With all the media crying about cryptocurrency pricing news, you might be wondering how this affects an average person. There's blockchain technology at the center of cryptocurrencies and other digital currencies.
There are various industry and administrative issues that technology can solve for ordinary people. Do you own a small business but often feel that there is a lack of transparency due to the traditional communication method? Have you ever ended up with more bills than medical bills? As a business owner, are you having any trouble with legitimate candidates? These issues affect entrepreneurs, startups, small businesses, individuals and blockchain technology trying to provide solutions to make the lives of ordinary people easier through solutions available.
In almost all countries, banking is still very attentive to paper-intensive transactions for any money transfers, recordkeeping or other back-end functions. Blockchain technology can replicate it in a digital format and create a decentralized sector that allows not only bankers but customers to access single source of information. This system allows banks to eliminate the possibility of fraud because the documentation and proof of property ownership can be digitally verified by bankers in the blockchain account, which can be accessed at any time in an irreversible format.
Identity theft is also a major problem in the banking sector with citizens; Opening fraudulent accounts and stealing information is being used for illegal activities. According to the Federal Trade Commission's Complaints Online database, more than 13 million complaints have been filed for card fraud and identity theft in 2016 alone, of which more than 3 million were filed. With a blockchain system, customers can directly view all the accounts owned by their name and can immediately notify their bank if they see any suspicious activity in their bank details. Some of the known examples are IBM-backed Hyperlander fabric projects and utility settlement coins by UBS.
Blockchain technology can make healthcare easier in incredible ways and make treatment data management easier. Research on the development of drugs that make patient records widely accessible can greatly facilitate and reduce the impact of counterfeit drugs. Clinical trials and their findings can be made available on a decentralized network, allowing healthcare professionals and researchers to conduct research and find better healthcare solutions. Accenture is one of the companies starting to offer innovative healthcare solutions in the medical care sector for secure and fraud-free transactions.
Medicare frauds can also be reduced through blockchain billing management because the billing system can be fully automated with no opportunity for intermediaries to commit fraud. By 2017, more than 1 million people under Medicare had been robbed of $ 1.8 billion through fraudulent activities through rehabilitation facilities and home health care services. Blockchain systems can effectively protect citizens who seek medical help from healthcare providers who charge extra for services provided through fraudulent billing practices. The centralized information not only helps the treatment professional to treat the patient based on the patient's and his / her family history, but it also eliminates the possibility of the patient recovering from past symptoms or disorders incorrectly.
One of the most important civil administration functions of the government is to record all information about its citizens. This includes information about the assets and activities of individuals and businesses. Most of the data recorded is recorded in a paper database, making it extremely difficult to manage data even in developed countries.
Blockchain-based systems, such as Ubiquity, can encode all public records into a digital ledger to prevent citizens from changing their data for fraudulent activity. Identity theft is a problem that is difficult for the administration to deal with, and digitizing all public information to make it tamper-proof can help prevent such incidents of criminal activity.
One of the limitations of almost every country's voting system is that voters still need to be physically present at the polling booths, and this can create problems for people who need to travel on election day. More importantly, there is no way for the average citizen to verify the survey results.
Blockchain development companies like Folomivot are coming up with solutions that try to turn online voting into reality. It will allow citizens to publicly view accurate information about poll standings and results and various other statistics. This leads to a safe avoidance of citizens of countries of internal or external conflict and criminal activities to avoid citizens compelling them to vote for certain candidates.
It takes a lot of time to find the right business person in all sizes. With blockchain technology, it is possible for businesses to verify all applicants' credentials through a digital database. Blockchain technology can be applied to create a decentralized database of verifiable qualified professionals in a secured account that businesses can refer candidates for. Learning Machine is a New York-based company that seeks to solve this problem that focuses on recording workers' verifiable information.
Tax or employment frauds make up 34% of all identity theft as of 2016, and a blockchain system makes the recruitment process more secure for any business because a company will only have access to legitimate candidates, reducing the risk of hiring fraud workers. It accelerates the recruitment process of applicants and helps them find suitable jobs and continue the hassle-free application process.
The use of blockchain technologies helps individuals and businesses alike, and also protects personal information when important data is publicly visible. Although blockchain has the best application of cryptocurrency, its use can spread to other sectors as well as provide meaningful solutions to citizens around the world.