The term blockchain has been used in numerous social and corporate conversations recently and everyone seemingly have found out about blockchain technology, but a majority of the populace actually does not have any idea what it really means.
For us to clearly explain what blockchain technology actually means allow us to offer you a brief breakdown about the annals of how a blockchain transaction of money has evolved. Historically whenever people used to switch 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 called banks. The usage of banks and brokers has continued as time passes and with the emergence of digital assets like stock, electronic money, and intellectual property the necessity for a more secure method has emerged. This is because digital assets are often files inside a computer which can be 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 power of completely disrupting the financial industry the exact same way social networking disrupted mainstream media or the exact same way Netflix destroyed Blockbuster films. Blockchain technology has got the potential of being used as a platform that provides financial services to everyone on the part of the world, including people in developing countries who may not have the access to traditional banking services and cannot pay the rates required to create 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 usage of Blockchain technology in Education
Blockchain technology in education may be used to determine the students which actually need the scholarships and those who are able to afford it. This is because several students have already been bypassing the device and getting financing. This would actually become detrimental to the needy students who wind up dropping out or accruing a lot of debt that causes them to work for nearly.