The term blockchain has been used in numerous social and corporate conversations in recent years and everyone seems to have found out about blockchain technology, but a lot of the people actually has no idea what it really means.
In order for us to clearly explain what blockchain technology actually means allow us to offer you a brief breakdown about the real history of how a blockchain transaction of money has evolved. Historically whenever people used to switch 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 need for a better method has emerged. This is because digital assets are generally files inside 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 ability of completely disrupting the financial industry exactly the same way social media marketing disrupted mainstream media or exactly the same way Netflix destroyed Blockbuster films. Blockchain technology has the potential to be 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 spend the money for rates required to create large transactions. This technology has the potential of making major breakthroughs in almost all major industries that are usually manipulated by big corporations.
The utilization of Blockchain technology in Education
Blockchain technology in education can be used to determine the students that really need the scholarships and those that are able it. This is because a couple of students have been bypassing the machine and getting financing. This could actually end up being detrimental to the needy students who wind up dropping out or accruing lots of debt that causes them to work for nearly.