The term blockchain has been used in numerous social and corporate conversations in recent years and everyone seems to have heard about blockchain technology, but a majority of the population actually has no idea what it actually means.
In order for us to clearly explain what blockchain technology actually means allow us to give you a brief breakdown about the history of how the transaction of money has evolved. Historically whenever people used to exchange 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 known as 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 more secure method has emerged. This is because digital assets are usually files within a computer that are therefore vulnerable to manipulation and theft. Thus the use 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 ability of completely disrupting the financial industry the same was social media disrupted mainstream media or the same way Betflix destroyed Blockbuster films. Blockchain technology has the potential of being used as a platform that provides financial services to everyone on the part of the world, this includes people in developing countries who may not have the access to traditional banking services and cannot afford the rates required to make large transactions. This technology has the potential of making 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 used to figure out the students that actually need the scholarships and those who can afford it. This is because a few students have been bypassing the system and getting financing. This would actually end up being detrimental to the needy students who end up dropping out or accruing a lot of debt that causes them to work for nearly.
Lastly, a huge number of the population may currently be hiding their heads in the sand as they wish blockchain to go away but this piece of technology is definitely going nowhere. In the near future we will all be trading using blockchain as part of our daily activities our great grandchildren will read about money and ATM machines just as how we read about barter trade and gold. It is therefore imperative that we jump on the bandwagon as soon as possible and get adjusted before we are forced to adjust.
