With the help Blockchain, businesses can say goodbye to problems like data tempering, can simplify KYC processes and ensure transparency in transactions.
The sector will see a more secure way of storing bank records. Transactions will be faster and cheaper ensuring transparency through the decentralization provided by blockchain.
Block chain has provided easy and secured access of health records that can be stored in different systems. This has solved one of the biggest issues in the healthcare industry, which was no record of medical history. These digital records contain your complete medical history irrespective of the number of times you have changed your doctors and can be accessed immediately, at any time.
With the introduction of Smart Cards that could be designed and executed only when certain terms and conditions are met, Blockchain technology has simplified the process of paperwork and storing and retrieving documents.
Blockchain Technology can eliminate fraud and waste by easily verifying and distributing welfare, disability and unemployment benefits. The introductions of Smart contracts can ensure security, efficiency and transparency in government functions.