Category: Finance

How Blockchain Technology Could Help Prevent Fraud

Here are the ways how blockchain technology prevents fraud:

Financial frauds:  Blockchain technology helps in prevention of compliance and financial frauds.  Presently, for making payment for high-value transactions like property purchase, one has to give numerous proof and explanation for the source of income and source of funds.  But under blockchain technology tracking the money involved in a transaction is completely easy.    Usage of money for anti-social purposes can easily be checked.

Blockchain technology employs Digital contracts wherein the release of payment can be done upon satisfaction of certain conditions. For example, a buyer can set the payment to be released once goods reach the destination port.  Thus, digital contracts will put an end to delayed payments and double payments by mistake. Online frauds like getting the payment without sending the goods etc. can be eliminated using blockchain technology.

This aspect can be used in verifying the legitimacy of the supply chain in case of large companies where the supply chain would be very lengthy spreading across nations.

Identity theft:  Blockchain prevents identity theft.  Now banks have started using the most popular KYC through video call.  Hence fake documents usage is not possible.

Medical frauds:  In medical field protecting the authenticity of research data plays a crucial role.  Blockchain prevents data manipulation.  Hence medical data can be accurately maintained with ease.

Insurance frauds.  In the field of insurance blockchain technology is still in its initial stage.  But soon when this develops into a common hub for data sharing among various entities the chances of frauds can be very well reduced.

Bank frauds:  When using blockchain technology, data which is stored in the central server cannot be tampered with.  The same data can be viewed by all authorized parties who have security access to the digital ledger where transaction details are stored. Hence frauds like taking loans with two different banks based on the same security will not be possible.…

How a Loan Can Help Boost Your Credit in 2018

A credit score plays an important role in your credit history. This is the factor which makes your life affordable and plays a lead role in your life. A good credit score helps you to go beyond just fetching a loan easily, but helps in your everyday utilities as well. Here are some tips to keep your credit score perfect always. Go through this link for more information on the same,

  • Always pay your bills on time: keep your monthly bills and installments punctually paid and keep reminders so that you can save money for this proper payment. keeping this on time plays a key role in ensuring your credit score is good always.
  • Keep your credit risks known: every year, you can get your credit analyzed from any of the three credit rating agencies. This will give you an idea of your credit risks and how to be free of risks.
  • Open a credit card if you don’t have one: buy a credit card if you don’t have one because it is not bad to have one and make regular purchases. This is suggested because credit cards can be a better source to boost your credit score. Thus owning a credit card and maintaining payments regularly can help you in the long run.
  • Manage the debt with you: focus on managing your debt timely, this can always keep your credit score well balanced and clear of any issues that may prevent you from keeping a good credit score.
  • Be patient at all times: a good credit score will not happen overnight, but only when you maintain your debts well for a regular period of time. This will ensure a proper debt management skill in each person and ultimately lead to a good credit score.

Ensure all these strategies are followed have the maximum benefit from making a loan to boost your credit in the current scenario.