Paul Mampilly Explores the Benefits of Blockchain in Protection of Identity

Investment icon Paul Mampilly has been closely following what has been happening in the field of technology. This area is known to be one of his favorites for investment. He understands this field so well that he can spot opportunities as well as traps presented by the market. In 2000, he avoided the technology stocks which had inflated prices and projected that it was a bubble that would burst. He recommends technology stocks to the average investor because he recognizes how they can potentially earn huge profits as compared to other investments. In a recent piece of article that he published on the Banyan Hill website, he discussed the benefits that the blockchain technology would create if only it was utilized in the right manner. His sentiments were a result of an experience he witnessed while renewing his driver’s license.

The government needed him to present three documents which they issued. He had to spend a whole day in a government office. He described this experience as a waste of time, and he was not contented with it. Paul Mampilly believes that there are better ways that the government can use to protect the identity of the citizens without requiring them to carry around paper documents. He has previously stated that he does not mind carrying a chip in his body as long as it will do away with the paper documents. A chip that can be scanned to reveal all the information on identity and others can be a life-saver.

The Solution

Paul Mampilly recommends using blockchain technology to solve this puzzle. Blockchain is a form of electronic database that cannot be altered without leaving a trail of evidence. If any changes are made, it is easy to know. The information is distributed to so many locations around the world that it is impossible to interfere with the credibility of the information. Such technology can play an important role in identity protection.

About Paul Mampilly

Paul Mampilly is a former hedge fund manager in the Wall Street. He is now working as a senior-editor at Banyan Hill Publishing. He is the author of the Profits Unlimited newsletter.