The definition of blockchain has been used in numerous social and corporate conversations in recent years and everyone appears to have heard about blockchain technology, but a lot of the people actually does not have any idea what it actually 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 were 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 use 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. The reason being digital assets are often files in just a computer that are 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 capability of completely disrupting the financial industry exactly the same way social media disrupted mainstream media or exactly the same way Netflix destroyed Blockbuster films. Blockchain technology has the potential of being used as a platform that delivers 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 earning major breakthroughs in nearly all major industries that are usually manipulated by big corporations.
The use of Blockchain technology in Education
Blockchain technology in education can be utilized to find out the students that truly need the scholarships and those that can afford it. The reason being a couple of students have already been bypassing the system and getting financing. This may actually end up being detrimental to the needy students who wind up dropping out or accruing lots of debt that creates them to work for nearly.