Since all the media is on fire with news about cryptocurrency prices, you may be wondering how this affects the common man. Blockchain technology is right at the heart of cryptocurrencies 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? Are you as a business owner the hassle of finding legitimate candidates? These problems affect entrepreneurs, startups, small businesses, individuals, and Blockchain technology seeks to provide solutions that make the lives of ordinary people much simpler with simplified solutions.
Banking in almost all countries is still focused on transactions that require paper, for any kind of money transfer, record keeping, or other background functions. Blockchain technology can copy this in digital format and create a decentralized book that gives not only bankers but also customers access to a single data source. 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 ’data is stolen and used to open fake accounts for illegal activities. According to the Federal Commerce Commission’s online complaints database, over 13 million complaints of card fraud and identity theft were filed, and in 2016 alone, 3 million of those complaints were filed. Through the blockchain system, customers can directly review all accounts under their name and immediately notify their banks in case they notice any suspicious activity in their bank details. Some well-known examples include the Hyperledger Fabric project supported by UBS’s IBM and UBS Settlement Coin.
Blockchain technology can simplify healthcare in incredible ways and greatly simplify medical data management. Making patient records widely available can allow for much more appropriate drug development research, and also reduce 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 providing innovative healthcare solutions for the healthcare sector for secure, fraud-free transactions.
Fraud in Medicare can also collapse through blockchain billing management because the billing system can be fully automated without any range of intermediaries committing fraudulent actions. With more than 56 million people under the Medicare program since 2017, over $ 1.3 billion is being snatched from the government by the fraudulent activities of rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens who seek medical help from healthcare providers who overcharge for services offered by fraudulent billing procedures. Centralized data not only helps medical professionals provide treatment based on the patient’s and his / her 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 with respect to 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 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 against unauthorized behavior 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 vote 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.
Block development companies, such as Followmyvote, are devising solutions that seek to turn online voting into 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, companies can verify the credentials of all applicants via 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. Learning Machine 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 employees. It also helps applicants by speeding up the recruitment process and helping them find jobs for which they qualify and without difficulty in applying.
The use of blockchain technologies helps both individuals and companies, 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.