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What is NFT Staking and How to Earn Income From NFTs?

Posted on by Bhavya Dave

What is NFT Staking

A buzzword including digital artwork, animal pictures, trading cards, music, and online gaming, NFT or non-fungible tokens became a major digital topic throughout 2021. By late 2022, the daily market size of NFTs on Ethereum was much lower than in 2021. NFTs first grabbed headlines in March 2021 when the crypto art piece First 5000 Days from Beeple became most expensive NFT in the world at 69 million U.S. dollars. The digital tokens were not new, however. The sales development of CryptoKitties – a project that involves randomly generated pictures of cats – can be retraced back to 2017. How, then, do NFTs work, and are they disrupting particular industries in 2022?

Beyond their superficial appearance as JPEGs, NFTs hold immense potential to upgrade various industries, including event ticketing, digital art, and “phygital” goods. The hidden value of NFTs lies in their utility, which goes beyond what can be captured by a screenshot.

One lesser-known aspect of NFTs is their ability to generate passive rewards. Many NFT collections allow users to “stake” their NFTs, similar to crypto staking, in order to earn rewards. There are also dedicated NFT staking platforms that enable both NFT holders and non-holders to capitalize on these digital assets.

In this article, we will delve into the world of NFT staking, exploring various opportunities and examining how NFT holders and non-holders alike can leverage these platforms to earn passive income through NFT staking rewards.

What is NFT Staking?

NFT staking involves locking up an owned digital asset for a specified duration, resulting in rewards often distributed in the form of cryptocurrency. Some collections enable indefinite staking, while others impose strict time limits.

To streamline this process, dedicated staking platforms exist that are not limited to specific collections. These platforms incentivize NFT collectors by offering tokens in exchange for staking NFTs from various projects and blockchains. More details on these platforms will be provided later.

How To Stake NFT: Step-by-Step Process

Staking NFTs is a simple, eight-step process.

1. Choose a Staking Platform:

  • Begin by selecting a user-friendly staking platform that aligns with your preferences.

2. Understand the Platform:

  • Spend adequate time understanding the chosen platform’s rules, rewards, and processes.

3. Set Up the Recommended Wallet:

  • Install the digital wallet suggested by the platform. MetaMask is widely supported in the Ethereum ecosystem for NFT staking.

4. Obtain ETH Tokens:

  • Acquire ETH tokens by purchasing them or transferring them from another wallet (if applicable).

5. Connect Your Wallet:

  • Link your wallet to the staking platform.

6. Exchange to Native Currency:

  • If the platform has its own native currency, exchange your ETH for it following the platform’s instructions.

7. Start Staking:

  • Initiate the staking process by locking your NFTs in a smart contract on the platform.

8. Monitor Rewards:

  • Keep track of your staking NFTs and the rewards you earn, which are usually in the form of additional tokens.

NFT Services

How are NFT Staking Rewards Calculated? 

Each NFT staking collection features unique rewards rates, encouraging holders to lock up their assets for extended periods. Similar to viewing annual percentage yield (APY) on traditional cryptocurrency staking platforms, NFT staking sites offer projections of returns. However, some sites display expected token rewards (e.g., 10 tokens per day) rather than an exact APY.

It’s essential to note that actual returns may deviate from projected token rewards, so conducting thorough research on any staking platform is crucial. The reward value varies across NFTs, but most projects compensate users with utility tokens for staking NFTs.

These tokens may offer additional benefits like voting rights or governance participation in decentralized autonomous organizations (DAOs). Notably, some NFT collections even allow users to stake these earned tokens, further enhancing the potential rewards.

How could you Benefit from NFT Staking?

NFT staking allows holders to maintain ownership of their digital collectibles while generating passive income. According to Synodus, the benefits include earning rewards and fostering scarcity since staked NFTs are removed from the open market, making them unavailable for sale. Staking also contributes to the blockchain’s usability and security, similar to crypto staking.

To participate, holders need a crypto wallet and must connect it to an NFT staking platform. These platforms run on specific blockchain networks, and staking is endorsed and validated by smart contracts on the blockchain.

Staking typically involves locking NFTs on the platform for a predetermined period in exchange for rewards. This can result in deflationary supply pressure, increasing the price of similar NFTs in circulation. Both collectors and the broader NFT market benefit from this.

Rewards are often distributed in the form of platform native tokens, tradable for currency or other cryptocurrencies. Each platform uses its method of calculating interest rates, aiming to attract NFT assets holders to stake their assets for as long as possible. While some services may offer high interest rates, investors must carefully weigh the associated risks.

Thorough research (DYOR) is crucial before staking NFTs to ensure full understanding of the risks. Factors determining the rewards include the platform’s annual interest rate, staking duration, and the number of NFTs staked. Additionally, some NFTs may have unique staking features determined by the project team at launch.

Related: Multifunctional Fractionalized NFTs

Is NFT Staking right for me?

While NFT staking presents enticing opportunities, it is imperative to exercise caution and evaluate critical factors before embarking on this endeavor. Certain conditions must be met to ensure a rewarding NFT staking experience.

1) Annual NFT staking yield/APY

As a potential NFT Staking Platforms, an essential question to ask is: what returns can I expect from staking? While some NFT collections may offer enticing returns, be wary of rates that seem too good to be true. These rates often fluctuate significantly and may not persist for long.

Certain projects offer increased Annual Percentage Yield (APY) rewards for staking multiple NFTs or NFTs with higher rarity scores. If you plan to hold more than one NFT from the same collection, evaluate if staking multiple NFTs is advantageous for better interest rates.

2) NFT collection price

Seasoned NFT traders have a keen sense of when to hold and when to sell their assets. For those looking to quickly flip an NFT, selling may be a more lucrative option than staking, particularly if the collection has experienced recent price fluctuations. Staking can potentially restrict the sale of an NFT due to lengthy lock-up periods.

While staking can serve as a protective measure against short-term price movements, in certain cases, higher returns can be obtained by selling when the floor price increases. However, determining the optimal timing for such transactions is highly challenging, and even skilled traders may struggle to make the right call.

3) Cryptocurrency price movement

In addition to considering the base price of the NFT collection, it’s crucial to remember that the value of the cryptocurrencies associated with NFTs can fluctuate significantly. For instance, if you acquire an NFT for 1 ETH when the price of Ethereum is $3,000 and later sell it for 1.1 ETH when Ethereum’s value has decreased to $2,500, you will inadvertently incur a loss of $250.

4) Percentage of total NFTs staked

Regarding NFT Staking Platforms, it can be insightful to examine the project’s website and observe the percentage of NFTs that are currently staked. A higher staking percentage suggests that NFT owners are inclined to hold their assets long-term.

While not a definitive indicator, a notable proportion of staked NFTs, particularly when accompanied by an extended lockup period, may reduce the likelihood of a mass sell-off and subsequent price drop.

5) Lock-up period

The duration of lock-up periods for best NFT staking collections and staking platforms varies. If you prioritize quick access to your NFT, it’s advisable to select an NFT staking option with a shorter lock-up period. A lock-up period ranging from hours to days is preferable compared to one that lasts for weeks, ensuring greater flexibility and liquidity.

Consider the Advantages and Disadvantages of NFT Staking

Advantages and Disadvantages of NFT Staking

Here come several variables as you decide whether your NFT staking is the best course of action or not.

Advantages of NFT Staking

1. Engage in Projects and Communities: Most projects offer rewards for users who commit their non-fungible tokens (NFTs) with utility tokens. However, the specific payouts and benefits vary across projects. Additionally, these tokens provide advantages like voting and governance rights, enabling holders to influence the project’s future direction.

2. Utilize Idle Digital Assets: Staking presents an opportunity to make the most of your unused digital assets. If you’ve held an irreplaceable token for a while but don’t have immediate plans to sell it, staking allows you to put it to work. By locking your NFT on a staking platform, you can earn rewards while maintaining ownership and without giving it up.

Disadvantages of NFT Staking

1. Price Sensitivity: The value of your NFT can fluctuate significantly due to market conditions and trends in the digital art world while it is locked in for staking. Depending on the terms of your staking period, you might not be able to withdraw the extended lock-up best NFT staking. However, if long-term holding is your ultimate goal, short-term market fluctuations should not concern you as much.

2. Potential for Fraud: While receiving rewards for staking your NFT may seem attractive, be aware of the associated risks. The NFT industry is still in its early stages, and differentiating between genuine and fraudulent platforms can be challenging. Unethical staking platforms may attempt to steal users’ funds and tokens. To avoid falling victim to fraud, it is crucial to conduct thorough research before committing your NFT. Investigate the staking platform and the team behind it, and exercise caution if anything seems suspicious.

How to Make More Money with NFT Staking

Engage in NFT staking within your cryptocurrency wallet as a means of generating passive income. NFT staking presents a distinctive and fascinating application of blockchain technology, enabling you to create passive revenue streams. To embark on this income-generating endeavor, an initial investment is necessary. While monetary investment is the primary method of earning passive income through NFTs, time investment can also be leveraged. For long-term NFT holders, known as HODLers, instead of storing their NFTs in digital wallets, they have the option to lock up their NFT collections for passive income generation.

A substantial proportion of NFTs belongs to the gaming super universe within the Web 3.0 ecosystem. Individuals can lock up their NFTs in various blockchain games, including Axie Infinity, The Sandbox, MOBOX, and Zookeeper, among others. These games offer staking options that enable players to earn money.

Previously, the metaverse in gaming platform, NFTs were limited to acquiring a single object crucial to that particular game. Consequently, digital assets for crypto super games had limited utility. However, with the emergence of NFT staking, the utility of these assets has expanded. The popularity of a game can also contribute to the monetization of NFTs.

Nevertheless, it is essential to conduct thorough research on the NFT, its market, utility, and staking incentives before venturing into NFT staking. This knowledge empowers you to make informed decisions and maximize your potential for passive income generation through NFT staking.

NFT Staking Platforms

For those who own NFTs eligible for staking, the official collection website provides comprehensive instructions on where and how to do so. Additionally, there are versatile platforms available that enable users to stake NFTs from various projects, regardless of their specific collection. Here are a few examples of currently accessible staking platforms:

1. LooksRare

LooksRare, launched in January 2022, is an NFT assets marketplace that also serves as a staking platform. It enticed NFT traders to use its platform by airdropping 120 million of its native $LOOKS tokens. To be eligible for the airdrop, users had to make a specific amount of trades (over 3 ETH) on OpenSea.

Rewarding traders remains essential to LooksRare’s functionality. Users can earn more $LOOKS by buying and selling NFTs on the marketplace. Earned $LOOKS tokens can be staked directly on the platform to earn even more $LOOKS and wrapped Ethereum (WETH).

While the incentive to earn $LOOKS primarily targets NFT traders, the token is also accessible on decentralized exchanges like Uniswap.

Shortly after its launch, the annual percentage yield (APY) for staking $LOOKS soared to as high as 9000% but eventually stabilized just below 200%. Currently, the APY fluctuates around 9.24%, influenced by trading volume and market conditions.

2. WhenStaking

WhenStaking, a staking platform for NFTs, operates on Onessus, a WAX-based decentralized application development studio. Onessus has created NFT play-to-earn games such as HodlGod and NiftyVille.

NFT assets from these games can be staked on WhenStaking to earn returns in the form of VOID, the native token for Onessus. Fans of these games can conveniently integrate with WAX Cloud Wallet, as both Onesimus and WhenStaking are integrated with it.

Rewards on WhenStaking vary depending on NFT rarity, collection value, and the platform’s unique level system. Over time, users can earn more rewards as NFTs level up and increase APY the longer they are staked. Stakers can still utilize their NFTs as assets in their chosen game through a leased version of the staked token.

Related: Best NFT Marketplace Platforms

NFT Collections Available for Staking

1. The Sandbox

The Sandbox, a prominent metaverse platform built on the Ethereum blockchain, offers cryptocurrency staking opportunities for holders of its native SAND token. Staking rewards vary based on the number of LAND NFTs a user possesses.

For instance, users with up to 5 LAND NFTs can stake a maximum of 10,000 SAND tokens on the Polygon (MATIC) blockchain. Throughout 2023, the value of one SAND token has fluctuated between approximately $0.28 and $0.90, enabling users to stake cryptocurrency worth between $2800 and $9000 during this period.

The Sandbox is accessible on OpenSea, and various in-game items are available for purchase on the platform’s official NFT marketplace. SAND tokens can be purchased using a payment card through MoonPay.

2. Axie Infinity

Axie Infinity, a massively popular blockchain-based game, boasts over 2.8 million daily users at its peak in 2021. In this game, users collect avatar NFTs called Axies to battle against others and earn rewards in the form of Axie Infinity Shards (AXS) tokens. AXS, the native token, allows holders to make in-game purchases in the Axie Infinity Marketplace, such as additional Axies, accessories, Lands, and Land items. Axie Infinity features multiple staking options:

  • Cryptocurrency Staking: Users can stake AXS tokens to earn rewards in the form of more Axie Infinity Shards.
  • NFT Staking: Land NFT holders can stake their plots to earn additional Axie Infinity Shards. The rarity of the Land NFT determines the amount of AXS tokens earned per day.

3. CyberKongz

CyberKongz, a pioneering NFT staking project, stands out as a collection that rewards its holders with $BANANA, its native cryptocurrency. Owners of the initial 1,000 Genesis CyberKongz enjoy a daily reward of 10 tokens for each first-generation NFT they possess, an enticing incentive that will continue until the year 2031.

4. Mutant Cats

Mutant Cats, a collection of 9,999 feline avatars, is built on the Ethereum blockchain. Holders can stake their Mutant Cats to earn $FISH, the native utility token of the project. Each staked cat generates 10 $FISH per day, which represents fractionalized ownership of the project’s vault assets.

Mutant Cats are available for purchase on OpenSea. The current staking rate offers 10 $FISH per day for each staked cat.

5. Doge Capital

Doge Capital, an NFT collection on the Solana blockchain, features 5,000 pixelated avatars of the Dogecoin dog mascot. Holders of these NFTs can stake them to earn $DAWG tokens, which can also be acquired on decentralized exchanges (DEXs) like Raydium and Dexlab. Inspired by Dogecoin, Doge Capital’s native cryptocurrency, $DAWG, is also a meme coin with utility. According to the official Doge Capital website, $DAWG powers the project’s ecosystem and serves as the native utility token. Doge Capital NFTs are available on Magic Eden, and the current staking rate offers 5 $DAWG tokens per day.

NFT Developers

Conclusion

In conclusion, understanding What is NFT Staking and how to make money from NFTs is essential for anyone looking to maximize their NFT assets. By exploring the best NFT staking platforms and utilizing NFT staking smart contracts, you can effectively stake NFTs and generate passive income. Learning how to stake a NFT and identifying the best NFTs to stake are key steps in this process. Companies like SoluLab provide comprehensive NFT solutions, including NFT Token Development and expert guidance on staking NFTs. As a leading NFT development company, SoluLab can help you navigate the complexities of NFT staking and ensure you achieve the best results. Hire NFT developers from SoluLab to leverage the full potential of your NFT investments.

Frequently Asked Questions (FAQs) 

1. What is NFT Staking?

NFT Staking is the process of locking up your NFT assets on a blockchain to earn rewards or passive income, typically through a staking platform or smart contract.

2. How do I Stake an NFT?

To stake an NFT, you need to choose a suitable NFT staking platform, connect your wallet, select the NFTs you want to stake, and follow the platform’s instructions to lock up your NFTs.

3. What are the best NFT staking platforms?

The best NFT staking platforms offer secure, user-friendly interfaces and attractive reward structures. Research and reviews can help identify the top platforms for your needs.

4. What is an NFT Staking Smart Contract?

An NFT Staking Smart Contracts is a self-executing contract with the terms of the staking agreement directly written into code. It manages the staking process and distributes rewards automatically.

5. Which are the best NFTs to Stake?

The best NFTs to Stake are those with high value and strong market demand. These NFTs typically offer better rewards and more stable returns when staked.

6. How can I make money from NFTs through Staking?

You can make money from NFTs by staking them on a reputable platform and earning rewards in the form of additional NFTs, tokens, or other cryptocurrencies.

7. Why should I hire NFT developers from an NFT Token Development Company?

Hiring NFT developers from a reputable NFT Token Development Company like SoluLab ensures you receive expert guidance and high-quality NFT solutions, enhancing the security and profitability of your NFT staking activities.

What Is NFT Real Estate and How Is It Changing the Real Estate Industry?

Posted on by Shipra

What Is NFT Real Estate and How Is It Changing the Real Estate Industry?

Celebrities such as hotel heiress and reality TV star Paris Hilton creating a virtual island within Roblox and big brands like Adidas and Gucci jumping in head-first to embrace the metaverse have generated further excitement around NFTs. As such, it is no surprise that virtual real estate has become a trending topic. Some metaverse property sales have even reached prices higher than those in the real world, creating a shift in how we perceive digital real estate. 

What is the Metaverse?

The term metaverse was coined by author Neal Stephenson in his 1992 sci-fi novel Snow Crash and was described as a digital parallel to the real world. The metaverse we know today is a concept involving a 3D virtual world that combines multiple aspects of our online and real lives. In the metaverse, users can attend events, interact with each other, work, and play games. You can think of it as the next iteration of the Internet. Moreover, as digital economies, identity, and ownership are central elements in the metaverse, blockchain technology is a big part of the space.

What is NFT Real Estate?

Short for non-fungible tokens, NFTs are cryptographic tokens used to represent a unique digital asset. We commonly use NFTs to tokenize digital and physical assets such as art, collectibles, or tickets. The metadata of each NFT is secured on a blockchain, which acts as verifiable proof of authenticity and ownership. Moreover, an NFT can only have one official owner at a time and can’t be forged or modified. 

NFT real estate is a programmable plot of land in a virtual world that users can explore using their 3D avatars. In the metaverse, users can buy NFTs linked to particular parcels of land to represent unique ownership of their properties. What you can do with the property depends on the project. For example, in Decentraland, users can develop plots of land, attend events, participate in social functions, and more. 

NFT Real Estate Use Cases

The project you purchase your NFT real estate from will determine what you can do with your property. Below, we’ve highlighted four things you can do with NFT real estate in the metaverse. 

Advertising

Creators can monetize their metaverse property by charging for access or trading their NFTs. Brands can use virtual properties to advertise, organize virtual product launches, and offer unique customer experiences. For example, Nike has ventured into the metaverse to expand its user base by establishing NIKELAND. In this interactive world, users can play mini games and enjoy a virtual lifestyle revolving around sport and play.

Socializing

While some people might see their NFT property as an investment, others may want to use their real estate for its intended purpose. Real estate in the metaverse gives users a place to connect online with their friends and other like-minded people, a virtual space where they can use their digitized property to play games and socialize. 

Work

Since 2020, remote work and online communication with colleagues have gradually become the new normal. NFT real estate can be used as a virtual office space or a location where companies can provide virtual services. 

Gaming 

In addition to the examples mentioned above, property in the metaverse can also be useful in NFT games. For example, land in Axie Infinity can provide players extra resources such as tokens and crafting items. 

What Drives Property Values in the Metaverse?

Similar to other NFTs, the main factors driving property prices in the metaverse are utility, project details, and location. As we briefly discussed above, virtual real estate has various use cases.

It’s common for people to use their property in the metaverse to host events and conferences, or even use it as advertising space – if the area the real estate is on gets enough traffic, that is. If your NFT real estate is in an area where many people gather, it may be more valuable than virtual property in nondescript areas. 

For example, parcels in The Sandbox and Decentraland continually increase in value as big brands like Skechers have opened virtual storefronts in the metaverse. 

Read also: Why Should You Start Your Own NFT Marketplace Business?

Due to high demand, NFT real estate on popular platforms like Decentraland and The Sandbox tend to cost more. Compared to smaller projects, the interest in these platforms is much higher and therefore, their user base is much bigger. 

Purchasing Real Estate in the Metaverse

The process of buying real estate in the metaverse is largely similar to that of purchasing an NFT. There are two main methods by which you can buy NFT real estate in the metaverse: you can purchase metaverse property directly from the project platform or buy it second-hand from an NFT marketplace like Binance NFT. 

To get started, all you need to do is set up a crypto wallet and buy some cryptocurrency.

Most of the more popular metaverse platforms, such as Decentraland and The Sandbox, run on the Ethereum blockchain. This means transactions are made using ETH, as the ownership deed for each property is a unique piece of code that exists on the blockchain and is sold as an NFT. 

However, not all platforms require ETH. So before you rush to secure a deed for your NFT real estate, double-check that your wallet supports the real estate’s blockchain. As with any investment, always make sure you do your own research (DYOR) before deciding to take any risks. 

For a more in-depth guide on how to purchase property in the metaverse, read our article, How to Buy Land in the Metaverse?

How Can NFTs Impact Traditional Real Estate?

Blockchain technology has revolutionized many industries, and the same goes for real estate. Below, we’ve highlighted four ways NFTs can benefit the real estate industry.

Improve security and transparency in the industry

A downside of having your property’s title deed issued on paper is that it can be easily lost, altered or forged. The tokenization of physical property can make buying and selling real estate more efficient and secure. Since NFTs are stored on a blockchain ledger, anyone can track their ownership history and previous transactions to verify their authenticity. Moreover, thanks to the immutable nature of blockchain ledgers, minting your title deed or any other document as an NFT could drastically minimize the risk of malicious actors falsifying your property documents.

Fractional ownership 

In the NFT world, the term fractionalization typically refers to sharing the costs and ownership rights of a collectible or piece of digital art. In the real world, fractionalized NFTs let you share the cost and ownership rights of physical assets such as real estate with multiple people. Minting the ownership of a property as a fractional NFT may help lower the barriers to entry for people looking to dip their toes in the real estate market. 

Liquidity of real estate 

Liquidity is an obstacle that could affect property value because matching the right buyer with the right property may be difficult. However, since blockchain technology is borderless, it can help open up the property market to a global pool of buyers by increasing the number of market participants. 

Simplified exchange 

The real estate industry is notorious for its slow processes, but NFTs can help to simplify and speed up these processes. Because NFTs exist on a decentralized ledger, the transaction and ownership history is accessible to everyone. Moreover, the bureaucracy and processes related to assets changing hands can be automated and maintained with the help of smart contracts — a blockchain program that automatically executes commands when conditions are met. 

Conclusion 

Many may find it hard to wrap their heads around the concept of spending money on virtual land. However, you only need to look at the explosive growth of digital collectibles, the metaverse, and other NFT use cases to understand the potential behind NFT real estate. So far, NFTs have helped make processes in the real estate industry more efficient, transparent, and secure. As blockchain technology evolves, we shouldn’t be surprised to see more metaverse properties develop.

Blog Credits: Binance

5 Growing Startups Using Blockchain to Drive Transparency in Supply Chain Industry

Posted on by Shipra

 

5 Growing Startups Using Blockchain to Drive Supply Chain Transparency

Blockchain technology has far-reaching effects on a wide array of industries, and the supply chain industry is not an exception. Blockchain technology has the potential to benefit the supply chain industry significantly in numerous ways. Blockchain can be used to bring about an improvement in the transparency in the supply chain as well as traceability, along with cutting down administrative costs. In addition to this, blockchain helps build trust among all the members involved in the supply chain industry.

With the help of blockchain technology and the use of smart contracts, there is complete transparency from the source to the destination in the entire supply chain. Moreover, tracking of assets becomes accurate, and accurate licensing of all products, services, & software. The use of blockchain technology keeps a record of everything that goes on in the supply chain industry. Most importantly, the records cannot be altered, modified, or changed, which proves to be extremely beneficial. Several startups are working towards a common cause which is to transform the supply chain industry by leveraging the potential of blockchain technology. 

So, let us have a look at these top 5 startups that are looking forward to transforming the supply chain industry.

 1.  Everledger

Everledger

Everledger is a well-known startup offering a specialized platform powered by blockchain. The platform happens to be the place where the supply chain and blockchain meet. Everledger aims to bring about transparency by providing appropriate technological solutions to enhance the level of transparency in the global supply chain industry.

Read Also: Top 10 Growing Crypto Fintech Startups to Watch Out

The purpose here is to contribute much better clarity as well as confidence in the supply chain marketplace where transparency happens to be a strategic imperative. Moreover, Everledger offers sustainability and compliance, thereby helping to build trust in every purchase. 

2.  SyncFab

SyncFab

SyncFab is another reputed startup focusing on end-to-end supply chain traceability with the help of blockchain technology. The startup offers OEM & NPI parts production procurement for supply chain management as well as parts pedigree with blockchain cyber security and digital thread compliance. The specialized enterprise middleware platform from SyncFab permits OEM Procurement as well as NPI Engineering Departments to suitably plan, source, procure, track, secure, and pay for precision parts.

3.  Skuchain

Skuchain

Another name in the list of top startups is Skuchain which offers currency agnostic blockchain for the purpose of giving a liquid supply chain. The specialized currency agnostic blockchain connects procurement & contract management, direct enterprise control of corporate payments, financing arrangements, and tracking inventory in a buildable manner. This, in turn, results in a liquid supply chain, where early payments flow upstream, and data flows downstream in real-time in a manner that has less risk from new pools of capital.

4.  Ripe.io

Ripe io

Ripe.io is a popular startup focusing on the blockchain of food. The startup aims to develop long-lasting trust as well as confidence in the food supply chain via a specialized platform powered by blockchain where everyone can very easily access transparent and reliable information on the origin, journey, and quality, along with the sustainability of food. Ripe.io is bringing about a transformation in the food system narrative by working with each of the participants in the system along the food supply chain for the purpose of building a world where access to data is equal to brand integrity, transparency, security, and better food for all.

5.  CargoCoin

Cargo Chain

CargoCoin is a famous startup that connects the physical world of trade, transport & logistics with blockchain, which in turn helps replace paper documents with smart contracts and offers highly secure escrow payments throughout the entire process. CargoCoin makes use of the transport platform as an entirely secure transfer as well as storage method by means of smart contracts and a payment provider for transport services & cargoes. The platform appropriately utilizes the power of cryptocurrencies for the purpose of acting as an extremely interactive way of receiving, sending, rejecting, approving, and signing documents via the process.

Closing Thoughts

Reading through the post gives a clear indication of the potential of blockchain technology in benefiting the global supply chain industry. In addition to this, the significant contributions made by the top 5 startups in this field have further elevated the overall utilization of the prowess of blockchain technology in an effective way. Their contributions have played a vital role in enhancing the efficiency of the overall industry. 

Top 10 Startups that are Revolutionizing Healthcare

Posted on by Shipra

Blockchain is a term that we get to hear every now and then in recent times. Blockchain technology has been readily adopted by a wide array of industries to harness its benefits in the best possible manner. The healthcare industry is one major industry that has utilized the potential of blockchain technology appropriately to bring about a transformation. In the field of healthcare, blockchain finds a range of applications as well as functions.

Blockchain technology or distributed ledger technology can play a significant role in the easy transfer of records of patients among different health systems globally, enhance the coordination of member health management, reduce transaction costs and risks, proper management of the drug supply chain, and even support medical tourism. Therefore, it becomes pretty clear how blockchain technology can benefit the healthcare industry.

With the sincere efforts and dedication of several blockchain startups, the healthcare industry has been further revolutionized. For a better understanding, here is a list of the top 10 startups that are revolutionizing the healthcare industry by making the best use of blockchain technology.

1.  Avaneer Health 

Avaneer Health

Avaneer Health aims to empower the collaborative action required for the healthcare sector to be interoperable, accomplish data fluidity, and enable data sharing with utmost confidence. The focus is on providing a utility network that enables easy access to secure and shareable data for delivering better outcomes as well as great results.

2.  Medicalchain

Medical Chain

Medicalchain is another startup making the best use of blockchain technology to create a smart medical ecosystem. The focus is on empowering patients to gain complete control over their data and share the most comprehensive version of the same with various organizations in the medical network. This, in turn, makes sure that inefficiencies and inaccuracies in data are taken care of very well. The startup utilizes blockchain technology to manage records in a secure manner, ensuring a collaborative as well as a smart approach to healthcare.

 

3.  Patientory INC

Patientory INC

Patientory INC enables users to bring health to their fingertips. The startup helps users to get detailed as well as actionable insights from health records or data, thereby facilitating them to gain complete control over their health outcomes. Having a list of essential health-related data makes sure that a proper overview can be obtained and further steps can be taken accordingly.

 

4.  Burst IQ

Burst IQ

Burst IQ focuses on eliminating the challenges in managing sensitive data of humans to enable building trust via superiorly personalized digital health and life experiences. LifeGraph from Burst IQ brings about digital transformation driven by intelligence with a human-first approach. Life Graph plays a crucial role in bringing about a revolution in the collection, management, and control of sensitive data. It equips healthcare businesses with highly secure, trusted, and intelligence-driven data ecosystems.

 

5.  Medifakt

Medifakt

Another notable startup aiming to revolutionize the healthcare industry is Medifakt. The startup created a decentralized platform powered by blockchain technology, IoT, and machine learning that aims to bring about an improvement in the care of patients, security of healthcare, transparency of data, and interoperability throughout the healthcare sector. Medifakt focuses on harnessing the potential of blockchain technology to benefit the healthcare industry. The platform created happens to be an enterprise-grade blockchain platform tailor-made according to the operational, regulatory, and market needs of the healthcare sector.

 

6.  Embleema

Embleema

Embleema is another startup trying to bring about a transformation in the healthcare sector with a focus on providing quicker personalized medicines with its specialized data and bioinformatics platform. The startup’s specialized data-as-a-service or DaaS platform offers quicker evidence and readily expedites regulatory reviews.

 

7.  FarmaTrust

FarmaTrust

FarmaTrust aims to digitize and innovate the healthcare as well as the pharmaceutical sector by providing top-notch future-proof digital solutions for the existing challenges. FarmaTrust targets to eliminate all counterfeit products, protect patients, enhance efficiency, and offer futuristic tools for appropriate data analysis. Moreover, the startup aims to offer end-to-end transparency as well as visibility through the pharma supply chain.

 

8.  Chronicled

Chronicled

Chronicled is a renowned startup aiming to build a high level of trust and facilitate automation between companies in the healthcare sector. The transactions are automated between the trading companies via the specialized MediLedger Network. The network happens to be powered by blockchain technology within the healthcare industry. Chronicled offers appropriate administration and develops solutions along with the MediLedger Network to enhance the level of trust as well as facilitate automation between all the trading partners.

 

9.  Iryo

Iryo

Iryo aims to revolutionize the healthcare industry by providing cloud-based software for the appropriate management of healthcare practices. Iryo focuses on offering simplified digital healthcare solutions with enhanced simplicity for a seamless patient experience. Moreover, the software facilitates communication between patients and healthcare service providers. Additionally, the software helps get data at a glance, thereby playing a significant role in building great relationships. Ideally, the cloud-based software from Iryo saves time, effort, and money and eliminates stress & hassle.

 

10.  Dentacoin

Dentacoin

Dentacoin utilizes the potential of blockchain technology to provide the appropriate blockchain solution for the dental industry across the world. The focus of Dentacoin is to offer highly secure blockchain infrastructure, patient-centric care, and intelligent prevention collectively to bring about an improvement in long-term health, reduction in costs & pain along with ensuring benefits for all the participants of the global dental industry. Dentacoin aims to shift the paradigm towards a blockchain-based health system that actually cares.

Read Also: Blockchain and Healthcare: Potential and Opportunities

Closing Thoughts

After reading through the post, it is clear about the role of startups in bringing about a beneficial transformation in the healthcare sector. These startups are utilizing the potential of blockchain technology to provide the appropriate solutions to problems that exist in the current healthcare industry, thereby playing a beneficial role in helping the industry transform. Blockchain technology is still in its budding phase, and it is expected to do more wonders in the time to come.

Blockchain Use Cases For Pharma – Bio Pharma Clinical Research and Trials

Posted on by Shipra

1

Pharmaceutical research is the means for scientific inquiry, knowledge, discovery, and education. It requires direction, a scientific community, funding and advanced technology for developing global research infrastructure, and an open, collaborative ecosystem. An ecosystem that adopts, enhances, and grows the model of research, enhances data management, manufacturing, and services for the greater good of society. 

FDA guidelines for various stages of clinical trials are as follows:

Phase 1 Clinical Trial

In this phase, researchers seek to uncover fewer side effects of a new drug’s safe dosage range. A panel of 25-100 healthy volunteers or individuals with the illness/condition partake in this study phase. These clinical trials may go on for several months.

Phase 2 Clinical Trial

The next phase of human clinical tests, known as Phase II trials, is held to test drug effectiveness and observe any side effects. Panels at this phase include hundreds of people with the disease or disorder the drug has invented for. These trials take several months or even years.

Phase 3 Clinical Trial

The initial intent of phase III trials is to verify the conclusions of the previous trials and drug effectiveness while closely monitoring any unfavorable reactions. These studies are performed on hundreds and thousands of volunteers over 1-4 years. Phase III clinical trials are mandated before the FDA authorizes the new drug for the general people.

Phase 4 Clinical Trial

Phase IV trials test the FDA-approved drugs. These trials evaluate the most appropriate drug use and the long-term benefits and hazards.

Each phase involves different size of groups, data of the participants, regulatory norms and compliance procedures for approvals. Data from research, collaboration across different institutions and individuals ( Contract Research Organizations(CRO’S), government, Universities, Pharmakinetist, Pharmacologist, Chemist, Microbiologist, Medical Officer, Statistician, Project Manager) requires, greater collaboration, regulatory compliance and data safety at the same time.

Although these measures seem rather straightforward, once we do the calculation, it’s evident that the various phases in the procedure take years for any drug or vaccine to be available to the general public.

How Blockchain aids clinical research collaboration?

Clinical research encounters myriad challenges, from patient registration to data privacy matters, regulatory provisions, and spiraling expenditures. Blockchain technology has the inbuilt features to overcome these challenges, thus pushing for governance throughout the value chain at the enterprise level, aiding efficient clinical trials and building trust through equitable and open processes with all stakeholders. Its distinguishing features, such as data immutability and traceability, fool-proofs the system against fraud and cyber attacks. The blockchain platform guarantees data security, improved collaboration, patient safety and traceability of data across the value chain.

The clinical research and trial, when governed through smart contracts, notifies and delegates tasks as per the compliance procedures, ensuring faster and improved communication, reducing duplication and mistakes in the process. The blockchain network implements a web-based user interface to conceive the data from the blockchain and facilitate the exchange. A proof of concept is then implemented on Hyperledger Fabric during the early stage of clinical administration to verify the development approach and suggest changes if necessary. Lastly, the research outcomes and results can be stored for a lifetime and traced and tracked at any given point in time. 

Blockchain technology makes clinical trials transparent and builds trust among various collaborators. The user interface improves communication between collaborators, side tracking manual email communication or data exchange over public cloud solutions. With blockchain, collaborators can access clinical data over a secure and distributed network.

A smart contract is executed to automate clinical trial-related functions without a third-party presence. Besides, various service procedures associated with clinical trials, including participants identity management, medical data grouping, and audit query, are all stored under the blockchain smart contract.

Blockchain technology can help in sharing the research data of unregistered IP copyrights. This can help those who are waiting for an IP patent and want to continue their efforts until they receive formal approvals. Blockchain can effortlessly provide evidence of the time of creation, rights control information, and jurisdictional provisions to facilitate ease of collaboration among the scientific community, without the fear of fraud and deceit.

FDA regulations for manufacture of new drugs:

 

FDA guarantees the quality of developed drugs by carefully observing drug manufacturers’ compliance with its Current Good Manufacturing Practice (CGMP). The CGMP regulations for drugs lays out good manufacturing practices for quality and safety of drugs produced. The regulations confirm that a product is secure and has the elements and efficacy it declares to have.

The approval method for new and generic drug trade applications includes a review of the manufacturer’s compliance with the CGMPs. FDA assessors and auditors verify the capacity and capability of the manufacturer to manufacture the drug. 

The regulations cultivate a shared understanding of the regulatory function by depicting the provisions to be obeyed by drug manufacturers, applicants, and FDA.

21 CFR Part 314:  This allows FDA clearance to market a new drug.

21 CFR Part 210:  For Current Good Manufacturing Practice in Manufacturing, processing, packaging, or Holding of Drugs.

21 CFR Part 211:  This is for Current Good Manufacturing Practice for finalized Pharmaceuticals.

21 CFR Part 212: CGMP for Positron Emission Tomography Drugs.

21 CFR Part 600:  General Biological Products.

What is FDA & DSCSA’s role in preventing the drug supply chain from counterfeits?

4

The Drug Supply Chain Security Act was enacted on 27th November 2013 with a ten-year deadline for implementing an action plan to build an electronic and interoperable ecosystem to identify and track prescription drugs from manufacturing to dispenser receipt. 

Pharmaceutical manufacturers, the market authorization holder (MAH), are mandated to encode unique serial numbers and other applicable data associated with the product (Global Trade Item Number – GTIN or National Drug Code – NDC, lot number, and expiration date) on retail units and homogenous cases provisioned to the market. In addition, manufacturers must maintain systems to corroborate serial numbers and transaction history to support an inquiry. Today, the encoded data are retained in an interconnected electronic record utilized for verification proposals and are currently hosted in the manufacturer’s internal systems. Hereafter, the serialization data must be communicated with trading partners as the product progresses throughout the supply chain among distributors, 3PLs, re-packers, and dispensers. Blockchain with the aid of sensor enabled internet of things can trace and track the entire supply chain until the last mile distribution to prevent counterfeits. 

Blockchain technology makes clinical trials transparent and builds trust among various stakeholders:

5

The layout and functionality of a blockchain-based architecture for addressing clinical trials among different stakeholders are delivered. Besides, it illustrates how pharmaceutical companies and other clinical trial investigators can contain and access clinical data over a secure and distributed network.

A smart contract is executed to automate clinical trial-related functions without a third-party presence. Besides, various service procedures associated with clinical trials, including subject registration, medical data grouping, and audit query, are proposed to demonstrate how the smart contract can address these processes.

A proof of concept is enforced using Hyperledger Fabric to reveal the submitted solution’s usability and efficacy. This implementation is prescribed for conducting clinical trial-related operations among organizations for numerous clinical trials. Besides, a web-based application enables end users to communicate with the blockchain network, boosting operability in practice.

Blockchain technology can potentially help devise a register of unregistered IP rights. Similar to unregistered clinical product design rights and copyrights for clinical investigations, it can effortlessly provide evidence of the time of creation, rights control information, and jurisdictional provisions.

Blockchain diminishes the threat of data fraud with its consensus means and decentralized network that fends against hack or manipulation. Clinical records and documents are given proof-of-existence and verification-of-authenticity on the blockchain. Most participants then agree to authorize new transactions and deter data modification. It allows the originality of data to promote reliable trial results and facilitates collaboration among the clinical research community.

Blockchain to fight counterfeiting and enforcing robust supply chain of medicine and medical devices

Via smart contracts and off-chain data, Blockchain can operate large quantities of data and fosters scalability. Smart contracts are digital manifestations of business-driven contracts that reside on the Blockchain. Smart contracts represent the association between two or more parties. They automate the governance that involves regulation of tasks, notification of rules and procedures of business, improving operational efficiencies, improving speed of research and launch of product, without compromising on data safety and protocols.

For example, in future iterations of the Pilot, a smart contract could facilitate automatic product re-ordering if a product is in transit or enable payment to be released from sender to recipient upon confirmed receipt of the product. A blockchain network might get developed to maximize the benefit of off-chain storage. For instance, a blockchain network may employ off-chain storage to store personal identifier details to streamline compliance with HIPAA or facilitate sharing of large files or documents. In addition, Blockchain may deem off-chain storage to maximize search query efficiency. 

Regardless, network designers must guarantee that the search capacities allowed by the off-chain database stick to the network’s existing authorization structure. The cryptography ingrained in Blockchain promotes an immutable and verifiable chain of custody that can be employed to support product investigation. Parties can also independently confirm products without reaching out to the manufacturer or other trading partners. Further, network stakeholders could appoint a digital twin of a physical influence on Blockchain by integrating Blockchain with other technologies such as internet of things sensors (IoT) or ultra-high-resolution cameras. The digital twin could be leveraged to characterize an immutable ledger of product geolocation or temperature data and could also improve patient safety by guaranteeing that the product label has not been counterfeited.

Blockchain helps Pharma companies to trace and track supply chain, end point distribution, thereby eliminating counterfeit drugs, associated patient risks and cost impact. It further prevents brand reputation damage and loss of revenue for the company.

Blockchain DAO for clinical trials – Improved efficiency and reduced research lifecycles.

Centuries-old pharma giant Pfizer proposed a $500K investment and participation in VitaDAO’s new-age DAO collective with a mission to accelerate research and development (R&D) of therapeutics for the longevity of human life and healthspan.

Pfizer’s interest in a blockchain startup represents a change in approach  welcoming the DAO based research. Clinical research has been traditionally done through a collaboration of public research universities, contract research organizations(CRO’s) and big pharma companies working hand-in-hand to produce many of the drugs we use today. For the investors, DAO brings a rare opportunity to closely fund research projects to achieve efficiency in product launch lifecycle.

DAO is considered to be an efficient model for collaborators to work closely to deliver results in a fraction of a time. DAO organizations are built around Intellectual property (IP), governed by blockchain smart contracts. This is an excellent medium to accelerate research using research grants and venture funding. This is overall good news for the investor community as the cost of new research-to-product-launch will be substantially less compared to traditional research.

Now picture a world where cutting-edge pharmaceutical research is led by a global community of top researchers and accessible to everyone. All the contributions from scientists and researchers are paid nicely, equitably, and transparently, and rewarded for their participation in the global research community. The impact and development of their research are efficiently followed and recompensed over time and openly digitized in a distributed ledger. 

The latest trend in the Blockchain ecosystem is to employ decentralized autonomous organizations (DAO) in numerous verticals to overcome these shortcomings. 

What is DAO?

A DAO is a non-hierarchical community that enacts and documents systematic studies on a peer-to-peer, encrypted public or private network. It runs on the voluntary assistance of its internal members to serve, handle, and evolve the community through democratic practices and voting. DAOs coordinate tasks through cryptographic routines. Blockchain-based governance and the resulting DAOs can supersede centralized mediators in other applications demanding complex and intricate coordination. Blockchain can substantially elevate the processes and organizations formally underpinning academic research.

“A DAO is collaborative, but it has to be agile, endeavoring to not descend into a very strict box, and catch where they can make the most impact,” said Laura Minquini, founder of biotech startup AthenaDAO. “And that, to me, is the most significant advantage of a DAO.”

AthenaDAO, which is seeking life longevity for women. Minquini actively participated in VitaDAO, a prominent blockchain-based biotech collective, before creating her own AthenaDAO. The DAO looks to facilitate and fund women-led research when female scientists get 24% less in research grants from national funds than male scientists.

Why do we need DAO?

The security features of blockchain enables the scientific community to produce, share and distribute IP information, without having to worry about duplication and fraud. Data on a blockchain is immutable and traceable. Any changes in data is not allowed unless validators within the blockchain approve the change. This prevents any data manipulation by vested interests. Blokchain along with IOT can also help trace and tack the entire supply chain for counterfeits. This will enable the future scientific community to focus more on research and less on data security and data management as it is done efficiently by the blockchain. 

In coming years, the global research community would profoundly collaborate on new age research requirements, making the research lifecycle more efficient. DAO will be a global congregation of researchers dedicated to collectively producing and communicating knowledge with the world. This will coexist with the traditional research systems or like CeDeFi in finance, CeDAO may bring the best of both the worlds. We will have to watch how this will translate in the next few years. 

Pharmaceutical research is the means for scientific knowledge creation and education. The DAO supplies direction, community, and advanced technology for developing global research infrastructure, and an open, collaborative ecosystem. The DAO design adopts, enhances, and grows the model of research. It will further enhance data management, manufacturing and services for the greater good of the society.

SoluLab is working with leading Pharma and Bio Pharma companies to transition their business to enterprise and digital blockchain. Contact us to know more.

Top 10 Growing Crypto Fintech Startups to Watch Out

Posted on by Shipra

10-Growing-crypto-Fintech

1. TaxBit

TAXBit

Designed by CPAs and Tax Attorneys, TaxBit is the leading tax and accounting solution for the digital economy. TaxBit’s customers include the world’s top exchanges, institutional investors, governments, and individuals. As the first and only company to build real-time ERP accounting software for commodities, equities, and other digital asset investments, TaxBit provides enterprise clients with seamless end-to-end solutions including core accounting suite, customer management suite, and form issuance. TaxBit Consumer makes filing taxes on digital asset investments simple and painless while equipping them with real-time directional insights 24/7, 365. 

  • Location: USA
  • Industry: Finance

 2. Securrency

Securrency

Securrency is a blockchain-based financial markets infrastructure company focused on building a financial ecosystem to optimize financial logistics to enhance capital formation and stimulate global liquidity. Securrency is driving change at the core of financial services via a fully-interoperable distributed identity and compliance framework with state-of-the-art infrastructure designed to bridge legacy financial platforms to next-generation blockchain networks. One of the most advanced regulatory technology providers in the industry, Securrency has developed integrated, scalable, and universal compliance tools that automate enforcement of multi-jurisdictional regulatory policy.

  • Location : USA
  • Industry : Finance

3. Algo Trader

Algo Trader

AlgoTrader is the global leader in institutional trading technology for digital assets that covers the entire trade lifecycle from pre-trade risk checks to order generation, automated settlement and custody reconciliation – offering best-in-class infrastructure for financial institutions. By supporting direct market access, seamless custody and core banking integration as well as full trade lifecycle automation, the AlgoTrader platform streamlines digital assets trading. Developed by a team of trading system veterans and crypto asset experts, AlgoTrader offers integrated infrastructure solutions that meet the highest institutional needs.

  • Location : Switzerland
  • Industry : Finance

4. Balance

Balance

Five years since inception, the third iteration of Balance custody platform secures hundreds of millions of dollars worth of assets making Balance not only the oldest Canadian digital asset custodian, but also the largest. Balance continue expand their product by providing a fully integrated post-trade financial services solution encompassing custody settlement and clearing  

  • Location : Canada
  • Industry : Finance

5. Lightnet

Lightnet

Lightnet is a Singapore headquartered fintech company dedicated to improving the lives of the unbanked and underbanked by building an inclusive international remittance ecosystem that increases the efficiency of existing money transfer operators, financial institutions and other cross-border payment providers. Lightnet’s initial focus will be on Southeast Asia remittances, which it estimates to be in excess of USD 150 billion a year.

Read Also: Top 10 Blockchain-Based Startups in New York to Watch Out For

Lightnet aims to create a global network of Trusted Financial Services partners that provides the most interoperable, efficient, and cost-effective payments capability available today. We believe an inclusive ecosystem that bridges the gap between existing banking rails and non-bank agent networks will increase profitability for all our partners and enable seamless cross-border transactions for the unbanked and underbanked throughout Asia.

  • Location : Thailand
  • Industry : Finance 

6. Simba

Simba

SIMBA Chain Inc. was formed in 2017 from a grant awarded by the Defense Advanced Research Projects Agency (DARPA) to Indiana Technology and Manufacturing Companies (ITAMCO) and the Center for Research Computing at the University of Notre Dame in order to develop a secure, unhackable messaging and transaction platform for the United States military.

SIMBA Chain is a cloud-based, blockchain-as-a-service (BaaS) platform, enabling users across a variety of skill sets to implement dapps (decentralized applications). These apps allow secure, direct connections between users and providers, eliminating third parties. The easy-to-use platform is tailored for users, developers, government, and enterprises to quickly deploy blockchain dapps for iOS, Android, and the web.

  • Location : United States
  • Industry : Finance

7. Banxa

Banxa

Banxa’s mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licenses, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives – with operating headquarters in the USA, Europe and APAC regions

  • Location : Australia 
  • Industry : Payment Gateway

8. Anchai

Anchai

The Situational Awareness Platform (SAP) proactively protects crypto assets by providing proprietary artificial intelligence, knowledge graphs, and threat intelligence on blockchain transactions. The SAP is able to detect and even predict vulnerabilities and threats before they occur, enabling businesses to take proactive action. In 2018, AnChain.AI detected the first Blockchain APT (BAPT) hack in history which resulted in the theft of over $4 million worth of ETH. The world’s leading DApps trust the SAP to secure over $8 million in weekly transactions.

  • Location : United States
  • Industry : Finance/Contracts

9. Lightning Labs

Lighting Labs

Lightning Labs develops software that powers the Lightning Network. The open source, secure, and scalable Lightning systems enable users to send and receive money more efficiently than ever before. Lightning labs also offer a series of verifiable, non-custodial Lightning-based financial services. They bridge the world of open source software and the next-generation of bitcoin financial software.

  • Location : United States 
  • Industry : Crypto/Finance 

10. Clearx

ClearX

Clearx builds blockchain-based settlement and clearing networks for global industries. Using enterprise-grade blockchain technologies and programmable smart contracts, these networks allow near-real-time settlement and automatic intelligent dispute resolution on a global scale. This reduces costs, inefficiencies and fraud, while maintaining confidentiality of contracts and trade details. Moreover, these networks enable rapid participant-driven innovation of new on-demand products, contracts, and business models, accelerating exponential growth.

  • Location : Singapore 
  • Industry : Finance / contracts

Closing Thoughts

The finance industry has shown significant adoption the blockchain technology to provide better and more transparent solutions and services. As a result, the fintech industry has seen a significant rise in fintech startups. The pandemic, shift in consumer expectations, and increasing innovation and investment opportunities in Fintech will grow embedded finance, mainstream exploration of Web3 (Defi), more platform-as-a-service solutions, and increased cybersecurity activity. We will feature more fintech startups in our upcoming blogs. Stay tuned!

 

Top 10 Blockchain-Based Startups in New York to Watch Out For

Posted on by Shipra

Blockchain technology has taken the world by storm over the past few years. We have seen a massive rate of adoption of blockchain in various business sectors. The popularity of blockchain is major due to the wide array of benefits it offers. It is exactly the reason why businesses belonging to different industry verticals are looking forward to integrating blockchain technology into their business processes to leverage the potential of this emerging technology to the fullest in the best possible manner for their benefit.  

The rise in the adoption of blockchain technology has readily increased the demand for blockchain development and associated services. The increasing demand for blockchain-related services has resulted in the emergence of a number of startups that specialize in offering these services. Over the past few years, we have seen a consistent rise in the number of blockchain-based startups. Therefore, to have a clearer idea about the blockchain services market, here we have listed the top 10 blockchain-based startups in New York that you need to watch out for. 

1.  Hiro Systems

Hiro

Hiro Systems is one of the top blockchain-based startups in New York that specializes in building tools for developers for Stacks, which happens to be the network enabling smart contracts and apps for Bitcoin. The company was founded in the year 2015 with present employee strength of 40 happens to be the core entity within the Stacks Ecosystem, which is a collection of independent entities, developers as well as community members who work together with the common intention of building a user-owned internet on Bitcoin.

2.  Aptos 

Aptos

Aptos is another startup in New York focusing on delivering the safest as well as most scalable Layer 1 blockchain in the world. Within just a year of existence and a mere employee strength of 35, the startup has earned a name for itself in the world of blockchain. The team of Aptos consists of highly experienced members comprising of the original creators, designers, researchers, and builders of Diem, which happens to be the first blockchain that was developed to serve this purpose.

3.  Rift Finance 

RIFT finance

Rift Finance is another of the top blockchain-based startups in New York, founded in the year 2021 with only six employees. However, their services happen to be top-notch. The company helps decentralized autonomous organizations or DAOs to attain sustainable liquidity in decentralized exchanges without making use of any harmful alternatives. Rift happens to be a decentralized protocol that plays a significant role in restructuring incentives to bring about an improvement in liquidity across DeFi.

4.  GBI 

GBI

GBI is another addition to the list of top 10 blockchain-based startups in New York, with a total employee strength of 50. It is one of the rapidly growing fintech companies, focusing on the development of groundbreaking technology at the intersection of alternative assets, including cryptocurrencies as well as precious metals. The core platform of GBI permits the clients to buy, sell, and store digital currencies & precious metals within their existing accounts as well as trading systems.

5.  Pinata

Pinata

Pinata is a well-known startup in the field of blockchain, cloud, and web 3.0, helping build the future of web 3.0 by empowering creators to share their content in the way they prefer. The focus is on building the most accessible NFT platform for creators to conveniently manage, share, as well as monetize their media. Within just four years since its inception and an employee strength of 38, Pinata has gained a lot of popularity in the world of blockchain.

6.  AlphaPoint

Alpha point

AlphaPoint happens to be a fintech startup company powering the exchange of digital assets worldwide. It allows customers to tokenize their assets and launch marketplaces with the help of its secure, scalable, and customizable digital asset platform facilitated by its white label exchange & asset tokenization technology.

7.  Jibrel 

Jibrel network

Jibrel is a startup blockchain development company based out of New York. Since its inception in the year 2017, the company has been offering specialized financial technology products for Tier 1 Banks, non-banking financial institutions, as well as governments, and regulators. The company, with its employee strength of 18, focuses on leveraging the latest innovations in smart contracts and distributed ledger technology to develop decentralized financial networks.

8.  OpenCrowd Inc.

Open crowd

OpenCrowd Inc. is another premium blockchain-based startup in New York crafting high-end digital products for clients making the best use of blockchain technology. The company has a small team of proficient experts who are capable of delivering top-notch solutions to clients.

9.  Horizen Labs 

Horizen

Another of the top ten blockchain-based startups to watch out for is Horizen Labs. The company takes pride in being a leading expert in building web 3.0. Horizen Labs aims to provide the most efficient pathway to build a highly secure as well as scalable blockchain. Founded in the year 2019, the company has earned a name in the blockchain industry, offering premium blockchain development services.

10.  Starlight

Starlight 

The final name in the top ten list of blockchain-based startups in New York is Starlight. The company plays a significant role in helping different companies belonging to different industries appropriately manage their digital or crypto assets. Starlight offers everything required by a business to operate in the crypto economy, starting from setting up crypto wallets to buying crypto and tracking expenses.

Read Also: Top 10 Startups that are Revolutionizing Healthcare Industry Using Blockchain Technology

Closing Thoughts

The emergence of blockchain technology has clearly increased the demand for blockchain-based services. However, it becomes immensely important to make the right choice in this regard to get the best of services and make the best use of blockchain technology in businesses. Therefore, it is recommended that business owners should carefully analyze the credibility of the blockchain development companies and service providers prior to selection. Referring to the above list of top 10 blockchain-based startups in New York can help make a well-informed choice. 

Blockchain DAO for Clinical Trials – Improved Efficiency & Reduced Research Lifecycles

Posted on by Shipra

 

DAO_BASED_CLINICAL_RESEARCH

Centuries-old pharma giant Pfizer proposed a $500K investment and participation in VitaDAO’s new-age DAO collective with a mission to accelerate research and development (R&D) of therapeutics for the longevity of human life and health span.

Pfizer’s interest in a blockchain startup represents a change in approach welcoming the DAO-based research. Clinical research has been traditionally done through a collaboration of public research universities, contract research organizations(CROs), and big pharma companies working hand-in-hand to produce many of the drugs we use today. For the investors, DAO brings a rare opportunity to closely fund research projects to achieve efficiency in the product launch lifecycle.

DAO is considered to be an efficient model for collaborators to work closely to deliver results in a fraction of the time. DAO organizations are built around Intellectual property (IP), governed by blockchain smart contracts. This is an excellent medium to accelerate research using research grants and venture funding. This is overall good news for the investor community as the cost of new research-to-product-launch will be substantially less compared to traditional research.

Now picture a world where cutting-edge pharmaceutical research is led by a global community of top researchers and accessible to everyone. All the contributions from scientists and researchers are paid nicely, equitably, and transparently, and rewarded for their participation in the global research community. The impact and development of their research are efficiently followed and recompensed over time and openly digitized in a distributed ledger. 

Assume you are an enthusiastic researcher operating on a cutting-edge research theory, living and working in Jaipur, India. You identify as a woman with three children. Every day you work on scientific research, aiding a global research community for the public good. Your contribution is equally valued and paid similarly to your equivalent collaborator, living in Boston, and is tenured at a world-class research establishment. Currently, the collaboration between the global research community is low.  Little engagement has been committed to addressing the problems of the global research community, which is unable to collaborate on cutting-edge academic-grade pharmaceutical research, due to the centralized nature of governance. 

The latest trend in the Blockchain ecosystem is to employ decentralized autonomous organizations (DAO) in numerous verticals to overcome these shortcomings. 

What is DAO?

A DAO is a non-hierarchical community that enacts and documents systematic studies on a peer-to-peer, encrypted public or private network. It runs on the voluntary assistance of its internal members to serve, handle, and evolve the community through democratic practices and voting. DAOs coordinate tasks through cryptographic routines. Blockchain-based governance and the resulting DAOs can supersede centralized mediators in other applications demanding complex and intricate coordination. Blockchain can substantially elevate the processes and organizations formally underpinning academic research.

Read Also: DAO Development Company

“A DAO is collaborative, but it has to be agile, endeavoring to not descend into a very strict box, and catch where they can make the most impact,” said Laura Minquini, founder of biotech startup AthenaDAO. “And that, to me, is the most significant advantage of a DAO.”

AthenaDAO, which is seeking life longevity for women. Minquini actively participated in VitaDAO, a prominent blockchain-based biotech collective, before creating her own AthenaDAO. The DAO looks to facilitate and fund women-led research when female scientists get 24% less in research grants from national funds than male scientists.

Why do we need DAO?

The security features of blockchain enable the scientific community to produce, share and distribute IP information, without having to worry about duplication and fraud. Data on a blockchain is immutable and traceable. Any changes in data are not allowed unless validators within the blockchain approve the change. This prevents any data manipulation by vested interests. Blockchain along with IoT can also help trace and tack the entire supply chain for counterfeits. This will enable the future scientific community to focus more on research and less on data security and data management as it is done efficiently by the blockchain. 

Read Also: Top 10 Blockchain Development Companies in 2022

In the coming years, the global research community would profoundly collaborate on new-age research requirements, making the research lifecycle more efficient. DAO will be a global congregation of researchers dedicated to collectively producing and communicating knowledge with the world. This will coexist with the traditional research systems or like CeDeFi in finance, CeDAO may bring the best of both worlds. We will have to watch how this will translate in the next few years. 

Pharmaceutical research is the means for scientific knowledge creation and education. The DAO supplies direction, community, and advanced technology for developing global research infrastructure, and an open, collaborative ecosystem. The DAO design adopts, enhances, and grows the model of research. It will further enhance data management, manufacturing, and services for the greater good of society.

 

Top 10 IoT Development Companies in 2025

Posted on by Shipra

Top 10 IoT Development Companies

The Internet of Things (IoT) is one of the most fascinating, inventive, and promising technologies, opening up new prospects for companies, manufacturers, and ordinary people worldwide. The internet of things (IoT) alters how your organization and industry function by eliminating certain jobs and reshaping others.

An IoT ecosystem comprises web-enabled smart devices that use embedded systems such as sensors, processors, and communication hardware to transmit, gather, and act on data. The data collected by sensor IoT devices is shared by connecting to an IoT gateway or an edge device, which is examined locally or forwarded to the Cloud for analysis. These gadgets can also interact with one another and act on the information they receive. The devices conduct the majority of the job without human assistance. People, on the other hand, may engage with gadgets. You may give them instructions, access data, or set up a device.

The challenge today is how to choose the best IoT development company. Let us have a look at the top 10 IoT development company.

SoluLab

SoluLab

SoluLab is a digital and technology solution provider specializing in blockchain, artificial intelligence, IoT, mobile applications, and web development. The company is regarded as the leading worldwide enterprise Blockchain Development Company. Hiring the finest IoT development firm, automating procedures, and raising your ROI with high-end IoT application development can help you improve your business competency.

The organization offers a competitive price structure, which is a primary cause for customer favor. SoluLab is known for completing projects on schedule while maintaining high-quality standards. Take advantage of its IoT development services for web bluetooth app development, IoT and ML, IoT and Blockchain, wearable app development, and so on.

Leeway Hertz

LeewayHertz

LeewayHertz has facilitated the effective incorporation of smart technologies that have aided in the growth of businesses.

The organization’s IoT operations focus on software and firmware development, allowing it to work on and provide the needed solutions for enterprises.

LeewayHertz offers Internet of Things (IoT) solutions in web services, embedded systems, and mobile platforms. Their technologies provide safe, dependable operations with a seamless cross-platform approach to product enhancement.

Under its IoT services growth, LeewayHertz collaborates with various platforms, including Google Services, Azure, AWS, and IBM Watson.

Hyperlink InfoSystem

HyperlinkInfoSystem

Hyperlink InfoSystem is a renowned app development firm in India, having sales offices in the US and the United Arab Emirates. Web & app development, AI solutions, Salesforce solutions, IoT app development, AR/VR, Blockchain & many more services are available from the firm.

Since 2011, the firm has worked with around 2300+ global customers, delivering 4000+ applications and 2000+ website projects, as well as 200+ projects on cutting-edge technologies such as IoT, AI, Salesforce, and many more for bespoke needs. They can design the finest IoT-based solutions for your company requirements as an inventive and wiser technology partner, keeping you ahead in this digital era.

iTech Art

iTechArt

iTechArt is a top-tier, one-stop, bespoke software development firm with 1700+ experienced engineers on staff. They’ve assisted VC-backed startups and fast-growing digital firms in developing profitable solutions since 2002. They’ve assisted VC-backed startups and fast-growing digital firms in developing beneficial solutions since 2002. Their strength is in online, mobile, Big Data, QA, and DevOps.

As an Internet of Things software development company, they’ve created strong and secure IoT solutions connecting hundreds of goods and systems, delivering value and innovation to startups and organizations.

ScienceSoft

Science Soft

ScienceSoft began as an AI product firm and now offers IT consulting and software development services. ScienceSoft helps non-IT businesses enhance their company performance, customer service, and digital transformation projects.

The organization also assists software product companies in bringing innovative items to market. ScienceSoft develops value-centered Internet of Things solutions and builds multi-level data pipelines for these solutions, which span edge computing, data science, and cloud data processing.

PTC

PTC

PTC Inc. was a computer software and services firm based in Boston, Massachusetts, formed in 1985. In 1988, the business started creating parametric, associative feature-based, solid computer-aided design (CAD) modeling software, followed in 1998 by an Internet-based application for product lifecycle management (PLM).

Internet of things (IoT), augmented reality (AR), and collaboration software are among PTC’s products and services. They also provide consulting, implementation, and training services.

PTC is an industrial IoT technology partner that assists businesses in navigating the ever-changing digital technology ecosystem and accelerating their digital transformation activities. PTC provides a range of product lifecycle management, CAD, augmented reality, and IoT solutions to customers to increase business continuity.

Cisco

Cisco

Cisco develops and offers various technologies, including networking, cloud, security, collaboration, and apps. Businesses of all sizes, as well as public institutions, service providers, and governments, may rely on the corporation for technical assistance and sophisticated services.

Cisco provides end-to-end Internet of Things solutions that reliably link applications, assets, and data in real-time, resulting in dramatic improvements across their customers’ organizations.

Oxagile

Oxagile

Oxagile is a firm that uses creative, custom-made software to help organizations expand, obtain competitive advantages and change. Through its data-driven solutions, the firm enhances the performance and results of companies and individuals.

The Internet of Things solutions provided by Oxagile is secure, resilient, and comply with all key industry standards. Oxagile has developed technical capabilities and knowledge of industry-specific difficulties through years of cooperation and collaboration with hardware suppliers to produce successful customized IoT solutions.

Fluper

Fluper

Fluper is an IoT app development firm with offices in the United Kingdom, the United States, and the United Arab Emirates. It provides high-end IoT app development services tailored to the specific requirements of customers from different industrial verticals. Their expert IoT solutions help you to transform your equipment into smart gadgets.

Read Also: Top 10 Blockchain Development Companies in 2022

Fluper is also well-known for its mobile app development services, which enable consumers to use cutting-edge technology to handle complicated problems successfully and provide simple answers. It also serves as a one-stop shop for web and app development and design. Their solutions are cutting-edge, long-lasting, and deliberately intended to boost the brand’s value.

DogTown Media

DOgTown Media

Dogtown Media, based in California, specializes in app development, AI development, and IoT app development. They guarantee that an IoT solution is designed and delivered from start to finish by combining skills in project management, design, development, and marketing.

They provide services that use cutting-edge capabilities in artificial intelligence, augmented reality, IoT, mobile commerce, geo-location, mobile app analytics, multi-media publication, mobile video and image technologies. as well as financial services.

Conclusion

The Internet of Things links commonplace gadgets to the internet. It enables all of your gadgets to communicate and stay connected. You can operate IoT devices from anywhere, boosting your quality of life and simplifying your life.

The best IoT firms listed above have expertise in developing IoT software and firmware for digital devices, which may assist you in streamlining procedures to increase efficiency.

Before choosing the top IoT development company, ensure you understand your goals and the demand for IoT solutions.

Role of Blockchain Technology in Health and Life Insurance Industry

Posted on by Shipra

Blockchain in Health and Life Insurance Industry

Blockchain platform can be leveraged for claims, administration, underwriting, and product development, and today, broad blockchain use cases focus on cost reduction measures. Initial scopes evaluated for insurance companies include utilizing blockchain to automate paying claims. A hybrid of the Internet of Things (IoT) and Artificial Intelligence (AI) will usher in an automatic insurance process, making the insurance industry look futuristic. Another possible blockchain service would be transmitting digital proof for underwriting, even using electronic health records (EHR).

The global market for blockchain in insurance will increase from $64.5 million in 2018 to $1.39 billion by 2023. Blockchain in the insurance industry promotes transparency, cost savings, faster payouts, efficiency gains, and fraud mitigation while authorizing data to be communicated in real time between different parties in a relied-upon and traceable fashion. Blockchains can also help new insurance procedures produce more profitable products for customers. 

Like AI in insurance, Insurance companies operate in a highly competitive climate in which retail and corporate consumers anticipate the most satisfactory value for money and an exceptional online experience. Blockchain technology symbolizes positive transformation and development in the insurance industry.

With blockchain’s smart contracts and decentralized applications, insurance can be accomplished over blockchain accounts, raising more automation and tamper-proof audit routes. This guide will get you through the concept of blockchain technology, Applications of Blockchain in Insurance, how it benefits the sector, and much more.

Understanding Blockchain Technology

Blockchain is a system with disturbed datasets that allows transactions and information to be signed, transferred, and validated without the involvement of a central entity. This secure, open method of doing commercial transactions allows for unprecedented levels of transparency, security, and trust. This technology has the potential to transform operations in a variety of industries by allowing new stakeholders to engage with one another, including brokers, vendors, reinsurers, and ecosystem partners. The result is an even more connected environment with greater confidence in data security and accuracy. 

Blockchain in Insurance offers a single source of truth that is updated in real-time or almost real-time because of its three core principles: trust, transparency, and immutability. This eliminates the need for paper or middlemen and enables parties to keep through asset, contract, or data ownership documents without having to physically hold them. Because there is less space for understanding contracts or information discontinuities, the financial services sector may expect more predictable results. 

By combining blockchain technology with other technologies, particularly smart contracts, insurers can create novel products and automate procedures that would not be feasible otherwise. The chairman of the Insurance Regulatory and Development Authority of India (RDAI) said that India was taking steps to move toward tailored and quick insurance, this highlighted the utilization of modern technologies such as ChatGPT and Blockchain.

How is Blockchain Benefiting the Industry Sector?

Blockchain technology will result in major efficiency improvements, cost savings, transparency, speedier payouts, and fraud reduction, all while allowing data to be transferred in real time between diverse parties in a trustworthy and traceable manner. Blockchains can also help new insurance practices develop better products and marketplaces. Here are the major benefits of blockchain in the Insurance:

Saves Time

Blockchain technology was projected to reduce half the time required for processing insurance deals. Such processes as claims settlement, insurance issuing and underwriting can take many intermediaries and documents, which can be time-consuming. These may be accelerated and in effect executed through smart contracts enhancing execution nearly to an immediate process on the blockchain. For instance, many claims are based on predetermined scenarios, for example, a flight delay could take only a few minutes to an hour or so to resolve as compared to when they involve a client who does not have any insurance knowledge.

Reduces Costs

Blockchain can dramatically reduce business costs of insurance through the exclusion of middlemen and thus significant administrative expenses. Fundamentally, conventional systems require considerable effort to handle error checking, fraud prevention, and compliance audits. Blockchain makes these processes possible through a distributed and thus tamper-proof ledger significantly reducing the cost of middlemen while retaining a very high accuracy level and much higher levels of trust. This allows for an opportunity for policyholders to be charged lower premium rates and increased revenue generation by insurers.

Minimizes Risks

Minimizes the chance of Fraud Since most cybercrimes are unknown to the insurance industry they present a massive problem. The basic concept of blockchain is complexity which enhances the security by developing a record of the transactions. This makes it difficult for someone to twist or alter data illegitimately. Also, cryptography results from the use of cryptographic algorithms add to data security and privacy playing a crucial role in guarding information against cyber vices. 

Increases Trust

Trust is incorporated into Blockchain through the areas of openness and cooperative processes. Policyholders underwriters, and regulators have a definitive, reliable to turn to in the case of insurance. This blockchain record eliminates conflict and makes the parties more responsible for adherence to the set terms. The features of secure and transparent transactions in the blockchain will enhance the insurance industry.

Opportunity for Insurers

Insurers are under increasing pressure to decrease administrative expenses, an area wherein blockchain might have a significant influence by updating scattered legacy IT systems, enhancing efficiency, and boosting competitiveness. The insurance industry’s aging workforce demands increasing automation, which blockchain technologies might help with. New technology processes, security measures, and business models are required to meet customer’s growing expectations for individualized services, more privacy, creative goods, additional benefits, and affordable costs from their insurers. 

Current IT departments lack the people and skills required to bring blockchain technology partners, as well as consider working with outside blockchain developers. To fully grasp Blockchain Insurance Companies‘ ability as an operational change opportunity, insurers will need to use a combination of other technologies like sophisticated analytics, intelligence machines, and IoT as well as engage with a diverse variety of stakeholders. 

Individual insurers and the insurance industry as a whole should collaborate with larger healthcare consortiums to ensure that the creation of standards for blockchain-enabled interoperability databases aligns with their long-term business objectives. Insurers should plan, experiment, and develop proofs of concept to use blockchain to create next-generation products and services that have more interactive relationships with their policyholders while also ensuring the future against interference from other industry sectors and non-traditional competitors. 

How Blockchain Works in the Insurance Industry?

Here’s a detailed description of how blockchain works in the insurance industry:

Decentralized Database

  • Composed of a distributed network, blockchain is different from such classical centralized systems as, for instance, CORBA.
  • Data is stored in several compute resources (nodes) so that there is no central resource that might fail.

Distributed Ledger

  • It will be noteworthy to mention that all the participants in the network have an array of ledgers.
  • A copy of the ledger is updated at all nodes to reflect the changes which occurred.

Data Addition as Blocks

  • New data such as policy details or claims is categorized into a “block.”
  • It also has information about it, a timestamp, and a block ID which is also termed is hash.

Chain of Blocks

  • After being built, each block is connected to the previous block by what is known as an encrypted hash.
  • This leads to a permanent and foolproof series of records so that one cannot alter the records later on in an easy way.
  • Consensus is customizable through systems integration from the heart of the business through people Very practical verification.
  • A block in the blockchain can only be added after approval from as many nodes as possible within the network.
  • It is my finding that the consensus technique preserves the integrity and credibility of the data.

Controlled access

  • Data access is protected by cryptographic keys.
  • Users who have the key can only change or even view the data contained in certain blocks.
  • The two broad categories of using analytics for fraud detection and prevention are reco
  • gnized.
  • Sneaky invasions or changes to the data are sensed and turned down almost immediately.
  • This saves on evidence of tampering and rather enhances data security as well as enhances the issues of the transparency of records.

Smart Contracts for Automation.

  • Blockchain means smart contracts make it possible to execute set rules on the smart contract’s blockchain.
  • For instance, where certain conditions are provided in a given set of circumstances, claims can be addressed and reimbursable with efficiency leading to faster and better possible settlements.

Immutable Recordkeeping

The data incorporated in the blockchain cannot be removed or manipulated hence providing an efficient method of record-keeping.

Wider Applicability Not Restricted to Crypto Currency

  • The application of blockchain in insurance is used in policy new product development and claims management on top of its cryptocurrency application.
  • Minimise fraudulent cases and raise the level of data credibility.
  • Insurers, customers, and regulators must have confidence and engagement with one another.

Use Cases of Blockchain for Health and Life Insurance 

The use cases focus on improving an insurance company’s operational processes as well as its interactions with suppliers, middlemen, and customers thereby enhancing the customer experiences, increasing product value, and providing the framework for more consumer choice in the market. The ultimate goal is to reduce expenses and provide peak performance. Here the the following use cases to better understand the concept and working:

  • The transition to Interoperable

This technology can help solve the interoperability problem better than existing solutions because of its higher security and capability for building trust between institutions. 

  • Administrative and Strategic Goals by Smart Contracts.

Blockchain might compile records of agreements, transactions, and other information sets useful for operationalizing, and then interconnect and operate on them through smart contracts.

  • Fraud detection with higher efficiency

Where life or health insurance receives information through fake claims, fake applications, or otherwise, then a smart contract will be able to identify whether the information is legitimate or not.

  • Increased Provider Directories Accuracy

The unique directories of the providers might leverage the technology’s decentralized consensus mechanisms for making changes to the entries at comparatively faster speed and with ease by the providers, and the insurers.

  • Increasing the Client-Friendliness of Application Proces

Making the medical records available on a blockchain in a more organized and easy-to-access state could be a relief for today’s annoying and often let-down application process.

  • Building a Versatile Relationship with the Insurer

Stored safely on a blockchain, the EHR can potentially form the backbone of implementing as many elements of wellness-related activities within the insurer-client framework as needed.

How to Implement Blockchain in the Insurance Sector?

To apply the use of blockchain in insurance, therefore, requires an integrated approach that would involve the technological application, coming with its cooperation and regulation. Here’s a step-by-step procedure to assist insurers:

1. Identify Use Cases

Start from defining segments where its application is possible and makes sense. Typical use cases are fraud busting, auto claims processing, insurance product delivery, and information sharing. They should concentrate on the processes that will benefit most from increased openness, efficiency, and security.

2. Define Objectives and Goals

Some of the definitions of the specific goal can include the cost of operation and expenses, customer loyalty and relations, and rate of claims processing amongst others. This helps to look at blockchain projects in terms of business outcomes.

3. Select the Right Blockchain Implementation

Based on the level of access restriction needed to accomplish the required goal it is possible to choose between public, private, and consortium blockchains. There are usually the private or consortium blockchains which are often adopted in insurance because they allow only the parties that require data access thus enabling the stakeholders.

4. Integrate with Partners in the Ecosystem

Indeed, no commodity is as popular among individuals and businesses as blockchain for collaboration. Deloitte recommends that insurers partner with regulators, reinsurers, brokers, and technology vendors to construct one unified blockchain web. This offers common data reference and infrastructure amongst all the stakeholders.

5. Integrate Smart Contracts

As a rule of thumb, to improve efficiency, employ smart contracts to manage any workflow-related issues. For instance, when a flight delay is approved, they allow the travel insurance policy to attend to claims hence reducing on paperwork and time taken to pay the clients.

6. Employ Data Security and Compliance 

Encourage client confidentiality through the use of secure applicable access and data encryption methods. To avoid legal issues, thus, make sure that all the guidelines such as GDPR, and HIPAA among others are met.

7. Pilot and Scale

It is recommended that with the usage of blockchain, you start with a pilot project to determine the feasibility of the technology. Use feedback apply changes and cover more processes after the successful implementation of the main one.

Future of Blockchain Technology in Insurance Companies

The future of Blockchain in Insurance companies has enormous potential to change the industry into a more efficient, safe, and customer-centric ecosystem. As insurers see the value of blockchain’s automation and transparency, this adoption is projected to increase, addressing many of the industry’s long-standing issues. One of the most significant breakthroughs will be the automatic execution of procedures using smart contracts. These programmable agreements will simplify financing to claims statements. 

Furthermore, blockchain technology has the potential to improve data security and prevent any fraudulent activity both of which are major issues in the sector of insurance. By establishing an immutable record, blockchain assures that each data entry and transaction is resistant to tampering and transparent. This not only improves the degree of trust but also strengthens client relationships as they develop confidence in the validity of their policies and claims. As technology evolves, its integration into insurance operations is likely to stimulate creativity allowing users to provide services that are customized and data-driven. 

The Final Word

To sum up, block detail technology has the potential to completely transform the insurance sector by providing unmatched efficiency, security, and transparency. Blockchain tackles 

Persistent industrial issues like fraud, inefficiency, and excessive administrative expenses can be addressed by utilizing characteristics such as decentralized ledger, immutability, record-keeping, and smart contracts. Blockchain‘s ability to automate procedures, cut expenses, and enhance customer experience is further enhanced by its integration with other modern technologies such as IoT and AI. Insurance may create products, and data, customize and optimize processes, and forge bonds with their customers as they embrace Blockchain solutions. The insurance industry will eventually become more dynamic customer-focused and prepared for the future with the help of Blockchain transformational potential.

FAQs 

1. What is the use of Blockchain in insurance?

Insurance firms can establish smart contracts, track claims, automate out-of-data documentation procedures, and protect private data using Blockchain technologies. Blockchain maximizes insurance, business, security, transparency, and efficiency.

2. For what use does a health insurance blockchain aim?

Blockchain has a part to address the most common issues in health insurance with interoperability and non-standardization of healthcare data. Therefore, generating data silos in the sector.

3. In what spheres of healthcare could Blockchain find use?

Blockchain is used extensively in healthcare for patient data, encryption data, exchange, security, data, removal of extraneous medical documentation, and saving databases, offering priceless data for clinical study and advancement.

4. On what technology does Blockchain rely on?

Blockchain generates an almost hard temper with a highly safe underlying software system by using the three ideas of decentralization, consensus, and cryptography. There is no point of failure. Hence one user cannot alter the transaction records.

5. What is the primary objective of Blockchain?

Blockchain seeks to let digital data be recorded and shared without editing. A Blockchain serves as a basis for immutable ledgers, that is, records of transactions, unchangeable, and enables deletion or destruction.

 

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