With all the media igniting news with cryptocurrency prices, you may wonder how it affects an ordinary man. Blockchain technology is at the heart of cryptocurrency and other cryptocurrencies.
There are many industrial and administrative problems that technology can solve for the common man. Do you own a small business but often feel that transparency lacks traditional communication methods? Did you end up with higher-than-usual medical bills? As an employer, do legitimate candidates find a problem for you? These problems affect entrepreneurs, startups, small businesses and individuals. Blockchain technology seeks to provide solutions that make the life of the common man simpler through simplified solutions.
Banking in almost all countries remains highly focused on paper-intensive transactions for any transfer of funds, recordkeeping or other background tasks. Blockchain technology can reduce this in digital format and create a decentralized ledger that not only allows bankers but also customers to access a single source of information. This system allows banks to eliminate fraud opportunities as documents can be verified and asset ownership digitally verified by bankers in the Blockchain ledger, which can be accessed at any time in an unchangeable format.
Identity theft is also a major problem in the banking sector, where citizens represent information that is stolen and used to open fraudulent accounts for illegal activities. According to the FTC's Complaints Database, more than 13 million complaints of card fraud and identity theft have been filed, with 3 million of those filed in 2016 alone. Through the blockchain system, customers can directly view all accounts owned by their name and notify their banks immediately in the event of any suspicious activity detected in their bank statements. Some well-known examples include the IBM-supported Hyperledger Fabric project and the UBS Utility Settlement Coin.
Blockchain technology can simplify healthcare in amazing ways and make medical data management simpler. Wide access to patient records can allow research on drug development more conveniently, and it also reduces 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 solutions to improve health care. Accenture is one of the largest companies that has started to provide innovative healthcare solutions to the medical care sector for safe and fraud-free transactions.
Medicare scams can also be thwarted by blockchain billing management where the entire billing system can be automated without any room for fraudulent brokers. With over 56 million people under medical care as of 2017, more than $ 1.3 billion has been expelled from the government through fraudulent activities by rehabilitation facilities and home health care services. Blockchain systems can effectively protect citizens seeking medical assistance from healthcare providers who incur additional costs for services provided through fraudulent billing practices. Centralized data not only help medical professionals deliver treatment based on the patient's and family's history, but it also reduces the patient's chances of incorrectly remembering previous symptoms or disorders.
One of the most important functions of the civil administration of the government is to record all information about its citizens. This includes information about individuals and companies regarding 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 such as Ubitiquity can encode all public records in a digital ledger to keep citizens' data from being changed for fraudulent activities. Identity theft is a problem that may be extremely difficult to address for management and digitizing all public information to make it manipulative can help prevent such cases of criminal activity.
One of the biggest constraints of the voting system in almost every country is that even today, voters must be physically present at the polling booths to cast their votes and can make it difficult for people who need to travel on polling days. Most importantly, there is no way to check the survey results for the average citizen.
Blockchain developers such as Followmyvote come up with solutions that seek to make online voting a reality. Citizens will be allowed to view accurate information about the ranking of polls, their results and other general statistics. It also leads to a safer vote for citizens of countries experiencing internal or external conflicts, and criminal activities can be avoided to force citizens to vote for well-defined candidates.
Companies of all sizes are having difficulty finding the right staff. Through blockchain technology, companies can verify the credentials of all applicants through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with verified qualifications in the safe ledger that companies can refer to hiring candidates. Learning Machine is a New York-based company that seeks to address this problem that focuses on recording verifiable information about workers.
Tax or recruitment frauds account for 34% of all identity theft as of 2016, and the blockchain system makes recruitment for any business safer as the company will be able to reach only valid candidates, reducing the risk of hiring fraudulent employees. It also helps applicants by speeding up the recruitment process, helping them find qualified jobs and has a hassle-free application process.
Using blockchain technologies helps individuals and businesses alike, it also protects personal information while making important data visible to the public. While blockchain has the best application in cryptocurrency, its use can spread to other sectors as well as to provide meaningful solutions to citizens around the world.