Blockchain technology is mostly associated with cryptocurrencies in most people’s minds who know about it. However, it might just someday be known for putting a stop to identity theft. That’s the opinion of stock picker and financial analyst Paul Mampilly. He sees this technology as ideal for making sure people are who they say they are.
Up until now, when people need a government-issued document they have to go through an onerous process. To get your driver’s license renewed, for instance, you will probably have to sit in an uncomfortable plastic chair for half the day. This is also true of trying to get social security cards, birth certificates, passports, and so on.
There’s a better way of proving who you are, Paul Mampilly has said. Using blockchain, people could have instant access to information about themselves such as proof of their address, proof of identification, and so on. Blockchain technology can be used to give people access to this information in a very secure way that cyberthieves can’t get at.
Check out ideamensch .com to read full interview of Paul Mampilly.
Nobody knows who invented blockchain by they go by the name Satoshi Nakamoto. This person wanted to create a digital currency that people could use to make payments online instead of with a credit or debit card. It’s the technology behind bitcoin and other digital currencies. Paul Mampilly thinks that blockchain will last longer than cryptocurrencies will because it’s more useful out in the real world.
The genius of blockchain is that people need a code to access your information. However, that information isn’t stored in a centralized location where it’s hackable. Instead, it’s spread out to hundreds, even thousands, of computers around the world in small chunks. The code that makes up blockchain is ever-changing and highly complex, making it ideal for preventing hacking.
Paul Mampilly says that blockchain can be used to provide instant access to a person’s information while being secure. This technology could eliminate carrying around driver’s licenses and other identity documents. It can even eliminate the need to carry around debit and credit cards making carrying around a wallet a thing of the past.