5 Ways Blockchain Will Transform the Life of a shared Man

With all of the media set ablaze with news of prices of cryptocurrencies, you may surprise how it affects a shared man. Right at the heart of cryptocurrency and other digital currencies is Blockchain technology.

There are various industrial and administrative problems that the technology can solve for the shared man. Do you own a small business but often feel transparency is lacking because of traditional methods of communication? Have you ever ended up with higher than usual medical bills? As a business owner, is finding authentic candidates a hassle for you? These problems affect entrepreneurs, startups, small businesses, individuals and Blockchain technology seeks to provide solutions to make the life of a shared man much simpler by simplified solutions.

Banking

Banking in almost all countries is nevertheless very focused on paper-intensive transactions for any money move, recordkeeping or other back-end roles. Blockchain technology can replicate this in a digital format and create a decentralized ledger that allows not only the bankers but also the customers to access a single source of information. This system allows edges to eliminate chances of fraud as documentation and proof of ownership of assets can be checked digitally by bankers in the Blockchain ledger which can be accessed at any time in an unalterable 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 database of complaints, there have been over 13 million complaints filed for card fraud and identity theft with 3 million of these complaints being filed in 2016 alone. by a blockchain system, customers can directly view all accounts owned under their name and closest notify their respective edges in case they identify any suspicious activity in their banking details. Some of the known examples include IBM-backed Hyperledger Fabric project and the Utility Settlement Coin by UBS.

Healthcare

Blockchain technology can simplify healthcare in incredible ways and make medical data management much simpler. Making patient records widely easy to reach can allow research on drug development much more functional, and it also reduces the implications of counterfeit drugs. Clinical trials and their outcomes can be made obtainable in a decentralized network, allowing healthcare specialists and researchers to conduct research and find solutions to better healthcare. Accenture is one of the biggest companies that have started offering inventive healthcare solutions for the medical care sector for obtain and fraud-free transactions.

Medicare frauds can also be brought down by blockchain billing management as the billing system can be fully automated without any scope of intermediaries committing fraudulent activities. With over 56 million people under Medicare as of 2017, over $1.3 billion has been ripped off the government by fraudulent activities by rehabilitation facilities and home health care sets. Blockchain systems can effectively safeguard citizens who seek medical assistance from healthcare providers that overcharge for sets offered by fraudulent billing practices. The centralized data not only help medical professionals in offering treatment based on the history of the patient and his/her family but it also eliminates the chances of a patient incorrectly recollecting past symptoms or disorders.

Public Records

One of the most important civic administration roles of a government is to record all information about its citizens. This includes information about individuals and businesses with regards to their assets and activities. Most of the recorded information is recorded in paper databases, making data management extremely difficult already in developed countries.

Blockchain-based systems like Ubitiquity can encode all public records in a digital ledger to keep the data on citizens from being changed for fraudulent activities. Identity theft is a problem that can be very difficult to deal with for the administration and digitizing all public information to make it tamper-proof can help prevent such instances of criminal activity.

Voting

One of the biggest limitations of the voting system in almost every country is that already today, voters need to be physically present at polling booths to cast their votes and can make things difficult for people who need to travel on poll days. More importantly, there are no method of verifying the poll results for the average citizen.

Blockchain development companies like Followmyvote are coming up with solutions that seek to make online voting a reality. It will allow citizens to view accurate information on poll standings and results and various other statistics publicly. It also leads to safer voting for citizens of countries in internal or external conflict and criminal activities to coerce citizens into voting for specific candidates can be completely avoided.

Business Hiring

Businesses of all sizes have a hard time finding the right staff. by blockchain technology, it is possible for businesses to verify credentials of all applicants by a digital database. Blockchain technology can be applied to create a decentralized database of professionals with verified qualifications in a obtain ledger that businesses can refer to for hiring candidates. Learning Machine is a New-York based company that seeks to address this problem that focuses on recording verifiable information on workers.

Tax or employment-related frauds make up 34% of all identity theft as of 2016, and a blockchain system makes the hiring course of action for any business much more obtain as a company would have access to valid candidates only, reducing the risk of hiring fraudulent employees. It also helps applicants by speeding up the hiring course of action and helping them to find jobs they are eligible for and have a hassle-free application course of action.

Use of blockchain technologies helps individuals and businesses alike, and it also protects personal information while making important data publicly visible. While blockchain has the best application in cryptocurrency, its use can spread to other sectors in addition to provide meaningful solutions to citizens around the world.

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