Blockchain is certainly not a new term to you. But what exactly is “blockchain”? To put it simply, blockchain is a digital way of storing information where data is stored in the form of packets called nodes in a chain. And hence the name blockchain.
Blockchain is not just about revolutionizing the world economy. It will become useful in our day-to-day struggles as well. You could take a blockchain-course to learn more about how these systems of blocks work.
Now, let us check out some ways blockchain is going to make the life easier and secure for a common man.
No. 1: Blockchain in the Banking Sector & Quick Transactions
Most of the transactions that takes place involves a third party. This is essentially for trust purposes. The transactions are in other words parts of a centralised system. Blockchain not only provides a decentralised platform, it also provides a platform where the tiring paperwork (where there are chances of misplacement of records) can be converted to digital storage. It also makes it possible to keep the fraudsters at a check by allowing the bankers to validate the documents or the proof of ownership of the assets digitally.
With blockchain, a third party can be either included or excluded. The transactions are quicker than the centralized networks and settlements are made instantly.
Using fake accounts, fraudsters steal millions of dollars from unsuspecting victims every day. With the digitalized records, however, the users can check out their data and the accounts that related to him. The customers can check out for any suspicious activity themselves and thereby also avoid fake account frauds.
No. 2: Blockchain in Secure Storage
The most important thing when it comes to storage of data is its safety. How secure is your data? When it comes to blockchain, the level of security is on a much higher scale than it is when you compare with the centralized systems. This is because, as blockchain is a chain of nodes each containing the hash of itself and the previous node (a function that converts inputs into encrypted outputs), if the hacker wants to mess up with a data, he has to hack millions of systems in one go which is impossible.
Identity theft is one of the biggest problems that many people face today. With many centralised servers (e.g. Facebook) holding our data, the cases of theft & misuse of the records are high. With blockchain technology, each record is part of a decentralised chain of blocks. As such, people don’t have to worry as much about identity theft. There are verification procedures to prove your identity.
No. 3: Blockchain in Elections
Frauds in elections and the election queues are the most troubling part of elections. This is another area where blockchain comes with a solution: digital voting. By digital voting, people can vote through their phones and be anonymous as well. Well, anonymous doesn’t mean that there are chances of fraud here, because again it is systems and not humans monitoring the elections. This can increase the voter turnout and cut down the election cost by a huge amount.
No. 4: Blockchain in Public Records
Maintaining public records is often the function of the government’s municipal administration wing. It is their function to keep the records of all information regarding a citizen and also to update it on a regular basis. Having these records on paper is a tiresome job. Going digital will make the work easier and also avoid human errors and misplacements of records. And if you are a nature lover, you know that when the world goes digital, a lot of trees are saved. As mentioned earlier, the identity theft and misuse of the data for unethical purposes are minimised also here.
No. 5: Blockchain in Healthcare
You must be wondering how could it be useful in healthcare. This is where the term “medical history” comes into picture. You might not be always able to provide your full medical history and without it the doctors might waste time and money on unwanted tests and might not be able to provide the best or the desired treatment. By creating a blockchain record, your entire medical history, allergies, ailments, etc. could be provided to the doctors to make the treatment process easier and quicker.
This technology comes in handy in reducing the frauds in this sector as well. The overcharging by the service providers can be reduced. These systems will not only analyse the medical history of the patient, it also looks into the history of the previous generation.
To conclude, the blockchain technology expands its reach every day, and centralized authorities as a concept are slowly fading away. To stay ahead of the curve on this development, learn more about blockchain.
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