What is the Blockchain?
The term blockchain has been used in many social conversations and companies in recent years and everyone seems to have heard about blockchain technology, but the majority of the population actually doesn’t know what it really means.
So that we can explain clearly what blockchain technology really means allows us to give you a brief description of the history of how money transactions have developed. Historically whenever ordinary people exchanged valuables there was a middle man whose main purpose was to record the authenticity of both parties and build trust between them. At present this intermediary is known as a bank. The use of banks and brokers continues 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 in the form of files on a computer that are vulnerable to manipulation and theft. Thus, the use of blockchain technology allows parties to transact openly and transparently to ensure that the exchange is safe and efficient.
The Future of Bitcoin
Blockchain has the ability to really disrupt the same financial industry as social media that disrupts the main media or the same way Betflix destroys Blockbuster films. Blockchain technology has the potential to be used as a platform that provides financial services to everyone in the world, this includes people in developing countries who may not have access to traditional banking services and cannot afford the rates needed to make large transactions. This technology has the potential to make major breakthroughs in almost all major industries that are usually manipulated by large companies.
Use of Blockchain technology in Education
Blockchain technology in education can be used to find out students who really need scholarships and those who are capable. This is because some students have passed the system and received funding. This will ultimately harm students in need who eventually drop out of school or produce a lot of debt that causes them to work almost.
Lastly, a large number of the population today might be hiding their heads in the sand because they want the blockchain to go away but part of this technology is definitely not going anywhere. In the near future we will all trade using the blockchain as part of our daily activities our grandchildren will read about money and ATM machines just as we read about barter and gold trading. Because it’s very important that we jump on the bandwagon as soon as possible and get adjustments before we are forced to adjust.