With all the headlines about cryptocurrency pricing, you may be wondering how it impacts the average person. Blockchain technology is at the heart of cryptocurrencies and other digital currencies.
There are several industrial and administrative issues that technology can address for the average person. Do you operate a small business but frequently feel that openness is lacking due to traditional communication methods? Have you ever had medical costs that were significantly greater than usual? Is it difficult for you, as a business owner, to discover qualified candidates? These issues affect entrepreneurs, startups, small enterprises, individuals, and communities. Blockchain technology strives to simplify the lives of ordinary people by providing streamlined solutions.
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Banking
Almost all countries' banking systems continue to rely heavily on paper-intensive transactions for any money transfer, record keeping, or other back-end operations. Blockchain technology can recreate this in a digital version and build a decentralized ledger that gives both bankers and clients access to a single source of information. This method enables banks to remove the possibility of fraud by allowing bankers to examine documents and proof of asset ownership digitally in the Blockchain ledger, which can be viewed at any moment in an unalterable manner.
Identity theft is also a serious issue in the banking industry, with citizens' personal information being stolen and used to open bogus accounts for illicit activity.
According to 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. Through 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 known examples include the 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 make research on drug development much more convenient, and it also reduces the implications of counterfeit drugs. Clinical trials and their outcomes can be made available in a decentralized network, allowing healthcare specialists and researchers to conduct research and find solutions to better healthcare. Accenture is one of the biggest companies that has started offering innovative healthcare solutions for the medical care sector for secure and fraud-free transactions.
Medicare fraud can also be reduced with blockchain billing management because the billing system can be totally automated without the possibility of intermediaries engaging in fraudulent activities. Over $1.3 billion has been swindled from the government through rehabilitation centers and home health care providers, with over 56 million individuals on Medicare as of 2017. Blockchain technologies have the potential to successfully protect citizens seeking medical assistance from healthcare providers that overcharge for services provided through illegal billing methods. The centralized data not only assists medical experts in providing treatment based on the patient's and his or her family's history, but it also removes the possibility of a patient inaccurately recalling past symptoms or problems.
Public Records
The recording of all information about its residents is one of the most crucial civic administrative functions of a government. This comprises information about individuals and businesses, such as assets and activities. Even in wealthy countries, the majority of recorded information is stored in paper databases, making data administration extremely challenging.
Ubiquity, a blockchain-based technology, can encapsulate all public documents in a digital ledger to prevent data on citizens from being altered for fraudulent purposes. Identity theft is a difficult problem for the administration to deal with, and digitizing all public information to make it tamper-proof will help avoid such instances of illegal conduct.
Voting
One of the most significant restrictions of almost every country's voting system is that, even today, voters must be physically present at polling booths to vote, which can be challenging for people who need to travel on election days. More significantly, the typical citizen has no way of checking the poll results.
Blockchain development firms such as "
Followmyvote" are developing technologies to make internet voting a reality. It will allow citizens to examine publicly reliable information about polling standings, outcomes, and other statistics. It also makes voting safer for citizens of countries in internal or external conflict, because criminal operations to pressure citizens into voting for specific politicians can be avoided entirely.
Hiring a Business
Businesses of all sizes struggle to locate qualified employees. Businesses can use blockchain technology to verify the credentials of all applicants using a digital database. Blockchain technology can be used to build a decentralized database of professionals with verifiable credentials on a secure ledger, which firms can use to hire applicants. Learning Machine, a New York-based firm, is attempting to address this issue by collecting reliable data about employees.
Tax or employment-related fraud accounted for 34% of all identity theft in 2016, and a blockchain system makes the hiring process considerably safer for any firm because a company would only have access to authorized candidates, lowering the danger of hiring fake personnel. It also benefits applicants by expediting the recruiting process, assisting them in finding positions that they are qualified for, and providing a simple application process.
The use of blockchain technologies benefits both individuals and corporations, as it safeguards personal information while making vital data public. While cryptocurrency is the best application for blockchain, its use can grow to other areas to bring real answers to citizens all around the world.
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