Blockchain allows technological tracking without compromising privacy or security. This makes it ideal for rewarding individuals, whether they are employees, customers, or freelancers. It ensures that the reward points received by each person are guaranteed and can be verified regardless of where they are in the world. The system also allows users to track how their tokens are spent as part of product development and make an informed decision about what to buy.
According to , smart contract platform has been made accessible due to high speed in transactions, leading to increased token rewards. A new blockchain reward system may help people improve their activity levels and lead healthier lives for patients with a medical problems.
One area where health-related token rewards are already impacted is with medical records. For example, people who have Multiple Sclerosis and have difficulty walking long distances can take a tablet with a mobile application that accesses the MS patient’s digital medical record. The program then alerts the person’s doctor when they are starting to approach problems, allowing intervention before a full-blown episode occurs.
Medical record and privacy
Token rewards are also being used with a variety of information and activities. For example, in a corporate setting, employees can participate in short questionnaires via their mobile phones or laptops that access their medical records. The data then shows how employees feel regarding their work environment and productivity. The employee also demonstrates how they compare to others on exercise levels, nutrition, and stress levels.
This is another area where token rewards are being used to incentivize people to perform better or avoid behaviors that lead to illness or injury. For example, a fitness-tracking device may claim to be able to predict an impending heart attack, but if the user does not heed the warning, then there would be a reduction in their token rewards.
The way that token rewards are usually handled is by using the tokens as currency for economic transactions. Token rewards can be earned through various activities: blockchain mining, playing online games, and even consuming food.
After earning tokens for their efforts, people can spend them on products and services from various manufacturers and service providers. These enterprises have usually partnered with the original reward system to make it easier for users to redeem their tokens after earning them.
Benefits of Token rewards
Rewards based on accumulated tokens may also encourage people to stick with fitness efforts over the long term, resulting in positive habits that could easily last their whole lives. This could help lower the number of people who get ill from preventable diseases.
A possible future step may be for specific token reward systems to intervene directly with health monitoring devices connected to the individual’s vital signs and medical records.
The increase in blockchain tech for rewards systems has a significant impact on the sector. Apart from its potential to drastically cut back on hospital and medical costs, this represents a huge growth opportunity for those who can create and manage such systems.
Considering that blockchain technology can be used for product development, such as creating smart contracts, some tokens may be used for this purpose. For example, a smart contract could issue a token to a future buyer of an apartment. This would create an incentive for buyers to live in the apartment and pay rent on the property, eventually releasing its value from the token reward system.