All the media is ablaze with the news of the price of cryptocurrency, you can imagine how it affects a common man. 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 common man. Do you own a small business but often feel that there is a lack of transparency due to the traditional method of communication? Have you ever finished more than the usual medical bill? As a business owner, is finding a legitimate candidate a hassle for you? These problems affect entrepreneurs, startups, small businesses, individuals, and blockchain technology seeks to provide solutions to simplify the lives of ordinary people through simplified solutions.
Banking in almost all countries is still very much focused on paper-intensive transactions for any money transfer, record keeping or other back-end function. Blockchain technology can replicate this in a digital format and create a decentralized laser that allows not only bankers but also customers to access a single source of information. This system allows banks to eliminate the possibility of fraud because documentation and proof of asset ownership can be digitally checked by bankers in a blockchain ledger that can be accessed at any time in an unalterable format.
Identity theft is also a big problem in the banking sector, citizens’ information is stolen and used to open fraudulent accounts for illegal activities. According to the Federal Trade Commission’s online database of complaints, more than 13 million complaints of card fraud and identity theft have been filed, of which 3 million complaints were filed in 2016 alone. Through a blockchain system, customers can view all accounts owned directly in their name and immediately notify their respective banks if they see any suspicious activity in their banking details. Some well-known examples include the IBM-supported hyperlaser fabric project and the UBS Utility Settlement Coin.
Blockchain technology can simplify healthcare in an incredible way and make medical data management even easier. Making patient records more accessible can make research on drug development much more convenient and it also reduces the effects of counterfeit drugs. Clinical trials and their results can be made available in a decentralized network, allowing healthcare professionals and researchers to conduct research and find better healthcare solutions. Accenture is one of the largest companies to launch innovative healthcare solutions for the medical care sector for secure and fraud-free transactions.
Medicare fraud can also be reduced through blockchain billing management because the billing system can be fully automated without the possibility of fraudulent activity by an intermediary. With more than 56 million people under Medicare as of 2017, $ 1.3 billion has been snatched from the government through fraudulent activities through rehabilitation facilities and home health care services. The blockchain system can effectively protect citizens who seek medical help from healthcare providers who charge extra for services provided through fraudulent billing practices. Centralized data not only helps medical professionals to provide treatment based on the patient and his or her family history but also eliminates the possibility of misdiagnosis of the patient’s past symptoms or disorders.
One of the most important tasks of a government is to record all information about its citizens. It includes information about individuals and businesses, 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 digital lasers so that citizens’ information cannot be altered for fraudulent activity. Identity theft is a problem that can be very difficult for the administration to deal with and digitizing all public information to temper-proof it can help prevent such incidents of criminal activity.
The biggest limitation of the voting system in almost every country is that even today, voters have to be physically present at the polling station to cast their vote and things can be difficult for people who have to travel on polling days. More importantly, there is no way for ordinary citizens to verify the results of a vote.
Blockchain development companies like FlowMyVote are coming up with solutions that want to make online voting a reality. This will allow citizens to view publicly accurate information on the location and results of the vote and various other statistics. This leads to safer voting for the citizens of countries with internal or external conflicts and avoids the criminal activity of forcing citizens to vote for certain candidates.
Businesses of all sizes have a hard time finding the right staff. Through blockchain technology, it is possible to verify the credentials of all applicants through digital databases for businesses. Blockchain technology can be applied to create a decentralized database of professionals with a secure laser-verified qualification that can be referenced for hiring business candidates. Learning Machine is a New York-based company that seeks to solve this problem by focusing on recording verifiable information on employees.
Tax or job-related fraud accounts for 34% of all identity theft as of 2016, and a blockchain system makes the hiring process more secure for any business because a company will only have access to legitimate candidates, reducing the risk of hiring fraudulent employees. . It speeds up the recruitment process for applicants and helps them find qualified jobs and has a hassle-free application process.
The use of blockchain technology helps individuals and businesses alike and protects personal information while making important data publicly visible. While blockchain has the best applications in cryptocurrency, its use can spread to other sectors and provide meaningful solutions to citizens around the world.