The definition of blockchain has been used in several social and corporate conversations lately and everyone seemingly have found out about blockchain technology, but most the population 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 provide you with a brief breakdown about the history 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 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 more secure method has emerged. This is because digital assets are generally files within a computer which can be therefore susceptible 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 power 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 delivers financial services to everyone on the part 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 has got the potential of earning major breakthroughs in the majority of major industries which can be usually manipulated by big corporations.
The utilization of Blockchain technology in Education
Blockchain technology in education may be used to determine the students that really need the scholarships and those who are able it. This is because several students have already been bypassing the system and getting financing. This may actually become detrimental to the needy students who wind up dropping out or accruing plenty of debt that causes them to work for nearly.