Paul Mampilly, investment guru, and editor of The $10 Million Portfolio says the end of identity theft lies within blockchain technology. Could it be that simple? Well in a previously posted article, Banyan Hill’s go-to guy says blockchain could revolutionize data protection.
For most novice techies, whom have heard about blockchain, they most likely link it to the electronic cash system, Bitcoin. However, as Paul Mampilly points out, blockchain is much more than Bitcoin. In fact, it’s a decentralized transaction system and many think it solves the drawbacks of the banking system.
How Blockchain Systems Work
The technology, based on its name, is built on a chain of blocks used to transmit A to B. The blocks are single transactions that form a chain in chronological order, in which each block contains a check of the previous block. It continuously checks the prior transaction, and has become one of the safest systems.
Transactions are stored on many different computers, and the data stored there is built up like layers on top of each other. This makes it practically impossible to manipulate that data, says Mampilly.
Blockchain technology is still in its infancy but it’s being celebrated as a revolutionary approach to data protection. Evenso, despite its numerous advantages, the relatively young idea is still rarely used, as people like to work in old patterns and well-established systems.
Technology and networking is evolving, says Mampilly, and our data is increasingly becoming the focus of people with criminal interests. With more than 20 years of experience in financial industry, Paul Mampilly knows how vulnerable financial databases can be, and hackers continuously intercept transactions, but blockchain technology can overcome this vulnerability.
Paul Mampilly also notes the importance of microchips, and he lists a range of benefits like storing personal data including driver’s license and credit card information, which removes the inconvenience of carrying around multiple identification cards. The quintessential investment analyst, Mampilly also recommends the investment opportunities in blockchain technology, and his latest Profits Unlimited guide informs and suggests investments everyone should consider.
For nearly 25 years, Paul Mampilly has been advising on the best investment opportunities. He has worked at some of the largest and well-known institutions, including Deutsche Asset Management, Voya Financial, and Kinetics Asset Management. He’s also a long-time editor at Banyan Hill Publishing where is publishes several popular newsletters.
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