With all the media burning news about cryptocurrency prices, you may be wondering how this affects the common man. Blockchain technology is right at the heart of cryptocurrency and other digital currencies.
There are various industrial and administrative problems that technology can solve for the common man. Do you own a small business but often feel that you lack transparency due to traditional methods of communication? Have you ever ended up with higher medical bills than usual? As a business owner, are you bothered to find legitimate candidates? These problems affect entrepreneurs, startups, small businesses, individuals and technology Blockchain seeks to provide solutions that make the lives of ordinary people much simpler with simplified solutions.
Banking in almost all countries is still very focused on paper-intensive transactions for any money transfer, record keeping or other background functions. Blockchain technology can copy this in digital format and create a decentralized book that allows not only bankers but also customers access to a single source of information. This system allows banks to eliminate the chances of fraud because bankers in the Blockchain book can digitally verify documentation and proof of ownership of assets that can be accessed at any time in a fixed format.
Identity theft is also a major problem in the banking sector, as citizens ’information is stolen and used to open fake accounts for illegal activities. According to the Federal Trade Commission’s online complaints database, over 13 million complaints have been filed due to card fraud and identity theft, of which 3 million were filed in 2016 alone. Through the blockchain system, customers can directly review all accounts under their name and immediately notify their banks in the event that they notice any suspicious activity in their banking data. Some well-known examples include the Hyperledger Fabric project supported by IBM and UBS Settlement Coin from UBS.
Blockchain technology can simplify healthcare in amazing ways and make medical data management much easier. Making patient records widely available can enable much more favorable research on drug development, and also reduces the implications of counterfeit drugs. Clinical trials and their outcomes can be made available in a decentralized network, enabling health professionals and researchers to conduct research and find solutions for better health care. Accenture is one of the largest companies to start offering innovative healthcare solutions for the healthcare sector for secure, fraud-free transactions.
Medicare scams can also crash through blockchain billing management because the billing system can be fully automated without any range of intermediaries committing fraudulent activities. With over 56 million people under the Medicare program since 2017, over $ 1.3 billion is being stolen by the government through fraudulent activities of rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical help from healthcare providers who overcharge for services offered by fraud. Centralized data not only helps healthcare professionals provide treatment based on the patient’s and his family’s history, but also eliminates the chances of the patient recalling past symptoms or disorders incorrectly.
One of the most important functions of the state administration is to record all data about its citizens. This includes information about individuals and businesses in terms of their assets and activities. Most of the recorded information is recorded in paper databases, which makes data management extremely difficult even in developed countries.
Blockchain-based systems like Killquity can encode all public records into a digital book to prevent citizens from changing data due to fraud. Identity theft is a problem that can be very difficult for the administration to deal with, and digitizing all public data to protect it from unauthorized representation can help prevent such cases of criminal activity.
One of the biggest limitations of the voting system in almost every country is that even today, voters must be physically present at polling stations to cast their ballots and can make things difficult for people who need to travel on polling days. More importantly, there is no way to check the results of a survey for the average citizen.
Blockchain development companies like Followmyvote are coming up with solutions that seek to make online voting a reality. It will provide citizens with public insight into accurate information on the position and results of surveys and various other statistics. It also leads to safer voting for citizens of countries in internal or external conflict, and criminal activities to force citizens to vote for certain candidates can be completely avoided.
Companies of all sizes find it difficult to find the right staff. Through blockchain technology, it is possible for companies to verify the credibility of all candidates through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with verified qualifications in a secure book that companies can refer to to hire candidates. Machine Learning is a New York-based company that is trying to solve this problem by focusing on recording verifiable worker data.
Tax-related or employment-related fraud accounts for 34% of all identity thefts since 2016, and the blockchain system makes the process of hiring any job much safer because the company would only have access to valid candidates, reducing the risk of hiring fraudulent workers. It also helps applicants by speeding up the recruitment process and helping them find eligible jobs and have a hassle-free process.
The use of blockchain technologies helps both individuals and businesses, and also protects personal data and makes important data publicly visible. Although blockchain has the best application in cryptocurrencies, its use can be extended to other sectors to provide meaningful solutions to citizens around the world.