Blockchain technology is becoming the main discussion in the business world. It is moving past the usual cryptocurrencies into governments and companies. Business professionals are trialing the emerging variables of this technology and using it to develop their businesses. In an article by Banyan Hill Publishing, Paul Mampilly writes about the emerging trends of blockchain technology and its use in preventing identity theft. He started this discussion with a real-life story of how long it takes for an individual to receive a driver’s license. According to Mampilly, when renewing his license, he spent more than ten hours waiting in line. Paul Mampilly reiterated the fact that people had to wait for hours before the office opens.
To drive his point home, Mampilly writes that the renewal process of the driver’s license also involves as an individual is supposed to produce many documents including a passport and a Social Security Card. Currently, people must produce approximately three formal documents besides proof of an actual mailing address. With that said, those who have lost vital identification documents find it difficult to replace since it takes a lot of effort and time. Aside from that, replacement can be relatively expensive. Paul Mampilly, therefore, proposes the use of blockchain security.
One year ago, Mampilly said that he would be excited to get a microchip as this would make life easier. He added that he would gladly ditch sensitive documents and use the microchip. As he pointed out, blockchain technology can eliminate the use of these documents in the current generation. Nevertheless, most people do not understand how this technology works. Paul Mampilly says that it is a secure digital ledger that often backs cryptocurrencies.
Blockchain is an electronic system that stores a record of date. Every important collection of data fits in a block. Multiple blocks are then composed to create a chain. Data must be accurate, and correct to fit in a chain. The blockchain is safe since the data is copied to a different location. Therefore, if someone tried to store erroneous information, it would be easy to detect.
Paul Mampilly is a data analyst and senior editor at Banyan Hill Publishing. Following vast experience in the industry, he founded a newsletter called Profits Unlimited. It guides investors in analyzing high-risk stocks.