SOCIAL SECURITY SYSTEMS.
Social security is an imperative element in the development of both economic and political societies. Its an insurance system in which the risks insured, be it illness, maternity, accidents at work, unemployment, old age, death, etc., are covered jointly by all the insured persons. These systems absorb numerous life risks and prevent acute hardship, thus generating a social balance. People in the society who don’t have access to social security systems are usually at an at all-time risk of falling into poverty if they are unexpectedly suffering a stroke of fate such as crop failure, illness or disability. In the event of such misfortunes, they may be forced to liquidate savings, sell their livestock or even other extreme measures such as sending their children to work instead of to school to finance daily expenses. However, those who take delight in basic social security are more willing to put money into education and physical capital, which although will include additional risks; it will also improve income.
There is a broad spectrum of social security systems which differ in their concrete execution:
PENSION.
This system comprises of contributors and pensioners. The contributors pay premiums monthly, which get re-assigned to the current pensioners. In return, the contributors entitled to receiving their pension after a certain period, depending on the time and amount of paid premiums. Pension payouts take place on a fixed date, and all pensioners get paid at the same time making this a perfect use case for mass payout transactions.
HEALTHCARE.
This system is diverse. Some people pay premium insurance, doctors, hospitals, pharmacies, and other service providers who give out invoices. The insured people can submit the bulk invoices at the end of the year or the doctors, hospitals, pharmacies, and other providers can submit their invoices in batches.
UNEMPLOYMENT.
Insurance on unemployment means protection against loss of work. Insured people who are employed pay a premium where in the event of loss of work, the time is bridged by the contributors to secure another job.
SOCIAL CARE INSURANCE.
Social care insurance is mandatory insurance meant to cover the risk of becoming dependent on long term care. Benefits of this cover are granted depending on levels of need for long term care. In the case of outpatient or inpatient care, the costs are covered up to a particular maximum amount making this not a full insurance cover. For one to achieve full coverage, it's imperative to take out a private supplementary nursing care insurance, so that in case it is necessary, the insured person is entitled to help with nursing care as a needs-oriented supplementary social benefit.
CHILD AND YOUTH SUPPORT.
In Germany. Child and Youth support covers all services and tasks of public and independent institutions for the advantage of young people and their families.
INVALIDITY INSURANCE/ACCIDENT INSURANCE.
The reason for this insurance cover is to prevent accidents at work, occupational diseases and health risks related to working to restore the health and professional performance of the people insured in the event of the occurrence of such incidences.
CONCLUSION.
Past advancements of blockchain technology show that financial transactions carried out through them can be carried out securely, automatically, and with no need for intermediaries. This concludes that social security systems, which are systems serving the public and employing rule-based financial transactions, are a legitimate use-case for public blockchains. Asure Network looks to ensure optimal scalability while at the same time maintaining all the advantages of blockchain technology regarding decentralized social security systems.
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★ Author: jamesndungu1
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