After all the media is buzzing with news about the prices of cryptocurrencies, you may be wondering how this affects the average person. Blockchain technology is at the heart of cryptocurrency and other digital currencies.
There are various industrial and administrative problems that technology can solve for the average person. Do you own a small business, but often feel that there is a lack of transparency due to traditional methods of communication? Have you ever had higher than usual medical bills? As a business owner, is it trouble for you to find legitimate candidates? These issues affect entrepreneurs, start-ups, small businesses, individuals and technology. Blockchain seeks to provide solutions to make life easier for the average person through simple solutions.
Banking in almost all countries is still very focused on paper-intensive transactions for any money transfers, record keeping or other back-end functions. Blockchain technology can reproduce this 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 the chances of fraud, as documentation and proof of asset ownership can be checked digitally by bankers in the Blockchain book, which can be accessed at any time in an unchanged 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 online database of complaints of the Federal Trade Commission, more than 13 million complaints have been filed for card fraud and identity theft, and in 2016 alone, 3 million of them were filed. Through a blockchain system, customers can directly view all accounts held under their name and immediately notify their respective banks in case they notice any suspicious activity in their bank details. Some well-known examples include the IBM-supported Hyperledger Fabric project and UBS’s Uint Settlement Coin.
Blockchain technology can simplify healthcare in amazing ways and make medical data management much simpler. Making patient records widely available can allow much more convenient drug development research and also reduce the effects of counterfeit drugs. Clinical trials and their results can be provided in a decentralized network, allowing health professionals and researchers to conduct research and find solutions for better healthcare. Accenture is one of the largest companies that has begun to offer innovative healthcare solutions for the medical sector for secure and fraud-free transactions.
Medicare fraud can also be reduced by blockchain billing management, as the billing system can be fully automated without the reach of fraudulent intermediaries. With more than 56 million people under Medicare by 2017, more than $ 1.3 billion has been snatched from the government through fraudulent activities from rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical help from healthcare providers who overestimate services offered through fraudulent billing practices. Centralized data not only helps healthcare professionals offer treatment based on the patient’s history and his / her family, but also eliminates the patient’s chances of remembering past symptoms or disorders incorrectly.
One of the most important functions of the government’s civilian 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 stored in paper databases, which makes data management extremely difficult even in developed countries.
Blockchain-based systems such as Ubitiquity can encode all public records in a digital book to protect citizens’ data from fraud. Identity theft is a problem that the administration can find very difficult to deal with, and digitizing all public information to protect it from falsification 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 make things difficult for people who have to travel on election day. More importantly, there are no means to verify the results of surveys for the average citizen.
Blockchain development companies like Followmyvote offer solutions that seek to make online voting a reality. This will allow citizens to see publicly accurate information about the ranking and results of surveys and various other statistics. This also leads to safer voting for citizens of countries in internal or external conflicts, and criminal activities to force citizens to vote for specific candidates can be completely avoided.
Hiring a business
Businesses of all sizes find it difficult to find the right staff. Using blockchain technology, it is possible for companies to verify the identification data of all applicants through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with a proven qualification in a secure book that companies can turn to to hire candidates. Learning Machine is a New York-based company that seeks to address this problem, which focuses on recording verifiable information for workers.
Tax or employment fraud accounted for 34% of all identity thefts by 2016, and the blockchain system makes the hiring process for any business much more secure, as a company will only have access to valid applicants, reducing the risk from hiring fraudulent employees. It also helps applicants by speeding up the hiring process and helping them find a job for which they are eligible and have a smooth application process.
The use of blockchain technology helps both people and businesses, and also protects personal information while making important data publicly visible. While the blockchain has the best application in cryptocurrency, its use can be extended to other sectors to provide meaningful solutions to citizens around the world.