What is Blockchain?
The term blockchain has been used in several social and corporate conversations recently and everyone seems to have learned about blockchain technology, but most the population actually does not have any 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 real history of the way the 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 utilization of banks and brokers has continued as time passes and with the emergence of digital assets like stock, electronic money, and intellectual property the requirement for a better method has emerged. This is because digital assets usually are files in just a computer that are therefore susceptible to manipulation and theft. Thus the usage 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 exactly the same way social networking disrupted mainstream media or exactly the same way Netflix destroyed Blockbuster films. Blockchain technology gets the potential to be used as a platform that gives financial services to everyone on the part of the world, this includes people in developing countries who may not need the usage of traditional banking services and cannot afford the rates required to create large transactions. This technology gets the potential of making major breakthroughs in the majority of major industries that are 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 to afford it. This is because a couple of students have now been bypassing the machine and getting financing. This might actually become detrimental to the needy students who find yourself dropping out or accruing a lot of debt that causes them to work for nearly.