The Power of WEB3: Protecting Data, Enhancing Healthcare

Web3 technologies are revolutionizing the way we handle, store, and share data. By using network architectures, distributed ledgers, and decentralized AI, these innovations promise to boost consumer data privacy. Traditional systems, often managed by third parties, are susceptible to data breaches due to centralized storage and unnecessary data movement. Healthcare data breaches, in particular, have been a growing concern, with ransomware attacks causing operational halts in hospitals. Web3 wallets are becoming crucial for global financial inclusion. They empower individuals through self-custody, reduce costs, and promote inclusion, especially in developing economies. Despite needing improvements, their usage is rising steadily. By 2025, the global cryptocurrency user base is expected to exceed 500 million, with significant growth in emerging markets. This paper introduces a concept that goes beyond cryptocurrencies and finance. It focuses on real-world use cases that require access to a person's holistic data, including financial and health records, genomic data, and advanced directives. This data needs to be privacy-protected and shared with specific actors in the Web3 ecosystem using decentralized identifiers and non-fungible token badges. The author presented this idea at ETHBoston in April 2024, winning acclaim for a primitive implementation using threshold cryptography. This concept has since evolved into a comprehensive holistic data share application for global healthcare.