Paul Mampilly Has An Amazing View Regarding Blockchain Technology
Paul Mampilly became a part of the working world in 1991 when he focused his ambitions on Wall Street. He started working as an assistant portfolio manager for Bankers Trust. He career advanced quickly and he held prominent positions managing multimillion-dollar accounts with both Deutsche Bank and ING. Kinetics Asset Management approached him in 2006 to manage a hedge fund for their $6 billion firm. During his tenure, the annual returns reached 26 percent and the assets of the company increased to $25 billion. He eventually decided to get away from the fast pace of Wall Street despite numerous successes and start helping the average investor. Paul Mampilly now serves Banyan Hill Publishing as the Senior Editor specializing in special opportunities, technology, growth investing and small-cap stocks.
The blockchain is a listing of records linked through the use of cryptography. These blocks correspond to a ledger created to record transactions. Each block has transaction data and a timestamp to prevent the content from being manipulated. Most people associate the blockchain with cryptocurrency but it is more diverse. Blockchain technology stores personal information and enables the user to decide what is hidden and what is shared. The blockchain can potentially eliminate fraud. Hackers have an incredibly difficult time tampering with the blockchain and stolen money could be tracked to the final location. The blockchain increases security by enabling the user to increase their privacy.
Blockchain technology may be the answer to identity theft because fraudulent information is easily tracked. Unauthorized usage is identified through a transaction history at a centralized location. This makes the blockchain an excellent solution for identity management and enables the user to track the distribution of their data. Identities are currently decentralized and must be proven using numerous steps. This process often requires hours but could be decreased to minutes with blockchain. The central data storage would eliminate the need to fill out paperwork or prove the identity of the individual.
Paul Mampilly made a statement regarding trusting the blockchain with his identity that surprised some people. He spoke of the time he had to spend waiting at the Department of Motor Vehicles or the DMV. He simply wanted to renew his drivers license but despite the fact he arrived before they opened, he still had a long wait. He said trying to renew or replace identification records such as a drivers license, passport, social security card or birth certificate was a brutal experience that was anything but unique. He talked about a quicker, better way to establish an identity that did not involve the archaic and time consuming method of massive paperwork. He was quoted in August of 2017 stating if it made his life easier, he would happily agree to be chipped.
There were many individuals who questioned his sanity for even suggesting placing a chip in a human body. He believes it would be worth it to eliminate the need for a license, passport and wallet. The advances in modern technology have made this concept a reality due to the blockchain. This record is unalterable and can store all important personal information in the same place. If just one chip were to be connected directly to the blockchain, all the information currently carried personally by people all over the world would instead be stored in the blockchain. This would substantially decrease the amount of bureaucracy that must be carried at all times to access personal information and prove identities. This is all a part of what is being referred to as the blockchain revolution and the possibilities are nearly endless.