How Can Blockchain Technology Change the Lives of Common Men

With all the media set afire with news of prices of cryptocurrency, you might be wondering how it impacts the common men. Right at the center of cryptocurrency is blockchain technology.

There are several administrative and industrial issues which the technology can resolve for the common men. Do you have a small business but often feel transparency isn’t sufficient due to conventional methods of communication? Have you ever ended up with higher than normal medical expenses? As a business owner, is seeking for a legitimate candidate a hurdle for you? Such concerns impact small businesses, startups, entrepreneurs, individuals, and blockchain seeks to offer solutions to make the life of common men much easier with simplified solutions.

BUSINESS HIRING

Businesses of all sizes are struggling to find the ideal staff. With blockchain technology, it’s possible to confirm the credentials of every application with a digital database. The technology can be adapted to establish a decentralized database of professionals along with verified qualifications in a safe ledger. This ledger will be the place where businesses can refer to for employing candidates.

Moreover, employment-related frauds make up 34% of total identity theft last 2016. Blockchain technology makes the hiring procedure for any business more secure. That’s because a company would’ve access to valid candidates. It will lessen the risk of hiring fraudulent staff. It will also help applicants to speed up the process. It will also help them find jobs where they’re eligible.

VOTING

One of the major limitations of the voting system in virtually every nation is that voters should be present at the polling booths. They need to cast their votes and can make stuff hard for people who need to travel during the poll days.

Blockchain technology development firms are now coming up with solutions which seek to make online voting real. It will enable citizens to check correct information on poll standings and results publicly. It also results to much safer voting for the people of nations in external or internal conflict. Apart from that, criminal activities to force citizens into voting for particular candidates can be prevented completely.

PUBLIC RECORDS

One of the most vital civic administration functions of the government is to track and record all data about its citizens. It includes information about businesses and people with regards to their activities and assets. The majority of the recorded information is stored in paper databases, which makes data management difficult even in developed nations.

Blockchain-based systems like XinFin can encode every public record in a digital ledger. XinFin is a Singaporean-based blockchain technology. It’s an enterprise-ready hybrid blockchain for global finance and trade.  It will keep the data of all citizens from being changed for fraudulent activities. Further, identity theft is a serious issue which can be very complicated to deal with.

The use of blockchain technologies helps businesses and people like. It will safeguard personal information while making relevant data visible publicly. While blockchain has the best application in the cryptocurrency, it’s usage can spread to other sectors to offer valuable solutions to people around the globe.