Blockchain Archives

Unique blockchain healthcare use cases to know about

4th October 2022

by Dragos Cojocea Blockchain Innovation and Tech

The blockchain is one of the most promising emerging technologies for a variety of reasons. But perhaps the strongest reason is its impressive security features and resistance to tampering. This makes it valuable for a number of industries, including the healthcare sector.

In this article, we’re going to be looking at several blockchain healthcare use cases. By looking at these applications, we hope to inspire you with ideas on how blockchain can be used to innovate in one of the world’s most important industries.

9 unique use cases for blockchain in healthcare

1. Immutable, complete patient records

One of the most important use cases for blockchain in healthcare is creating immutable, complete patient records. This could help to solve the problem of incomplete or inaccurate medical records, which is a major issue in the healthcare industry.

By creating a complete record of a patient’s health history that is stored on the blockchain, systems can be made to be far more reliable, trustworthy, and scalable than the current methods at work.

Doing so is relatively simple, too, which is why you’ll find that a number of providers are already investing in this solution. The blockchain is naturally suited to storing data, so building a blockchain that stores medical data is not a difficult task.

2. Verifying medical staff

Another important blockchain healthcare use case is verifying the credentials of medical staff. By storing credentials on the blockchain, we could create a database that’s much more secure and would help to better protect patients against malpractice.

Currently, it’s not always easy to be sure of a healthcare professional’s credentials. This goes for those receiving care as well as those hiring healthcare professionals.

With the blockchain, workers could upload their experience and credentials to the blockchain, giving providers a centralized location to check for these factors before making a hire.

3. Securing medical data at scale

The blockchain can also be used to secure medical data at scale. When stored on the blockchain, a patient’s healthcare data is impossible to tamper with, no matter how many patients are held in the database.

This is crucial, as medical data is some of the most sensitive and critical data in the world. Keeping it secure, especially as it is increasingly digitized, must be a top priority for everyone in the healthcare sector.

As we know, blockchain is inherently secure — and can be made even more secure with additional measures. This can go a long way towards protecting patients’ data and building trust with healthcare providers.

4. Creating an interoperable healthcare system

Another important use case for the blockchain in healthcare is creating an interoperable healthcare system. Currently, there are many siloed healthcare systems that do not talk to each other.

This creates a major problem for patients, as their medical records are not accessible to all of the care providers that they visit. By creating a system that is based on the blockchain, though, we could begin to open up this siloed data and provide greater access for healthcare providers as well as individuals.

That would allow individuals to see any provider they wish without worrying whether or not that provider will have access to their medical history. This can make visits safer, faster, and easier for everyone involved.

5. Increasing supply chain transparency

Currently, the healthcare supply chain is very opaque, which can lead to problems like counterfeit or ineffective drugs being delivered to patients. By creating a transparent supply chain on the blockchain, we could help to ensure that patients are getting the genuine care that they need.

Similar to security, transparency is another feature that can be built into a blockchain. Anyone can be given the key(s) to view their medication’s encrypted data on the blockchain.

This would allow individuals to see the journey that their medication took to reach them. That, in turn, could help people better understand where their medication is coming from and increase their confidence in its efficacy.

6. Creating smart contracts for healthcare patients

Another key item in this list of blockchain healthcare use cases is creating smart contracts for healthcare payments. This could help to streamline the healthcare billing process and could also help to reduce the risk of fraud.

Smart contracts can be made with the Ethereum blockchain, although the concept could be adopted by other blockchain solutions. Smart contracts allow transactions to take place automatically and securely, which could be key in processing medical payments in the future.

7. Storing data from IoT medical devices

IoT devices are becoming more widely available in the medical sector, acting as sensors and automators. But these devices are potentially vulnerable, too, and can be exploited by hackers.

With the help of blockchain technology, data from IoT medical devices can be stored in a secure and decentralized manner. This will help in protecting the data from hacks and data breaches.

8. Supporting the growth of genomics

Genomics (the process of sequencing genes) is a complex and time-consuming workflow. And yet, it’s become far more practical and accessible in recent years, both in terms of price and practice.

The blockchain can be used to share data from genomics, allowing multiple parties to work on the sequencing of one person’s gene, making it easy to share that data, and more.

9. Improving medical research around the world

The internet and digitization have both provided a massively important tool for medical research. More people can participate in studies than ever before, and more types of data can be collected. One of the only challenges that remain is sharing data between studies seamlessly.

With the help of the blockchain, data from medical research can be shared in a secure and efficient manner. This will help in reducing the duplication of work and will also help in improving the coordination between different healthcare organizations.

Leverage blockchain development for your healthcare business with RebelDot

Making these blockchain healthcare use cases a reality may seem impossible, especially given the complicated nature of blockchain technology. With the right partner, however, you can embrace the blockchain with ease.

Reach out to RebelDot today and learn how our experts can help you build blockchain solutions for the healthcare sector.

5 Blockchain Use Cases Beyond Cryptocurrency

30th September 2022

by Dragos Cojocea Blockchain Innovation and Tech

For many people, blockchain technology is synonymous with crypto.

And while cryptocurrency is a very popular blockchain use case, it’s far from the only one. In this post, we’re going to be looking at five blockchain use cases that aren’t associated with cryptocurrency.

5 blockchain use cases (with no cryptocurrency in sight!)

These blockchain use cases will vary in scope and function, and yet they are all connected via a number of shared characteristics. For one, they all involve verifying the legitimacy of goods or information while adding transparency. Each of them also enables new opportunities in various sectors of business.

Let’s dive in.

1. Blockchain for reducing counterfeit

The first item on our list of blockchain use cases is counterfeit reduction.

After all, each item that’s added to the blockchain has a unique digital fingerprint that cannot be duplicated — making it very difficult for someone to create a counterfeit product and try to pass it off as the real thing.

For most products, counterfeiting something is just about making it look as close to the real thing as possible. But with the blockchain, the appearance of an item is nothing without the attached metadata.

Blockchain provides a centralized, transparent, and easily accessible ledger for checking the legitimacy of a variety of items and goods.

Wine, clothing, and pharmaceuticals

The wine industry is already using blockchain technology to track the provenance of wines and ensure that they are authentic. This is important in order to protect the reputation of the industry and to prevent counterfeiting.

The same goes for the clothing industry, where blockchain can be used to track the path of a garment from the factory to the store. This can give buyers confidence that the clothing they’re buying is legitimately from that brand.

And in the pharmaceutical industry, blockchain can be used to track the movement of drugs through the supply chain to ensure that they are not counterfeit.

2. Blockchain for refugee aid

The way that blockchain technology can be used for international aid is much closer to the original function of blockchain than the other blockchain use cases presented in this post. However, it’s turning that initial, financial use case into something more valuable and substantial.

Blockchain technology can be used to provide refugee aid by sending goods and financial resources to those in need. Because it is centralized and transparent, those sending the resources would have confidence that it’s going directly to those who need it.

And because it uses relatively simple technology that can be made available online, anyone with an internet connection would be able to benefit from this technology.

How the blockchain was able to help Syrian refugees in 2017

In fact, this use case has already been put to the test. In 2017, Syrian refugees were able to utilize blockchain technology to receive aid from the United Nations.

This relied on creating food vouchers in Ethereum. Refugees could then access the vouchers and trade them for food, providing an organized, difficult to exploit, and easily accessible solution for the refugees in need.

In the aftermath of this project, the United Nations is working to understand exactly how important of an impact this had and whether or not it can/should be extended to future crises. If deemed a success, we could see this strategy used in more parts of the world as a viable solution for helping those in need.

3. Blockchain for preventing election fraud

Because the blockchain can be used to create a secure and tamper-proof record, it can also be used to prove how people vote in elections.

This is particularly important in today’s world, as many countries and regions are looking for ways to modernize voting processes without introducing new opportunities for voting fraud.

Blockchain could be a potential solution. It’s secure, transparent, and easy enough to deploy at voting locations. However, it may take some time and real-world applications before it can become a truly trusted solution.

How Utah uses blockchain technology in its elections

That said, real-world applications for blockchain in elections are already taking place. In Utah, for instance, the 2020 presidential election was counted on an app called Voatz.

This app relies on blockchain technology, which helps ensure that it is safe, legitimate, and trustworthy for all parties involved. Since being used in this election, Utah has continued to use the app, allowing people to vote from their mobile devices with confidence.

4. Blockchain for tracking assets

A more business-oriented item on this list of blockchain use cases is the ability to track assets. Asset tracking is something that’s already a challenging issue to address, and it’s something that a number of technologies (such as IoT) are working to solve.

Blockchain, however, poses an encouraging solution. It can be used to track assets such as supply chain goods, the movement of products from businesses to customers, and even edge cases such as livestock.

Managing supply chain challenges with the blockchain

This could end up becoming a key way that supply chain challenges are dealt with. And there’s been no shortage of supply chain challenges over the last few years, whether it be the pandemic, trending demands, or logistics obstacles.

Blockchain tech can be used to monitor assets with greater accuracy, keeping track of not just the number of goods, but the exact goods themselves. This can ultimately lead to improved tracking and wider datasets, which can both be used to manage disruptions.

5. Blockchain for green energy technology

The last use for blockchain technology that we’re going to touch on is the ability to increase transparency in the green sector. This is because the blockchain can be used to track the movement of green energy credits.

Applying blockchain in this way would allow businesses and consumers to see where their green energy is coming from and ensure that it’s following environmentally-friendly practices. Businesses make a lot of claims about adopting green ways of working, but the insights that consumers have into these changes are often far more limited.

That lack of visibility makes it difficult for consumers to know if their purchasing decisions are truly making a difference. Blockchain could act as an audit of sorts, giving consumers a more accurate idea of the green accountability of the businesses they buy from.

Increasing transparency in the green sector

One of the key reasons that there’s a lack of transparency in the green sector is that there is a lack of insight into the full scope of green energy and goods. People may know that something is made from recycled products, but they aren’t sure what percentage is recycled, how much energy it cost to make the product, whether or not that energy was clean, and so on.

Blockchain can provide this level of insight, making businesses more accountable and consumers more informed.

Energy challenges associated with blockchain technology

That said, blockchain tech isn’t perfect. And one of the challenges associated with blockchain technology is the amount of energy it requires.

The blockchain needs to be constantly maintained and updated. Plus, as more and more people start using the blockchain, this will require more and more energy.

For that reason, this use case for blockchain is a bit double-edged. Just as it can help improve environmental oversight, it can also have its own environmental cost that needs to be accounted for.

Learn more about blockchain use cases and other cutting-edge technology with RebelDot

As inspiring as these blockchain use cases are, they really just scratch the surface. There are a plethora of cutting-edge blockchain use cases that are poised to change the world, and you can learn about all of them right here on the RebelDot blog.

Or, if you prefer more personal insights, you can reach out to our team of experts today.

Web 3 series: decentralization and changing the internet as we know it

6th July 2022

by Dragos Cojocea Blockchain Innovation and Tech

As part of our ongoing Web 3.0 101 series, we wanted to look at an aspect of Web 3.0 that’s got a lot of people excited: decentralization.

What is decentralization?

Since the early days of the internet, decentralization has been a key value. No one person controls the internet. Nobody can switch it off. No one group owns it. It’s made up of millions of devices working together in an open network to create a whole much greater than the sum of its parts.
But over time, the internet has become more centralized. Organizations that control the browsers, search engines, and social media platforms we use consolidated and now control much of the available data and content.

Web 3.0 and re-decentralization

Web 3.0 and the underlying technologies redistribute data and decision-making.

A blockchain doesn’t store data in any one central location or give any one person power. Instead, it gives everyone in the network the same visibility, information, and decision-making power.

Blockchain and peer-to-peer networks are decentralized models that are extremely difficult for one person or group to control or manipulate.

What are the advantages of decentralization?

Advocates of Web 3.0 see decentralization as a return to the original principles of the internet.

And perhaps most importantly, it returns power to the people. Web 3.0 users have control over their data and content. They can connect with other users directly, rather than trusting third-party platforms.

Web 3.0 also enables the creator economy, allowing content creators to distribute their products directly to consumers without relying on sales or distribution platforms. Users don’t have to trust a centralized entity, taking control away from service providers and giving it back to creators and consumers.

Having data distributed throughout a network counters misinformation and data corruption. In a centralized system, if data gets changed incorrectly, it spreads everywhere. In blockchain and other Web 3.0 technologies, a wrong piece of information is detected and corrected by all the other machines with the right information.

This self-healing ability of Web 3.0 is effective whether the bad information results from a system failure or a purposeful attack, making decentralized systems more robust and more secure than centralized systems.

Decentralization is already happening

Decentralized apps (or dApps) are already in place, running on blockchain or peer-to-peer networks. Developers are leveraging the technology for finance, arts, collectibles (including NFTs), and gaming applications.

Of course, the best-known dApps are cryptocurrencies. Ethereum (ETC) is the largest decentralized community-run network, taking advantage of transactions approved, validated, and stored by all the network’s peers. In this way, Ethereum removes the need for a centralized authority.

The possibilities of a decentralized Web 3.0 are endless

It’s been nearly ten years since the concepts of Web 3.0 were first discussed, and we’re still just scratching the surface of what’s possible. To learn more about decentralized technologies like blockchain and Web 3.0, stay tuned to the RebelDot blog.

And if you’re ready to join the party, contact the RebelDot team today to discuss whether blockchain is the right platform to bring your idea to Web 3.0!

Web 3 series: How to use NFTs for business growth

1st July 2022

by Dragos Cojocea Blockchain

You’ve probably heard of NFTs by now. You may even know that the acronym stands for Non-Fungible Tokens. To most of us, though, that still doesn’t mean a whole lot. Everyone knows they’re a big deal, but few people can explain what NFTs are, why people want them, and what you can do with them.
That’s why we’re writing this blog post. Beyond explaining what an NFT even is, we’ll help you understand how you can use NFTs for business growth, connect with consumers, create unique experiences, and ultimately grow your bottom line.

What's an NFT?

Let’s start at the beginning. A non-fungible token (NFT) is a unique token you own that can’t be replaced with something else.

The token is linked to something of value. In most cases, this is a digital asset that can be held on a computer. Think about digital art, music, or even written reports and articles. However, NFTs are swiftly invading the physical world too, linking to real-world objects, places, or experiences.

So, owning an NFT is like a certificate of ownership. Proof that you own that thing that the NFT links to. It works because NFTs and all their transactions are held on a blockchain (normally Ethereum), which is set up for NFT transactions. That means if there is a dispute over who owns an NFT, anyone and everyone can follow the trail of an NFT’s ownership from its inception to the current owner to discover the true owner.

Why should you use NFTs for your business?

NFTs are so successful in part because they promote exclusivity. The world can easily be divided into groups of people who have a particular type of NFT and those who don’t.

Businesses can use this exclusivity to create communities of people who share a particular NFT. Organizations can achieve this in two steps.

First, give tokens to people who have been with the organization for a certain amount of time, spent a certain amount of money, or some other qualifying factor.
Then, reward the holders of these NFTs in ways that allow them to connect. Perhaps by giving them access to venues or events in the real world or opportunities to join special forums or social media groups online.

Other businesses use NFTs more directly by selling them to customers. Traditionally, once a creator sells their product, that’s all the money they can expect to get from that piece. NFTs, on the other hand, can be pre-programmed so that the creator takes a cut of all the following transactions. If the new owner sells the product at a profit, the original artist continues to take a cut. Businesses can increase their residual incomes by taking advantage of these “smart contracts” that they can program into NFTs.

Finally, NFT marketplaces like Opensea.io, Rarible, and Foundation allow businesses and individuals to quickly set up, distribute, and sell NFTs. Their close association with cryptocurrency means users already have everything they need to pay for products and services without much additional setup.

8 ways to use NFTs for business growth

We’re just going to scratch the surface here because people constantly invent new ways to use NFTs for business. However, if you’re looking for inspiration for your business, these might fit the bill.

Let’s start with the most straightforward opportunities. Your business can create and sell digital collectibles. This is the most popular way for companies to enter the NFT economy.
Unless your business’ core strategy is selling NFTs, consider how your digital collection will link to your brand and be desirable to your target audience. Selling NFTs should always tie back to your business and core product.
As we explained earlier, loyalty or membership programs are an excellent way to use exclusivity to reward people who buy or earn your NFTs. Offer rewards to NFT holders that create communities by connecting them to your brand and each other.
Use NFTs for business growth as a “proof of attendance” for events like conferences or other ways they engage with your brand, like listening to a podcast or responding to a request for feedback. If you have a grand opening, consider the gift of an NFT for the first 100 people through the door.
Don’t forget to engage with those people you distribute NFTs to. Drive engagement with your business by periodically offering special promotions, privileges, and opportunities to NFT owners.
Authenticate products through NFTs. If customers buy a limited edition item like a designer bag or pair of sneakers, provide them with an NFT to prove that it’s authentic, and if they want to resell it, they get an easy way to pass on that proof of authenticity.
Use NFTs to differentiate between the first edition of a book or other product and subsequent sales. First-edition collectors pay big money to own what is essentially just the oldest version of a product that anyone can buy — making NFTs perfect to help this age old collection market evolve!
NFTs can act as one-time use coupons or promotions. Whoever owns the NFT can cash in or use it whenever they want. If the current owner doesn’t have a use for the coupon or promotion, they can sell it to someone who does.
Finally, savvy businesses are using the technology in NFTs to raise money for charity. NFTs can be programmed so that a percentage of each resale goes to a designated charitable organization. Integrating with this technology does a lot of good and boosts your business reputation in the process.

Creating NFTs for your business with RebelDot

If you’ve been inspired by some of our ideas of how to use NFTs for business growth, or perhaps you’ve got a totally new and unique idea in mind, we want to hear about it!

Talk with one of our blockchain and NFT experts today to take advantage of the NFT economy.

Web 3 series: Permissionless Blockchain Technology

22nd June 2022

by The RebelDot Blockchain

Web 3.0, blockchain, and cryptocurrency are next-generation technologies that many people are talking about, but all these terms can cause some confusion. That’s why we’re bringing you a series of posts demystifying Web 3.0.

In this post, we’ll dive into the differences between permissionless blockchain and permissioned blockchains.

What is permissionless blockchain technology?

Also known as public blockchains, permissionless blockchain technology allows anybody with an internet connection to anonymously join the blockchain network, perform transactions, and store information on the blockchain. With permissionless blockchains, there are no gatekeepers and no single entity restricting access or controlling participation — you don’t need permission to join.

Blockchains are decentralized ledgers. We’ll look at decentralization in more depth in another post. But, basically, decentralization means data about transactions in the blockchain are stored in multiple places across a network, not in one central location.

So how can a permissionless blockchain be secure? Before answering that question, let’s look at the difference between permissioned and permissionless blockchains.

Differences between permissionless and permissioned blockchains

Permissioned blockchains do have gatekeepers. They are limited to only designated participants, and a single entity controls access. That entity could be a group of users, a business, or a government.

You may have heard people talk about Know Your Customer (KYC) and permissioned blockchains together. KYC means the gatekeepers only give access to people they know, which removes the anonymity that permissionless blockchain enjoy.

The limited number of users and the ability to know who users make transactions on the blockchain ledger easier to track and validate. This can make permissioned blockchains seem more secure, but critics point out that in a permissioned blockchain, the gatekeeper is a security risk.

If the gatekeeper is compromised or chooses to make changes that aren’t appropriate, security is compromised. The lack of transparency for outside oversight makes centralized security riskier than decentralized security.

How can a permissionless blockchain be secure?

In a permissionless blockchain, security is democratized. Blockchain’s traceability ensures that users can’t secretly make changes, and each user has equal control and visibility. More than half the users would need to initiate changes to disrupt a permissionless blockchain. Permissionless blockchain’s security relies on this decentralization of information and power.

However, transparency is a potential weakness of permissionless blockchain. Certain industries or applications may not want every user to hold their proprietary information.

A large number of users also leads to lower performance and scalability issues. Energy efficiency is also a major concern as blockchains grow and use more resources.

Learn more about Web 3.0 and how permissioned and permissionless blockchain can benefit your business

Head over to the RebelDot blog to learn more about Web 3.0 and blockchain technology.

We can develop permissioned or permissionless blockchain technologies and are ready to help you discover the best solution for you.

For a custom software development partner to help bring your ideas to life, contact the RebelDot team today!

Web 3 series: blockchain in cyber security

22nd June 2022

by Dragos Cojocea Blockchain

Welcome back to Rebel Dot’s ongoing series on Web 3.0. Check out our first post in this series right here. Today’s post will explore the implications of blockchain in cyber security. Cyber security is a growing issue, so let’s look at how this budding technology can help solve it.

How you can use blockchain in cyber security

Blockchain technology can revolutionize cyber security. And one of the key ways it does this is by being naturally resistant to cyber security attacks. It’s immutable, decentralized, and in many cases, publicly displayed.

Combined, these features of blockchain make it very difficult to manipulate. And if manipulation does occur, it should (in theory) be very easy to spot.

This makes it a secure alternative to many other types of technologies, and it’s one of the many reasons we anticipate that blockchain will play a pivotal role in Web 3.0. You can even increase the security of blockchain by implementing machine learning that is capable of detecting manipulation before it has a chance to take root.

Blockchain applications in cyber security

Of course, the cyber security benefits of blockchain mean nothing if it doesn’t have real-world applications. With that in mind, here are a handful of real-world use cases for blockchain in cyber security.

Blockchain IoT security

IoT devices and networks are poised to be a significant part of Web 3.0, expanding our idea of how a connected world looks. But a more connected world also means a more vulnerable one.

That’s where blockchain can help. Blockchain technology can be used to verify the data collected by IoT devices and store it in a secure, tamper-proof way. This makes the data more reliable and less hackable — two major concerns in the IoT field.

Cryptocurrency wallet security

Blockchain is already widely used for cryptocurrency wallet security. Blockchain tech is perfectly suited to financial use cases, because that’s what it was designed for. It can secure transactions, reducing the high volume of fraud currently associated with cryptocurrency. As cryptocurrency becomes a more common medium of exchange, this kind of security will be essential.

Security for medical records

One of the most innovative use cases for blockchain in cyber security is as a tool for securing medical records. Medical records are highly sensitive, difficult to transfer between healthcare providers, and vitally important.

Similar to financial transactions, this is an area that blockchain is well-equipped to handle. You can share records between healthcare providers on a public or private blockchain, ensuring that all information is updated, available, and, importantly, unlikely to be corrupted.

Learn more about blockchain in cyber security and Web 3.0

Check out the rest of our blog for more news and information on blockchain in cyber security. And for those interested in software development opportunities in blockchain and beyond, reach out to our expert team today!

Web 3 series: blockchain interoperability

3rd June 2022

by Dragos Cojocea Blockchain Innovation and Tech

Over the last few months, there has been a lot of talk about Web 3.0. Web 3.0 is dramatically changing the World Wide Web, impacting everything from social media to the blockchain.

If you’re feeling clueless, don’t worry. Lots of people aren’t entirely sure what Web 2.0 is, let alone how it’s evolving.

So in a new series of posts, we’re going to start exploring Web 3.0 and its impact on next-gen technologies like the blockchain.

What is Blockchain Interoperability?

Today, we’re going to look at blockchain interoperability. Blockchain interoperability is the ability for different blockchain technologies to interact with one another.

As it currently stands, the walls between different blockchains are pretty high. There isn’t too much co-mingling allowed. While this may feel like an immutable aspect of the unchanging blockchain, we can potentially knock down these barriers with Web 3.0 technology.

If this were to happen, we’d begin to see interoperability open up between different blockchain solutions. That would allow users to move data from one blockchain to another, trade assets more easily, and maximize their use of the blockchain.

Why is interoperability important to blockchain?

Create a decentralized ecosystem

Blockchain interoperability will help create a truly decentralized ecosystem. One of the core goals of blockchain tech is to provide access to an asset that isn’t owned or controlled by any single entity.

By opening up interoperability, users will have more freedom and access without the need for increased control or oversight.

New Web 3.0 opportunities

Blockchain interoperability could also create space for new Web 3.0 possibilities. You can use interoperability to mix and match blockchain technologies.

Each blockchain network has unique strengths and weaknesses. As a result, users often pick one over the other, missing out on some features in favor of others.

With interoperability, users can make the most of features across different blockchains — removing the need for an either/or choice.

Improve data transparency and verifiability

Blockchain interoperability will also allow for improved data transparency and verifiability. By getting different blockchains to “talk” to each other, we can enable validation between various blockchains, creating richer history for data and fewer chances for exploitation.

How to achieve interoperability?

Fortunately, the road to blockchain interoperability is already being paved. Businesses and startups are already working on an interoperable ecosystem for blockchain tech.

Interoperability relies on the development of cross-chain bridges to close the gap between blockchain networks and new ecosystems that support multiple blockchains. Developers are already working on these bridges with projects like Harmony and Polkadot. And Cosmos is a multiple-blockchain ecosystem already in use.

It’s only a matter of time before we see more interoperability solutions and move closer to a truly open blockchain universe.

Learn more about Web 3.0 and the future of blockchain technology

There’s a world of innovation to explore surrounding Web 3.0 and blockchain technology. To learn more about Web 3.0, blockchain, and more, head to the RebelDot blog.

And for a custom software development partner to help bring your ideas to life, get in touch with the RebelDot team today!

Everything you need to know about Web 3.0 for businesses

11th May 2022

by Dragos Cojocea Blockchain Innovation and Tech

With the emergence of Web 3.0, the perception of the internet that we’ve all been used to until not so long ago has been shifting gradually. It became clear that businesses have been exploiting private consumer data with minimal protection surrounding that data, which generated a storm of customer privacy issues, hence affecting users’ trust in day-to-day platforms. This, in turn, encouraged more and more people to get excited for a more secure and democratized internet. In fact, early-adopters, mostly blockchain geeks have already started to migrate towards Web 3.0 platforms.

While the internet helped entrepreneurs better assess their possibilities, data mining and exploitation did not necessarily benefit brand perception. A lack of confidence has been growing by the scale of some recent data breaches. Fortunately, blockchain will change that.

In this in-depth guide, we’ll break down everything you need to know about Web 3.0 for businesses, how it works, some examples in practice, and why you should leverage this concept to achieve business growth.

What is Web 3.0 and how will It differ from today’s Internet?

Web 3.0, commonly referred to as Web 3, is a notion for a new version of the World Wide Web based on blockchain technology and includes principles such as decentralization and token-based economy. Some journalists and engineers have compared it to Web 2.0, which claims that data and information are concentrated in a small group of businesses known as “Big Tech.”

The terms “Web 1.0” and “Web 2.0” relate to different periods in the history of the World Wide Web as it progressed via different technologies and forms. Most web pages were static during Web 1.0, which occurred from around 1991 to 2004. The great majority of users would be considered consumers of content rather than producers.

Web 2.0 is centered on user-created content published to social media and networking platforms, blogs, and wikis, among other services, and it’s founded on the concept of “the web as a platform.” Web 2.0 is thought to have started around 2004 and is still going strong today.

Web 3.0 ideas vary, but they all revolve around the concept of decentralization and frequently include blockchain technology like cryptocurrencies and non-fungible tokens.

Key Characteristics of Web 3.0

The main characteristics of Web 3.0 include decentralization, permissionless technology, and increased security. Web 3.0 could also potentially balance creator economics and lower the barrier to entry.

Decentralization

Data is stored in central repositories in Web 2.0, which is problematic for a variety of reasons. It gave birth to tech conglomerates, otherwise known as Social Networks and concentrated market power in the hands of a small number of people. It also put data and private information at danger.

On the other hand, when it comes to Web 3.0, data is kept on the blockchain in “blocks” and “nodes” scattered over a vast network of computers, which means that your priceless private information is secure and private.

Permissionless Technology

What if someone told you that you needed permission to use the Internet? You’d most likely disagree. Instagram, Facebook, and other Internet services are, after all, free and open to use. This is the control illusion that haunts modern thinking.

In truth, tech giants like the previously mentioned ones have complete influence over how you and I utilize these services. Looking towards a normalized Web 3.0 future, you could join any network without asking for permission; all you have to do is press a few buttons. There’s no need to give up your privacy or relocate before using a service.

Security

Web 3.0 is a more secure version of its older sister, Web 2.0.

Decentralization, for example, makes it more difficult for unscrupulous individuals to get access to vast volumes of data. Users have more control over their information. Customers can select whether they wish to sell information about their online activities or stay anonymous.

Why is Web 3.0 Important for Business

To put it simply, when it comes to Web 3.0, there are several commercial opportunities. Until now, big tech companies have handled and exploited the data provided by consumers.

End users will have total data ownership with Web 3.0 powered by Blockchain. The data that is sent across the network will be completely encrypted. Users will be able to choose whatever information they wish to share with businesses and advertising agencies, and they will be able to profit from it.

To some, this may appear to be a stumbling obstacle for enterprises. On the contrary, it’s the exact opposite. For the benefit of both enterprises and consumers, data sharing will significantly alter.

Consider a current example of web 3.0 in work. Steemit is an excellent example of a web 3.0 social network. It is a decentralized reward system based solely on the Steem Blockchain social media platform. It compensates content authors or bloggers with the STEEM cryptocurrency in exchange for their contributions to the site.

What are the Opportunities for Business That Web 3.0 Creates?

The main opportunities for businesses under Web 3.0 include interoperability, data safety, and improved privacy.

Web 3.0 can also be advantageous for businesses when it comes to operating across borders, selling tokenized assets via NFTs, and building apps on blockchain nodes that create transparency and immutability.

Interoperability

Users will be able to access data from numerous applications without having to be on a certain platform thanks to Web 3.0 capabilities. This means you won’t have to worry about a single device supporting Web 3.0 when others don’t.

Date Security

Web 3.0 will be far more secure than previous versions. Hackers will be unable to access the network without the activity being traced back to them, thanks to decentralization and dispersed nature.

Enhanced Privacy

Pro-privacy and anti-monopoly models will be on the table thanks to Web 3.0 capabilities. It will not incentivise centralized platforms that retain control over consumers’ data. With decentralization and privacy at the forefront, we will witness a shift. The hegemony of digital corporations will expire as consumers gain control over how their data is viewed, and there will be fewer, if any, data privacy attacks.

What does the decentralized blockchain protocol mean for businesses?

While discussing future use scenarios, it’s vital to understand that, although being hosted on a blockchain, these apps will not operate in isolation. All of these dApps (decentralized applications) will operate together in Web 3.0, just like they do now, to deliver integrated functionality that makes them more useful. The insurance contract mentioned above, for example, may receive data from a healthcare application and transmit a signal to a supply chain management contract. APIs will act as the “glue” that unites various disparate apps, just like they did in Web 2.0.

When it comes down to it, we’re not suggesting that Web 3.0 or blockchain will fix all of the world’s or even your company’s problems. What we’re saying is that you shouldn’t be hesitant to try out this new technology.

It will most likely be well worth your time due to the benefits of improved openness, verifiability, availability, and confidence it provides.

Ignoring Web 3.0 now is the same of ignoring the Internet 25 years ago.

Is Web 3.0 a Scam?

Some regard Web 3.0 as a scam, while others see the future of technology. And the discussion frequently devolves into ideology rather than technology, in most cases. Some people claim that consumers are being tricked into believing they possess a digital asset because of the growing popularity of NFTs. Others regard NFTs and Web 3.0 as having a lot of promise.

The current status of NFTs foreshadows a scenario in which your property deed, auto loan contract, and college diploma will all be recorded on the blockchain, together with all pertinent history and information, in an immutable and transparent manner.

As it happens, the internet has too many intermediaries, whereas NFTs can provide a more direct and pure means for artists, musicians, and producers of all types to interact with their audience.

There are many pros and cons associated with Web 3.0. However, we don’t believe it’s a “scam”. Rather, it’s a new, complex form of the internet that is still in its youth.

Trends and what to expect of Web 3.0 for 2022 Onwards

In the coming year and beyond, we can expect to witness a few trends in the context of Web 3.0. For starters, Artificial Intelligence is one of the most crucial Web 3.0 advancements of our generation. A.I is becoming more powerful and pervasive in all industries with each passing year. It is intimately linked to human intelligence. Artificial intelligence can put new products on the market without having to deal with a slew of issues.

We may also expect to see blockchain as a service becoming increasingly prevalent. It’s a new blockchain trend that numerous corporations and enterprises have already embraced. BaaS is a cloud-based service that allows clients to collaborate on digital products using blockchain. Smart contracts, decentralized applications (or dApps), and other services that don’t require the entire blockchain infrastructure to work are examples of digital products.

When it comes down to it, there’s nothing to fear from a business standpoint considering Web 3.0. Rather, this new trend in technology could benefit businesses just as much as it benefits consumers.

Blockchain development isn't out of reach

Developing blockchain technology for business use cases isn’t a pipe dream anymore.

Businesses of all shapes, sizes, and sectors can start putting this technology to work today to achieve any of the applications in this article and beyond.

To discuss opportunities for blockchain development within your business and how you can get started, reach out and let our blockchain development engineers at RebelDot support you as close consultants in developing and launching your digital product idea.

dApps 101: How to start dApps Development

18th April 2022

by Dragos Cojocea Blockchain Innovation and Tech

It’s no secret that blockchain technology has been a hot topic for the last few years. One of the key features behind the growing popularity of blockchain tech is dApps development. If that sounds like a made-up word, don’t worry. This post will cover everything you need to know about dApps and their development so that you and your business can start taking advantage of them.

What are dApps?

First things first, what are dApps? Short for “decentralized apps”, dApps are apps that are built on the blockchain. This means that no one owns them, and anyone can use them. If you know what a smart contract is, a dApp is just a smart contract with a user interface on the front end.

Because dApps are decentralized, the user has total control over the data that is entered, transformed, and created through the dApp. This is different from a traditional app, which stores data in a central location, such as a database.

For the same reason, dApps are also significantly slower than traditional apps. So they’re not necessarily better than a standard app — they just have certain advantages that make them ideal for unique situations.
Below is a breakdown of some of the key features unique to dApps.

dApps use peer-to-peer networks

One of the most unique things about dApps is that they use peer-to-peer networks. This is done through the blockchain, and it’s why no single entity has control over a dApp.

That means that the dApp runs on a network supported by everyone using it. If that sounds vague, you can think of it like the internet. There is no magic box that contains the internet. Instead, the internet is created by everyone using it every time they use it. dApps work similarly in that each person’s use of and interaction with a dApp keeps it running.

dApps are more secure than regular apps

Because no single entity owns a dApp, there isn’t a centralized place where the dApp, and importantly the dApp’s data, exists. And that enables them to be more secure than a traditional app.

With a traditional app, a hacker only needs to gain access to the central database or the accounts with access to that database. But with a dApp, neither of these entry points exists. There’s no way to “access” them because they aren’t there.

dApps development can be less expensive

dApps development can be less expensive because it is essentially simpler. Most businesses aren’t creating dApps with the same level of intricacy as a traditional app.

Usually, a dApp just executes a few basic tasks for the user. And since they’re being deployed on the blockchain, a lot of the framework is already in place. All that needs to be developed are the functions and interface for the app, and you’re done. They’re easy to deploy, too!

The benefits of developing dApps

There are several benefits to building a dApp over a traditional app. Here are just a few:

Data integrity. You get complete data integrity because dApps have increased data security and use peer-to-peer networks to store data. Every user knows that the data is accurate because every user has verified the data.
Privacy. dApps provide higher levels of privacy because there is no governing body behind the dApp. This means that no one can own, manipulate, misuse, or even ask for your personal information.
No downtime. Since dApps exist on the blockchain rather than on a server, they don’t have downtime. There will never be a time when you can’t access your dApp.

How are dApps made? Starting dApps development

Now that you have an idea of what dApps are and why people choose to create them, it’s time to explore that creation process. Below are the steps to create a dApp from start to finish.

Identify the problems you need to solve

First, you need to identify the problems you want to solve with your dApp. This is just like creating any other app, so it’s something your development team should be familiar with.
What’s unique to dApps is that they are specialized solutions to a problem. You need to evaluate if a dApp is the ideal solution to that problem. What advantages does a dApp have that a traditional app doesn’t that will make it the right option for your team?

Create a proof-of-concept

Next, you’ll want to create a proof of concept for your dApp. This is where your ideas for your dApp become a prototype that you can test. The goal during this stage is to see if your solution works.

For instance, you may find that your interface is off or that you should be coming at the problem from another angle. Or maybe you’ve realized that the problem isn’t significant enough to warrant dApp development. Whatever the case, you want to start prototyping and pushing the limits of your dApp concept.

Choose a blockchain to use

Next, you’ll want to choose a blockchain for deploying your dApp. Ethereum is probably the first one that comes to mind as it’s the most popular, but there are several other options you can go with. You can even put in the time to develop your own blockchain if that’s what’s right for your organization.

Launch your dApp

With all of the dApp development out of the way, you’re ready to launch your dApp! This happens after rigorous testing to make sure that your dApp runs as it’s supposed to.

Remember not to rush things during this step! You can’t make changes to a dApp after it’s launched. That’s one of the reasons it’s good to keep things simple. So take your time and make sure you get it right.

Get help with your dApp development from our smartest engineers & product specialists at RebelDot

You don’t have to build your dApp alone. You can just reach out and start realizing your vision today!

Smart contracts development: what product owners need to know

6th April 2022

by Dragos Cojocea Blockchain Innovation and Tech

If you’ve spent some time looking at the world of blockchain, you’ve probably heard of smart contracts or even thought about smart contracts development. They’re a popular feature of blockchain and particularly cryptocurrencies like Ethereum.

But what are they, and how can they be useful to you? In this post, we’re going to cover everything you need to know about DeFi smart contracts, from what they are to how to start using them.

What are smart contracts?

In short, a smart contract is a program stored on the blockchain. However, unlike a regular program, which runs whenever you tell it to (like when you double-click an app icon), a smart contract only runs whenever certain conditions are met.

For instance, say you agree to give someone the title to your car if they pay you $5,000. You could create a smart contract in the blockchain that emails the person the title to your car (assuming it were that easy, of course) whenever they send you $5,000. The contract is executed by code, so both parties know there’s no room for funny business.

This creates a clean value exchange, which can be difficult to achieve in the real world. You can build smart contracts on a few different cryptocurrency blockchains, including:

Ethereum
Bitcoin
Cardano
EOS.IO
Tezos

3 DeFi smart contracts use cases

To help you better understand how you can use DeFi smart contracts, here’s a look at three popular proposed use cases. It’s important to note that this technology is still in its “proto” phase, so these are projections of what the technology can do and not necessarily what it can do right now.

Mortgage loans

A mortgage loan could be executed with a smart contract in much the same way as a car title transfer. What makes the prospect of turning these types of loans into smart contracts beneficial is how much paperwork and processes go into a traditional mortgage loan.

There are middlemen, sometimes weeks of waiting for approval and analysis, and other time-consuming steps standing between the lender and the borrower.

With a smart contract, you can cut down on all of these extra steps. The parties can create a smart contract that executes as soon as someone has the right information and requirements to be approved. This also creates a single place where both parties can easily view all information associated with the transaction.

Insurance claims

Another paperwork-intensive financial process is making an insurance claim. There’s a ton of analysis, going back and forth, and investigation that goes into processing these claims. Plus, making and taking payments from the right people can get complicated.

With a smart contract, this can all be done automatically. You can use the contract to check if a party meets certain claim criteria and can automatically send payment to their account.

This saves a lot of time and headache for all people involved, streamlining the process significantly.

Financial data recording

Financial data recording is one of the most versatile and important use cases for DeFi smart contracts. This is a crucial process that the slightest error can completely disrupt.

So it makes sense that financial data recording is perfect for automation through smart contracts. Businesses and individuals can set up parameters that cause data to be recorded, and data that comes in as input can be stored on the blockchain.

This can eventually remove the need to keep up with documents like invoices by executing the information and function of these documents through smart contracts. It will reduce the errors associated with record-keeping while also saving time and energy.

The basics of DeFi smart contracts development

Now that you know what DeFi smart contracts are and how you can use them, let’s cover the basics of how you can develop them.

Pick what blockchain technology you want to use

First, you need to decide which blockchain technology you want to use. The go-to choice for pretty much everyone is Ethereum, as it is the most popular solution built around smart contracts.

You could use some of the alternatives to Ethereum or go the extra mile and develop a proprietary blockchain technology that caters to your DeFi smart contract needs.

Define your "tokenomics"

“Tokenomics” is a trendy of way of saying “how a cryptocurrency works.” It’s the rules, parameters, inputs, outputs, etc., that define a particular cryptocurrency and blockchain system.

When diving into DeFi smart contracts development, you need to establish these parameters for yourself.

Will you be using cryptocurrency tokens or exclusively smart contracts? How will you use them? And how will they fit into your broader blockchain strategy?

Integrate with crypto wallets

During DeFi smart contracts development, you will also need to consider whether or not you will integrate with crypto wallets. For those that don’t know, crypto wallets store the information that gives you access to your cryptocurrency, similar to how a debit card and PIN work.

While you don’t have to integrate with crypto wallets to make smart contracts work, it can open up several doors for you. For instance, it allows you to create contracts tied to financial transactions.

Decide which data feeds you need to rely on

Finally, you’ll need to know which data feeds your DeFi smart contract development will rely on. Data feeds refer to information outside of cryptocurrency and the blockchain that will be pulled into your smart contract application.

For example, weather, location, and eligibility could all be required for a smart contract to properly execute, though that data will need to come from an external source.

Partner with RebelDot and start your DeFi smart contracts development today

You don’t have to wait to start your DeFi smart contracts development. By partnering with RebelDot, you can bring your vision to life easily and effectively. Reach out to our team today and see how we can help!