Introduction
Blockchain technology in the past few years has grown significantly, especially in digital wallets, virtual currencies and decentralized using blockchain. At the forefront of a company using blockchain to decentralize healthcare information is BurstIQ. The company made waves recently after it filled 3 BurstIQ’s patent application for a mobile cryptocurrency wallet, signaling its intention to integrate cryptocurrency in its existing blockchain-based health platform.
This article covers what 3 BurstIQ’s patent application for mobile cryptocurrency wallet does, its potential impact on various industries and how it will shape the company’s future in blockchain and probably fintech space.
BurstIQ on Blockchain and Healthcare
3 BurstIQ’s patent application for mobile cryptocurrency wallet benefits little from understanding the layer where BurstIQ provides its health services. To Do Big Data Blockchain BurstIQ aids with health outcome improvement while upholding the user’s data privacy and security. Using their LifeGraph® Network, individuals are able to manage and control their health data creating a workspace where users can retain their privacy by restricting data sharing.
The move to seek a patent for mobile cryptocurrency wallets indicates that BurstIQ is looking to venture out from healthcare, expressing interest in the emerging intersection of blockchain in fintech.
What is a Mobile Cryptocurrency Wallet?
Mobile cryptocurrency wallet refers to an app or software that allows you to store, send and receive digital currencies such as Bitcoin, Ethereum and others straight from our phone. These wallets store secret/private key, which is a secure code that allows users to retrieve their cryptocurrencies on the blockchain so that users can make private and safe transactions.
As cryptocurrencies continue to dominate the financial space, mobile cryptocurrency wallets are key to asset management in the digital world. By them filling for a patent for mobile cryptocurrency wallet, BurstIQ broadens the focus in blockchain-related financial services from healthcare data management to asset management_syn_relations.
3 burstiq’s patent application for mobile cryptocurrency wallet
3 BurstIQ Files Patent Application for Mobile Cryptocurrency Wallet. If 3 BurstIQ files for a patent for a mobile cryptocurrency wallet, it will change the face of many industries such as Health care, Fintech & Blockchain. A few possibilities are outlined below.
Healthcare and Cryptocurrency Convergence
The opportunity for innovation is exciting with healthcare and cryptocurrency converging. 3 BurstIQ’s patent application for mobile cryptocurrency wallet could present a new mechanism to pay for healthcare services as telemedicine and digital health services continue to grow users will be able to pay their doctor’s visit, lab tests, buy prescriptions and get insurance all through Crytpocurrency.
Where banking services are scarce or remain a challenge to access, these payments can be still made using an alternative channel with this application thus solving the issue to how to handle healthcare bills without creating dependency on traditional financing systems.
Implementing blockchain technology will add a layer of security and transparency to health data transactions across borders with the wallet. This in turn assures patients and healthcare providers that data is not only secure, but is also private and traceable.
Possible fintech innovations
3 BurstIQ’s patent application for mobile cryptocurrency wallet could bring some innovation to Fintech industry too. The wallet will be able to set up microtransactions so that people in future can acquire services related to health such as fitness programs, nutritional supplements, genetic testing etc. using cryptocurrency.
Further automation of transactions, through its integration with ‘smart contracts’, would make such an experience seamless. Think of it as a doctor uploads a prescription in your wallet and the system makes a payment for the refill every time, keeping the health care friction-less and efficient.
Blockchain Advantage
If 3 BurstIQ patents a mobile cryptocurrency wallet, it will be in a very advantageous position in the blockchain space. While many blockchain companies focus on fintech applications of blockchain, BurstIQ’s deep connections in Healthcare give it a unique edge. By coupling its blockchain based health data management with cryptocurrency payments, BurstIQ will be able to serve healthcare clients and crypto enthusiasts looking for secure platforms to store their health data along with some digital tokens.
BurstIQ’s Vision Longterm
3 BurstIQ’s mobile cryptocurrency wallet is in harmony with BurstIQ’s vision to allow individuals aggregating control of their health and financial data into single unit. This multidimensional approach hints that BurstIQ isn’t just aiming to make a crypto wallet but to make a system that allows the flow of personal health data, seamless payments and decentralized finance all in one.
With the continuous evolution of blockchain, 3 BurstIQ’s mobile cryptocurrency wallet may evolve as a one-stop shop for managing and preserving health data together and financial assets, bringing the landing of a new age of digital economy into reality.
Conclusion
By filing 3 BurstIQ’s patent application for a mobile cryptocurrency wallet, the company has hit a major milestone as well for the blockchain industry as a whole. This patent is not just a gesture of BurstIQ’s Continued commitment towards secured health data via blockchain but also indicates the company’s shift towards merging cryptocurrency transactions with healthcare.
Putting blockchain, fintech and healthcare worlds together, 3 BurstIQ’s mobile cryptocurency wallet carries the potential of delivering a secure, efficient and revolutionary way for people to manage their well-being in terms of health and wealth. As blockchain move forward BurstIQ from any angle is the front participant of a disruption which’s outcome is set to provide a decentralized, secure future to health industry as well as to digital finances.