The definition of blockchain has been used in numerous social and corporate conversations in recent years and everyone seems to have learned about blockchain technology, but a majority of the populace actually does not have any idea what it really means.
In order for us to clearly explain what blockchain technology actually means allow us to give you 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 utilization 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 safer method has emerged. This is because digital assets usually are files in just a computer which can be therefore vulnerable to manipulation and theft. Thus the utilization 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 exact same way social media marketing disrupted mainstream media or the exact same way Netflix destroyed Blockbuster films. Blockchain technology has got the potential to be used as a platform that provides financial services to everyone on the the main world, including people in developing countries who may not have the access to traditional banking services and cannot afford the rates required to make large transactions. This technology has got the potential of making major breakthroughs in nearly all major industries which can be usually manipulated by big corporations.
The utilization of Blockchain technology in Education
Blockchain technology in education can be used to find out the students that actually need the scholarships and those that can afford it. This is because several students have been bypassing the system and getting financing. This could actually turn out to be detrimental to the needy students who wind up dropping out or accruing a lot of debt that triggers them to work for nearly.