When we talk about cryptocurrencies, the importance of blockchain technology can never be overlooked, not only in case of bitcoin era software but various other forms of digital currencies used today. The blockchain technology is something that is quite alien to the common man and many people wonder how it can transform their lives, as media and news stories would like them to believe.
Here are some important ways how blockchain can bring about a major transformation in the lives of common men, as revealed by the platform Bitcoin Era. Read on to know further regarding the entire blockchain system to have an overall better understanding.
Voting
One of the major limitations of the voting system in most countries is that – voters need to be present physically at polling booths, in order to cast their votes. It can make things quite difficult for all those people who have to travel to polling booths on poll days from remote locations.
When it comes to the development of blockchain system, companies have started to devise various solutions to making online voting private and fully legitimate. Here is how blockchain benefits the voters-
- Blockchain let citizens view information accurately on poll standings and the results of the same, as well as other important statistics, publicly.
- Citizens of all those nations that are high on crime, or suffering from internal or external conflict, can also vote safely.
- The coercion of citizens, into casting their votes for particular candidates, can also be avoided completely.
Banking
In most of the countries, even today, banking activities including banking functions, record keeping or money transfer is based on paper-intensive transactions. A decentralized laser can be created, which can let customers and bankers access information from a single source.
With such a system in place, the risks of frauds can be eliminated in banks – as asset ownership proof and documentation can be digitally checked by bankers in a blockchain-based ledger, which can be availed or accessed in an unchangeable format at any time.
Public records
In a blockchain system, the automated system gathers information about businesses and individuals, with respect to their activities and assets.
Most of the information gets recorded in paper-based databases, which can make it very difficult to manage data – even in developed nations. However, with the help of blockchain based systems, all public records can be encoded in a digital ledger – which can keep citizens’ data unchangeable and always safe from the risks of fraud or hacking.
In the 21st century, identity theft happens to be one of the most difficult problems which can easily be avoided by administrative authorities using the blockchain system.
Health care
Healthcare can also be simplified with the help of blockchain technology, in more ways than one. Using the blockchain system can simplify the record management of medical data. This way, it can become easier to conduct research on the development. Not only this, but the use of counterfeit drugs can also be reduced.
Healthcare researchers and specialists can carry out research and find better healthcare solutions once they start to get things done through decentralized networks.
With blockchain billing management, the risks of medical frauds can be reduced as well – given that the building system can be automated completely, with no scope of fraudulent activities being committed by any intermediary organization.
Blockchain systems can be useful in protecting all citizens who seek medical care from healthcare providers that charge more than necessary for services that are offered, using fraudulent billing practices.
Hiring for businesses
Blockchain technology can also make it easier for business owners, to find the right people to fill up their vacant positions by verifying their credentials through a digital database. This technology can be used for creating a decentralized database of applicants with verified qualifications. A secure ledger assembly created – that business owners can easily refer to, when they have a need to hire candidates.
Conclusion
Although the blockchain technology is being used mostly in case of cryptocurrencies, it is expected that its use will spread to various other industries and sectors in the next few years, and provide citizens across the globe with meaningful solutions.
