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How Blockchain Technology Will Change Your Future: Part 1

D. Atika by D. Atika
4 years ago
in Stock Market

Bitcoin did not only bring a new kind of virtual money to this world. The technology behind it is even more fascinating when combined with other aspects of life. Blockchain technology, as it said, has many things to offer than a mere virtual money.

This might be the future of digital era, making anything more digital and secure with the system. To mark this, some people have proved how the blockchain technology applies to people’s most basic things. And the first one is people’s identity.

Forget the old paper-based birth certificate. India has started to apply blockchain technology for its people’s identity. Startling as it is, the technology allows both the government and the people to cut through tiring bureaucracy process.

With the technology, people can issue for legal identities and legal document. then the government will process the request and verify it, making it even more streamlined.

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Various identities to a blockchain technology-based token

The product is a token, just like a Bitcoin token. But instead of money valuation, the token contains one person identity. The owner of this token can access his/her identity through an app that the government has provided. The app is just like a blockchain wallet that instead of storing money, it stores identity tokens.

In the token, there are the owners’ digital identities. Including passport, medical records, academic degrees, and driver license. To make it even easier, the app also provides a QR code in which people use to connect to their legal records on the blockchain network.

In India, there were a whole lot of tiring process for the people to get certain legal documents. First they needed to have their IDs, then queued in front of an agent. Then they have to wait even longer for their request to get processed. This is a very inefficient system for a country with the largest population on earth.Lynked world, blockchain technology

India government partnered up with a Netherland-based blockchain app company, Lynked.world. The company provides the app that is available for Indians to download both in Play Store and App Store.

Other countries have also implemented the blockchain technologies for several kinds of pilot programs. In US, the government used it for abroad voting at the election while Australian government used it for verifying academic degrees. China uses it to audit its own government, displaying a more transparent system and reducing government corruption.

Read More: Neo is Now Available at Apple and Samsung Pay

Tags: Bitcoinblockchainblockchain walletgovernmentindia
D. Atika

D. Atika

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