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5 Ways Blockchain Will Transform The Life Of A Common Man - Career - Nairaland

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5 Ways Blockchain Will Transform The Life Of A Common Man by Wealthscheme: 4:54pm On Nov 29, 2019
With all of the media set ablaze with news of prices of cryptocurrencies, you may wonder how it affects a common man. Right at the heart of cryptocurrency and other digital currencies is Blockchain technology.

There are various industrial and administrative problems that the technology can solve for the common man. Do you own a small business but often feel transparency is lacking because of traditional methods of communication? Have you ever ended up with higher than usual medical bills? As a business owner, is finding legitimate candidates a hassle for you? These problems affect entrepreneurs, startups, small businesses, individuals and Blockchain technology seeks to provide solutions to make the life of a common man much simpler through simplified solutions.

Banking in almost all countries is still very focused on paper-intensive transactions for any money transfer, recordkeeping or other back-end functions. Blockchain technology can replicate this in a digital format and create a decentralized ledger that allows not only the bankers but also the customers to access a single source of information. This system allows banks to eliminate chances of fraud as documentation and proof of ownership of assets can be checked digitally by bankers in the Blockchain ledger which can be accessed at any time in an unalterable format.

Identity theft is also a major problem in the banking sector, with citizens’ information being stolen and used to open fraudulent accounts for illegal activities. 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 of the known examples include IBM-backed Hyperledger Fabric project and the Utility Settlement Coin by UBS.

Blockchain technology can simplify healthcare in incredible ways and make medical data management much simpler. Making patient records widely accessible can allow 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 have started offering innovative healthcare solutions for the medical care sector for secure and fraud-free transactions.

Medicare frauds can also be brought down through blockchain billing management as the billing system can be fully automated without any scope of intermediaries committing fraudulent activities. With over 56 million people under Medicare as of 2017, over $1.3 billion has been ripped off the government through fraudulent activities by rehabilitation facilities and home health care services. Blockchain systems can effectively safeguard citizens who seek medical assistance from healthcare providers that overcharge for services offered through fraudulent billing practices. The centralized data not only help medical professionals in offering treatment based on the history of the patient and his/her family but it also eliminates the chances of a patient incorrectly recollecting past symptoms or disorders.

Public Records
One of the most important civic administration functions of a government is to record all information about its citizens. This includes information about individuals and businesses with regards to their assets and activities. Most of the recorded information is recorded in paper databases, making data management extremely difficult even in developed countries.

Blockchain-based systems like Ubitiquity can encode all public records in a digital ledger to keep the data on citizens from being altered for fraudulent activities. Identity theft is a problem that can be very difficult to deal with for the administration and digitizing all public information to make it tamper-proof can help prevent such instances of criminal activity.
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Re: 5 Ways Blockchain Will Transform The Life Of A Common Man by betier: 11:09am On Jun 11, 2020
Blockchain is definitely the future, I am convinced of this every time I analyze the current situation in the economy and the growing prospects of this technology. I myself am essentially working on a freelance platform that uses smart contracts, searching for cryptojobs and even in this area, the blockchain makes everything much easier and more reliable. And this is just one of the areas, cryptocurrency has probably already penetrated everywhere, so I agree with your main thesis - blockchain will change everything.
Re: 5 Ways Blockchain Will Transform The Life Of A Common Man by naijakissleave(m): 8:59pm On Jun 12, 2020
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Re: 5 Ways Blockchain Will Transform The Life Of A Common Man by ohchacha: 11:45am On Mar 02, 2021
Hey, that's cool! I am glad that more and more industries are trying to implement blockchain technology. I agree that this will radically change our life for the better. Moreover, blockchain will help make many industries transparent and understandable. For example, the entertainment industry. Blockchain is already being used in buying / selling in this industry, but few people know that blockchain is already being used in gambling as well. Fairspin has been working on blockchain for several years now and I am glad that even such an industry is developing in this direction because it will help to make it more legal and transparent so that users do not suffer from deception, as well as governments can monitor and regulate such platforms.
Re: 5 Ways Blockchain Will Transform The Life Of A Common Man by Alsonjecs: 5:18pm On Jul 27, 2021
If we talk about blockchain as a technology, it has its advantages. For example, it allows you to make transactions with a large amount of information. But there are disadvantages, such as the lack of control over the network by the government, which may not be beneficial to it. That's why I don't think blockchain technology has been widely introduced yet. So far, we can observe it in cryptocurrency transactions and everything related to it, such as Non Fungible Talk. Although, I think this technology will develop at a great rate in the future. The government may use blockchain in some areas.

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