As all media outlets are catching up on cryptocurrency prices, 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 communication methods? Have you ever ended up with higher than normal medical bills? As a business owner, do you find the legitimate candidates a hassle for you? These problems affect entrepreneurs, start-ups, small businesses, individuals, and Blockchain technology strives to offer solutions that make it easier for the average person through simplified solutions.
Banking in almost all countries is still heavily focused on time-consuming transactions for all kinds of money transfers, track records or other back-end features. Blockchain technology can reproduce this digitally and create a decentralized ledger 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 ownership of assets can be digitally verified by bankers in the Blockchain Registry, which you can access at any time in a consistent format.
Identity theft is also a major problem in the banking sector as citizen information is stolen and used to open fraudulent accounts for illegal activities. According to the online complaint database of the Federal Trade Commission, there are over 13 million complaints filed for card fraud and identity theft, with 3 million of those complaints filed in 2016 alone. Customers can directly review through the blockchain system all accounts held under their name and immediately notify their respective banks if they notice any suspicious activity in their bank details. Some notable examples include the IBM-supported Hyperledger Fabric project and UBS Settlement Coin by UBS.
Blockchain technology can simplify healthcare in incredible ways and make managing medical data much easier. The availability of widely available patient records can make drug development research much more convenient and also reduce the effects of counterfeit medicines. Clinical trials and their results can be provided in a decentralized network, allowing healthcare professionals and researchers to conduct research and find better health solutions. Accenture is one of the largest companies to start offering innovative healthcare solutions in the healthcare sector for safe and fraudulent deals.
Medicare fraud can also be downloaded by managing blockchain billing, since the billing system can be fully automated without the reach of fraudulent intermediaries. With over 56 million Medicare people in 2017, more than $ 1.3 billion has been torn down by the government through fraudulent outreach and home health care activities. Blockchain systems can effectively protect citizens seeking health care from healthcare providers who overestimate the services offered through fraudulent billing practices. Centralized data not only helps healthcare professionals offer treatment based on the patient's history and his or her family, but also eliminates the patient's chances of recalling past symptoms or disorders.
One of the most important functions of the government's civil administration is to record all information about its citizens. This includes information about individuals and businesses regarding 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 such as Ubitiquity can encode all public records in a digital ledger so as not to alter citizens' data for fraudulent activities. Identity theft is a problem that can be very difficult to deal with, and digitizing all public information to make it impenetrable can help prevent such criminal activity.
One of the biggest limitations of the voting system in almost every country is that even today, voters have to physically attend the ballot box to cast their votes, and this can make things difficult for people who have to travel in days of the survey. More importantly, there is no means of verifying the results of the survey 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 results of the surveys and the results and various other statistics. It also leads to safer voting for nationals of states in internal or external conflict, and criminal actions to force citizens to vote for specific candidates can be completely avoided.
Hiring a business
Companies of all sizes find it difficult to find the right staff. With blockchain technology, it is possible for businesses to verify the credentials of all applicants through a digital database. Blockchain technology can be applied to create a decentralized database of vetted professionals in a secure book that businesses can rely on to hire candidates. Learning Machine is a New York-based company that seeks to solve this problem, which focuses on recording verifiable information for workers.
Taxes or employment-related fraud make up 34% of all identity thefts by 2016, and the blockchain system makes the hiring process of every business much more secure, since the company would only have access to valid applicants, reducing the risk of hiring. fraudulent staff, He also assists applicants by speeding up the hiring process and helping them find eligible jobs and have a seamless application process.
The use of blockchain technology helps both people and businesses, while also protecting personal information while making important data publicly visible. Although blockchain is the best application in cryptocurrency, its use can be spread to other sectors as well as provide meaningful solutions to citizens around the world.