Blockchain Transforms Art, Healthcare Industries
Blockchain, usually associated with cryptocurrency and NFTs, is making an impact on transforming business across multiple industries, including the art and healthcare industries.
Blockchain technology is a system of recording information in a way that makes it difficult, or even impossible, to hack or cheat the system. Decentralized blockchain, such as cryptocurrency and NFTS, provide a secure way for individuals or organizations in these industries to deal directly with each other without having to go through a third party, such as a bank or government.
“When decentralized, every transaction will be peer to peer, removing that middle repository, such as a bank,” said GenoBank.io Chief Operating Officer Sharon Holm during a panel discussion that was moderated by Nikki Cabus, CEO at South Florida Tech Hub, at The Blockchain Event, part of the ITEXPO 2022 #TECHSUPERSHOW.
“Blockchain creates a sense of security because there is less opportunity for hacking or breach of data.”
In the art industry, NFTs will eliminate the counterfeiting of art. Artists can also digitally verify and display their portfolios of work while being able to reproduce batch quantities of art with lower costs than going through traditional art markets.
“Art is a big opportunity for blockchain. For me, it opens up the opportunity for artists who are not able to get their art into galleries,” said Holm. “It makes their art accessible. It opens up a whole new space for those artists.”
NFTs are able to represent real-world items like artwork and placing a token on these items can ease the buying and selling process while reducing the risk of fraud.
“NFTs are proof that you own something digital, a certificate of authenticity,” said Brandon Ginsberg, CEO at Palm Tree NFT. “With NFTs, we can see a history of who owned that piece and the price of that piece through the years. It is all fully transparent.”
Blockchain technology used with cryptocurrencies can also help the health care industry streamline record management without compromising data security. In health care, the data can be a monetary transaction, information, medical records or exchange of assets.
“The ultimate goal is to put your medical data within a QR code, in your digital wallet, and you can go to your doctor and show all of your transactions and information to your doctor,” said Holm.
This new model for health information exchanges is removing the need for multi-level authentication, making it more efficient and secure, especially in a possible life-or-death emergency.
Ginsberg did warn of a possible risk with decentralization and how the bigger players can take advantage of the smaller players when using smaller coins.
“With decentralization, I warn people to go and see who actually owns the majority of what you want to invest in,” said Ginsberg. “You might end up in a situation who might swoop in and control whatever you are invested in.”
Edited by Erik Linask
