5 Ways Blockchain Will Transform The Life Of A Common Man
Almost all of the media set ablaze with news of prices of cryptocurrencies, you may wonder how it affects a known man. Right at soul of cryptocurrency and other digital currencies is Blockchain technology.
There are various industrial and administrative problems that the technology can solve for your common guy. Do you own a company but often feel transparency is lacking because of traditional ways of communication? Have you ever landed with with higher than usual medical bills? Like a business owner, is finding legitimate candidates a hassle for you and your family? These problems affect entrepreneurs, startups, small businesses, individuals and Blockchain technology seeks to solutions to the lifetime of a common man less difficult through simplified solutions.
Banking in almost all countries stays very specializing in paper-intensive transactions for some cash transfer, recordkeeping or other back-end functions. Blockchain technology can replicate this in more recent digital type format and create a decentralized ledger enables not just bankers but also the customers to access a single source information. This system allows banks to eliminate chances of fraud as documentation and proof of ownership of assets could be checked digitally by bankers in the Blockchain ledger which can be accessed at any time in unalterable form.
Identity theft is yet another major overuse injury in the banking sector, with citizens' information being stolen and used to open fraudulent accounts for illegal activities. According to government employees Trade Commission's online database of complaints, there have been over 13 million complaints filed for card fraud and identity fraud with 3 million complaints being filed in 2016 alone. Through a blockchain system, customers can directly view all accounts owned under their name and immediately notify their respective banks in case they spot any suspicious activity in their banking important information. Some of the known consist of IBM-backed Hyperledger Fabric project and the Utility Settlement Coin by UBS.
Blockchain technology can simplify healthcare in incredible ways and make medical data management much simpler. Making patient records widely accessible will allow for research on drug development much more convenient, and it also also decreases the implications of counterfeit . Clinical trials and their outcomes can be made available in a decentralized network, allowing healthcare specialists and researchers to conduct research and find solutions much better healthcare. Accenture is really want the biggest companies possess started offering innovative healthcare solutions for your medical care sector for secure and fraud-free matters.
Medicare frauds can additionally be brought down through 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 from the government through fraudulent activities by rehabilitation facilities and home health care services. Blockchain systems can effectively safeguard citizens who are looking for medical some help from healthcare suppliers that overcharge for services offered through fraudulent billing solutions. The centralized data not only help medical professionals in offering treatment based on the history of the patient and his/her family however, it also eliminates the associated with a patient incorrectly recollecting past symptoms or ailments.
One of the most important civic administration functions from the government is to record data about its citizens. Will probably information about individuals and businesses associated to their assets and activities. The last thing the recorded information is recorded in paper databases, making data management almost impossible even in developed countries.
Blockchain-based systems like Ubitiquity can encode all public records in more recent digital type ledger to help the data on citizens from being altered for fraudulent steps. Identity theft can be a problem that can be very difficult to along with for plan and digitizing all accumulated to makes it tamper-proof enable prevent situations like this of criminal activity.
One of the biggest limitations of the voting system in every single business country often that even today, voters really should be physically present at polling booths to cast their votes and may make things difficult for people who require to travel on poll days. More importantly, will be the major no associated with verifying the poll results for the average citizen.
Blockchain development companies like Followmyvote are coming develop solutions that seek to make online voting a reality. It will allow citizens to view accurate regarding 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 surely.
Businesses of sizes have a hard time finding suitable staff. Through blockchain technology, it is possible for businesses to verify credentials most applicants through a digital data source. Blockchain technology could be applied hot water is created a decentralized database of professionals with verified qualifications in a secure ledger that companies can make reference to for hiring candidates. Learning Machine is often a New-York based company that seeks deal with 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 the blockchain system makes recruiting process for business more greatly secure as a company would have access to valid candidates only, decreasing the risk of hiring fraudulent employees. It also helps applicants by speeding up the hiring process and helping them in order to jobs might eligible for and have a hassle-free application.