The concept of cryptocurrency is still confusing to several men and women around. While some understand the importance of it, some have no clue how they work and are beneficial. The media has heavily popularized the concept of blockchain but as a common man, you must be wondering how it is likely going to affect your life, right?
Don’t be surprised if people pay with cryptocurrency for their vape shop purchase in the days to come. All that aside, here are a few ways blockchain is affecting and transforming the lives of a common man every day.
If you are around for all the common transactions, you’d know that majority of the banking processes are done on a paper and pen basis. But, with the introduction of blockchain, processes in banking can transform into digital format, making them more internet-oriented. It is also likely going to create a decentralized ledger that provides the users with direct access to the banking details. With the likelihood of these processes, it will reduce the risks of frauds, leaked documentation, etc.
Maintenance of public records
Another niche in the day to day lives that is likely going to be affected by blockchain are the administrative public records. It includes all the necessary details and documentation involved about the individuals, businesses, and their assets too. Since the majority of these administrative data is maintained in papers, it poses risks of leaks, which is less likely to happen when blockchain is involved.
Not many people realise this but the impacts of the blockchain on the healthcare industry are massive. The introduction of the same is likely going to help streamline the management of the medical data and ensure better data records. It might also help make the patient records public to enable easy research processes, especially with the drug records. Blockchain billing management can also help counterfeit the presence of frauds that happen in the healthcare industry.
Hiring and human resources is another industry that is going to witness rapid growth with the inclusion of blockchain. Finding the right staff for a business is key to its growth and development and blockchain technology can help with just that. This can help create a decentralized database of the professionals, allowing easy access to the business for them to look and find the right candidate for the opening they are hiring for.
Voting and Election
Last but most important is voting. With the requirements for the voters to be physically present at a polling booth, the introduction of blockchain technology can eradicate that for good. Several companies are already working on making voting an online possibility to make the process a lot less hassle for the people around.
Blockchain development and technology is still a work in progress that is going to require a lot more research for practical applications. If you are wondering how it could affect the life of a common man now and likely shortly, these are the things you can expect.