What is Blockchain?
The word blockchain has been used in several social and corporate conversations in recent years and everyone seems to have found out about blockchain technology, but most the population actually doesn’t have idea what it really means.
For us to clearly explain what blockchain technology actually means allow us to provide you with a brief breakdown about the annals of how the blockchain transaction of money has evolved. Historically whenever people used to change valuable items there have been 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 over time and with the emergence of digital assets like stock, electronic money, and intellectual property the requirement for a more secure method has emerged. The reason being digital assets are generally files within a computer that are therefore vulnerable 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 capability of completely disrupting the financial industry exactly the same way social networking disrupted mainstream media or exactly the same way Netflix destroyed Blockbuster films. Blockchain technology has got the potential of being used as a platform that gives financial services to everyone on the area of the world, this includes people in developing countries who may not need the access to traditional banking services and cannot pay the rates required to make large transactions. This technology has got the potential of creating major breakthroughs in the majority of major industries that are usually manipulated by big corporations.
The usage of Blockchain technology in Education
Blockchain technology in education may be used to determine the students that truly need the scholarships and those that are able it. The reason being a couple of students have now been bypassing the system and getting financing. This would actually become detrimental to the needy students who end up dropping out or accruing a lot of debt that creates them to benefit nearly.