization and digitalization of other types of assets, such as bonds.
FAQ: Common Questions About Blockchain
1. Does blockchain have risks?
Yes, blockchain still carries certain security risks. Being a newer technology, it does not have as much regulatory oversight. Thus, scams and market manipulation may happen.
2. Is blockchain prone to hacking?
No, hacking a blockchain is almost impossible. Its open-source protocols foster transparency. Being decentralized, a blockchain network is distributed across various computers (known as nodes). This eliminates one single point of failure.
Conclusion
Blockchain has been integrated into various parts of society, from the more obvious ones like finance and NFT, to more “obscure” industries like health and government. In the future, blockchain will no doubt continue to improve, achieving a more secure data management.
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