With all the media burned by the news about the prices of cryptocurrencies, you may be wondering how it affects an ordinary man. At the heart of cryptocurrency and other digital currencies is Blockchain technology.
There are several industrial and administrative problems that technology can solve for the common man. Do you have a small business but often think that transparency is lacking due to traditional methods of communication? Have you ever ended up with higher-than-usual medical bills? As a business owner, is it hard to find legitimate candidates? These problems affect entrepreneurs, startups, small businesses, individuals and Blockchain technology seeks to provide solutions to make the life of an ordinary man much easier through simplified solutions.
Banking in almost every country remains highly focused on paper-intensive transactions for any money transfer, record keeping or other back-end functions. Blockchain technology can replicate it in digital format and create a decentralized ledger that allows not only bankers but also customers to access a single source of information. This system allows banks to eliminate the likelihood of fraud, as documentation and proof of ownership of assets can be digitally verified by banks in Blockchain’s ledger, which can be accessed at any time in an unalterable format.
Identity theft is also a major problem in the banking sector, as information is stolen from citizens and used to open fraudulent accounts for illegal activities. According to the Federal Trade Commission’s online complaints database, there have been more than 13 million complaints filed for card fraud and identity theft, and only 3 million of those complaints were filed in 2016. Through a blockchain system, customers can directly view all the accounts they hold under their name and notify them immediately to their respective banks in case they detect any suspicious activity in their bank details. Some of the known examples include the Hyperledger Fabric project supported by IBM and the UBS Utility Settlement Coin.
Blockchain technology can simplify healthcare in incredible ways and facilitate medical data management. Making patient records widely accessible can make drug development research much more convenient, and also reduces the implications of counterfeit drugs. Clinical trials and their results can be made available in a decentralized network, allowing health specialists and researchers to conduct research and find solutions for better health care. Accenture is one of the largest companies that has begun offering innovative healthcare solutions to the healthcare industry for secure, fraud-free transactions.
Medicare fraud can also be reduced by managing blockchain billing, as the billing system can be fully automated without intermediaries being able to commit fraudulent activities. With more than 56 million people under Medicare in 2017, more than $ 1.3 billion has been ripped off by the government through fraudulent activities in rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical care from health care providers who overcharge for services offered through fraudulent billing practices. Centralized data not only helps medical professionals offer treatment based on the history of the patient and their family, but also eliminates the chances of a patient incorrectly remembering past symptoms or disorders.
One of the most important civic administration functions of a government is to record all the information about its citizens. It includes information about people and companies about their assets and activities. Most of the recorded information is recorded in paper databases, which makes data management extremely difficult even in developed countries.
Blockchain-based systems such as Ubitiquity can encrypt all public records in a digital book to prevent citizen data from being altered by fraudulent activities. Identity theft is a problem that can be very difficult to address for the administration and the digitization of all public information to make it tamper proof can help prevent these cases of criminal activity.
One of the biggest limitations of the voting system in almost every country is that even today, voters have to be physically present at polling stations to cast their votes and can make things difficult for people who need to travel on election days. election. More importantly, there is no means to verify the results of the survey for the average citizen.
Blockchain development companies like Followmyvote are proposing solutions that try to make online voting a reality. It will allow citizens to publicly view accurate information about rankings and survey results and various other statistics. It also entails safer voting for citizens of countries in internal or external conflict and criminal activities can be completely avoided to force citizens to vote for specific candidates.
Companies of all sizes have difficulty finding the right staff. Using blockchain technology, companies can verify the credentials of all applicants using a digital database. Blockchain technology can be applied to create a decentralized database of professionals with verified qualifications in a secure ledger to which companies can refer to hire candidates. Learning Machine is a New York-based company that seeks to address this issue by focusing on recording verifiable information about workers.
Tax or labor fraud accounts for 34% of all identity theft from 2016 and a system of blocking chains makes the hiring process of any company much more secure, as a company will only have access to candidates valid, reducing the risk of hiring fraudulent employees. . It also helps applicants by speeding up the hiring process and helping them find jobs to which they are eligible and have a hassle-free application process.
The use of blockchain technologies helps both individuals and businesses, and also protects personal information while making important data visible. While blockchain has the best cryptocurrency application, its use can be extended to other sectors to provide meaningful solutions to citizens around the world.