According to Paul Mampilly, our identities can be saved with blockchain. He believes there are a number of inconveniences out there that could be changed due to blockchain. For instance, the renewal of drivers licenses. Mampilly uses the example of how he stood line line at the DMV for hours doing things that should take just a few minutes, if not seconds.
Things like getting replacement identification, new social security cards, and birth certificates is like pulling teeth. These tasks can be time consuming, especially when you have other things to do.
After the experience at the DMV, Mampilly wondered why there isn’t a more efficient way to prove your identity. Paul Mampilly says he fully supports putting a chip in his body if it would help make life easier. All of your information would be in a centralized location and you would have full autonomy over it.
The Europeans are already using such technology, whereas everything is on one card. After Estonia experienced a cyber attack in 2007, blockchain technology was put in place. The information on the encrypted ledger cannot be altered or replaced by any method.
All Estonians have cards with electronic chips that can be used for all transactions. Whether you are banking, needing a prescription filled or registering to vote, the same card can be used. The user will need a pin number, which will serve as digital signature. This method ensures the user will have full control over their information.
The decentralized identifiers used by blockchain make it possible for the user to give personal information if they choose to do so. It can be done by a smartphone or desktop computer.
After graduating from Montclair St. University in 1991, Paul Mampilly worked on Wall Street. Paul Mampilly worked for ING and Deutsche Bank and other firms. After joining Kinetics Asset Management, his hedge funds averaged 26 percent in annual returns. Because of his efforts, the company was recognized by Barron’s as one of the world’s best hedge fund companies.
Paul Mampilly’s : Youtube