Identity theft is one of the major challenges that face people who use credit cards, mobile banking or simply anyone who does online transactions. It is not only these people who make some form of online transactions that are at risk. There is also a possibility that that even your personal information such as your driver’s license can be used against your wish. Criminals are looking for better ways of hunting for personal information. Paul Mampilly is a financial expert and one of the people who have a lot of information about technology. He believes that he has a solution that can end identity theft completely. Paul Mampilly believes that blockchain technology is the solution to the numerous cases of identity theft involved in financial transactions.
This technology has many advantages and can be used in numerous industries apart from the financial sector. What does blockchain mean? In simple terms, this term refers to a decentralized ledger that records transactions. Most of the transactions that we make can easily be intercepted by a criminal, or a criminal can intercept a credit card database and steal everything. The solution to this problem lies in the blockchain technology. If a transaction is made on this platform, there are little chances that a hacker can get access to your funds. All transactions will be recorded, and it is not possible to delete anything from the platform since it is a decentralized system with numerous servers.
A hacker might need to hack all these servers to steal which is not possible. Paul Mampilly has 25 years of experience in the financial sector. He has a good reputation as one of the most successful investors. He is good at making predictions that come out true eventually. His main goal with this work is to help people to create wealth by investing in opportunities that are available. Paul Mampilly says that using microchips instead of the paper documents that we have could be one of the solutions to solve these issues that we face. The chips will be embedded in our bodies and the information contained in them will be protected via blockchain technology.