In the US alone, 40% of millennials own and wear a wearable device. Who knows how many people across the globe own one? On the other hand, we have a completely unrelated yet prospective field of blockchain development. The question is: What can happen for such technologies to conjoin, making software agencies and app developers scratch heads?
One of the most apparent reasons experts might call Blockchain and wearable technology the conjoining is that both fields are in their infancy. No one thinks of one with the other, but it would be nothing less of a miracle if it does.
Can blockchain technology be converged for our health and fitness bands around our wrists? If so, how can we go about it? Let’s find out.
Blockchain’s Place in Wearables
Blockchain has the potential to grow out of its financial bubble. Not that there are not many benefits in the crypto world, but expanding horizons can significantly benefit the fitness industry. We see many software development companies in Toronto and other cities in Canada trying to experiment with wearable apps and Blockchain separately, but it is time a merger is sought.
We can easily crack the code as to why Blockchain can be good for healthcare and medicine. Blockchain has the potential to transform wearable technology from a convenience into a necessity.
Like the decentralized banking system which runs the crypto world, It does this by decentralizing the data it collects and making it accessible to others when the owner permits it.
People suffering from illness and injury can share up-to-date information with their doctors or consultants. This removes intermediaries from the situation and makes the process significantly quicker and easier.
To optimize the potential of wearable tech, however, we must also incorporate other monitoring, automation, and artificial intelligence aspects. Blockchain alone is not the key to the success of wearables; however, the technology solves many healthcare problems.
Medical Data Security for Wearables
Because no data is as sensitive as a medical record, being able to assure its security and immutability through blockchain encryption represents a unique opportunity to “repatriate” and “monetize” that record for the patient, according to Dr. Eric Hoskins, chair of Canada’s Federal Advisory Council on the Implementation of National Pharmacare.
If you’re working in the business world, you need to know the Blockchain App Development benefits. It can assist you in learning about the coming changes in your company if you are currently adopting Blockchain technology. The majority of these benefits are linked to core Blockchain capabilities.
Benefits of Blockchain on Wearables
Increased Security
Blockchain’s security of systems is a further advantage of this new technology. The added security offered by Blockchain is due to the way the technology works. Blockchain records an indestructible document of transactions that is backed by end-to-end encryption. Also, it blocks fraud and unauthorized activity, which can significantly secure medical data.
Furthermore, the data stored on Blockchain on a network makes it almost impossible to penetrate. In addition, Blockchain can address privacy issues better than traditional computers. It makes data anonymous and needs permissions to restrict access. The increased security is assisting Blockchain development companies & Blockchain app developers the most.
Better Transparency
Without Blockchain, each company must maintain a separate database. Since Blockchain is an open ledger, transactions and data are kept in different places. Everyone who has access to permission information simultaneously provides total transparency.
Every transaction is recorded indefinitely and is time as well as date-stamped. Members can view a transaction’s complete history, which eliminates the possibility of fraud. Thus, total transparency is aiding the rise of Blockchain Development companies and Blockchain app developers.
Data Individual Control
Blockchain gives users an unprecedented degree of control for each individual over personal data. In an age where data is a valuable resource, Blockchain technology automatically protects the data you have. Moreover, it lets you control the data.
Speed
By eliminating intermediaries, Blockchain can process transactions much faster than traditional methods. In certain instances, the Blockchain system can process transactions in just a few minutes or less. But, time frames can differ depending on the Blockchain system. After the elimination of intermediaries, it becomes easy for you. To simplify the process, you must take assistance from a reputed Blockchain Development Company & hire Blockchain app developers.
The speed at which a system can process transactions depends on many variables. These variables include the data block’s size and the network’s traffic volume. However, experts have found that the Blockchain is generally faster than other methods and technologies regard to speed.
Uses of Blockchain Wearables Outside Of Healthcare
Other uses include payments using wearable devices for products or services, perhaps even with cryptocurrency, and tracking customers’ activities at shops or events so that a company can better accommodate their needs.
Some companies are already using wearable technology to enhance their customers’ experiences. The only step missing is Blockchain. In the near future, employees might see themselves getting smartwatches to keep track of their duties. Customers could be provided with wearables when in shops. Even patients at hospitals could have wearables to track their health better.
The future will have decentralized wearable technology in all industries – and this future isn’t that far away at all.
Conclusion
To quote Woods, “Blockchain’s cryptography can provide the underlying security so patients and doctors can share data. In terms of a single source of truth, it’s vital for everything from supply chains to doctors and patients to be able to communicate,”
We can see our wearable apps making life-changing decisions for future humans because of decentralization and faster data exchange. Our real hope can be a future where blockchain wearable apps run on quantum devices, making life tenfold easier than we know now.
