TokenBooster Blog: IoT on the Blockchain
How to keep your data close at hand
Wearable devices seem to be the ultimate object of desire in everyone’s everyday life, whether it’s at work to make phone calls and check emails, while you go jogging to keep the pace tracked or while you lie in bed to control the quality of your sleep. These devices come in different shapes and designs and aim to make your life a little better or, at least, much more comfortable than before. However, there is still some concern over the trustworthiness of wearable technology products, especially about how data are collected and used by the companies, and that’s when Blockchain might come in handy and make this market boom…In a secure way!
In this article you will learn about 3 business applications where blockchain technology has enhanced the safety level of information circulation through wearable technology devices.
Think of being stuck in a crowded place, such as a train station, a disco or at a concert, and having to take out your wallet, credit card or smartphone from your pocket without it being lost or stolen. Now think about how easier would it be to have your wallet on your wrist: a dream? Of course wearable devices can make this come true!
A blockchain-based company called Sidera offers this unique technology, enabling everyone to store cryptocurrencies securely on your wrist thanks to SmartBit, a wallet in the form of a smart-band. The owners of SmartBit can make transactions simply by bringing the devices within a few centimetres: the user receives a push notification on the wrist and the smartwatch detects a new crypto-address giving the option to send crypto to that address. The user decides the sum of money to send (with the possibility to switch between the amount in Bitcoin/crypto or in fiat currency). To add another security step, the amount of money is sent to the address after entering a personal secure PIN. The secret key is encrypted using a unique identifier generated from the user’s arm movements, skin perspiration and other elements that are unique and distinctive for every person. This is a huge advantage in terms of security, because it is impossible to reproduce your body elements on another person.
Did you know? Sidera has been listed on TokenBooster! Check the Project here.
The Healthcare Sector
Patients can receive many benefits from wearable devices, especially if we’re talking about people who suffer from chronic diseases: when installed with sensors, the smart objects can send valuable data to medical practitioners. In this way, people won’t need to go to the doctor or to the hospital for constant check-ups, as possible anomalies or emergencies are automatically received and processed by the experts. Of course, thanks to smart contracts and private keys, this data is secured and can’t be tampered or stolen.
In June, 2018 Wal-Mart has studied a system to store and share vital health information through blockchain and biometrics. With this system described in the patent for “Obtaining a Medical Record Stored on a Blockchain from a Wearable Device”, the private key is kept in a device and accessed through the device owner’s fingerprint, iris, or facial biometrics. In addition to information for the blockchain database, the wearable device includes a biometric scanner: this allows healthcare providers an easy access to constantly updated health information about the patient to take care decisions.
Another use case of Blockchain for Healthcare wearable devices is for rewarding patients for living a healthy life: many health insurance companies want the patients to have a healthy lifestyle, so it’s less probable they will get diseases. To promote this, they reward patients for performing activities that would keep them healthy (and make the companies save a lot of money!).
The Fashion Industry
Two of the most difficult dangers to face in the Fashion industry are with no doubt greenwashing and counterfeiting: blockchain technology, through the creation of digital profiles with unique footprint and identity can solve this problems.
VeChain company has successfully implemented blockchain solutions across various industries such as luxury goods: VeChain’s is based on customised NFC labels, embedded into physical objects. The integration of smart labels in luxury and fashion segments brings great benefits to both, the brand and the consumer.
On the blockchain, smart labels provide an end-to-end product lifecycle management and they allow the buyers to learn more about the ‘story’ behind the product, such as the origin of materials, quality, warranty, or how to best care for the product. The information is available to the consumer by scanning the embedded chip with a dedicated smartphone app. VeChain has been so far one of the most established blockchain companies in the fashion industry. The company already has a functioning product and has closed partnerships with PwC and the Chinese government. In cooperation with one of the prestigious luxury brands in Europe, VeChain embedded customized NFC chips into its leather products to achieve tamper-proof anti-counterfeiting solutions.