In the current age, almost everyone has their personal information on one platform or another. Most of us rely on banks social media, governmental organizations, and so forth to keep our online IDs secure. This is the reason why you find people losing their information, or worse, getting their identities stolen. This is where blockchain steps in to save us from such insecurities and uncertainties. The only sure system to keep your information safe is blockchain.
This means you can store all your crucial data such as passwords on the blockchain securely. You can also include any personal information you may feel may be harmful if it falls into the wrong hands. This way, you will avoid using passwords on any online platform like Facebook or Skype. In the future, such ID services could be applied to other platforms like medical records, government services, and any other agency keeping records.
Blockchain has a lot of potentials to be used in the future. In fact, the technology has merely been scratched on its surface with cryptocurrencies such as bitcoin. For example, online traders for forex and Bitcoin Trader understand the importance of using blockchain. The potential of blockchain is mainly from its foundation of unrestricted market, transparency, and decentralization.
The purpose of the system is to move middlemen from the equation. It also prevents people from getting greedy. The result is individuals getting ultimate control of various items such as their finances and identity. Additionally, it is also capable of providing anonymity in all financial transactions. Soon, bitcoin will lead to the creation of a world without hassles.
Medical records will be available should there be their need in an emergency. For example, medical records of accident victims cannot be accessed immediately. This has led to some complications during treatment. In some cases, the lack of these records has led to fatalities. Such issues can be avoided using blockchain technology.
Preventing Fraud With Blockchain
In terms of greed, we all know elections are not always free and fair. In fact, the more we use technology during the electoral processes, the higher the risk of hacking and rigging. Proving a system was hacked and results manipulated is almost impossible. This is exacerbated by the fact that agencies mandated to follow up such issues are usually short staffed or lack enough resources.
To avoid such a scenario, blockchain technology can be used. In this case, everyone who votes will be confirmed they have done so. Furthermore, there will be a record of the person who they voted for. This record cannot be tampered with easily making it virtually impossible to change the result. Since they are being updated in real-time, it would be impossible for a hacker to change the result in time.
Blockchain and bitcoin have a lot of potential for the future. Their full potential is not yet known as people all over the world are still making discoveries and tapping in their potential. Suffice to say the future is blockchain and bitcoin.
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Author Bio: Jim Bevin is a passionate writer, guest blogger, and a social media enthusiast. The primary focus is writing high-quality articles after in-depth research and make sure it is a readers delight. Information is key and he abides by the rule of writing articles that will appeal to a broader audience. He has published various articles on authoritative magazines like TripOnTech, Social Media Explorer, ThriveGlobal etc.