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Everything you Need to Know about Patientory Blockchain and its IoT Integration

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Technology and technological innovations continue to advance, making life better today than it was yesterday. A ready sample is the Internet of Things (IoT) technology. It connects devices to the internet and allows them to interact with one another. 

As per common knowledge, smartphones, laptops, and servers are internet-enabled devices. However, IoT technology embeds microprocessors and sensors in everyday gadgets to connect them to the internet and communicate with other devices with an internet connection.

IoT and healthcare

The IoMT concept (Internet-of-Medical Things), aka digital health, developed from adopting IoT technology in the healthcare industry. IoMT is estimated to reach 158 billion USD by 2022 from a 41 billion USD valuation in 2017. IoMT devices, such as ECG machines or wearable devices like Fitbit, can collect, store, and share medical data over the internet. 

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Salient features of Patientory 

Patientory mobile app has created a distributed patient data ledger on the PTOYMatrix blockchain network. The data on the app is protected through cryptography; in fact, transactions occur via an app-specific cryptocurrency PTOYMatrix which connects various EHR systems differing in the underlying software. 

Challenges to IoT technology in healthcare 

IoMT devices are connected to a network using cloud computing. However, it is not easy to guarantee fast and secure health information exchange on the IoMT network. For example, a patient may use an Apple operating system-powered wearable device, while the hospital uses a Windows-powered EHR system to record medical data. Ultimately, this incompatibility inhibits interactions leading to reduced scalability and data fragmentation. 

Need for IoT integration with blockchain

Blockchain technology has the potential to resolve the scalability and security problems of the IoMT network. Moreover, integrating the IoMT network with the blockchain network adds another protective layer. As a distributed ledger without a single point of information, blockchain protects data and makes it tamper-proof. 

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A transaction on the blockchain, once recorded, is immutable. Furthermore, it secures the data by date and time stamp. The data is openly available on network nodes, but it is only accessible with a private key. The high level of data encryption on a blockchain is almost impossible for hackers to crack. 

A blockchain network can coordinate with many different devices in real-time and process them quickly. The Ethereum blockchain looks the most promising for IoT integration. That is why Patientory healthcare dApp (decentralized app) is deployed on the Ethereum blockchain.

How Patientory Integrates with IoT 

Patients can share health data from their wearable devices with their physicians in real-time using Patientory. Beta version users could also comfortably monitor fitness activities and nutrition on the Patientory app. 

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Moreover, healthcare providers and hospitals can also exchange patient data securely in real-time. Patientory can integrate any health record-keeping system ranging from a wearable health device to an EHR system. 

Patientory provides a user-friendly platform – a HIPAA-compliant PTOYMatrix blockchain network – to interact with different EHR systems. For example, a hospital can connect its EHR system with PTOYMatrix and exchange health information quickly and safely without wasting hours learning to program the new system. 

The hospital feeds the patient data in an encrypted smart contract on the blockchain, and the patient accesses this data through a private key. Only organizations that agree with PTOYMatrix standards of interoperability and transparency can join this interaction. 

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Asia’s Richest Man Is Bullish on Blockchain

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Mukesh Ambani has adopted the “blockchain, not Bitcoin” narrative

Indian billionaire Mukesh Ambani, whose net worth is estimated at $92.6 billion, spoke favorably about blockchain, the technology that underpins most cryptocurrencies, at the Infinity Forum earlier today, according to local media reports.

Ambani noted that there is a significant difference between blockchain and crypto, adding that the former offers a slew of promising use cases: from ensuring supply chain transparency and enabling fast transaction settlements to digitalizing art and ensuring data privacy:

Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Ambani said. It can be used to modernize our supply chains that form the lifeblood of our economies.

Unlike some other ultra-wealthy individuals, the Reliance Industries shareholder had been silent about his stance on cryptocurrencies. In early 2018, there were numerous reports about Ambani launching his own cryptocurrency, called “Jio Coin.” The project, however, never saw the light of day.

Ambani is not the only billionaire with the once-pervasive “blockchain, not Bitcoin” attitude.

American mogul Warren Buffett, one of the harshest Bitcoin critics, said that blockchain was “important” in early 2019.

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India scraps its crypto ban

As reported by U.Today, the Indian government recently backpedaled on its plan to impose a blanket plan on crypto, but crypto projects and exchanges will have to comply with new regulations.

During the interview, Ambani backed “forward-looking” regulatory proposals introduced by India’s lawmaker, including the hotly anticipated cryptocurrency bill that is expected to be cleared by the cabinet by mid-December.

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Jack Dorsey Takes A Big Bet on Blockchain and Crypto, Rebrands Square to Block

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Two days after appointing India-born Parag Agarwal as the new CEO of Twitter, founder Jack Dorsey has set himself for another mission. The Twitter founder is hinting at putting a major focus on developments in the blockchain and crypto space.

On Wednesday, December 1, Dorsey’s financial services firm Sqaure Inc. announced its rebranding to Block Inc. hinting at a major transition into blockchain. In its justification for the rebranding, the company said that Sqaure Inc has grown beyond just a financial services company citing its recently acquired majority stake in music streaming service Tidal. Speaking of this development, company CEO and cofounder Jack Dorsey noted:

“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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The lagal transition from Sqaure Inc. to Block Inc. will happen by December 10, 2021. However, the company’s NYSE ticker symbol SQ won’t change by this time.

Block Inc. – Signifying Company’s Accelerated Growth

The change of name to Block Inc. majroly acknowledges the company’s growth. Since its inception in 2009, the company has added multiple businesses like Cash App, TIDAL, and TBD54566975. Despite the rebranding, all these businesses will continue to maintain their individual brand.

Block Inc. will serve as an overarching system of different businesses united with a common purpose of economic empowerment. It includes a community of sellers, developers, individuals, artists, and fans. The official press release notes:

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The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.

Jack Dorsey stepping down from Twitter shows that the he will stay more focused towards further developments in blockchain and crypto. Dorsey has been a strong Bitcoin proponent and believes in its ability to be the currency of the internet.

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Grayscale predicts metaverse gaming market could reach $400 billion

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Revenue generated from blockchain-based metaverse games could reach $400 billion in 2025, according to a report published on Thursday (25) by digital asset manager Grayscale. The company estimates that the new market, leveraged by NFTs and metaverses like Decentraland, could reach $1 trillion in revenue a year in the long term.

According to Graysacele in the publication entitled ‘The Metaverse, Web 3.0 Virtual Cloud Economies’, the metaverse is a market opportunity that is still emerging. “The metaverse is in its early days”, says an excerpt from the document, which highlights that many important elements have yet to take shape.

Web 3.0 is understood as the new generation of the internet, that is, decentralized, which is aligned with the metaverse, non-fungible tokens (NFTS) and the ‘play-to-earn’ modality (play-to-earn), is revolutionizing several sectors, such as e-commerce, media and entertainment, even real estate, says the report.

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Grayscale highlighted revenue of $180 billion noted last year and revenue generated in the last quarter of this year, estimated at $8.2 billion. Of that amount, the report says, at least $1.8 billion came from Web 3 and blockchain game-based economies.Graph with revenue generated by decentralized platforms (Image: Reproduction)

To make the estimates more clear, Grayscale took, for example, the economics of the play-to-earn game in Decentraland’s metaverse, powered by the MANA token, which has gained millions of users globally.

Example of blockchain-based games (Image: Playback)

Another point, the report says, is interest in the potential of the new ecosystem by big companies that are focused on Web 3.0, like Facebook, which last month announced its new name, Meta.

“At this inflection point, other leading Web 2.0 technology companies likely need to start exploring the metaverse to stay competitive, and the spotlight has spawned a new wave of investment in this emerging cryptoeconomy category,” says an excerpt of the document.

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On the metaverse concept, the authors defined it as “interconnected, experiential 3D virtual worlds where people located anywhere can socialize in real time to form a comprehensive, user-owned internet economy that extends so far into the digital world as for the physical world”.

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