Those having no state of identification could use cryptocurrency wallets for saving accounts or as a means of payment. This is because a country is prone to the lack of real infrastructure to provide identification. Citizens as mentioned may not have access to savings or brokerage accounts. In other words, they do not have a way to securely store wealth.
Blockchain Implementation: Medical Record
Healthcare sector sometimes uses blockchain to securely record the patients’ medical records. The process could be generating and signing the medical record that could enter the blockchain. This way, the patient could know their records of proof and confidence that their data is unchangeable. With a private key, personal data records could be stored without being seen publicly. Thus, it ensures that every individual could access this, plus the patients could ensure their privacy.
Blockchain Implementation: Property Sector
The local Recorder’s Office shows that the process of recording property rights is burdensome and inefficient. Currently, a physical deed must go through a manual way by delivering it to a government employee at the local recording office. It manually enters the country’s central database and public index. This is surely not efficient and costly. Manual ways are subject to human error, so errors like inaccuracy could happen. With blockchain, this sector could eliminate the inefficiency by dismissing scanning documents and tracing down physical files in a local recording office.
The rest of its potential implementation could be in smart contracts, supply chains, and voting. In smart contracts, computer code could build blockchain to facilitate, verify or negotiate a contract agreement. Supply chains, suppliers could use blockchain to record the purchased materials’ origins. It could also give labels for organic, local, or fair trade. Finally, the voting could also use the blockchain system as in the aforementioned case.