What is 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 the majority of the population has no idea what it really means.
In order to clearly explain what blockchain technology actually means, allow us to give you a brief breakdown of the history of how financial transactions have evolved. Historically, the more people used to exchanging valuables, the more there were mediators whose only goal was to record the health of both parties and build trust between them. These brokers are currently known as banks. Banks and intermediaries have continued to be used over time, and with the advent of digital assets like stocks, electronic money, and intellectual property, the need for a more secure method has emerged. This is because digital assets are usually files inside a computer and are therefore subject to tampering and theft. Thus the use of blockchain technology enables the parties to transact in an open and transparent manner while ensuring that the exchange is safe and efficient.
The future of Bitcoin
Blockchain has the potential to disrupt the financial industry completely in the same way that social media has disrupted mainstream media or in the same way that Netflix has destroyed Blockbuster’s movies. Blockchain technology has the potential to be used as a platform that provides financial services to everyone in a part 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 to conduct large transactions. This technology has the potential to make great breakthroughs in almost all major industries that are usually manipulated by big companies.
The use of blockchain technology in education
Blockchain technology can be used in education to find out which students really need scholarships and those who can afford them. This is because few students bypass the system and get funded. This will actually do a disservice to needy students who end up dropping out or accumulating so much debt that they almost work.
Finally, perhaps a large population of people is currently hiding in the sand because they want the blockchain to disappear, but this piece of technology is definitely not going anywhere. In the near future, we will all be trading with the blockchain as part of our daily activities.Our grandchildren will read about money and ATMs just as we read about barter and gold trading. So it is imperative that we jump on the cart as quickly as possible and be caught before we have to adapt.