The concept of blockchain is everywhere, and at a point, that was what the media was all about. But, the common man does not always consider how blockchain will benefit them. There are many simple parts of your life, especially if you are in touch of technology, that blockchain can come in and transform.
The main way blockchain has changed the lives of many is through cryptocurrencies, as they can invest and make huge profit. You can check out PayTM Bitcoin if you want to transform your life this way. Although blockchain technology is at the center of cryptocurrencies, this isn’t all there is to it.
Blockchain technology provides different simple and high-tech solutions to simple problems that the common man encounters such as finding legitimate candidates for your business or having higher than usual medical bills. Even problems like having to go to the polling booth to vote when you’re too busy can be solved with blockchain.
In this guide, we will look at the five top ways that blockchain will transform the life of a common man, which is you. If you’ve been wondering why you should care about blockchain in the first place, this will answer your question.
Here are the five ways blockchain will change your life.
1. Banking
One way blockchain can transform your life is in the banking sector. Banking is something common among all adults, because everyone has to save money and spend it. In almost all countries globally, banking is usually based on paperwork for keeping records, money transfer and other functions. Instead of this, a digital format and decentralized ledger will make it easy for the bankers and customers to view a single information easily. This is possible with blockchain technology.
The blockchain system can also eliminate the chances of document fraud which is widespread when using paper-intensive records. Instead of checking papers, bankers can check documents digitally in the Blockchain ledger which cannot be altered.
Another important way that blockchain influences the banking sector is through identity theft. Millions of people are victims of identity theft where their information is stolen and used to open accounts. Most people don’t realize they’re a victim until it’s too late. If a blockchain system is implemented in the banking sector, customers can constantly view their accounts and look out for suspicious activity. Then, they can send the information about the identity theft to the bank immediately and prevent further damage.
2. Public Records
Another way blockchain can change your life is in the aspect of public records. Just like in banking, blockchain systems can be very useful in helping the government keep information about its citizens. The government usually keeps information about the assets and activities of individuals and businesses in their jurisdiction. This is usually in paper databases in many countries, and even when it is computerized, it is highly disorganized. It makes it hard to store and retrieve data.
An example of a Blockchain system for encoding public records in a digital ledger is Ubiquity. With the blockchain system, the data on citizens cannot be changed for fraudulent activities, and this leads to avoiding identity theft. In essence, blockchain makes the public records tamper-proof.
3. Business Hiring
It’s always difficult to find the right size, whether you’re a massive business or a small one. With blockchain technology, one can build a digital database and check the resumes and credentials of their applicants easily. It simplifies the hiring process by creating a decentralized database of professionals in a secure ledger. This way, all businesses can turn to the database whenever they want to hire candidates.
One example of this database is what Learning Machine, a New York company is trying to address. Blockchain systems will make the hiring process of a business secure and quick. Companies will only have access to valid applicants rather than fraudulent ones. It also makes the hiring process easy for the applicants too, who can easily find jobs and enjoy a quick process.
4. Healthcare
Another way blockchain technology will surely change your life is in the healthcare sector. There’s no way you won’t need access to the healthcare system, and so blockchain technology helps you by preventing frauds and offering secure transactions.
For one, blockchain technology will surely make medical data management easier than it is now. Patient records will be easy to access for all those who are allowed to, and it also allows convenient research on drug development while reducing the implications of counterfeit drugs.
One can also build a decentralized network to make clinical trial outcomes available to everyone so that researchers and specialists can carry out better research and find solutions. It also reduces the chances of Medicare fraud.
With a blockchain system, citizens that end up getting overcharged for services from healthcare systems can protect themselves. The central data will show the correct price range for the services they are collecting from the healthcare provider.
5. Voting
Finally, the blockchain system can change your life in the voting aspect. Most people in countries around the world have to cast their votes to choose a new leader, and a lot of times, it’s usually inconvenient. Voting systems are highly limited because the voters have to be at polling booths in person to cast their votes. If someone can’t make it, it becomes difficult to cast their votes. Also, the common man can’t verify poll results.
But, with blockchain systems, voting can become more accurate and safer for the citizens. Through a decentralized system, online voting becomes easier, citizens can check accurate results and statistics, and there can be no coercion of votes or other criminal activities.
Invest in Blockchain Today
The best way you can start investing in blockchain technology as the common man is through cryptocurrency. If you’re curious about how to buy bitcoin in India or sell it, you can easily check out Vertex Market today. This is the recommended site for buying and selling bitcoin and other cryptocurrencies.
By buying and selling, you can invest in bitcoin and later on, blockchain. Now that you know how blockchain will change your life, whether you’re an investor or not, you can see how important it is in our daily lives.
