5 Things Blockchain You Need to Know for October 18, 2022

Can The Metaverse Drive The Metamorphosis Of Healthcare?

TLDR:Metaverse technology has the potential to drastically change how healthcare professionals and patients communicate.?

In a time when reality is fraught with economic, political, and social turmoil in the wake of Covid-19, it's no wonder that people are looking to alternate realities for hope. The global potential for the metaverse to change entertainment, work, commerce and social interactions has led to a literal race for technology. However, its effect on healthcare remains largely unexplored.?

The combination of these cutting-edge technologies will allow healthcare professionals to provide a range of personalized care that is not limited by the fragmented nature of current healthcare models. The speed of communication between doctors and patients, as well as between doctors themselves, has allowed for unprecedented levels of sophistication in areas such as prevention, diagnosis and treatment. Physical therapy, cognitive rehabilitation and other therapies have all been conducted in the de facto ‘metaverse’? even before the term had been coined. Nowadays, new technologies such as Metaverse, Web 3.0 support our ability to deliver care more effectively than ever before.

The metaverse also enables both precision medicine and the larger capacity for individualized research through the possibility of creating digital twins - digital representations of human beings in the virtual world. These 'test subjects' help us understand an individual's physiological, psychological, and pharmacological profiles very precisely. They develop the ability for thorough scientific research via simulated experiments in predictive medicine: comprehending how our bodies will respond in the future to an array of potential circumstances. This ability to see the effects of our health choices could potentially revolutionize preventative medicine. We would be able to concretely see and feel the consequences of our decisions, which may motivate us to make healthier ones.

We must look upon this innovative and revolutionary technology with excitement, despite the headwinds, given its potential to provide a virtually limitless healthcare experience. Any technology that has the potential to remove geographic boundaries, improve patient care and advance human health is worth investigating.

Blockchain in Oil & Gas

TLDR: Blockchain technology has the potential to streamline many oil and gas supply chain operations, as well as improving transparency throughout the process.

Although the oil and gas industry has been crucial to global trade, it has not received many technological advances in recent years. Even though other industries have benefited from technology in the past, oil and gas have continued to work using traditional methods. Consequently, this industry requires modern technology infused with cryptocurrency understanding. Blockchain has moved past its status as a niche technology and is now being looked at as one that can transform many traditional industries by bringing digital automation, security and potentially large cost savings. Shareholders have been pushing oil and gas businesses to cut expenses while increasing earnings, putting them under pressure. Blockchain can help the oil and gas supply chain by automating numerous procedures and providing greater transparency.

Blockchain has the potential to drastically improve oil and gas mining by making cryptocurrencies more accessible to the public. In addition, this would allow diverse parties to use the token and transpose value without involving banks. This could be a very important opportunity to tokenize this sector and offer more investment options. At the moment, investors are quite clear on where the future lies. Further investment options would only benefit both sectors. That’s a nice way to go with a cryptocurrency backed by oil. Moving forward, tokenization will be helpful mainly in oil and natural gas. As one of the most valuable non-renewable energy sources in the world, a cryptocurrency that is tied to oil could be an alternative for traditional financial transactions. The intended purpose of cryptocurrency tied to oil is allowing parties to direct value transfer with one another while removing the need for a third party, like a bank.

The oil and gas industry is directly affected by the world’s population growth, which will lead to more energy consumption. Two of the most significant issues the sector is currently dealing with include an increased need for more oilfield assets to meet the growing demand for oil and gas products. The second issue is the opacity of oil and gas operational processes. Oil and gas companies spend a significant amount of time and money maintaining oilfield assets; in the operational activities of the sector, it is critical to have proper insights of these assets. Blockchain can help improve oilfield asset visibility, which will decrease time spent resolving oilfield asset issues. Moreover, by seamlessly joining with other technologies, blockchain may help improve the identification of asset solutions. Blockchain will also help improve the oil and gas industry by cutting down on time and cost.

Blockchain has numerous value propositions to offer the oil and gas industry, but perhaps the most compelling one is developing a privately accessible blockchain network to support transaction life cycle across all of its stakeholders. Practical challenges may be there for the implementation of this broader ecosystem approach; therefore, the optimal value proposition will not be easily determined, and expert advice would be essential. A broad multi-disciplinary team of experts can help by providing expertise in the field and leadership in the areas that would most benefit from the blockchain system.

Transportation and Aerospace Sectors to Sway the Digital Twin Technology

TLDR: The implementation of digital twin technology provides a proactive solution to various challenges faced by the transportation and aerospace sector. By predicting issues before they happen, this innovative technology allows engineers and designers to make informed decisions based on results seen in the digital twin model.

North America is the leading market for digital twin technology, accounting for 34.5%. What is digital twin technology, you might ask? It includes Extended Reality (XR), cloud, Internet of Things (IoT), and Artificial Intelligence (AI). They're primarily used for presenting data in a real-time setting. In other words, digital twins assist in the construction of predictive models and understanding the success rate of physical prototypes before they are ever created.

In the post-Covid world, digital twin technology is being adopted more and more for applications that extend way beyond production, such as transportation and aerospace sectors. Behavioral data from connected products (particularly IoT) is readily accessible to organizations adopting digital twins, allowing product engineers and designers to anticipate future versions of issues. On the whole, the product's performance may be improved.

The transportation & automotive industry dominates the digital twin technology market due to its utilization for simulation, designing, Maintenance, Repair and Overhaul (MRO), manufacturing, and aftermath. Digital twin provides the ability to not only visualize a race car engine but also identify which components are most at risk of damage or deterioration. Furthermore, it can be employed afterward to collect feedback and create actionable plans for the future.

Digital twin technology is utilized in aerospace to design and develop products with the help of Machine Learning (ML), Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT). Aerospace enterprises make extensive use of digital twins to develop critical systems such as thermal protection, avionics, energy storage, propulsion, and airframes. Cloud-based digital twins, on the other hand, create privacy and security concerns due to their need for online storage for assets' information. There are also limitations in terms of skilled personnel, making it hard to devise an appropriate cybersecurity strategy.

Google Is Expanding Web3 Ecosystem

TLDR: You Can Now Not Only Google the Balances of Ethereum Addresses, but Pay with Crypto for Cloud Services

One of the world's most significant technology corporations, Google, is focusing its attention on what is seen to be the internet's next major interaction, which relies heavily on the blockchain. Google is now showing data on Ethereum wallet balances on the search engine. When you search for an Ethereum address on Google, the search engine now displays the wallet's ETH balance. It appears that the tool only works for Ethereum addresses.

The Google Platform has recently started to integrate the cryptocurrency world considerably more. In anticipation of the Ethereum Merge, developers added a countdown timer to their website.? In September, Google Cloud teamed up with BNB Chain to promote Web3 technologies further. Projects on the BNB Chain can now use Google Cloud, which includes access to data analysis and encryption services provided by the cloud service.

Although Google still does not accept cryptocurrencies as payments, it looks like that may change in the future. Developers haven't confirmed that this feature is currently being worked on, but with Google's recent addition of wallet balances, it seems likely that other crypto wallets will be displayed on the site soon enough. This could eventually lead to people purchasing cryptocurrencies for their wallets from within Google itself.

There's more. The new pilot project, which will go into effect next year, will enable crypto payments for cloud services. Google Cloud will allow a select group of customers in the Web3 ecosystem to purchase its services with certain types of cryptocurrency through Coinbase Commerce. This project will let Web3 developers to operate Web3-based systems successfully without the need for costly or complex infrastructure. The project's objective is to make it as simple as possible for all customers to take advantage of its scalability, dependability, security, and data services so they can focus on developing new Web3 applications.

Where Blockchain and NFTs Might Meet Physical Travel

TLDR: The travel industry is transitioning to decentralized systems using blockchain and NFTs.

With blockchain and NFTs in travel, we see a move from centralized to decentralized systems. This is happening as more companies begin their transition into this new technology-driven world order. Consider recent airline industry developments and interlining — a relationship between airlines that enables one to sell services to a client provided by another airline. With carriers establishing one-time partnerships with each other is a pretty inefficient method to do things. Blockchain would allow for a trustless network of airlines to join an interlining platform, allowing them all to profit.

NFT technology is another area of opportunity for the travel sector. Today, NFTs are mostly known as digital art, but they’re also tools for containing automated digitized agreements. You can automate agreements linked to an NFT, and you may have NFTs with varying degrees of access to VIP lounges or other perks. It’s a clever way to verify your right to something while also allowing automated smart contracts that can automate what the owner of that NFT is able to do with it.

The travel and transportation sector is fragmented, with many competitors and possibilities for cooperation, but it’s too time-consuming, inconvenient, and there are far too many pitfalls around trust to make this work on a large scale. Blockchain may truly solve the problem by making things transparent and connecting companies from all over the world who wouldn’t otherwise be connected.