What is Blockchain?
The term blockchain has been used in many social and corporate conversations in recent years, and everyone seems to have heard about blockchain technology, but the majority of the population have no idea what they really mean.
In order to clearly explain what blockchain technology actually means we allow you to provide you with brief details about the history of the development of a money transaction. Historically, whenever people are used to exchanging valuable things, there are men among their only goal of recording the authenticity of both parties and building trust between them. Currently these middle men are known as banks. Banks and brokers continued to use over time and with the emergence of digital assets such as securities, electronic cash and intellectual property, a safer method was needed. This is because digital assets are usually files inside a computer that are thus vulnerable to processing and theft. Consequently, the use of blockchain technology enables the parties to act openly and transparently to ensure that the exchange is safe and effective.
Blockchain has the potential to disrupt the financial industry just as social media has disrupted major media or the same way that Betflix destroyed Blockbuster films. Blockchain technology has the potential to be used as a platform that provides financial services to everyone from all parts of the world, and this includes people in developing countries who may not have access to traditional banking services and cannot afford the prices required for large transactions. This technology has the potential to make big breakthroughs in almost all major industries that large companies usually manipulate.
Use of Blockchain technology in education
Blockchain technology can be used in education to know which students really need scholarships and who can afford them. This is because very few students passed the system and received funding. In fact, this may end up hurting the needy students who end up leaving or incurring a lot of debt that keeps them working for almost a while.
Finally, a large population may now hide their heads in the sand as they want the blockchain to disappear but this technology is not going anywhere at all. In the near future, we will all trade using the blockchain as part of our daily activities, our greatest grandchildren will read about money and ATM just as we do about barter and gold trading. So it is essential that we jump onto the cart as quickly as possible and be tuned before we have to adjust.