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Binance Sued by CFTC In Another Blow To Crypto Industry

Binance Sued by CFTC In Another Blow To Crypto Industry

In a string of blows to the Crypto industry, the world’s largest crypto exchange, Binance, found itself in the claws of US market regulating body CFTC (Commodity Futures Trading Commission) over allegations of not complying with laws governed for financial markets. While suing Binance along with two of its senior executives- Changpeng Zhao, the founder and CEO, and Samuel Lin, the former chief compliance officer, CFTC alleged the duo of attracting US citizens to trade despite not having the permission to operate in the country. 

Commodity Futures Trading Commission, in a suit filed in Chicago’s federal court, also accused Zhao of using the opaque web of corporate entities to exploit the regulations while also helping the traders based in the US hide their actual locations. While announcing the lawsuit, Rostin Behnam added “Binance was well aware of the CFTC laws it was violating for years as it actively kept the money flowing and avoided the compliance.” He also warned other companies of not indulging in such willful avoidance of Federal laws.

Against the violation of Federal laws, the CFTC is seeking a fine of an undisclosed amount while advocating to bar Binance, including its management or any direct associate, from participating in the trading of commodities. As the entire industry sought a response from Changpeng Zhao, popularly known as CZ, he finally broke his silence and called the allegation ‘unexpected & disappointing.’ According to CZ, Binance has never served any traders based in the US while working in compliance with the laws drafted by CFTC. 

The complaint by CFTC made several revelations about the whole matter, including alleged loopholes in the ‘Know Your Customer’ protections, which is a set of protocols designed for keeping bad actors away from using the platform. Despite the so-called strict measures set by Binance, many customers were still able to bypass the background checks, the complaint mentioned. CFTC also quoted certain text messages that it claimed were from CZ, that prove he was aware of the aforementioned loopholes. Certain employees from Binance were also said to have acknowledged the ‘illegal activities being carried away’ by the company. 

The clash between Binance and CFTC is seen as an attempt by regulatory bodies to assert their dominance on over centralized crypto exchanges. This is worth noticing how the SEC (U.S. Securities and Exchange Commission) too has recently been active in taking action against several crypto firms for offering digital assets to the public for sale without registering them as investment products. The already struggling crypto market did not take the news well and bitcoin, as a result, fell over by 3% on Monday. 

Observers in the market have been worried about the lawsuit, for this will bring a drastic decline in the market liquidity. According to Noelle Acheson, author of the popular newsletter- Crypto Is Macro Now, “the lawsuit may have serious repercussions in the whole crypto market in terms of market liquidity in case Binance’s trading desks stop operating or if the market makers stop trading on Binance.” As per the writing of this blog, Bitcoin made quite an impressive recovery in the market, sending positive sentiments across the crypto industry.

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List of exams that ChatGPT passed and exams that ChatGPT failed in

List of exams that ChatGPT passed and exams that ChatGPT failed in

After brewing a storm in the job sector, especially amid mass lay-offs, ChatGPT is here once again, only to question the validation of the global education system this time. What initially was looked upon as an AI chatbot that gave humorous answers and witty replies, has now taken up the global education system by storm. It all started with students using ChatGPT to help with their homeworks and assignments, which it completed with commendable efficiency while saving both time and effort. Today, the AI chatbot is taking some of the most difficult tests from all fields of education, including, but not limited to, medicine, business, law, and much more. Let’s look at the exams that ChatGPT passed and the exam that ChatGPT failed till date.

Exams that ChatGPT Passed

MBA- University of Pennsylvania

According to a recent study conducted by a professor from the University of Pennsylvania’s Wharton School, ChatGPT successfully completed the final exam for the school’s MBA programme. The artificial intelligence-powered chatbot received grades of B- and B on the exam. While the mark is not an A, it is still considered a good grade for a person in the course. In the research, Wharton Business School professor noted that the chatbot did “an incredible job” in offering responses to simple questions pertaining to process-analysis topics and operations management. Although the chatbot was not flawless, as it still made calculation errors of sixth grade, it left the professor stunned who commented that the chatbot even has the capability to improve its response when given hints during a difficult problem.

Law Exam- University of Minnesota

Alongside some real students, ChatGPT took four exams in the Law School at the University of Minnesota. Surprisingly, the chatbot managed to answer 12 essay questions and 95 MCQs (Multiple Choice Questions) and received a C+. It was revealed after 4 law school professors from the university released a paper, stating that ChatGPT cleared the exam with low, yet, passable grades in all the 4 courses. The professors also added that ChatGPT is a mediocre law student whose performance is good enough to earn a JD Degree from a law school.

USMLE (United States Medical Licensing Examination)

Not limited to Law and Finance, ChatGPT was seen as equally efficient when it came to one of the most difficult examinations in the states- USMLE (The United States Medical Licensing Examination). The difficulty of the examination could better be understood by its preparation that takes 4 years of study and clinical rotations of over 2 years. To everyone’s utmost surprise, ChatGPT successfully completed all 3 parts of the USMLE in its first attempt with an accuracy of 50.3% and bagged 60% marks.

MBE (Multistate Bar Exam)

While testing the capabilities of ChatGPT, veteran serial entrepreneur and an adjunct professor in College of Law at Michigan State University, Michael Bommarito, along with the law professor at Kent College of Law, Daniel Katz, put forth a research paper on 31st December, 2022, entitled- GPT takes the bar exam. The paper clearly stated the AI chatbot cleared the examination and secured more than 50% marks.

Microbiology Quiz

Testing the abilities of ChatGPT, executive editor of Big Think and science journalist, Alex Berezow, made the AI chatbot solve a microbiology quiz consisting of 10 questions. While the questions were hard enough to qualify for final year exams at university level, ChatGPT successfully passed the quiz with the accuracy of 95%.

AP English essay

While showcasing its excellence in literature, ChatGPT blew the AP Literature class test as well. In the examination, ChatGPT was tasked with writing a 500-1000 word essay to compose an argument.

Google Coding Interview

ChatGPT is said to have passed Google’s coding interview for L3 engineers as well. The test is regarded as one of the most difficult interviews to pass, yet ChatGPT aced it in order to be considered for the position. Interestingly, level three engineers typically earn roughly $183000 per year.

Exam that ChatGPT failed

PSLE (Primary School Leaving Examination)- Grade 6, Singapore

The Straits Times, a Singaporean news organization, asked ChatGPT to take the PSLE, a national level exam in Singapore taken by typically 12 year old students at the end of their primary school education. The AI chatbot was given to solve English, Science, and Maths question papers from the last three years. Shockingly, ChatGPT managed to score an average of 16 marks out of 100 in mathematics, which is way behind minimum passing marks required. In the other two subjects, English and Science, it performed just as disappointingly and failed with poor grades.

Although you may now call ChatGPT a doctor, a lawyer, a banker, while the list goes on, the AI chatbot is yet far from replacing humans settled in these sectors. No wonder it has shown extraordinary academic skills, institutions all around the world are starting to take drastic measures to prohibit students from using ChatGPT or any other AI chatbot. However, it will be interesting to see ChatGPT taking more exams and assess its abilities in the very early stages.

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Are my devices spying on me?

What if we tell you that your smart dishwasher can blink its lights on for no reason, your smart oven can start itself without receiving a command from you, or even worse, your robot vacuum cleaner (with in-built camera) could actually stalk you around your house. We would never wish that you find yourself in such a scenario, but if you do, we suggest consulting a cyber security expert before calling for an exorcist. Why? Because more than evil spirits, hackers are trying to take control of your IoT devices to fulfill their malicious purposes. If it has left you wondering how in this world can a hacker potentially harm you with your home appliances, such as a robot vacuum cleaner (of course not by crashing it into you), we have some news for you.

The reason your IoT home appliances or other devices, such as television, are called smart is because they are powered with AI and connected with the internet, so you can turn on the geyser or switch on the AC right from your phone, minutes before reaching home. Due to the versatility of the technology, there could be several loopholes or bugs in the security with which a hacker could break into the system. In 2016, Check Point security researchers disclosed how a vulnerability in one million LG smart devices exposed users to the risk of unauthorized remote control of their home appliances, including air conditioners, dryers, dishwashers, washing machines, ovens, refrigerators, and more.

The hacking does not end here, as tracking your location is one of the many things that cyber criminals could do with your devices. Imagine someone keeping an eye on you in your bedroom through your smart television’s camera and recording everything that lies in the camera’s sight. Such type of hacking is usually done to blackmail the victim and then to demand ransom. Cyber criminals can hack television by getting access to its user settings and then installing malware in the television. Worst part about it is; hackers can watch you even while television is on standby.

Even though companies are working day & night while investing millions of dollars to make their devices hack proof, cyber criminals are managing to stay one step ahead with more innovative ways of hacking. One such example is the use of ultrasonic waves to take control of your smart voice assistant and use it to gain access to your house, unlock your car, or even make online purchases. Interestingly, your smart voice assistant might not be smart enough to differentiate between your voice commands and a silent ultrasonic wave’s command. Since ultrasonic waves could penetrate through physical obstacles, the hacker could be sending the waves from 100 meters away from your device.

Amid tussle between cyber criminals and security system developers, it is the user that suffers in countless ways. In the last two decades we have witnessed the evolution of hacking from sneaking into someone’s mailbox to potentially killing a person by hacking their insulin pumps.

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Is my health data safe on my smartwatch?

Thousands of individuals track their fitness activities carefree in their smartwatch, while many others add additional information such as the calories they consumed, amount of water they had, their period cycle, and more, considering the information will stay between their watch and the smartphone it is connected to. But does it actually stay between your smartwatch and the smartphone? Sorry to burst your bubble but ‘Absolutely Not!’ Let’s learn a little about how your health data is processed in your smartwatch, who owns that data (which is not you), and how in-demand your personal health data is.

This is where your health data comes at the risk of being sold to the agencies who later target you in accordance with your health history. Interestingly, a person’s PHI (Personal Health Information) is way more valuable and in-demand in the black market as compared to the credit card credentials or PII (Personal Identifiable Information), for its long shelf life. A stolen credit card information can be changed within minutes by the victim but a person cannot change his medical history.

As per the current black market rate where a person’s PII or credit card information is sold for $1 to $2, the PHI on the other hand goes for the average rate of $350 per record. It may give you a rough idea of how valuable your personal health information could be to someone and how desperately hackers are waiting to steal it. Millions of people suffer every year due to their health records being impermissibly disclosed, stolen, or exposed, as per a report by health and human services.

Bluetooth- Bluetooth is what pairs your smartwatch with the phone. However, several vulnerabilities in it allows the hackers to snoop on your personal information.

Bugs- At times, it is due to the coding error in the software or a weak authentication system in the device which may lead to data loss, privacy leaks, and more.

Apps- Third party apps containing malware are the most common ways of stealing personal data. A hacker can create a basic application with the intent of stealing personal data by inserting a function in it which automatically shares your health data to him under your nose.

Back-end Servers- The cloud storage of the company which stores your health-data is always at the risk of getting attacked by hackers, leading to thousands of health records getting stolen at once, which the hackers may term as ‘Hitting the Jackpot.’

Although the software developers are working day and night to make their devices more and more secure, the risk still exists. According to the experts, implementation of Blockchain Technology in smartwatches is the need of the hour, which keeps the user data across a network of people which is encrypted, immutable, and extremely difficult to hack. Another challenge that the industry is yet to face is handling the sudden massive shift of users from centralized networks to the decentralized one as there’s only one blockchain powered smartwatch company in the market (FitMint Wear) as of now.

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Is my smartwatch spying on me?

It all started with the Pegasus report, when we were introduced to the infamous spyware- Pegasus, developed by an Israeli company. The spyware was so powerful that it could be covertly installed in any mobile phone and use it as a real time surveillance device. Although the spyware was sold only to the governments, it started a global discussion about whose data is safe and to what extent could an individual be spied on. According to the experts, there is no limit to how deep a hacker can go to spy on someone; through the microphone of the mobile, through the camera of the smart television, and as per the latest addition, through the sensors in smartwatches.

It created a storm of fear among people already dealing with online scams and breach of personal data, as devices like a smartwatch have become a necessity for many in order to track calories, ECG, Blood Pressure, and more. Kaspersky’s Lab conducted research on how easy it is to spy on someone using their smartwatch, only to find out some shocking results. According to Kaspersky, the versatility of features on a smartwatch is so vast that almost every function, from its camera to the accelerometer, could be easily infected.

A hacker could get your password by training a neural network to understand your typing pattern on different devices. For instance, if you type-in a particular phrase several times on your computer or smartphone, the accuracy of the network guessing the pattern gets higher every time it is typed. The signals produced by your accelerometer data will create a series of similar graphs that can easily be decoded, ultimately revealing your password to the hacker.

Before we close, you must be wondering about how accurate our smartwatches can be while guessing what we are typing on a laptop. Kaspersky Labs in its research also mentioned the accuracy with which your smartwatch can guess your passwords. For mobile phones, the accuracy might be as low as 64%, in case of entering a PIN code in the ATM machine, the accuracy surges up to approximately 87%, at last in computers, the shocking figure goes up to 96%. It leaves us with the same question, is there any way to prevent it?

By simply staying away from any third party app other than the official mobile app recommended by your smartwatch company can help you stay safe to some extent. Experts also suggest switching on to a smartwatch that uses a decentralized network to secure its users’ data. With the implementation of Blockchain technology in the smartwatch, the data of users is spread across nodes, making it extremely difficult to hack. Ultimately proving that Blockchain technology is the need of the hour and it won't be too ambitious to say that the inclusion of Blockchain technology in wearables is opening several new doors.

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Blockchain and its potential to transform the Healthcare and Smart Wearable industries

The impact of blockchain on several other areas is just interesting, even though the healthcare industry is the subject of much attention. Businesses in the healthcare industry will undoubtedly flourish and fall over the next few years depending on how well they are able to leverage the transformative potential of the blockchain. Currently, blockchain technology and other innovations are being used to address a number of significant healthcare concerns. It is true that blockchain technology can have a significant positive impact on global health, particularly when it comes to wearable smart gadgets, which are currently in high demand..

Wearable technology includes functional gadgets like digital smartwatches that monitor health and fitness. According to a study by Value Penguin, 45% of millennials in the US use a smartwatch. The more crucial modern technologies in smart wearables are becoming in observing our health, the more we are relying on them for self-management. This reliance on one hand has made all of our sensitive information accessible within just a few clicks, on the other hand it has made our smart wearables more and more vulnerable to hacking.

Unfortunately, not many smartwatch companies seem interested in shifting their focus to help users with enhanced health data security, as giving users full control of their health data means the companies will no longer have access to it and they will be unable to share it with third parties- who pay to get access to your health data. Now, why this should concern a smartwatch user like yourself is because not having full control of your health data means your personal and sensitive information might be under the risk of getting in the wrong hands where it could be misused against you.

NFT Authentication is the process of creating a digital twin of a product and embedding it in a smart label which can be scanned anytime to check the trail of transactions of the product via decentralized immutable ledger. Although the technology behind it may seem complicated, a user must keep in mind that NFT Authentication in a smartwatch ensures its authenticity and keeps the users from using a counterfeit product. As per a report by LiveMint, Xiaomi claimed to seize no less than 9000 counterfeit products in the first half of 2022, worth ₹73.8 lakh. The report clearly states the importance of NFT Authentication in smart wearables since we deeply rely on them to monitor our health.

Bringing the whole world of Blockchain in a smartwatch, Epillo has also introduced Decentralized Finance in FitMint Wear, which comes with an in-built crypto wallet where you can store your digital assets such as cryptocurrency or NFTs. Although the smartwatch is yet to come to the market, its pre-booking is starting soon on all popular e-commerce platforms. In addition to that, the native token of the company- EPILLO Health Token, is getting listed on P2B Crypto Exchange on January 16, post which anybody can trade the token.

In the big picture, the transformative potential of blockchain is no less of a miracle for the healthcare industry, especially the smart wearables segment that a big majority of the population relies on to check their health metrics such as heartbeat, blood oxygen, blood pressure, and much more. Blockchain technology will certainly play a huge role in enhancing the overall security of one’s health data and eliminating counterfeit products from the market. It is merely a matter of time to see when your smartwatch company starts taking your sensitive health data’s security seriously and starts storing it on blockchain.

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Are NFTs just artifacts or the next big thing for Authentication and Security?

Just like any other cryptocurrency, Non-fungible tokens (NFTs) have emerged as a one-of-a-kind segment in the world of crypto. Even though the technology and the concept have been around since 2014, however, NFTs are getting increased acclamation and traction these days because of their increasingly popular way of allied use cases. This clearly indicates that NFTs will stay for long because of the boundless opportunities and possibilities beyond collectibles and celebrities’ tweets or photos. Even researchers are predicting the future of non-fungibles in businesses and economic applications.

Toshendra Sharma, Founder & CEO of NFTically, a Polygon-backed NFT marketplace, says, “NFTs are slowly but surely becoming an essence of our everyday lives. And it will stay for long.”

Transactions are everywhere and whatever we do today is completely transactions based. It is crucial to understand that authentication is the key to facilitating any transaction and providing proof of ownership. That is where non-fungible tokens came into the limelight. 

The true power of non-fungible tokens is to provide authentication and facilitate the transfer of ownership. In addition, it is noteworthy that new ownership opportunities and transactions that were not possible with conventional systems are possible by NFTs. The best part is that not only digital but physical assets can also be authenticated through NFTs. 

An excellent example is BlockBar, a platform that offers NFTs of well-known alcoholic beverages, including a Glenfiddich whisky from 1973, a Penfolds shiraz cabernet, and a 1976 Dictador rum in a Lalique bottle. The rare physical liquor bottles, kept in a climate-controlled and secured facility in Singapore, are authenticated by the NFTs. Each NFT signifies ownership of a rare tangible liquor bottle that can be sold or transferred between parties anywhere in the world without the need to have the actual bottle handy. This transfer of ownership might theoretically continue for years until the bottle is finally opened. 

Non-fungible tokens make transactions and the authentication process quite transparent, which is never possible in traditional methods. Because authenticating physical items involves several attorneys, notaries, and other intermediaries, which is a lengthy and tedious task. While on the other hand, NFTs make these transactions simple and cost-effective. In NFTs, you do not get the traditional paper but an NFT certificate named ‘Smart Contract’ that stores every detail in the form of records. 

*A smart contract in the blockchain is a self-executing contract that comprises an agreement’s terms between buyer and seller, directly written in the line of code. The codes and agreements it contains; exist across a distributed, decentralized blockchain network. The codes control execution, and transactions are trackable & irreversible. 

Also, each coin in the NFT system is indestructible since all its data is recorded on the blockchain using smart contracts. The ownership of the token is also immutable, meaning players and collectors—not the firms that produce them—actually own their NFTs. 

NFTs are also verifiable. It means they can track back to the original product owner, enabling authentication without needing third-party verification, which is another advantage of maintaining historical ownership data on the blockchain.

In conclusion, it is safe to say that initially, even if attention has been mainly given to digital artworks, gaming, and crypto collectibles, NFTs are not constrained only to them. Instead, they can be used to demonstrate the possession & ownership of tangible assets, data, gadgets, and a license (such as a professional or marriage license). “From digital art to ticket sales, luxury items, collectibles, music, and gaming—NFTs have the potential to transform the way we interact,” says Vikas Ahuja, CEO at crypto trading platform CrossTower India, adding that India’s NFT market had the potential to grow to $1 trillion-plus. 

Non-fungible tokens can democratize various industries, including technology, real estate, healthcare, etc., by proofing ownership and enabling authentication through NFT certificates. Even in the metaverse, NFT use cases for businesses are crucial. Without it, the metaverse will be unable to function and grow (and other blockchain applications). At the same time, the usage of NFTs in business and economic applications is boundless, making transactions smoother, safer, and more transparent. Hence, it is needless to say that non-fungible tokens aren’t just artifacts but definitely a big stepping stone for the authentication and security process. 

“India’s NFT market had the potential to grow to $1 trillion-plus.”

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Will NFT Games Shape The Entire Gaming Industry Around Themselves?

NFT games are a relatively new and rapidly growing phenomenon in the entire gaming industry and they include the two things that everybody desires in life: Entertainment and Income. Although NFTs (Non Fungible Tokens) were first introduced back in 2012, they gained popularity during the 2020 NFT Revolution, which was driven by marketplaces such as Rarible and Opensea. Not only did this revolution change the digital art creators’ lives, but also created virtual scarcity, and most importantly- forced us to think over our definition of ownership. With this article, let’s find out whether NFT games hold the potential of shaping the entire gaming industry around themselves.

What makes NFT Games different?

Participating in the NFT in-game ecosystem allows players to add value to the game producers and so to one-another while also earning in-game assets as rewards. These rewards include items such as weaponry, tokens, virtual land, NFTs, skins, and more. Because of the decentralized structure of NFT games, users can trade the in-game items in exchange for real money outside the virtual environment of the game. As a result, the gaming industry, which previously restricted in-game content to centralized systems that could not be shared with others, has finally undergone a significant change.

Is the market-share of NFT Games rising?

Despite the instability in the cryptomarket in 2022, many NFT games stayed afloat, and several even beat their previously set records from last year. Illuvium, for instance, is worth $73 million, Decentraland is valued at $1.72 billion, and Axie Infinity $1.56 billion, adding over $200 million according to Coinmarketcap. The market value for NFT games is expected to grow at a CAGR of 22.4%, from $765 million (2021) to $3619.7 million (2028) according to a report by Business Research. It clearly shows how NFT games are poised to transform and accelerate the gaming industry’s growth.

Factors influencing the rise of NFT Games:

Increasing Popularity- The beauty of NFT gaming is that it creates limited and unique tokens that can be swapped for other NFTs in an immutable decentralized ledger that runs on blockchain technology. It gives NFT gamers the actual ownership by allowing them to build, trade, or even implement non fungible tokens within a game, where on the other hand the developers create smart contracts which line the rules for the utilization of NFTs.

Breathtaking Phenomenon- By giving players more participatory and immersive experience, NFT games are breaking barriers in the gaming industry where earlier, traditional games kept the players confined to playing inside the limitations specified by the game makers. Furthermore, a gamer gets incentivized for merely playing the game, which keeps him motivated and provides a more personalized game experience.

Ownership & Transparency- NFT games are transparent and decentralized by their nature, allowing gamers to influence how a particular game evolves in future while letting them democratically participate in the game decisions. Moreover, unlike traditional games, where the in-game economic system is entirely under the control of the game developer, all digital assets held by players remain their own.

Income with Entertainment- NFT games hold the potential of generating revenue for both- Gamers & Game Developers. This concept has already proven to be successful with several free-to-play games such as Axie Infinity or Reward Hunters. Furthermore, creators can contribute throughout every phase of the process, from generating new assets to setting their value, and earn more from secondary trades in the form of royalties.

Building Communities- NFT games have the ability to foster a sense of community among their participants. Gamers in traditional gaming frequently remain isolated from each other, interacting only through their digital avatars. However, with NFT games, individuals can interact on a more personalized scale as they collaborate to achieve common goals. This could lead to long-term friendships and even in-person meets.

With new advancements in technology being made, the day is not far when NFT games will match the immersive gaming experience of traditional games such as Grand Theft Auto or Fortnite. With its possible integration with the metaverse through VR (Virtual Reality) devices, it even holds the potential to revolutionize the entire gaming industry. More and more companies, from different niches are investing in the NFT gaming world, as seen recently by Epillo Health Systems, a healthcare conglomerate that introduced the world’s first blockchain smartwatch with in-built NFT gaming. As the company expects to integrate with the metaverse in the times coming, it would be interesting to see if Epillo could be the next big player of the decentralized gaming universe. In the big picture, NFT games are likely to become more prevalent as tokenization gains momentum in the future and may substitute the traditional games once and for all.

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E Health Data On Chain- The Next Miracle By Blockchain?

According to a cost analysis of healthcare sector data breaches by Health Sector Cyber security Coordination Center, Healthcare organisations can lose $400 per compromised record due to data breaches, but the systems in use today are open to many different kinds of intrusions. Securing EHRs (Electronic Health Records) and related personal information is a top priority in the healthcare sector because patient data is immensely valuable to hackers looking for precise identity information.

The biggest security issues in healthcare may be resolved by newly developed blockchain technology. Smart contracts, cryptography, or decentralised storage among other features, give businesses a framework for improving data security while preserving data accuracy and preventing alteration of patient information or unauthorised access.

A blockchain can be configured to be permission-ed or permission less. While joining a permission-ed blockchain necessitates the owner’s approval, public or permission less blockchains, on the other hand, are accessible to any user. Permission-ed blockchains are more suitable for use in healthcare settings because patient data is extremely sensitive.

If permissions are not handled properly, this could result in difficulties. In an emergency, especially, healthcare professionals must have quick access to patient data. Inconsistent permissions could prevent access at crucial times, putting patients in potentially fatal situations.

Two strategies are used by blockchain technology for simple, secure permission management:

Smart contracts allow access based on predetermined criteria chosen by all contract participants. This rule-based access control method can be modified to automate a number of different workflows.

Patients now have access control, thanks to cryptographic keys. Each patient has a “master” key that can “unlock” their medical records, and they are able to provide copies of this key as needed to institutions or other healthcare providers. Patients can revoke keys in the event that the device on which a key is stored becomes compromised, and actions may be limited to reading or writing information.

Cryptographic keys and smart contracts minimise the risk of human error and shorten the time between collection of patient data and the fulfilment of tasks like insurance billing and payment by enabling the automation of processes that currently require one or more aggregators.

Giving patients the option over who they share their keys with efficiently puts them in charge of what can be performed with their medical information, including who can access it and when. Without a key, data cannot be decrypted, so no one should be able to view patient information without their express consent. To use the encrypted health data that they have obtained, hackers would also need to steal the keys. Pairing keys with smart contracts restricts outsiders who want to tamper with records for self-serving or malicious purposes or adding more information to a patient’s records.

By using the blockchain, we can create a setting where patients and other participants can review data before it is formally added to a record. This gives patients and healthcare professionals the chance to assess information, maintaining the accuracy of data across the blockchain. Switching to this type of cooperative system has the ability to improve the quality of care and lower the risk of mistakes that could be life-threatening, as a lot of patient health records currently contain errors.

To bring these advantages to healthcare organisations and the patients they serve, businesses like Epillo Health Systems are stepping ahead with innovative blockchain based solutions. The healthcare conglomerate has created a first-of-its-kind health ecosystem to offer a better way to provide patients full control of their health data by transferring their health information to a decentralised storage solution in which records are divided into blocks and distributed across the blockchain. The patients can also share their health data peer-to-peer with the concerned parties via decentralised immutable ledgers.

The idea of an exclusive health ecosystem stemmed from the present healthcare system, which has different functionaries to deal with different concerns of a patient accordingly- from health tests to medicines. Aasif Shah, the co-founder and CEO of Epillo Health Systems, observed a patient’s journey from visiting a health centre to billing and payment. The long queues, the insurance claim settlement, the slow & painful billing process, and most importantly- the health data privacy. It inspired him to create the first-of-its-kind health ecosystem in compliance with other healthcare brands under Epillo Group.

In addition to that Epillo introduced their own native token, which is deployed on the Polygon chain to provide quick and inexpensive transactions across a secure network. More commonly known as the bitcoin of healthcare, EPILLO Health token governs the entire Epillo health ecosystem (wherever permissible), which comprises of the smart wearable range (FitMint Wear), digital therapeutic software (INTRx™), electronic health management health records (HealthMate™), Retail Health & Medicine (HealthHUB™), and Health-Food (Freshwey™).

Not limited to swapping and staking, the EPILLO token can be redeemed to avail products and health & wellness services such as Health Retail Investments, Health Insurance, Medical Aids & Devices, Health Products, Nutraceuticals, Genomics testing (DNA) & Clinical testing services, Global Health Consultations, and more. The goal of the token is to build a sustainable economy by providing various utilities across the whole Epillo Ecosystem and matching the incentives for all system stakeholders- the community, builders, developers, and investors.

For impeccable health data security and advanced healthcare, one can be part of the Epillo health ecosystem by simply holding the EPILLO Health Token, which is getting listed on P2B Crypto Exchange on January 16.

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Ethereum’s long awaited merge finally complete, leaving crypto fanatics in splits

Amid numerous speculations and rumors, the Ethereum merge finally completes on September 15, after years of tests and trials. The Ethereum merge was telecasted live, where the upgrade took merely 15 minutes to complete and declared a huge success. Never before has any cryptocurrency attempted to switch its consensus mechanisms. The Proof of Work now will no longer be in use to verify the transactions in the Ethereum blockchain network, as the Proof of Stake will be the new consensus mechanism.

One of the major reasons behind the Ethereum merge was the environmental issue of energy consumption. According to a report by the Washington Post, the amount of energy consumed by Ethereum in just one hour was equivalent to the whole of New Zealand’s energy consumption in one year. However, thanks to the merger, the energy consumption of the Ethereum network will now drop by 99.95% after switching to the Point of Stake consensus mechanism.

Where in the Proof of Work consensus mechanism hundreds of miners used to work on verifying one transaction at a time, ultimately wasting 99% energy, on the other hand, the Proof of Stake consensus mechanism picks one validator at a time for the verification of a transaction. Just as miners, validators can also participate in the network either individually or through pooling. Although anyone can be a validator by staking Ethereum tokens, the one with the most Ethereum tokens staked for a particular transaction has the most chances to be chosen by the system.

Not only has the new consensus mechanism cast out all the miners from the network, ultimately replacing them with validators, but also contributed to the security of the user. On doubts raised over the security, the Point of Stake consensus mechanism is capable of slashing a validator’s entire staked tokens in case of any fraudulent activity. All in all, the user safety has been put on top, for the hacking attempts are going to be quite expensive due to the strict rules laid out by the system.

Now coming to the drawbacks, even a genuine validator with no fraudulent intentions comes under the risk of getting penalized in case of any unprecedented power-cuts or system-errors at the time of verifying a transaction. However, the possibilities of such penalties are diminished since most of the transaction verifications are passed down to the groups of validators. The individual validators may start to use power back ups to avoid any unwanted penalties.

Contrary to speculations made by industry experts, there was no such surge or drop in the trading price of Ethereum, which stayed around $1606 after the merger. The transaction fee too remained the same, which people were assuming could be waived off. Similarly, the transaction speed saw no such drastic change, as it only got faster by one second. Where it took 13 seconds to add a block to the chain pre merge, it will now take 12 seconds.

The developer community welcomed the Point of Stake mechanism with wide open arms as for them Point of Stake directly means more scalability. Ethereum, which is known to be home of several lending companies, NFTs, Dapps, worth $60 billions, is now leading the global race of web 3.0 and blockchain after the long awaited successful merge. However, the merge was merely the first of the five steps that are scheduled to be implemented by 2026, which are expected to bring more significant changes into the chain and serve the users with more security, scalability, and privacy.

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FTX Fiasco – The Aftermath of Collapse

FTX’s collapse, which took place over a 10-day period in November 2022, began with CoinDesk’s article that revealed the balance sheet of FTX’s sister firm, Alameda Research, that dealt in the hedge fund business. Although Bankman-Fried seemed confident about handling the situation until he approached an old friend, Binance’s Changpeng Zhao, which according to many, was an unforgettable mistake that changed the course of the whole scenario. Even venture capitalists like Kevin Hart openly expressed how Binance may be responsible for the FTX downfall.

The information about Alameda Research having taken highly leveraged positions on cryptocurrency tokens (FTT) produced by its own sister company, FTX exchange, spread like wildfire throughout the cryptocurrency community. Finding out that there were dishonest activities taking place behind the scenes hurt the feelings of those who previously regarded SBF as one of the crypto industry’s robinhood.

Binance, being one of the earliest investors in FTX, had a sizable amount of FTT tokens on its own balance sheet. On November 6, Binance declared that it would offload its FTT tokens “in light of recent revelations.” As a result, traders quickly exited FTX out of fear that it would emerge as yet another failing cryptocurrency company, which caused FTT’s price to crash. Withdrawal requests totaling approximately $6 billion over 3 days were handled quickly by FTX. It appeared to experience a liquidity crunch, which meant that it lacked the resources to meet demands.In a series of tweets (that were later deleted), Sam Bankman-Fried asserted that the rival is “trying to go after us with false stories.” He even continued, saying, “FTX is fine.” The assets are good. He continued by categorically refuting all of the accusations made against him and his businesses, FTX, and the trading house Alameda Research. 

FTT’s value dropped below $22 in less than two days after Caroline Ellis, CEO of Alameda Research, tweeted that Alameda Research was willing to purchase the tokens Binance was offloading, showing that they had failed to maintain the value of their own token in the public markets. This showed that investor confidence in the token was waning and unmistakably demonstrated that a crash was imminent. FTT token lost roughly 75% of its valuation in less than 24 hours on November 8, 2022.

In his last attempt to provide some relief to the users, Bankman-Fried tweeted about a “strategic transaction” with Binance just one day after asserting that everything was fine. The same day CZ, one of the most prominent figures in the cryptocurrency industry, also announced his intention to purchase the FTX exchange in order to assist users who were having trouble using it. Many looked upon it as a well-thought strategy by Binance, for one of its biggest market rivals would have been effectively eliminated by this action.

One of the fastest turnaround times for corporate due diligence was demonstrated by Binance, which announced its intention to acquire the company and then announced its withdrawal from the agreement a day later. Binance leveled a number of serious accusations against the cryptocurrency exchange that contributed to the FTX collapse, including everything from mismanaging customer funds to US government agency investigations. 

Around this moment, information & reports about widespread financial misappropriation and habitual drug use started to emerge from within the company. Consequently, the FTT token had almost lost 90% of its value since the beginning of this situation. Even the company’s founder, SBF, who was amongst the youngest billionaires in 20s, saw his net worth drop from about $16 billion, at the time of the FTX crisis, to less than $1 billion.

Around the same time, FTX’s SBF announced on Twitter that he is closing down business at Alameda Research, the focal point of the entire incident and the place it all began, admitting that he made a mistake and that things could have been handled differently. On November 11, the FTX collapse came to an end just a few hours after Alameda Research, its trading firm, ceased operations. In an official press release, FTX announced that it decided to file for bankruptcy to start a systematic review and monetization of the firm’s leftover assets for the benefit of stakeholders around the world.

Sam Bankman-Fried, the co-founder of FTX, also tendered his resignation as CEO while promising to “assist in the orderly transition.” John Ray III, who was previously in charge of the Enron Corporation’s bankruptcy in 2001, has been named as the organization’s new CEO.

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What is Crypto Airdrop- Everything you need to know

Airdrop, according to the dictionary, is a delivery of resources that was dropped off from thousands of feet in the sky through an aircraft during world wars in the 20th century. However, the term is more prevalent these days in the crypto space than ever before. The latest blockchain projects are inviting users from the crypto community to participate in their airdrops. With this article, let’s understand the concept behind airdrops, what they are, why airdrops are hosted, and how to avoid airdrop scams.

What is a Crypto Airdrop?

In layman’s language, how a newly opened bakery offers free cookies to the people in order to give a taste of their product, a blockchain project, following the same old practice, offers free tokens to the people to create awareness about their project. It is a marketing strategy/ stint where crypto millennials are invited to participate in the airdrops hosted by blockchain startups. It involves delivering an amount of the said project’s native tokens to the wallets of participants/ winners either free of cost or in return for a small promotional service.

Types of Crypto Airdrops

Based on the diversity in the crypto space, airdrops could be of different types. Let’s learn about the 4 commonly organized airdrops.

1- Standard Airdrop

Unlike how it sounds, a standard airdrop is not as common as the other airdrop types. Standard airdrops are hosted to increase the ownership of the project’s native token by giving it away to as many people as possible. Thus, in order to participate in a standard airdrop, all a user mostly requires is a crypto wallet on which the cryptos can be dropped off. Popular for their simplicity, Standard airdrops are mostly time sensitive. 

2- Bounty Airdrop

Bounty airdrop is a point based airdrop where participants are assigned a series of tasks. On accomplishing these tasks, participants earn points. Now based on the nature of how large the bounty is, a participant may have to earn a certain amount of points before qualifying for the airdrop. These tasks are mostly associated with basic promotional activities on social media to increase the awareness of the project. It may include retweeting a pinned tweet by the host, following the company’s instagram handle, joining the discord channel, signing up for the newsletter, or more. 

3- Holder Airdrop

Unlike other airdrops, holder airdrops work a little differently as participants may not require to do any promotional activity but simply hold coins of the said cryptocurrency in their wallet. For example, if the airdrop is hosted for Ethereum holders, only those who hold Ethereum crypto in their wallet will be eligible to participate. Interestingly, the host can also decide the minimum amount of cryptos required to be eligible for participation and so the token distribution ratio per coin held. In order to participate, a user simply submits a snapshot, showing the number of tokens held in his wallet and the reward tokens are air-dropped. Holder Airdrops are mostly hosted to target the investors with large amounts of cryptocurrency in their wallet. 

4- Exclusive Airdrop

An exclusive airdrop is sort of an internal airdrop which is held for the designated users that have stayed connected with the project since its early days and supported it. Such exclusive airdrops are a way of rewarding those users for their loyalty.

Why are Airdrops necessary?

Besides increasing the popularity of the project, the main purpose of hosting airdrops is to bring the native token of the project in circulation. No reason why the host wants more and more people to participate so the word goes around the crypto ecosystem. For once the project is launched, it is the value of the token that will speak for the growth of the project in the crypto world, therefore it must stay true to its value. 

The value of a crypto token is largely driven by the number of people holding it. As the number of people investing in it soars up, and so does the volume of transactions, the token will gain value in the market. For instance, Sand, the native token of the popular NFT game Sandbox, started to trade at $0.05 before it climbed to the all time high of $7, gaining a growth of more than 140 times. 

Beware of Crypto Airdrop Scams!

Since airdrops are one of the simplest and easiest ways to earn crypto, these events always attract a huge interest from the crypto community. On the other hand, scammers also keep a close eye on airdrops in order to dupe people. One such common scam is where perpetrators host an airdrop and send their malicious tokens to the wallets of participants. As the curious wallet holders search about the tokens or project on the internet, they end up landing on the website of the scammers. 

The green signals for a genuine airdrop would be the authentic website of the project, their social media handles, the mention of their projects in news or magazines, and more. A user should always keep in mind that a genuine crypto-airdrop host will never ask for cryptocurrencies for enrollment in the airdrop or if the amount of cryptos they offer seem too good to be true. In the big picture, try to stay away from malicious projects and do your own thorough research before participating in any crypto-airdrop.

Bonus: Participate in $1000 worth of airdrop at https://airdrop.epillo.io/

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FTX Fiasco: Rise and Fall of Bankman-Fried

The cryptocurrency market has experienced a whirlwind of activity over the last week, which will be remembered for a great many years. Unquestionably, 2022 will be remembered as one of the key and pivotal years in the development of the cryptocurrency market. This is due to the fact that the cryptocurrency industry was finally taken seriously and discussed on a global scale for the first time since the creation of Bitcoin back in 2008–2009. Terms like cryptography and Web 3.0 were becoming more widely used by non-technical people as well.

The Axie Infinity Ronin bridge attack, the Terra LUNA crash, and the collapse of the FTX exchange, one of the second-largest cryptocurrency exchanges by volume in the world, were among the worst crashes of 2022. In this article, we will be taking a closer look at the timeline of events and understand what led to the collapse of the FTX exchange and the fall of the man who was once hailed as the savior of the crypto world- SBF.

Who is SBF- Sam Bankman-Fried?

SBF, also known as Bankman-Fried, was, until recently, the up-and-coming star of the cryptocurrency world with a net worth of $26 billion as he quickly joined the Bloomberg Billionaires Index. Bankman-Fried was raised in California by his parents who were Stanford Law professors. He completed his undergraduate work at the Massachusetts Institute of Technology in math and physics before working on Wall Street. He started FTX two years after founding Alameda Research in 2017.

What is FTX?

FTX (short for “Futures Exchange”) was a platform where users can purchase and sell digital assets like bitcoin, ether, and Dogecoin. Platforms like FTX rose in popularity in recent times as more and more people sought to invest in cryptocurrencies without having to deal with the technical aspects of it.

The rise of FTX

The exchange paid for flashy television commercials with A-list celebrities to promote itself as a secure and simple way to invest in cryptocurrencies. In addition to this, Bankman-Fried also purchased the advertising space in uniforms and sporting venues for Major League Baseball officials. The 2019-founded business gained international notoriety very quickly thanks to a number of aggressive marketing tactics, high-profile acquisitions, and low trading fees.

With the promise that they could invest their money in accounts and earn significantly higher yields than at conventional banks, even those who were unfamiliar with the technology were seduced by FTX. Major venture capital firms joined in and invested nearly $2 billion in the business. The 30-year-old founder of FTX, Sam Bankman-Fried, rose to prominence as the face of the business and, to some, of cryptocurrency in general. FTX was difficult to miss due to celebrity endorsements and significant sports sponsorships.

The Fall of FTX

It was only a matter of moments how the cryptocurrency market boomed after SBF launched FTX. Bitcoin’s price, which had previously fluctuated around $10,000, skyrocketed in 2021 and reached a high of more than $64,000. Venture capital funds poured into everything blockchain-related and digital currency-related, and crypto platforms shifted to draw users beyond the technologists and blockchain enthusiasts who had previously propelled its rise.

From its late 2021 highs, when it was generally considered to be a leading indicator of the larger cryptocurrency market, the price of bitcoin has fallen sharply. It currently trades for about $16,000. While it strongly affected the value of other cryptocurrencies and tokens, many significant platforms had already closed due to the general decline in the crypto industry. However, FTX appeared to be immune, even going so far as to acquire some of its faltering rivals.

But when CoinDesk, a cryptocurrency-focused digital media website, published the balance sheet of Alameda Research, a crypto investing company that also belonged to Bankman-Fried, things started to change. It revealed that Alameda had a sizable amount of FTT, a virtual currency developed by FTX. Even though the FTT had a certain market value, Alameda would be in danger of going bankrupt if the price dropped.

CZ (Changpeng Zhao), CEO of the cryptocurrency exchange Binance, a competitor of FTX, declared on November 6 that his business would offload all of its FTT tokens as a result of the leak of Alameda’s balance sheet. FTT’s cost dropped significantly. Many FTX users moved to remove their funds from the platform as the price fell.

The crypto community was already on edge despite the fact that the full extent of the connections between Alameda and FTX was not yet known. In the end, several billion dollars were poured out of FTX by people who rushed to withdraw their money before it ran out of funds. On November 8, FTX barred users from withdrawing funds from the system, which marked the fall of FTX. Not only did it shake the volatile crypto market, declining its overall market capitalization below $1 trillion, but also left some deep scars on the whole international crypto community that will have repercussions for years to come.

For More Interesting blogs like this visit our website : https://epillo.io/

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Bull Trap Or Breakthrough- Find Out The Mood Of Cryptos In 2023

The beginning of 2023 for the crypto community has been no less of a joy ride. Where bitcoin on one hand has again picked up the pace, the analysts are still looking for the sharks before stepping into the pool. Surprisingly, the market investors seem confident about the performance of bitcoin, which recently surpassed the $20,000 mark and currently trades around $23,000. While altcoins such as Ethereum, Dogecoin, and more have also shown an impressive surge, the whole world is closely eyeing the bitcoin chart to see whether it will touch the $30,000 mark or not.

Awestruck by the potential of the crypto market, analysts were unable to look for a single sign of positivity for such disastrous had been the repercussions of calamitous implosions in 2022. It includes the Terra Luna Crash in May that wiped out more than $200 Billion off the crypto space, followed by the FTX Collapse in November which wiped out around $150 Billion and ultimately pushed the crypto market capitalization below the $1 Trillion mark. Despite these negative sentiments, not only did the global crypto market capitalisation regain its $1 Trillion valuation but also recovered all the losses within the first month of 2023.

Areeb Ahmad, Global Head of Blockchain & Strategy at Epillo Health Systems, weighs in the risks and opportunities that lie ahead before Bitcoin reaches the $30,000 level. According to Areeb, while the bankruptcy filed by Genesis may create fears of a global macroeconomic turmoil, it will be worth noticing whether Bitcoin gains the trust of investors as it slows down nearing the next resistance level at $24,000. Not only will Bitcoin have to maintain the multiple crucial price levels that it will form but also break through the 200-SMA (Simple Moving Average) before reaching the $30,000 level.

Other global factors that are attributed to the unprecedented surge in crypto market capitalization include the relief in inflation after surging to a 40 year high mark in 2022, followed by the prediction of cuts in the Federal Reserve’s rate hikes. Furthermore, the ‘Halving Event,’ that is to be held in 2024, is creating an uptrend that is expected to bring-in more buying pressure. Halving Event is observed every four years, where the payouts of bitcoin miners are reduced in half and so the supply, which may surge the price of Bitcoin.

Following the trail of Bitcoin, the prices of other crypto coins have also skyrocketed that includes Ethereum, BNB, Dogecoin, XRP, Cardano, Polygon, and the infamous FTX linked Solana, which has added almost 21%. The upcoming month of February is going to be crucial to fuel the rise of cryptocurrencies for the Federal Reserve Officials will gather in its first week to decide the interest rates. The traders are speculating a 25-basis point increase in interest rates.

In the big picture, it will be worth observing whether Bitcoin could maintain its trajectory and remain unscathed by the negative market sentiments amid the fears of global recession. If it does, the world will witness a new wave of crypto where more and more businesses are likely to accept it for payments. In addition to that, some of the world’s top economies, such as India, that are currently supporting a ban on crypto, may accept it with wide open arms.

For More Interesting blogs like this visit our website : https://epillo.io/

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Is my smartwatch spying on me?

It all started with the Pegasus report, when we were introduced to the infamous spyware- Pegasus, developed by an Israeli company. The spyware was so powerful that it could be covertly installed in any mobile phone and use it as a real time surveillance device. Although the spyware was sold only to the governments, it started a global discussion about whose data is safe and to what extent could an individual be spied on. According to the experts, there is no limit to how deep a hacker can go to spy on someone; through the microphone of the mobile, through the camera of the smart television, and as per the latest addition, through the sensors in smartwatches. 

It created a storm of fear among people already dealing with online scams and breach of personal data, as devices like a smartwatch have become a necessity for many in order to track calories, ECG, Blood Pressure, and more. Kaspersky’s Lab conducted research on how easy it is to spy on someone using their smartwatch, only to find out some shocking results. According to Kaspersky, the versatility of features on a smartwatch is so vast that almost every function, from its camera to the accelerometer, could be easily infected. 

What came as a shock to the researchers was how an accelerometer in smartwatches could be used to find out whether you are walking, running, taking a stroll, climbing stairs, or sitting idle. If dug down deeper, the accelerometer in your smartwatch could also understand what you are typing by understanding your typing pattern. Although all of us have different typing methods; two hand typing, one hand typing, one finger typing, and more, the accelerometer could make out what an individual is typing on a computer, ATM machine, or a phone. 

A hacker could get your password by training a neural network to understand your typing pattern on different devices. For instance, if you type-in a particular phrase several times on your computer or smartphone, the accuracy of the network guessing the pattern gets higher every time it is typed. The signals produced by your accelerometer data will create a series of similar graphs that can easily be decoded, ultimately revealing your password to the hacker.  

Now the question is raised, is there any way one can do to prevent it or at least figure out a way to find out if they are being watched. The answer is yes. The only scope of trouble for the hacker is: the constant upload of accelerometer signal data requires a great amount of internet traffic, which can drain out a smartwatch’s battery in a matter of around six hours. If the smartwatch wearer happens to notice an unusual drop in the battery life, it should not take long for him to find out something is fishy. However, a smart hacker could avoid this situation by scooping up the data at very selective timings; for instance while you are at work or while you are entering your password. 

Before we close, you must be wondering about how accurate our smartwatches can be while guessing what we are typing on a laptop. Kaspersky Labs in its research also mentioned the accuracy with which your smartwatch can guess your passwords. For mobile phones, the accuracy might be as low as 64%, in case of entering a PIN code in the ATM machine, the accuracy surges up to approximately 87%, at last in computers, the shocking figure goes up to 96%. It leaves us with the same question, is there any way to prevent it? 

By simply staying away from any third party app other than the official mobile app recommended by your smartwatch company can help you stay safe to some extent. Experts also suggest switching on to a smartwatch that uses a decentralized network to secure its users’ data. With the implementation of Blockchain technology in the smartwatch, the data of users is spread across nodes, making it extremely difficult to hack. Ultimately proving that Blockchain technology is the need of the hour and it won't be too ambitious to say that the inclusion of Blockchain technology in wearables is opening several new doors.