With the emerging blockchain technology, the digital currencies are run around the blockchain and how they have become the talk of the market and emerging in all industries. The blockchain says Jaian Cuttari is making the lives of the people easier with transparency and hassle-free transactions. Here are some of the sectors that could benefit from blockchain technology incorporated.
With the banks having the same approach of having a paper-intensive approach for recordkeeping, money transfer, and other functions, blockchain can be a smooth addition for better flow of recording secure information. By adding blockchain technology, the banks can change to a digital format where a decentralized ledger will be formed for bankers as well as customers to access every single source of information. Identity theft is really common in the banking sector and this system can allow the bakers to check ledgers at any time and the ledger can not be altered which prevents frauds of documentation and ownership of assets.
Being in the medical field is a complex process of management and blockchain technology can make it simpler for the healthcare sector. If the records of the patients will be accessible there can be a lot of improvement in drug development as it gives the professionals to research and provide much better solutions for the coming time. It is a new approach to new discoveries which can not happen now due to confidential documentation which can not be accessed due to the paper-intensive approach. It also will bring down medical fraud as no one can commit any fraudulent activities and change records in the billing system due to the secure and protected blockchain billing management.
Public records are a highly important function of the government as it records everything of individuals and business along with their assets and activities. Since all information is recorded on paper it becomes difficult to access information and a digital ledger will make it so much easier and stop the information from being tamper-proofed. The digital ledger will also help in ending fraudulent and criminal activities as the data will not be altered by any intermediary, hence having records of citizens regarding all activities.
Blockchain technology can prevent fraud in all the above sectors so Jaian Cuttari thinks incorporating these can help the individuals and the government of the country.