The term blockchain has been used in numerous social and corporate conversations in recent years and everyone appears to have found out about blockchain technology, but a majority of the people 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 provide you with a brief breakdown about the annals of the way 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 referred to as banks. The usage of banks and brokers has continued over time and with the emergence of digital assets like stock, electronic money, and intellectual property the necessity for a safer method has emerged. The reason being digital assets are often files inside a computer which are therefore susceptible to manipulation and theft. Thus the use 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 ability of completely disrupting the financial industry the same way social media disrupted mainstream media or the same way Netflix destroyed Blockbuster films. Blockchain technology gets the potential of being used as a platform that delivers financial services to everyone on the the main world, this includes people in developing countries who may not have the access to traditional banking services and cannot afford the rates required to produce large transactions. This technology gets the potential of creating major breakthroughs in nearly all major industries which are usually manipulated by big corporations.
The usage of Blockchain technology in Education
Blockchain technology in education can be used to find out the students that really need the scholarships and those that can afford it. The reason being several students have been bypassing the machine and getting financing. This will actually become detrimental to the needy students who find yourself dropping out or accruing a lot of debt that produces them to benefit nearly.