Paul Mampilly is recognized for his dedication towards teaching people on the benefits of blockchain technology. The fact is that financial technology implementations of the blockchain are impressive. This new form of technology may also solve other issues in the society. Consider the problem of identity theft. Identity theft arises when the source and the ownership of financial resources and information cannot be identified. Blockchain technology has played a great role towards combating such kind of theft.
Paul Mampilly always stresses the significance of the blockchain immutable data record system. The primary advantage of technology is that blockchain well defines every resource and hence there is a very low probability that theft may occur. The third party is unable to identify the owner of the resource due to the lack of editing privilege. The ownership transactions can occur through smart contracts in case a person is truly interested in trading a deed or sensitive information. Blockchain may also employ to enhance government services in advance economics and developing countries.
Blockchain technology can also be employed to reduce corruption that prevails when federal grants are redirected towards local officials in the United States of America. For instance Title I grants. These grants offer donations to schools that are based in low-income societies. However, the disbursement of these funds is mostly set by the local leaders. A report by Dr, Nora Gordon who serves in the Brooking Institution showed that 90 percent of these funds never got to the intended school districts in a large sample. Blockchain can be employed to handle this issue of fund leakage in fiscal federalism. By making use of blockchain, these fund donations can be directly disbursed to respective institutions without the skimming of bureaucrats at every stage of the federal system.
Paul Mampilly noted that with proper implementation of blockchain system, the misapplication of funds donation can be highly reduced while boosting the confidence level of the public towards the government. Blockchain technology can also be employed in most of the day to day government activities. The blockchain immutable distributed ledgers make all transactions visible and impossible to hide. This helps in disposing all corruption acts to the public. Thanks to Paul Mampilly.
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