Home Technology Is Blockchain a Perfect Solution?

Is Blockchain a Perfect Solution?

by Matthew Harris

Even with the popularity of cryptocurrency still going strong, a good portion of the public is only vaguely aware of blockchain technology and its vast potential. While some may be knowledgeable enough to understand the benefits of a decentralized “banking” system and taking out the “middleman” or the huge potential of smart contracts and distributed ledgers, the fact remains that all too many are mostly unaware of the bright future that blockchain could usher in on so many different levels.

With that in mind, let’s take a quick look at some of the areas where blockchain could possibly solve inherent issues of the day.

Identity Theft Prevention

We live in a world where much of our personal identifying information is in the hands of various government agencies, financial institutions, medical agencies, insurers, and on and on. Naturally, we rely on them to keep that information secure but unfortunately the truth of the matter is, breaches continue to happen with those “trusted” middlemen.

An infrastructure built on blockchain and utilizing both distributed ledgers and smart contracts could virtually eliminate the need for those entities to “store” your information. Inherently resistant to hacking and impervious to unauthorized changes, leveraging blockchain with smart contracts to restrict even approved access to only the required information, when they need it, and set to notify you each and every time your information is accessed, puts you and only you in control of your identity.

Couple this with facial recognition, fingerprint, retina, DNA, or some other futuristic technology that turns the individual into the password and we’re in a whole new ballgame.

Medical Records in Record Time

Anyone that has ever had the jolly good time of switching medical providers, seeing a new specialist, or has an extensive medical history, knows all too well just how cumbersome, frustrating, and time consuming it can be to provide them with your current medical records, dates of surgeries/procedures, list of ailments and medications, etc. Not to mention the new case of carpal tunnel you get from all the writing required each and every time.

Blockchain could change all that in an instant.

Taking the middleman out of your medical identity would once again put you in control. Giving you the ability to instantly provide someone with either your complete medical history or only providing them with what you deem necessary. If you’re in an accident or unable to respond, emergency personnel would only receive information pertinent to the current injury or illness.

No more having to sign medical releases and waiting for the requested documents to be faxed or mailed. No medical middleman responsible for keeping your data secure.

With blockchain, who sees your most intimate records is totally in your hands.

Getting the Fix in on Voting

I covered blockchain and the voting system a good bit in a couple of recent articles so I won’t go into depth here, but I did want to point out a few quick highlights. Out of all the industries covered today, as well as the possible benefits to numerous ones not mentioned, arguably none would make a bigger impact than integrating blockchain into the world’s voting systems.

With an indisputable, verifiable, and unchangeable infrastructure, especially if aligned with an identity system like discussed in the first section, even a world class liar like President Trump would have a hard time claiming voter fraud. The human population as a whole would be empowered to really and truly, once and for all, have their voices heard.

The revelation that the Russians, or at least organizations working for them, were able to not only influence voting in the U.S. but actually gained access to our underlying system in at least two counties, is absolutely inexcusable.

Unsubstantiated claims of “widespread” fraud as well as true instances of illegal or ineligible voting would be eliminated. Miscounts, human-related errors, and other issues caused by physical middlemen would be eliminated and unscrupulous leaders, tyrants, and dictators could no longer change nor deny the results and since it would all be inherently anonymous, all registered voters would be able to participate without fear of retribution.

The entire world would be changed.

Eliminating a Couple More Middlemen

In addition to eradicating exorbitant fees for international and other banking transactions, leveraging blockchain technology
along with smart contacts could extinguish the need for expensive attorneys in a multitude of instances.

In that same instance, we could completely eradicate the need for expensive escrow services. With both parties involved in a smart contract, the funds are released automatically only when the agreed upon stipulations are met. The contract can be set to self-impose fines, sanctions, or other repercussions for failing to meet deadlines and of course any remaining funds revert back to the “seller” upon default.

Basically, without devoting a whole eBook to this specific topic, blockchain, distributed ledgers, and smart contracts could be leveraged in almost any amalgamation desired for these industries. Putting you in complete control of the contracts and keeping more of your money in your pocket.

I could go on and on. The industries, organizations, and individuals that could benefits from this technology are virtually endless, but if you’ve got one in mind, especially one that may not be obvious to the casual observer, give us a shout in social media or reply below.

Blockchain is here to stay, that much is obvious. We just have to make the general public and the various industries understand the technology and see the benefits.

Related Posts

1 comment

Comments are closed.