Financial Expert Paul Mampilly has backed the blockchain technology to be used in other industries apart from the digital currency market. Its effectiveness in protecting the transactions has attracted many experts to look at the possibility of it being used to improve the effectiveness of operations in other industries. Some of the areas that Mampilly has talked about is about the preservation of personal information to avoid identity theft and in medicine to trace the effectiveness of the prescription medicine. To understand how it can be applied in these areas, one needs to look at the way blockchain works. Once a transaction is recorded in a block, it cannot be altered. Any interference with the data can easily be traced since there is a public edger where all transactions are recorded. Digital currencies transactions are being recorded via this method making it almost impossible for anyone to hack information held in such blocks.
The same concept is what Paul Mampilly thinks should be replicated when protecting personal information. All information about a person should be held in a microchip which can be inserted under the skin. Information in this chip should only be scanned and supported by the blockchain technology. No one can be able to change information that is held in the chip, and therefore the information will remain secure forever. Such a measure will also increase effectiveness in services delivery. One will not need to carry paper documents to be served. Information will be readily available via scanning. In prescription medicine, it can be used to track whether a pill; is doing its work properly. A sensor can be attached to a pill to give a signal on whether the expected reaction took place. The effectiveness of a pill can thus be known.
About Paul Mampilly
Paul Mampilly has been in the Wall Street for two decades before his retirement. He took early retirement at the age of 42 to concentrate on educating the ordinary Americans o how to create wealth through wise investment decisions.Paul Mampilly is the author of the Profits Unlimited, a newsletter that is the fastest growing financial publication in the United States.