The definition of blockchain has been used in several social and corporate conversations lately and everyone seemingly have heard about blockchain technology, but a majority of the population actually does not have any idea what it really means.
To ensure that us to clearly explain what blockchain technology actually means allow us to give you a brief breakdown about the real history of how the blockchain transaction of money has evolved. Historically whenever people used to exchange valuable items there were middle men whose sole purpose was to record the authenticity of both parties and build trust between them. Currently these middle men are known as banks. The usage of banks and brokers has continued with time and with the emergence of digital assets like stock, electronic money, and intellectual property the necessity for a safer method has emerged. This is because digital assets usually are files inside a computer which are therefore at risk of manipulation and theft. Thus the usage of the blockchain technology enables parties to transact openly and transparently ensuring that the exchange is secure and efficient.
The Future of Bitcoin
Blockchain has the capability of completely disrupting the financial industry the exact same way social media disrupted mainstream media or the exact same way Netflix destroyed Blockbuster films. Blockchain technology gets the potential to be used as a platform that provides financial services to everyone on the area of the world, this includes people in developing countries who may not have the usage of traditional banking services and cannot pay the rates required to make large transactions. This technology gets the potential of making major breakthroughs in almost all major industries which are usually manipulated by big corporations.
The usage of Blockchain technology in Education
Blockchain technology in education may be used to figure out the students which in fact need the scholarships and those who are able to afford it. This is because several students have already been bypassing the machine and getting financing. This could actually end up being detrimental to the needy students who wind up dropping out or accruing plenty of debt that produces them to work for nearly.