With all the media full of news about cryptocurrency prices, you may be wondering how this affects the average person. Blockchain technology is at the heart of cryptocurrency and other digital currencies.
There are various industrial and administrative problems that technology can solve for the average person. Do you own a small business, but often feel that there is a lack of transparency due to traditional methods of communication? Have you ever had higher than usual medical bills? As a business owner, finding legitimate candidates is a problem for you? These problems affect entrepreneurs, start-ups, small businesses, individuals and technology Blockchain seeks to provide solutions that make the life of the average person much simpler through simple solutions.
Banking in almost all countries is still very focused on paper transactions for any money transfer, record keeping or other back end functions. 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 eliminate the chances of fraud, as documentation and proof of asset ownership can be checked digitally by bankers in the blockchain book, which can be accessed at any time in a fixed format.
Identity theft is also a major problem in the banking sector, with citizens’ information being stolen and used to open fraudulent accounts for illegal activities. According to the Federal Trade Commission’s online complaints database, more than 13 million complaints of card fraud and identity theft have been filed, 3 million of which were filed in 2016 alone. Through a blockchain system, customers can see all accounts directly. held on their behalf, and immediately notify their respective banks in the event that they notice any suspicious activity in their bank details. Some well-known examples include the IBM-supported Hyperledger Fabric project and UBS’s Utility Settlement Coin.
Blockchain technology can simplify healthcare in amazing ways and make managing medical data much easier. Providing widely available patient files can allow for much more convenient drug development research and also reduce the effects of counterfeit drugs. Clinical trials and their results can be provided in a decentralized network, allowing healthcare professionals and researchers to conduct research and find solutions for better healthcare. Accenture is one of the largest companies to offer innovative healthcare solutions for the healthcare sector for secure, fraud-free transactions.
Fraud with Medicare can also be eliminated by managing blockchain invoicing, as the invoicing system can be fully automated, without any scope of fraudulent intermediaries. With more than 56 million people under Medicare by 2017, more than $ 1.3 billion has been hijacked by the government through fraudulent activities from rehab facilities and home health services. Blockchain systems can effectively protect citizens seeking medical help from healthcare providers who overestimate the services offered through fraudulent billing practices. Centralized data not only helps healthcare professionals suggest treatment based on the patient’s history and his / her family, but also eliminates the chances of the patient remembering past symptoms or disorders incorrectly.
One of the most important functions of the government’s civilian administration is to record all information about its citizens. This includes information about individuals and companies regarding their assets and activities. Most of the recorded information is stored 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 register to protect citizens’ data from fraud. Identity theft is a problem that can be very difficult for the administration to deal with, and digitizing all public information to protect it from falsification can help prevent such 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 the polls to vote, and it can be difficult for people to travel on election day. More importantly, there are no means to verify the results of the survey for the average citizen.
Blockchain development companies like Followmyvote are coming up with solutions that seek to make online voting a reality. This will allow citizens to see accurate information about the ranking and results of surveys and various other statistics publicly. This also leads to safer voting for citizens of countries in internal or external conflict, and criminal activities to force citizens to vote for specific candidates can be completely avoided.
Hiring a business
Businesses of all sizes find it difficult to find the right staff. Using blockchain technology, it is possible for companies to verify the identification data of all candidates through a digital database. Blockchain technology can be used to create a decentralized database of professionals with proven qualifications in a secure book that businesses can rely on to hire candidates. Learning Machine is a New York-based company that seeks to address this problem, which focuses on recording verifiable information for workers.
Tax or employment fraud accounted for 34% of all identity thefts by 2016, and the blockchain system makes the hiring process much more secure for any business, as the company will only have access to valid applicants, reducing the risk of hiring fraudulent employees. It also helps applicants by speeding up the recruitment process and helping them find eligible jobs and have a smooth application process.
The use of blockchain technology helps both individuals and businesses and also protects personal information while making important data publicly available. 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.