As all media advertises cryptocurrency prices, you may want to know how it affects an average person. Blockchain technology is at the heart of cryptocurrencies and other digital currencies.
This technology can solve a variety of industrial and administrative problems encountered by ordinary people. Do you have a small business, but often feel the lack of transparency due to traditional communication methods? Do you end up with higher medical costs than usual? As a business owner, is it troublesome for you to find a legal candidate? These issues affect entrepreneurs, start-ups, small businesses, individuals, and blockchain technology seeks to provide solutions to make life easier for ordinary people through simplified solutions.
Banking in almost all countries is still very focused on paper-intensive transactions to enable any remittance, record keeping or other back-end functions. Blockchain technology can replicate it into a digital format and create a decentralized ledger that not only allows bankers but also allows customers to access a single source of information. The system enables banks to eliminate the possibility of fraud because document records and asset ownership certificates can be digitally checked by banks in the blockchain ledger and can be accessed at any time in an unchangeable format.
Identity theft is also a major problem in the banking industry, where citizens’ information is stolen and used to create fraudulent accounts for illegal activities. According to the Federal Trade Commission's online complaint database, there are more than 13 million complaints about credit card fraud and identity theft, with only 3 million complaints in 2016. Through the blockchain system, customers can directly view all accounts in their name and immediately notify their respective banks when they find any suspicious activity in their bank details. Some known examples include the IBM-supported Hyperledger Fabric project and UBS's Utility Settlement Coin.
Blockchain technology can simplify healthcare and simplify medical data management in incredible ways. Making patient records widely accessible can make research on drug development more convenient and also reduces the impact of counterfeit drugs. Clinical trials and their results can be obtained in a decentralized network, enabling healthcare professionals and researchers to conduct research and find better healthcare solutions. Accenture is one of the largest companies that have begun to deliver innovative healthcare solutions to the healthcare industry for secure, fraud-free transactions.
Medicare fraud can also be reduced through blockchain billing management because the billing system can be fully automated without any intermediary fraudulent activity. As of 2017, there were more than 56 million people under medical insurance, and fraudulent activities through rehabilitation facilities and family medical services have defrauded more than $1.3 billion in government funds. The blockchain system effectively protects citizens seeking health care from health care providers who charge excessive fees for services offered through fraudulent billing. Centralized data not only helps medical professionals provide treatment based on the patient's and their family's medical history, but also eliminates the patient's chances of re-collecting past symptoms or disorders.
One of the government's most important civic management functions is to record all information about its citizens. This includes information about the assets and activities of individuals and businesses. Most of the recorded information is recorded in a paper database, and even in developed countries, data management is extremely difficult.
A blockchain-based system like Ubitiquity can encode all public records in a digital ledger to prevent data about citizens from being altered due to fraudulent activity. Identity theft is a very difficult problem to solve. For management, digitizing all public information to prevent tampering can help prevent such criminal activity.
One of the biggest limitations of the voting system in almost every country is that even today, voters need to appear in the polling station to vote in person, which makes it difficult for people who need to travel on the polling day. More importantly, there is no way to verify the voting results of ordinary citizens.
Blockchain development companies such as Followmyvote are proposing solutions to make online voting a reality. It will allow citizens to publicly view accurate information about rankings, results and various other statistical information about polls. It also allows citizens of countries in internal or external conflicts to have safer voting rights and can completely avoid criminal activities that force citizens to vote for a particular candidate.
It is difficult for companies of all sizes to find the right employees. Through blockchain technology, companies can verify the credentials of all applicants through a digital database. Blockchain technology can be applied to create decentralized databases of certified professionals in secure ledgers that companies can use to recruit candidates. Learning Machines is a New York-based company that addresses this issue with a focus on documenting verifiable information about workers.
As of 2016, tax or employment-related fraud accounts for 34% of all identity theft, and the blockchain system makes the recruitment process safer for any business because the company can only access valid candidates, thereby reducing the employment of fraudulent employees. risks of. It can also help job seekers by speeding up the recruitment process and helping them find their own qualified jobs and making the application process easy and worry-free.
The use of blockchain technology can help individuals and businesses as well as protect personal information while making important data publicly visible. While the blockchain has the best applications in cryptocurrencies, its use can be extended to other areas to provide meaningful solutions to citizens around the world.