In all the media burning news about cryptocurrency prices, you may be wondering how it affects the common man. Right at the heart of cryptocurrencies and other digital currencies is Blockchain technology.
There are various industrial and administrative problems that this technology can solve for the common man. Do you have a small business, but do you often feel that transparency is lacking due to traditional methods of communication? Have you ever received higher than usual medical bills? As a business owner, finding legitimate candidates worries you? These problems affect entrepreneurs, startups, small businesses, individuals, and Blockchain technology seeks to find solutions that make a simplified life for ordinary people through simplified solutions.
Banking in almost all countries is still very focused on paper transactions for any remittances, record keeping or other resources. Blockchain technology can reproduce this in digital format and create a decentralized book that allows not only bankers but also customers to access a single source of information. This system allows banks to rule out the possibility of fraud, as documentation and proof of ownership of assets can be verified digitally by bankers in the Blockchain book, which can be accessed at any time in an unchanged format.
Theft of personal data is also a major problem in the banking sector when citizens ’information is stolen and used to open fake accounts for illegal activities. According to the Federal Trade Commission’s online complaints database, more than 13 million complaints have been filed for card fraud and identity theft, of which 3 million were filed in 2016 alone. With the blockchain system, customers can directly view all accounts owned under their name, and immediately notify their banks in case they notice suspicious activity in their bank details. Some notable examples include the IBM-supported Hyperledger Fabric project and UBS’s Utility Settlement Coin coin.
Blockchain technology can incredibly simplify healthcare and greatly simplify medical data management. Making patient records widely available can make drug development research much more convenient, and reduce the effects of drug counterfeiting. Clinical trials and their results can be accessed in a decentralized network, allowing health professionals and researchers to conduct research and find solutions to improve health care. Accenture is one of the largest companies that has started offering innovative medical solutions for the medical sector for secure transactions and fraud.
Fraud with Medicare can also be brought down by account management in a blockchain, as the billing system can be fully automated without any action by intermediaries who commit fraud. As of 2017, more than 56 million people were under Medicare, and more than $ 1.3 billion was deprived by the government through fraudulent actions by rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical care from health care providers who overpay for services provided through fraudulent billing practices. Centralized data not only helps health care providers offer treatment based on the patient’s and his / her family history, but also eliminates the possibility of patients remembering past symptoms or disorders incorrectly.
One of the most important functions of a government’s civilian administration is to record all information about its citizens. This includes information about individuals and businesses regarding their assets and activities. Most of the recorded information is recorded in paper databases, making data management extremely difficult even in developed countries.
Blockchain-based systems, such as Ubitiquity, can encode all publicly available entries in a digital book to prevent changes in citizens ’data on fraud. Theft of personal data is a problem that the administration can find very difficult to combat, and digitizing all publicly available information to protect against fraud can help prevent such criminal activity.
One of the biggest limitations of the voting system in virtually every country is that even today, voters must be physically present at polling stations to cast their ballots, and this can complicate the situation for people who need to travel on election day. More importantly, there are no ways for an ordinary citizen to check the results of surveys.
Blockchain developers, such as Followmyvote, offer solutions that seek to make online voting a reality. This will allow citizens to publicly view accurate information on the status and results of surveys, as well as various other statistics. It also leads to safer voting for citizens of countries in internal or external conflicts, and criminal activities can be completely avoided by forcing citizens to vote for specific candidates.
Hiring a business
Businesses of all sizes have a hard time finding the right staff. Thanks to blockchain technology, businesses can verify the credentials of all applicants using a digital database. Blockchain technology can be used to create a decentralized database of professionals with proven qualifications in a reliable book that companies can turn to for hiring candidates. Learning Machine is a New York company that seeks to solve this problem by focusing on recording verification information about employees.
Tax or employment fraud accounts for 34% of all identity thefts as of 2016, and the blockchain system makes the process of hiring any business much safer, as the company will only have access to genuine candidates, reducing the risk of hiring fraudulent employees. It also helps applicants by speeding up the hiring process and helping them find a job they can apply for, and they have a smooth application process.
The use of blockchain technology helps both people and businesses, and protects personal information by making important data public. While blockchain has the best application in cryptocurrency, its use can be extended to other sectors to provide meaningful solutions to citizens around the world.