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Block chain system transforming the life of the ordinary mass

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With the entire buzz about the block chain technology, it is evident for you to wonder how it may influence the life of a common man. Small scale businesses pertain at massive percentages many parts of the world for which monetary transparency stands as a significant criteria. The traditional methods are a blockage to the same. Business individuals often experience issues with exceeded trading bills, mismanagement of money, lack of financial visibility and the block chain technology is bliss to that.

The banking trend is one of the foremost life trends that are influenced by the block chain technology. Nearly in all nations, the banking system is encompassed with complex paper works, different forms of monetary transfer, etc. The emergence of the block chain technology has replicated the same dramatically just in a more painless and simple way. Banking is much more a simplified procedure with the help block chain as it enables both consumers and bankers to access a single, sorted information source.

Information theft was a huge issue when it came to banking system. As per the Federal Trade Commission’s online database of complaint, complaints regarding identity theft and card fraud with 3 million had been filed in the year 2016 alone. Via block chain technology, a customer can directly access and view his accounts that are under their names. Customers can also immediately get in touch with their respective bankers in case they notice any suspicious on goings and activities.

Not only have that, the block chain technology leveraged a much extensive facility that shall contribute to the wellbeing and safety of the entire globe. The government can now keep public records that are the records of business individuals, their personal and monetary details in a digital ledger format. The traditional system of capturing databases in papers and documents manually has given out many uninvited problems and threats to both the government and public of the nation. Developed nations are beginning to use the block chain-based technologies. One of the prominent one is the ‘Ubitiquity’ that can encode all public records in a digital ledger by reducing fraudulent occurrences.

Other than that, the block chain system has also reached its hands to the aspects of medical aspects and healthcare. Medical information management is much effortless now. Innovative solutions like fraud-free and secure transactions, reduced inferences of counterfeit drugs, Clinical trials are bestowing the medical sector in multidimensional ways.

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Joel is an entrepreneur specialized in the international business development and project management. He graduated from Indiana University’s Kelley School of Business with a degree in Finance and International Business. He is currently working on decentralized autonomous organization (DAO) along with TechRar.

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