What is Blockchain?
The term blockchain has been used in numerous 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 what blockchain technology actually means, let us give you a brief overview of the history of how the money transaction evolved. Historically, whenever people exchanged valuables, there were intermediaries whose sole purpose was to record the authenticity of both sides and build trust between them. Currently, these intermediaries 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 a safer method has emerged. This is because digital assets are usually files inside a computer that are therefore susceptible to manipulation and theft. Therefore, the use of blockchain technology allows the parties to conduct transactions openly and transparently ensuring that the exchange is secure and efficient.
The future of Bitcoin
Blockchain has the ability to completely disrupt the financial industry in the same way that social media disrupted mainstream media or in the same way that Netflix destroyed Blockbuster movies. Blockchain technology has the potential to be used as a platform to provide financial services to everyone around the world, including people in developing countries who may not have access to traditional banking services and cannot afford the rates needed to conduct large transactions. This technology has the potential to make great strides in almost all large industries typically manipulated by large corporations.
Use of Blockchain technology in education
Blockchain technology in education can be used to discover students who really need scholarships and those who can afford it. This is because several students bypassed the system and received funding. This would actually be detrimental in the end for students in need who eventually drop out of school or accumulate a lot of debt that makes them almost work.
In the end, a huge number of people may be hiding their heads in the sand right now because they want the blockchain to disappear, but this piece of technology is definitely going nowhere. In the near future, we will all trade using the blockchain as part of our daily activities, our great-grandchildren will read about money and ATMs just as we read about barter and gold. It is therefore imperative that we jump in as soon as possible and adjust before we are forced to adapt.