5 Ways Blockchain Will Transform the Life of a Common Man

With all the media set ablaze with news of prices of cryptocurrencies, you could wonder how it affects a standard man. Right in the centre of cryptocurrency and other digital currencies is Blockchain technology.

There are numerous industrial and administrative conditions that the technology can solve for the common man. Do you own your small business but often feel transparency is lacking as a result of traditional methods of communication? Have you ever wound up with higher than usual medical bills? As a business owner, is finding legitimate candidates a hassle for you? These problems affect entrepreneurs, startups, small businesses, individuals and Blockchain wikitechnology seeks to offer solutions to really make the life of a standard man easier through simplified solutions.

Banking

Banking in virtually all countries is still very dedicated to paper-intensive transactions for hardly any money transfer, recordkeeping or other back-end functions. Blockchain technology can replicate this in a digital format and produce a decentralized ledger which allows not merely the bankers but additionally the customers to get into just one source of information. This system allows banks to eliminate chances of fraud as documentation and evidence of ownership of assets could be checked digitally by bankers in the Blockchain ledger which is often accessed at any time within an unalterable 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. In line with the Federal Trade Commission’s online database of complaints, there have been over 13 million complaints filed for card fraud and identity theft with 3 million of these complaints being filed in 2016 alone. By way of a blockchain system, customers can directly view all accounts owned under their name and immediately notify their respective banks in case they spot any suspicious activity in their banking details. Some of the known examples include IBM-backed Hyperledger Fabric project and the Utility Settlement Coin by UBS.

Healthcare

Blockchain technology can simplify healthcare in incredible ways and make medical data management much simpler. Making patient records widely accessible can allow research on drug development much easier, and in addition it reduces the implications of counterfeit drugs. Clinical trials and their outcomes could be made available in a decentralized network, allowing healthcare specialists and researchers to conduct research and find solutions to higher healthcare. Accenture is one of many biggest companies that have started offering innovative healthcare solutions for the medical care sector for secure and fraud-free transactions.

Medicare frauds can be brought down through blockchain billing management because the billing system could be fully automated without any scope of intermediaries committing fraudulent activities. With over 56 million people under Medicare as of 2017, over $1.3 billion has been scammed the federal government through fraudulent activities by rehabilitation facilities and home healthcare services. Blockchain systems can effectively safeguard citizens who seek medical assistance from healthcare providers that overcharge for services offered through fraudulent billing practices. The centralized data not merely help medical professionals in offering treatment on the basis of the history of the patient and his/her family but it also eliminates the chances of an individual incorrectly recollecting past symptoms or disorders.

Public Records

Among the main civic administration functions of a government would be to record all information about its citizens. This includes information about individuals and businesses with regards to their assets and activities. Most of the recorded information is recorded in paper databases, making data management very difficult even in developed countries.

Blockchain-based systems like Ubitiquity can encode all public records in a digital ledger to keep the information on citizens from being altered for fraudulent activities. Identity theft is just a problem that can be extremely difficult to cope with for the administration and digitizing all public information to produce it tamper-proof might help prevent such cases of criminal activity.

Voting

One of many biggest limitations of the voting system in virtually every country is that even today, voters need to be physically present at polling booths to cast their votes and could make things difficult for those who need traveling on poll days. More importantly, there are no method of verifying the poll results for the typical citizen.

Blockchain development companies like Followmyvote are discovering solutions that seek to produce online voting a reality. It enables citizens to see accurate home elevators poll standings and results and some other statistics publicly. In addition it results in safer voting for citizens of countries in internal or external conflict and criminal activities to coerce citizens into voting for specific candidates could be completely avoided.

Leave a Reply

Your email address will not be published. Required fields are marked *