What is Blockchain?
The term blockchain has been used in a number of social and corporate conversations in recent years and everyone seems to have heard of blockchain technology, but most of the population has no idea what it actually means.
To clearly explain to you what blockchain technology actually means, allow us to provide you with a brief analysis of the history of money transaction development. Historically, whenever people once exchanged valuables, there were middle-class people whose sole purpose was to record the authenticity of both sides and build trust between them. Currently, these middle people are known as banks. The use of banks and brokers has continued over time, and with the advent of digital assets such as stocks, electronic money, and intellectual property, the need for safer methods has emerged. This is because digital assets are usually files in a computer that are therefore vulnerable to manipulation and theft. Therefore, the use of blockchain technology allows parties to trade openly and transparently ensuring that the exchange is secure and efficient.
The future of Bitcoin
Blockchain has the potential to completely disrupt the financial industry in the same way that social media disrupted mainstream media or the same way Netflix destroyed Blockbuster movies. Blockchain technology can be used as a platform to provide financial services to everyone in the world, which includes people in developing countries who may not have access to traditional banking services and cannot afford the rates required for large transactions. This technology has the potential to make great discoveries in almost all major industries typically manipulated by large corporations.
Use of Blockchain technology in education
Blockchain technology in education can be used to discover students who actually need scholarships and those who can afford it. This is because several students bypassed the system and received funding. This would actually end up hurting the students who need it, and who end up giving up or accumulating a lot of debt which is why they work almost.
In the end, a huge number of the population may be currently hiding their heads in the sand because they want the blockchain to disappear, but this piece of technology is definitely not going anywhere. In the near future, we will all trade using blockchains as part of our daily activities, and our grandchildren will read about money and ATMs, just as we read about exchanging goods and gold. Therefore, it is necessary to jump in as soon as possible and adjust before we are forced to adapt.