5 Ways Blockchain will transform the life of an ordinary man

When all the media is informed about the prices of cryptocurrencies, you can ask how it affects an ordinary human being. At the heart of cryptocurrency and other digital currencies is Blockchain technology.

There are many industrial and administrative problems that technology can solve for the common human being. Are you a small business but often find it lacking in transparency due to traditional communication methods? Have you ever had higher than usual medical bills? Since you are a business owner, is it a problem for you to find legitimate candidates? These problems are intended to provide a solution to entrepreneurs, startups, small businesses, people and Blockchain technologies to make the life of an ordinary human being much easier through simplified solutions.

Bank

The bank is still focused on high-intensity paper transactions in almost every country, for any money transfer, record keeping or other back-end functions. Blockchain technology can replicate 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 fraudulent opportunities, digitally verify asset ownership documentation and credentials in their Blockchain library, in a variable format that can be accessed at any time.

Identity theft is also a major problem in the banking sector as it is used to steal citizen information and open fraudulent 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. Through a blockchain system, customers can directly view all accounts that own their name and immediately notify their respective banks if they detect any suspicious activity in their bank details. Known examples include the IBM-sponsored Hyperledger Fabric project and UBS’s Utility Settlement Coin.

health

Blockchain technology can incredibly simplify health and make medical data management much easier. The fact that patient records are widely available makes research on drug development much more convenient, and also reduces the effects of counterfeit drugs. Clinical trials and their results are available in a decentralized network for health specialists and researchers to conduct research and find solutions for better health. Accenture is one of the largest companies to start offering innovative healthcare solutions for the medical sector to conduct secure and fraud-free transactions.

Medicare fraud can also be reduced through blockchain billing management, as the billing system can be fully automated without any scope for intermediaries to engage in fraudulent activities. With more than 56 million people under Medicare in 2017, the government has ripped off more than $ 1.3 billion from fraudulent activities by rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens who require medical care from health care providers who overcharge their services through fraudulent billing practices. Centralized data helps medical professionals to provide treatment based on the patient’s and his or her family’s history, but it also eliminates the patient’s chances of remembering past symptoms or disorders badly.

Public records

One of the most important functions of a government’s civic administration is to record all information about citizens. This includes information about individuals and companies regarding their assets and activities. Most of the recorded information is recorded in paper databases, and data management is very difficult even in developed countries.

Blockchain-based systems like Ubitiquity can encrypt all public records in a digital book so that citizen data is not altered by fraudulent activities. Identity theft is a problem that can be very difficult for the administration and digitizing all public information can help prevent manipulation to prevent such cases of criminal activity.

Voting

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 vote and make things harder for people who have to travel on election day. More importantly, there is no way to verify the results of the survey to the average citizen.

Blockchain development companies like Followmyvote offer solutions that seek to make online voting a reality. It will allow citizens to publicly view detailed information about the classification and results of surveys and many other statistics. In addition, criminal activities to force citizens to vote in countries in internal or external conflict and to force citizens to vote for specific candidates can be completely avoided.

Hiring companies

Companies of all sizes have difficulty finding the right employees. With blockchain technology, it is possible for companies to verify the credentials of all applicants through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with accredited degrees in a secure library where businesses can refer to hiring candidates. Learning Machine is a New York City company that seeks to address this issue by focusing on recording verifiable information about new employees.

Tax or employment fraud accounts for 34% of all identity theft as of 2016, and the blockchain system makes the hiring process for any business much more secure, as the company would only get valid candidates, reducing the risk of hiring fraudulent employees. . It also helps applicants speed up the recruitment process and helps them find the right jobs and have a smooth application process.

The use of blockchain technologies helps individuals and businesses, and also protects personal information by making relevant data publicly visible. Although the blockchain has the best cryptocurrency application, its use can also be extended to other sectors to provide meaningful solutions to citizens around the world.

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