Month: June 2022

Cloud Computing in Healthcare 2022 and Beyond

Posted on by Shanth Babu

The healthcare industry is undergoing a rapid change. Thanks to technological advancements, doctors can now diagnose patients without ever seeing a patient face to face.  From algorithms that can predict a patient’s prognosis to remote monitoring solutions and robots that perform can surgeries, technology impact is in all areas of healthcare.

When we think of the latest trends in technology, Blockchain, AI and IoT come to mind. The backbone of all these technological trends is cloud computing. Cloud computing makes innovations like AI-powered chatbots and IoT based healthcare applications possible. The digitization of healthcare data has paved the way for massive shifts in the consumption, storage, and sharing of medical data.

In this article, let’s take a look at the types of cloud computing and the benefits of cloud computing in healthcare. But first, let’s cover the basics.

Overview

What is Cloud Computing in Healthcare?

From Netflix to Gmail and online banking, we use a bunch of cloud computing solutions everyday without even realizing it.

Cloud computing in the healthcare industry is the concept of leveraging the power of the internet to store, manage, and process healthcare data from a remote server. In contrast to traditional data centers, cloud computing is inexpensive, scalable and supports collaboration.

It gives patients access to their Electronic Medical Records (EMR) and also enables them to receive on-demand remote consultation. From a healthcare provider’s standpoint, cloud computing breaks down location barriers.

Types of Cloud Computing in Healthcare

Cloud computing allows customers to leverage a cloud providers’ infrastructure, platforms, and software in a flexible and cost-efficient manner . There are two models of cloud computing in healthcare – distribution and deployment models. Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PasS) are all options of deploying the distribution model . Private, Community, Public, and Hybrid deployment models are all options of deployment cloud computing models.

Cloud Computing by Deployment  Model

  • Private – The cloud network is private. Only the healthcare group/hospital can use the cloud facility. 
  • Community – The cloud network is shared by a group of healthcare bodies.
  • Public – The cloud is open. All the stakeholders have access to the network. This aids in faster sharing of knowledge in the medical field.
  • Hybrid – This model is a combination of some elements of all the other deployment models.

Cloud Computing by Distribution Model

  • Software as a Service (SaaS) – In this cloud computing distribution model, a cloud provider hosts the healthcare applications and makes them available to clients.
  • Infrastructure as a Service (IaaS) – The cloud provider sets up the IT infrastructure, operating system in this case for the client to deploy applications.
  • Platform as a Service (PaaS) – The cloud provider distributes a ready-to-use platform for the client. The IT infrastructure, operating system, applications, and other components are distributed and the client can set up the environment quickly.

Benefits of Cloud Computing in Healthcare

In short, cloud computing supports healthcare technologies such as electronic medical records, patient portals and innovations such as IoT healthcare devices, and big data analytics.Let’s take a look at how cloud computing can benefit the healthcare industry.

Cost-Effective Healthcare Data Storage

Maintaining patient data is a cumbersome task. Especially in this era where data needs to be collected and stored from various sources, such as EMRs, prescriptions, insurance claims, healthcare app data, and wearables. Cloud computing allows hospitals to pay as they go for IT infrastructure. Hospitals and healthcare providers no longer need to purchase expensive data storage hardware and software or manage the infrastructure on their own. This helps hospitals to grow faster and offer better service.

Telemedicine

Ever since the pandemic, telemedicine has gained popularity. Cloud-based applications and telehealth systems allow patients to reach out to the healthcare professionals without location or time constraints. From video conferencing medical sessions to even tracking consumption of medicines, telemedicine has become an integral part of healthcare. In a nutshell, cloud computing is the key to better telemedicine.

Improved Patient Experience

Healthcare groups and clinicians can now provide a patient with real-time access to lab test results, medical information, and even doctor’s notes, thanks to cloud computing. Patients have the flexibility to share their medical records and get a second opinion with another clinician in a short span of time. Documented health records on cloud prevents patients from being overprescribed or dragged into unneeded testing. Medical data can be archived and retrieved easily when stored on the cloud.

Enhanced Collaboration

Cloud computing in healthcare plays a major role in boosting collaboration. Patients no longer need to carry medical records while visiting a doctor. Doctors can share a patient’s history with other specialists, check earlier consultations with other healthcare professionals as well. Cloud computing facilitates collaboration which in turn enables doctors to provide a more accurate treatment.

Risks of Cloud Computing in Healthcare

Despite all the benefits that healthcare cloud computing offers, there are still some risks.

Implementation Risks

Switching from an on-premises installation to the cloud is a specialist task. Clinicians or healthcare groups would need to locate experienced developers and cloud experts who can integrate new technology without glitches. Otherwise, your company may experience outages, poor data processing, or information leaks. Next, there is a learning curve, hospitals need to train their staff on how to work productively in the cloud.

Security risks

Storing medical data in the cloud comes with a risk of attack. While cloud networks provide security tools to monitor the environment for threats and deal with threats, it is not foolproof. Currently in the US alone, there are over 500 cases cases of security breaches leading to a hack of the patient’s health information. Hospitals need to invest in a team that could monitor and tackle attacks such as DDoS effectively.

Regulatory Compliance

Patient data is one of the most sensitive held by healthcare providers. It is protected by regularities such as HIPAA and the GDPR. Healthcare providers have a legal obligation to protect patients’ data and to notify them of data breaches as part of these legislation’ duties. Failing to protect confidential patient data can result in a hefty charge. To ensure that patient data is protected, security mechanisms such as access controls, authentication, and storage security must be implemented. This is one reason why most healthcare providers are reluctant to make the shift to the cloud.

Storage reliability

Selecting a cloud service provider who is capable of supporting your workload is the key to avoiding unnecessary downtime. Most cloud providers offer the flexibility to pay on the go. If your usage requirements surpasses your current cloud computing strategy, you may face some issues accessing data on-demand or face performance difficulties such as latency. It is very important to choose a trusted cloud service provider for improved security and reduced chance of unplanned downtime.

Final Thoughts

While moving to the cloud carries some significant risks, it also presents a wonderful potential for healthcare organizations to improve patient care. All of the risks can be mitigated by completing thorough study and determining what security measures are required to safeguard data stored in the cloud. Part of it is understanding your cloud provider’s duties, as well as your own, so you don’t expose your firm to legal or financial danger.

At SolutionChamps, we have years of experience in digital transformation and implementing IoT based healthcare solutions. Discuss your project idea and get an attractive quote today!

How to Effectively Automate Tests in the DevOps Lifecycle

Posted on by Shanth Babu

In today’s fast-paced world, businesses need to continuously innovate to meet the ever changing customer expectations. Traditional software development models like waterfall are now a history. And companies have switched to agile software development models that favor adaption. Frequent and faster delivery of high-quality software systems requires a smooth collaboration between the development and operations teams. This is why devops has emerged as one of the biggest game changers in recent years.

In this article, we’ll be discussing the best practices and tools that enable a successful DevOps implementation.

Overview

What is DevOps?

The word DevOps stems from a combination of the two words, development and operations. The goal of DevOps is to shorten the development life cycle and allow frequent updates to the software. DevOps tools, technologies and best practices are the bridge between the developers and operation teams to pull off successful software development and delivery at a fast pace. Continuous Integration and Continuous Delivery (CI/CD) are two DevOps strategies that support rapid software releases.

DevOps has a lot of benefits in principle, but in fact, some people aren’t getting the results they want. Poor devops implementation and a lack of best practices can actually slow down the software delivery lifecycle.

Traditionally, software testing was done manually. The testing phase began only after the entire software module was completed. The entire process was time-consuming and error-prone. The software testers worked in silos, and had less interaction with the development team. Overall, it was time-consuming and expensive to go back and fix any bugs discovered during the testing stage.

Traditional testing methodologies are hardly used these days and are only suitable for projects where the requirements are fixed and precise. The advent of modern agile testing practices and devops, allows both the developers and testing teams to work collaboratively.

The DevOps Cycle

The DevOps lifecycle can be broadly classified into seven stages: continuous development, continuous integration, continuous testing, continuous deployment, and continuous monitoring.

Continuous Development

This is the stage where developers plan and code the functionalities. The designers and UI developers start building up the user interface at this phase. Rather than looking at the program process as a whole chunk, development tasks are broken into smaller chunks and done piece by piece. DevOps tools are not required for the planning phase but version control tools are used for maintaining the code (aka source code management). Popular tools used at this stage are Git, SVN, Mercurial and JIRA. Some tools like Ant, Maven, Gradle can also be used at this phase for packaging the code into an executable file.

Continuous Integration

At this phase, the developers commit changes to the source code more frequently (daily or weekly basis). Every commit is then built and code review is done and tests are performed. New code is continuously integrated with the existing code. Jenkins is a popular tool used at this phase. When developers commit a code to the central repository, Jenkins fetches the updated code and prepares a build and forwards it to the test server or the production server.

Continuous Testing

In this stage, the program is tested for bugs using automation testing tools like Selenium, TestNG, JUnit. Quality Analysts test multiple code-bases in parallel at this phase. This entire testing phase is automated with continuous integration tools like Jenkins. Docker Containers are normally used for simulating the test environment and Selenium is used for automation testing. The reports are usually generated by TestNG. Automation testing saves time and effort and you can also schedule the execution of the test cases.

Continuous Deployment

After testing, the code is deployed to the production servers at this stage. Configuration management tools such as Puppet, Chef, SaltStack, and Ansible  and containerization tools such as Docker and Vagrant are used for deploying new code on a continuous basis. At this stage, these tools are also used to ensure consistency across all environments – development, test, staging and production environments.

Continuous Monitoring

Continuously monitoring the performance of an application is crucial. Security issues, system errors, and server issues can hamper the availability of services. Continuous monitoring tools such as Splunk, ELK Stack, Nagios, NewRelic and Sensu detect unusual behavior of the system and can check the overall health of the application.

Continuous Operations

Continuous Operations reduces planned downtime. Code changes and even hardware upgrades are performed in a non-disruptive manner to the end users. When a server is taken offline for planned maintenance, customers can still use the previous versions of the application and be switched to the newer version once it has been deployed.

Continuous Feedback

It is important to evaluate the feedback of each release. By evaluating the user experience in each release, the DevOps team can improve future releases. This feedback can be gathered through surveys and focus groups. Some key parameters to watch out for include the mean time to resolution (MTTR) and dev, fix and full cycle time. With continuous feedback, teams can improve the outcomes.

Benefits of testing in a DevOps environment

Testing in a DevOps environment more agile. Some of the obvious benefits are:

  • Testing process is continuous and automated. 
  • It enables faster delivery of software.
  • Every step of the SDLC is tested. This minimizes bugs and allows easy backtracking in the case of bugs.
  • Testing is a shared responsibility. From the QA to the operations team and stakeholders everyone collaborates and contributes to the testing.

While DevOps facilitates better testing, the success or failure of a test strategy depends on how well DevOps testing best practices are implemented by the organization. In the next section, we will go through some best practices for testing in a DevOps environment.

DevOps Testing Best Practices

Early Tests Automation

In a DevOps environment, testing is possible at an early stage. After developers commit the code to the central repository, the code is continuously integrated in the server. Tests such as unit tests, functional tests, acceptance tests and integration tests can be automated at this stage. In the later stage of SDLC, API tests, performance tests, load tests and endurance tests can be automated. Some tests are more effective and less time consuming when performed manually. Trained automation test engineers can identify test cases that are good candidates for automation. By utilizing test automation intelligently, you can save time and identify more bugs.

Choose the Right Tools

There are plenty of test automation tools available but many of these tools require a decent level of programming skills. The first thing you need to evaluate when choosing a tool is if your team has the required skills and expertise. The other things you need to consider are the cost of the tool, training costs, updates, and maintenance. Here is a list of the most popular test automation tools:

  • Selenium is an open-source framework that provides a suite of software for different testing needs. It is mostly used for automating web application testing. The automation scripts can be written in multiple programming languages in Selenium.
  • Katalon Studio, is used for automated web, API, desktop, and mobile testing. The tool comes in paid as well as free versions.
  • JMeter is a Java-based open-source software that is used for performance and load testing.
  • SoapUI is an open-source, cross-platform automation tool that allows you to test REST, SOAP, and GraphQL APIs.

Use Metrics to Evaluate Performance

Getting a clear picture of the test results will help you understand the areas of improvement. Tracking key metrics such as the number of passed and failed test cases, number of bugs identified and test automation time is very important. It allows teams to foresee potential issues in future and innovate solutions to overcome failures. Test execution metrics help in planning the release timeline effectively.

Maintain proper documentation

While this one is obvious, many organizations end up neglecting it. Maintaining proper documentation is important for arriving at process improvements and creating transparency in the organization.  Using consistent document formats or templates preserve the document quality. Some testing-related documents to create are:

  • Quality Management Plans (QMP)
  • Test summary reports
  • Test case specifications
  • Risk assessment reports
  • Regression test reports

Final Thoughts

DevOps is the ideal solution to become competitive in this demanding market. The core focus of CI and CD pipelines is to deliver frequent, high-quality software. The success of continuous testing is greatly impacted by the best practices you adopt in DevOps culture.  SolutionChamps Technologies is a leading DevOps Consulting Service Provider in India. We help clients to smoothly transition into modern DevOps operations.

When Exactly Is Web3 And Is Web3 Ready To Go Mainstream?

Posted on by Shanth Babu

The terms Web3 (or Web 3.0), DeFi, Metaverse are the latest buzzwords in the tech industry. We hear these terms in our daily lives. The internet has been around for more than four decades. To say that it has changed the way the world works is an understatement. From the era of static pages to social media and cloud computing, the evolution of the World Wide Web has benefited societies beyond imagination. As the next phase of web version 3.0 is approaching, some of the industry’s biggest figures are divided on the subject.

In this blog post, let’s look at how the World Wide Web has evolved over the years and what Web 3.0 has in store for the future.

Let’s dive in.

Overview

Evolution of The World Wide Web

Web 1.0 was invented in 1989 and gained popularity in the mid 90’s. The original version of the internet was mostly made up of static web pages connected by hyperlinks. And even though ecommerce websites existed back then, it was a closed environment. Users could only access the static page and could not even post reviews.

Currently, we are in the Web 2.0 era. The term Web 2.0 was coined by O’Reilly and focuses on giving interactive experiences to the users. Unlike web 1.0, user-generated content and uninterrupted access to the internet is the driving force behind web 2.0. The rise of Web 2.0 is attributed to three core innovations: mobile, social and cloud.

Mobile internet connectivity significantly increased both the number of users and the frequency at which they used the Internet. People could create their own material on social media and smartphones and cloud computing were the major driving forces in this market. Tech giants such as Google, Microsoft, or Amazon required users to give away personal information to access these services. This has led to tech giants monopolizing data with targeted advertising and other marketing practices.

What is Web3?

Web3 (Web 3.0) is a decentralized Internet technology that would run on blockchain technology leveraging machine learning and artificial intelligence. What makes web 3.0 different from the versions web 1.0 and web 2.0 is the lack of monopoly. Data privacy and data security are huge concerns in web 2.0. In web3, users will own their data unlike the tech giants who control the platforms in today’s internet. In 2014, Gavin Wood who owns Etherum, a block chain technology company, came up with the idea of using blockchain to decentralize the internet. According to Gavin Wood, the adoption of web 3.0 principles would lead to bottom-up innovations.

Technologies Behind Web3

The Web3 revolution is all about user-centric, decentralized systems built on open standards and protocols. The technological innovations that power web3 are:

  • Blockchain
  • Edge Computing
  • Artificial Intelligence & Machine Learning

Blockchain

Blockchain is the foundation on which web3 is built. It is a decentralized system that deploys smart contracts to define the logic of an application and a secure digital ledger. Blockchain is used to redefine the data structures in the backend. Blockchains have no central governing bodies or groups controlling them. All users have visibility and control in a blockchain environment.

Edge Computing

Unlike in web 2.0 where data centers and cloud computing play a major role, the shift to web 3.0 is focused on edge computing. As blockchain is the core of web3, edge computing provides the supporting infrastructure to enable quick and reliable transactions. The data centers of web 2.0 are replaced by advanced edge computing resources distributed among phones, laptops, appliances, sensors and cars in web3.

Artificial Intelligence & Machine Learning

From making life-saving predictions to solving transforming businesses with data, artificial intelligence and machine learning algorithms are being deployed in all walks of life. In web3, AI and ML serve in learning how to discriminate between genuine and fraudulent data. The AI & ML algorithms imitate the ways human beings learn; this can enable computers to generate faster and more relevant results.

Significance of Web3

According to Bernard Marr from Forbes Web3 is an open, trustless, and permissionless network. Open meaning they are largely built on open source software by an accessible community of developers. Trustless because two parties can interact and transact without the need for a trusted third party. Permissionless because both parties can transact or interact without authorisation from a governing body or a third-party service provider.

Web3 is based on the concept of Decentralized Autonomous Organization (DAO). The DAO is a group, company or collective that establishes the business rules or governing rules in blockchain. With DAO, there is no central authority or middlemen (like bankers, lawyers, accountants, and landlords) to authenticate or validate a transaction. This is because the governing rules are transparent and available for anyone to see.

Examples of Web3 Applications

  • Bitcoin – The original cryptocurrency. 
  • Diaspora – Non-profit, decentralized social network
  • Steemit – Blockchain-based blogging and social platform
  • Augur – Decentralized exchange trading market

When will Web3 go mainstream?

We see that investors are betting big on web3 and money has been pouring in on web3 startups and celebrities and musical artists are crypto curious about decentralized networks. But according to U.K.-based Dan Hughes, founder of Web3 startup Radix DLT and a reputable cryptographer, Web3 could take up to a decade to go mainstream. In Hughes’ opinion, the biggest challenge  in adopting Web3 would be people finding it “difficult or risky to use”.

Conclusion

Web3 is definitely in the initial days and there is no consensus on when it will take off in the mainstream like its predecessors did. There is so much skepticism about the theory among industry leaders and the academic communities. Whether the concept of Web3 actually solves the problem of monopoly or purports to solve is still in question. Adopting Web3 will require a huge shift from the existing architecture. While the idea of a third version of the internet has been brewing for sometime, it remains to be seen whether or not it will become a reality.

SolutionChamps Technologies is a software development company based in India that offers end-to-end blockchain application development services to empower startups and enterprises to take advantage of the decentralized network. Contact us today to discuss your project.

Website Redesign Tips and Strategy 2022

Posted on by Shanth Babu

The ultimate guide to your website redesign strategy, redesigning your website will help to improve bounce rate, user navigation and layouts.

Overview

Website Redesign Strategy

When should you redesign a website?

While there is no one size fits all answer to this question, 2 to 3 years is the average timeline that most companies opt for redesign. Below are some obvious signs that your website needs a redesign.

High Bounce Rate

A high bounce rate is one of the key indicators that your website could benefit from a redesign. Bounce rate is the percentage of users who visit only one page on your website before bouncing off to another website. Bounce rates around 40 to 55 percent is a decent figure to aim for. As a website owner, you should be worried if your bounce rate is higher than 70% as this usually indicates that your landing is not meeting your website visitor’s can’t find something on the website. This is a huge sign that you need to design some elements on the landing page or the entire website.

Slow Load Time and Core Web Vitals

One of the fastest ways to repel customers is to have a website that takes too long to load. According to Portent, websites with 0-4 second load time have a better chance of conversion rates. You can measure how quickly your website loads and how to optimize your website using tools like tools.pingdom.com or gtmetrix.com. Another thing to watch out for is your website’s core vitals in Google Search Console. Having a bad core vital score can negatively impact your search engine rankings.

Technology Upgradations

According to a recent survey, more than half of the web traffic originates from mobile devices. If your website is not optimized for mobile devices, you are likely to lose users. Responsive  web design ensures compatibility with multiple devices.

Navigational Difficulties

Have you ever visited a website and scrambled around to look for the information you need?  A website’s navigation is crucial to reducing bounce rate. If the navigation of a website is confusing, visitors won’t stay long or engage with your business. A website with good navigation lets users access key sections of a website in less than three clicks or taps.

To stay Competitive

Design trends change every few years, a good rule of thumb would be to change the design of your website every two or three years. No matter the latest trend, a clean, modern aesthetic website that caters to both mobile and desktop users is the baseline. Tech giants like Google, Microsoft and Apple use a straightforward, minimalistic design approach. While graphic elements help maintain viewer interest and attention, adding a lot of graphics can slow down the website.

How to Create a Website Redesign Strategy

Creating a website redesign strategy requires taking a holistic approach. Here are steps to follow while planning your website redesign.

Analyze your existing website

Understanding what works and what doesn’t work in your existing website is crucial. Start by looking at Google Analytics of your site. Make a note of audience demographics, landing page, device, the bounce rate and average time that a user spends on a page. Compare the pages that are driving you the number of sales to the other pages of your site, inspect every CTA, image and analyze how you would structure the information for growth. You could also use a heatmap tool for behavior analytics.

Assess the competitors

The best way to beat competition is to learn from them. Notice the key elements such as CTA on your competitor’s website, analyze the text, pay attention to the brand voice, the competitor’s SEO strategy among other things. Making a note of the components that are drawing your attention and analyzing their strategy is a great way to understand how you could take advantage of the gaps.

Set and Prioritize Goals

Once you’ve analyzed your current website and competitor website, you will be able to set goals for the redesign. You may need to rework on your content or the brand voice to make it more engaging and informative or you just need to present it better on the landing page. Prioritizing the areas that needs focus sets the tone for your redesign goals.

Zero Down on the Technology Stack and Budget

Are you going to adapt to a newer technology stack or does your website just needs a new look?   You don’t need to upgrade to a newer technology stack just because it is the latest trend. Understanding what works for you and the financial implications of a redesign project doesn’t leave any room for last minute surprises.

Measuring the Success of Your Website Redesign

An improved conversion rate is the ultimate measure of your redesign’s success. It means that more visitors find what they are looking for, the website design appealing and your content is catchy enough to generate sales. Conversion does not always represent a sale of a product or service. It may mean getting a visitor to subscribe to your newsletter or signup for a webinar or even contacting you for a consultation. An optimized website redesign is focused on leading the visitor to the desired conversions. If you notice a spike in conversion rate on your Google Analytics, it denotes that your redesign efforts are a success. A good rule of thumb is to wait at least 3 months after a redesign to compare the conversion rate of old and redesigned versions. Depending on the results, you may want to polish the redesign as necessary to improve conversion rate. Other key parameters include increased number of sessions per user, pages per sessions, average session duration and a decreased bounce rate.

Redesigning a website is a major undertaking that requires careful attention both before and after. Planning to redesign your website? SolutionChamps Technologies is one of the fastest growing web design and development companies in India. Contact us today to kickstart your website redesign.

Getting to Know NFTs and its Significance in Web3

Posted on by Shanth Babu

Web3, NFTs and Metaverse are making waves in technology circles. You may have noticed that not a day goes by without the terms NFT, Web3 and Metaverse appearing in your social feeds. While Mark Zukerberg’s Metaverse is a pretty straightforward concept for anyone to understand, the other terms are completely new concepts that can leave heads spinning. In this article, let us demystify NFT and its significance in web3.

Overview

What is NFT?

NFT stands for a non-fungible token. NFTs are unique and noninterchangeable tokens that cannot be forged or otherwise manipulated. NFTs work on blockchain technology and are used to digitally certify the proof of ownership of an item.

Fungible vs Non-Fungible Assets

To understand the term NFT better, let us first clear the air on what are fungible and non fungible assets in both the real world and in blockchain. Fungibility denotes an asset’s ability to be interchanged for something of equal value. For example, in the real world money is a commodity with fungible property. You can exchange currency to different denominations without losing the actual value. Similarly in the digital world, cryptocurrency is an example of a fungible commodity. A non-fungible asset has unique properties and can’t be replaced with something else. For example a diamond is a non-fungible asset because each diamond has unique properties such as cut, color, size; they cannot be interchanged fairly. In the digital world, digital art collections, collectibles, music, games, virtual real estates are examples of non-fungible assets.

How Does NFT Work?

As discussed in the previous section, NFTs exist in the blockchain ecosystem. Technically, NFTs are not created but minted. Minting an NFT is the process of converting a digital file into a blockchain-based NFT. Essentially, an artist or a digital creator, sets up a crypto wallet and connects to an NFT Marketplace. Some popular NFT marketplaces are:  OpenSea, Foundation, Rarible.

The creator uploads a digital file and gives the NFT a name.The creator of a non-fungible digital asset is recorded on the blockchain public ledger. The record in the ledger allows the creator to set a fee (or royalty) for the digital asset and earn a passive income every time the asset is sold. NFT royalty payments are automatically executed by smart contracts.  The decentralized ledger makes it possible to trace the ownership and transaction history of each NFT. The majority of NFTs reside on the Ethereum blockchain due to its popularity. The value of the asset is primarily set by market demand.

NFT Features

The following are some of the salient features of non-fungible tokens:

  • Uniqueness –  Each NFT has a unique attribute that is recorded in the token’s metadata. The token makes each NFTs unique and no two NFTs are alike.
  • Scarcity – NFT creators decide on the scarcity of their asset. This feature is useful when selling digital tickets of any kind. 
  • Indivisible – NFTs cannot be split into smaller denominations or owned by multiple creators. The asset ownership is guaranteed by the tokens.
  • Forgery proof– Although the assets can be easily transferred, it cannot be tampered due to the digital signature.

NFT Use Cases

Gaming

Many gaming systems already support virtual currencies like bitcoin. Players can now trade in-game collectibles using NFTs. You could buy NFT items for your character and sell the items once you are done to reimburse your currency.

Digital Real Estates

From celebrities to tech enthusiasts, the digital real estate market is booming. NFTs can be deployed for house plans, themes, domains and other real estate factors. Decentralland allows players to purchase and develop and trade spaces in the virtual world. NFTs can be used to trace back an item to the original creator.

Digital Collectibles

Because the authenticity and ownership of a collectible can be verified in NFT is why the technology is so popular. With NFT, artists can be sure that their artwork is not tampered, pirated or inappropriately used while also earning royalty.

Identification and Certification

The properties of NFTs are great for issuing certificates, licenses and other identifications. The certificates can be issued through the blockchain as an NFT to allow traceability back to the source. Smart contracts are already being deployed in various industries and NFT makes them more authentic.

NFT Domain Names

NFT domains are public blockchain-based domains that provide users entire control of their stored data. They can be used to replace wallet addresses with easy to remember domain names and also for hosting websites on web3.

Why Are NFTs Gaining Popularity?

Although NFTs have been around since 2015, they have gained popularity only in recent times. Since the pandemic, there has been a wider acceptance of cryptocurrencies and blockchain frameworks in the mainstream. NFT is a big boon for content creators to copyright their work and secure their work from copyright infringements. Many early adopters also feel that NFTs can be used in the mainstream to protect documents such as deeds and medical records.

Significance of NFT in Web3 and Metaverse

As web3 and metaverse projects are gaining traction, NFT is seen as a one of a kind solution to maintain uniqueness and ownership of objects in web3 and metaverse. From NFT web3 domains that don’t expire to allowing people to purchase real estate in the metaverse and trading collectables, NFTs are here to stay in the Web3 and Metaverse era.

Looking to leverage NFT and blockchain solutions, get in touch with us for future ready solutions.