What is a blockchain?
The term blockchain has been used in many social and corporate conversations in recent years, and everyone seems to have heard of blockchain technology, but most people don’t really realize what it really means.
To give us a clear explanation of what blockchain technology really means, let us give you a brief overview of the history of evolution. Historically, when people usually exchanged valuables, there were middle-aged people whose sole purpose was to capture the authenticity of both parties and build trust between them. These average people are now 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, there has been a need for a safer method. This is due to the fact that digital assets are usually files in a computer that are thus vulnerable to manipulation and theft. Thus, the use of blockchain technology allows parties to conduct transactions openly and transparently, ensuring the security and efficiency of the exchange.
The future of bitcoin
Blockchain has the potential to completely destroy the financial industry just as social media disrupts major media or just as Netflix destroys Blockbuster movies. Blockchain technology can be used as a platform to provide financial services to all people 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 can make significant strides in virtually all major industries typically manipulated by large corporations.
The use of Blockchain technology in education
Blockchain technology in education can be used to find out students who really need scholarships and those who can afford it. This is because several students bypassed the system and received funding. In fact, it can harm demanding students who end up dropping out of school or accumulating large debts that make them almost work.
Finally, a huge population can now bury their heads in the sand because they want the blockchain to go away, but 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 great-grandchildren will read about money and ATMs as well as about barter and gold trading. It is therefore very important that we move into the background and recover as soon as possible before we are forced to adapt.