With all the media setting on fire with news of cryptocurrency prices, you may be wondering how it affects an ordinary man. Right in the heart of cryptocurrency and other digital currencies is Blockchain technology.
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 transparency is lacking due to traditional communication methods? Have you ever ended up with higher than usual medical bills? Is it a hassle for you to find legitimate candidates as a business owner? These issues affect entrepreneurs, start-ups, small businesses, individuals and Blockchain technology looking to provide solutions that make an ordinary person's life much simpler through simplified solutions.
Banking in almost every country is still very much focused on paper-intensive transactions for any money transfer, registration and other backend functions. Blockchain technology can repeat this in a digital format, creating a decentralized ledger that not only gives bankers but also customers access to a single source of information. This system allows banks to eliminate the chances of fraud, as documentation and proof of asset ownership can be digitally checked by bankers in the Blockchain ledger, which can be accessed at any time in an immutable format.
Identity theft is also a major problem in the banking sector, where citizens' information is stolen and used to open fake accounts for illegal activities. According to the Federal Trade Commission & # 39; s online complaint database, there have been over 13 million complaints filed for card fraud and identity theft, with 3 million of those 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 if they discover any suspicious activity in their banking information. Some of the known examples include IBM-supported Hyperledger Fabric project and Utility Settlement Coin by UBS.
Blockchain technology can simplify healthcare in incredible ways and make medical data management much simpler. Making patient records widely available can allow research into drug development much more practically, and it also reduces the consequences of counterfeit drugs. Clinical trials and their results can be made available in a decentralized network that enables 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 services to the medical sector for secure and fraud-free transactions.
Medicare fraud can also be brought down through blockchain billing management, as the billing system can be fully automated without the scope of intermediaries committing fraudulent activities. With over 56 million people under Medicare in 2017, over $ 1.3 billion has been spent by the government through fraudulent activities from rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical care from healthcare providers who overcharge for services offered through fake billing methods. The centralized data not only helps medical professionals offer treatment based on the patient and his / her family history, but they also eliminate the chances of a patient incorrectly remembering previous symptoms or disorders.
One of the most important civil administration functions for a government 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 recorded in paper databases, making data management extremely difficult even in developed countries.
Blockchain-based systems like Ubitiquity can encode all public records in a digital ledger to prevent citizen data from being changed for fraudulent activities. Identity theft is a problem that can be very difficult to handle for the administration and digitization of all public information to make it tamper-proof can help prevent such cases of criminal activity.
One of the biggest constraints of the voting system in almost any country is that even today, voters have to be physically present in polling stations to cast their votes and can make it difficult for people in need of travel on election days . More importantly, there is no means to verify the voting results of the average citizen.
Blockchain development companies like Followmyvote come up with solutions that seek to make online voting a reality. It will allow citizens to see accurate information about the results and results of the polls and various other statistics publicly. It also leads to a more secure vote 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 credentials for all applicants through a digital database. Blockchain technology can be used to create a decentralized database of verified qualifications professionals in a secure ledger that companies can refer to to hire candidates. Learning Machine is a New York-based company that seeks to address this issue that focuses on registering verifiable information about workers.
Tax or employment-related fraud makes up 34% of all identity theft from 2016, and a blockchain system makes the hiring process much safer for any company, as a company only has access to valid candidates, reducing the risk of hiring fraudulent employees. It also helps applicants by speeding up the hiring process and helping them find jobs they are eligible for and have a hassle-free application process.
Using blockchain technologies helps both individuals and businesses, and it also protects personal information while important data becomes publicly visible. While the blockchain has the best application in cryptocurrency, its use can spread to other sectors to also provide meaningful solutions to citizens worldwide.