Bitcoin: Is It Too Hyped Up?

July 26th, 2018

Bitcoin: Is It Too Hyped Up?

Media is ablaze with the news of cryptocurrencies; many individuals may now be wondering how it will affect their life. At the heart of all digital currencies is Blockchain technology, a concept which is underlying behind all innovation. The craze to buy Bitcoin online and other parts are known, but it’s the blockchain technology which made this emergence possible.

Blockchain technology has the potential to solve many, if not all, administrative as well as industrial problems of a common banking. Do you own a small business and feel transparency is lacking? Blockchain technology is your solution. This technology will help small businesses, startups, entrepreneurs, and individuals to bank and invest securely and transparently. The best thing about this technology is that it is set to make the lives of non-financial experts easier through simplified and easy-to-use systems.

Banking

Banking in most countries is still following the out-of-date processes for recordkeeping, back-end functions, and money transfers. Blockchain technology, which helps consumers buy Bitcoin online. can replicate this digital format and bring in necessary changes for a better solution. This new technology creates a decentralized ledger which allows both customers as well as bankers to access a single source of information with ease. What’s more, this new concept will help banks eliminate instances of scams, frauds, and other documentation process issues. Proof of ownership can also be checked digitally by bankers and it can be accessed easily in an unalterable format.

The banking sector is facing a many problems, but Blockchain technology can help in revamping the industry. Identify theft is an area of concern for the banking sector, often there is news of information being stolen or used to open fraudulent accounts for illegal activities. According to a research, there were over 13 million complaints filed for identity theft and credit card fraud alone in the year 2016. Blockchain technology will give customers a direct view to their accounts to check if it’s owned by other names. In such cases, they can immediately notify their respective institutes. Use of this new technology will change the banking sector completely, a necessary change as cases of fraud and money laundering are on the rise.

Healthcare

The healthcare sector is in need of a major revamp. This new technology can simplify the healthcare sector incredibly making medical data management fast and easy. It’s important to make patient records widely accessible; this will allow research and drug development teams to function efficiently. Clinical trials and their outcomes can be made accessible through a decentralized network which will help researchers and healthcare specialists conduct thorough research and find better solutions.

Accenture is one popular business name which has already started offering innovative ways to provide healthcare solutions in the medical sector. Every individual deserves fraud-free and secure transactions, through their implementation of Blockchain technology it has been made possible. In some countries Medicare frauds cause many complications; use of Blockchain will bring down such fraudulent activities. Billions of dollars have been lost by governments due to fraudulent activities by inefficient rehab and healthcare services. For all these problems Blockchain solutions are a viable option.

Use of Blockchain technology can protect individuals seeking medical assistance in areas lacking infrastructure. The days of overcharged services and deceitful billing practices will become a thing of the past thanks to Blockchain technology. This new system will not only help medical professionals offer quality treatment based on patient’s history, but also eliminate the possibility of incorrectly accessing a non-patients’ history.

Helping consumers buy Bitcoin online and through Bitcoin ATMs is already popular, now is the time to spread the awareness of the implications of Blockchain technology.

 

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