You may wonder how this affects a common man with news about the price of cryptocurrencies. Blockchain technology is at the very heart of bitcoin and other digital currencies.
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For the common man, the technology may address various industrial and administrative problems. Do you have a small business but often find that the conventional methods of communication lack transparency? As a business owner, does it bother you to find legitimate candidates? Such problems affect businesses, start-ups, SMEs, individuals and Blockchain technology to provide solutions to simplify the life of a common person with streamlined solutions. See bitcoins-profit.com/ have more info about bitcoin.
This can be replicated in a digital format by Blockchain technology to create a transparent database that not only gives bankers but clients access to a single source of information. This helps banks to remove the risk of fraud because bankers in the Blockchain ledger can digitally check documents and evidence of asset ownership, available at any time in an unalterable format.
Identity theft is also a major issue in the banking sector, with citizens ‘ details stolen and used to open unauthorized accounts. According to the electronic complaints database of the Federal Trade Commission, over 13 million card fraud and identity theft lawsuits have been lodged, with three million complaints filed in 2016 alone. By a blockchain network, clients can access all accounts held through them directly and alert their respective banks immediately if they detect