Real-World Use Cases of Web 3.0 in Healthcare, Finance, Education

We live in a time when nearly half of the student population has already taken some sort of online classes or exams at least once. The COVID pandemic forced the digitalization of our daily lives to move to an online ecosystem. Services ranging from banking to virtual healthcare consultations and online classes have swiftly transitioned into the digital realm.

Web 3.0 is fundamentally changing data control, sharing, and trust, beyond just a technical shift. The global healthcare market is projected to spend $5.61 billion on blockchain by 2025, highlighting the significant adoption of Web 3.0 technology.

In this blog, we will explore various real-world applications of Web 3.0 technology across healthcare, finance, and education.

Use Cases of Web 3.0 in Healthcare

Web 3.0 technology is transforming the healthcare landscape by introducing groundbreaking use cases that enhance data management, security, and utilization.

Decentralized Data Management and Patient-Centric Control

Web 3.0 allows patients to be in charge of their health data with the power of blockchain-enabled systems. Individuals can now own and manage their medical records through selective access to healthcare providers while safeguarding their privacy and granting explicit consent.

A prime example of this is Guardtime Health. Guardtime has worked with Estonia’s eHealth system to secure millions of patient records using blockchain verification. Patients now have a choice of whom they want to grant their data to and also track how those authorized healthcare providers use their data.

Data Security

The decentralized and immutable nature of blockchain enhances data security. The patient’s record is securely stored in an encrypted format on an immutable ledger, guaranteeing its tamper-proof integrity. This safeguards the sensitive medical data against unauthorized access, even if the data has been breached or leaked.

An early real-world example of this is Medicalchain, which is a blockchain-based platform. It provides a secure and transparent way to store and share medical records. Medicalchain leverages smart contracts to streamline data sharing, guaranteeing that only authorized individuals have access to the sensitive patient information.

Medical Training

Web 3.0 enables medical training through a virtual and augmented reality platform to give future doctors a hands-on, immersive training experience. This innovation is fueled by decentralized applications that enrich medical experiences, enabling students to simulate surgeries and navigate complex medical scenarios.

VirtaMed is a firm that is using the metaverse to create virtual reality simulations for medical training. The simulations provide medical students with the opportunity to sharpen their skills in procedures like intubation, chest tube insertion, intricate surgical techniques, and critical care situations.

Monetization and Patient Medical Records

Patients can now monetize their healthcare data by sharing it anonymously on blockchain networks. By providing their informed consent, individuals can contribute to innovation and research through aggregated and anonymized records, while earning compensation for sharing their data.

An example of this is Patientory. It is a medical data sharing platform that allows patients to share their health records with researchers and pharmaceutical companies in exchange for cryptocurrencies.

Regulating the Counterfeit Drug Market

Blockchain technology is also aiding in combating the counterfeit drug market. This is made possible by tracking the drug supply chains through immutable ledgers, where stakeholders can verify the authenticity of medications. This ensures patient safety and reduces the circulation of counterfeit drugs.

Farmatrust is an innovative blockchain-enabled solution designed to monitor and ensure the legitimacy of pharmaceuticals. Several organizations have joined forces with Farmatrust to strengthen this platform’s fight against the counterfeit drug market.

Use Cases for Web 3.0 in Banking

Banks have the opportunity to leverage Web 3.0 technology to elevate their banking experience. There are numerous potential applications of decentralization, including smart contracts, cryptocurrencies, oracles, and the metaverse, among others. 

Here are some potential use cases of Web 3.0 in banking:

Tokenized Assets and Securities

The Web 3.0 technology provides opportunities for banks to tokenize their high-value assets like art, bonds, real estate, etc. Investment banks can use tokens to create bonds and securities as per customers’ requirements.

BlackRock launched the BUIDL fund on the Ethereum network, which enabled investors to earn US dollars. Then it invests in cash, U.S. Treasury Bills, and repurchase agreements to enhance the liquidity and blockchain transparency.

Virtual Banking

Through the use of the metaverse, customers can visit banks virtually from the comfort of their homes, all thanks to Web 3.0. Customers can make their avatars and use them to visit banks, interact with their staff and make transactions online.

Kotak Mahindra launched “Konaverse” as their banking offering for the metaverse platform in order to gamify the banking experience for users. The platform was made to get users involved by letting them explore the bank’s services in a virtual space.

Central Banks Endorsing Digital Currency

Central banks are working tirelessly to comply with virtual currencies, which will be treated as legal banknotes under the Financial Act and given equal importance to fiat currency. In addition to these initiatives, pilot projects are underway to empower traders to utilize digital platforms for their trades.

The Bahamas SandDollar project is the world’s first nationwide central banking-backed digital currency that was launched in October 2020. It aimed to enhance financial inclusion and offer retail payment solutions.

Onboarding employees

Banks can further utilize Web 3.0-based metaverse to bridge the communication gaps among employees by conducting 1:1 virtual meetings and training employees. These virtual communities, through Web 3.0 solutions, will improve employee understanding and make customer handling easier.

Accenture’s Nth Floor is a large enterprise metaverse for employee onboarding, immersive learning, and enhancing company culture beyond traditional methods. It provides a scalable, customizable platform for global employees to meet, collaborate, and socialize.

Use Cases of Web 3.0 in Education

The Web 3.0 use cases in education possess the remarkable potential to revolutionize the sector by enabling transformative advancements such as:

DAO & Web 3.0 Wallets

DAOs serve as dynamic learning centers, providing students with the opportunity to connect with various peer groups. This interaction fosters the acquisition of vast knowledge and essential skills, offering an enriching educational experience. Web 3.0 wallets play a crucial role in securely storing essential credentials for students, including course completion certificates, grade reports, and more. 

Some real-world examples of DAOs that act like learning centers are Dream DAO and Invisible College, which have been around for a bit. There are also newer ones like Ed3 DAO and OpenCampus that are getting some attention.

Microblogging & Decentralized Content Platforms

Microblogging enables teachers to cultivate a vibrant classroom community by encouraging students to create and share their own posts. With the help of these kinds of blogs, pupils can work to improve their communication skills. Also, it makes it easier for teachers and students to explore a curated selection of blogs.

Hive is a social blockchain that is focused on Web 3.0 learning, community, and skills. Users can earn cryptocurrency by making and sharing content. Decentralized platforms such as HiveBlog and PeakD provide a unique blogging experience where posts are stored on the blockchain.

3D Encyclopedia

In Web 3.0, teachers can use 3D encyclopaedias that are integrated with auditory, visual and spatial elements. These resources facilitate visual learning by allowing students to engage with 3D models. This helps them to learn more about each subject better and remember principles more easily.

Some universities, like the University of Pennsylvania, have set up their virtual campuses in the metaverse. This way, students and teachers can interact anytime and learn together in a digital space.

Virtual Labs

Now, teachers can help students understand complicated ideas with some engaging visual aids. This can really boost how effective learning is and helps students understand the topic better. Furthermore, it offers the essential correlation between the theoretical exposition and practical implementation.

Decentraland and The Sandbox are two of the most popular metaverse platforms where people can create and own virtual land and stuff. Institutions could create a dedicated “virtual campus” or “science museum” in Decentraland. 

Advanced Search Engines

Web 3.0 is more semantic, meaning it can offer a better understanding of your queries, help perform complex searches, or cover complicated topics. Advanced search engines empower students to fulfill their requirements and needs effectively.

Presearch is a decentralized search engine based on Web 3.0 principles. A student can use it to look up any complex scientific topic. The decentralized nature of the search ensures that it remains free from filtering or censorship by any single company’s algorithm.

Final Thoughts

Web 3.0 isn’t just a trendy term anymore; it’s changing how industries like healthcare, finance, and education function. It’s all about bringing more transparency and security, giving power back to the users.

There are so many exciting ways we can already see the use of this technology these days! From letting patients manage their medical records to banks diving into digital assets and virtual offices, schools are getting a cool upgrade with things like DAOs and interactive learning spaces.

Technoloader can help you build Web 3.0 with all the complete features needed to attract a large audience. Whether in healthcare, banking, or education, our team is here to help you make the most of decentralization.

Contact us today and let’s work together to take your business to the next level!