When the news about the prices of cryptocurrencies flares up in all the media, you can think about how it affects an ordinary person. Blockchain technology is at the heart of cryptocurrencies and other digital currencies.
There are various industrial and administrative problems that technology can solve for the average person. Do you own a small business, but feel that there is a lack of transparency due to traditional methods of communication? Have you ever run out of regular medical bills? As a business owner, finding legitimate candidates is a challenge for you? These problems affect entrepreneurs, startups, small businesses, individuals, and Blockchain technology offers solutions to make a simple person’s life easier through simplified solutions.
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In almost all countries, banking is still focused on paper-based transactions for any money transfer, accounting or other background functions. Blockchain technology can replicate this in digital format and create a centralized book that allows not only bankers but also customers to have a single source of information.
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This system allows banks to eliminate the possibility of fraud, because the documentation and proof of ownership of assets is a document that can be obtained by bankers in a form that can not be changed digitally in the Blockchain at any time.
Identity theft is also a major problem in the banking sector, with the theft of personal information and the use of it to open fake accounts for illegal activities. According to the Federal Trade Commission’s online complaint database, in 2016 alone, 3 million of these complaints received more than 13 million complaints of card fraud and identity theft.
Through the Blockchain system, customers can directly view all accounts under their names and immediately notify their banks if they find suspicious activity in their bank information. Some known examples include the IBM-supported Hyperledger Fabric project and UBS Utility Settlement Coin.
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Blockchain technology can incredibly simplify health care and make medical data management even easier. Making patient records widely available may be more conducive to drug development research and at the same time reduce the effects of counterfeit drugs. Clinical trials and results can be provided in a centralized network, which allows health professionals and researchers to conduct research and find solutions for better health. Accenture is one of the largest companies to start offering innovative healthcare solutions for the medical care sector for reliable and fraud-free operations.
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Medicare scams can also be reduced through blockchain billing management, as the billing system can be fully automated without intermediaries operating fraudulently. As of 2017, more than $ 1.3 billion had been snatched from the government by more than 56 million people under Medicare, through fraudulent activities by rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens seeking medical care from health care providers who charge a lot of money for services offered through the use of fake invoices. Centralized information not only helps health professionals offer treatment based on the patient’s and family history, but also eliminates the chances of the patient recollecting past symptoms or disorders.
One of the most important civic management functions of the government is to record all information about its citizens. This includes information about the assets and activities of individuals and businesses. Most of the recorded data is recorded in paper databases, which makes it extremely difficult to manage such data in developed countries.
Blockchain-based systems, such as Ubitiquity, can encode all public records in a digital ledger so that information about citizens is not altered by fraudulent activities. Identity theft is a problem that can be very difficult to manage, and digitizing all public information to ensure that it is not falsified can help prevent such criminal activity.
One of the biggest limitations of the voting system in almost every country is that today it can complicate the work of people who need to be physically present in the voting booths and travel on election day. More importantly, there is no tool for the average citizen to confirm the results of the survey.
Blockchain development companies, such as Followmyvote, offer solutions that try to make online voting a reality. It will allow citizens to openly follow accurate information about the status and results of the survey and other statistics. It leads to more reliable voting for citizens of countries with internal and external conflicts, and in criminal cases, forcing citizens to vote for specific candidates can be completely avoided.
Enterprises of all sizes have difficulty finding the necessary staff. Thanks to blockchain technology, businesses can verify the credentials of all applicants through a digital database. Blockchain technology can be used to create a centralized database of professionals with proven skills in a reliable ledger where businesses can apply for recruitment. Learning Machine is a New York-based company that seeks to address this problem by recording verified information about employees.
Tax or job-related fraud accounted for 34% of identity thefts as of 2016, and the blockchain system makes the recruitment process more reliable for any company because the company only has access to trusted candidates and recruits fake employees. reduces the risk of withdrawal. . It also speeds up the recruitment process and helps applicants find the right job and have a hassle-free application process.
The use of blockchain technology helps both individuals and businesses, and at the same time protects personal information by making important information available to the public. Although Blockchain is the best application in cryptocurrency, its use can spread to other areas and provide meaningful solutions to the citizens of the world.