What is Blockchain?
The term blockchain has been used in many social and corporate conversations in recent years and it seems that everyone has 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 history of how the transaction of money has evolved. Historically, whenever people exchanged valuable items, there were intermediaries whose sole purpose was to record the authenticity of both parties and build trust between them. Currently, these intermediaries are known as banks. The use of banks and brokers continued over time, and with the advent of digital assets such as stocks, electronic money and intellectual property, the need for a more secure method emerged. This is because digital assets are usually files inside a computer that are therefore vulnerable to manipulation and theft. Therefore, the use of blockchain technology allows parties to transact 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 the same way social media disrupted mainstream media or the same way Netflix destroyed Blockbuster movies. Blockchain technology has the potential to be used as a platform that provides financial services to everyone in the world, including people in developing countries who may not have access to traditional banking services and cannot afford the rates required to make large transactions. This technology has the potential to make major breakthroughs in almost all major industries that are usually manipulated by large corporations.
The 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 them. This is because several students have bypassed the system and received funding. This would actually end up being detrimental to needy students who end up dropping out or racking up a lot of debt that almost keeps them from working.
In the end, the vast majority of the population may be hiding their heads in the sand right now because they want blockchain to go away, but this piece of technology is definitely not going anywhere. In the near future we will all trade using blockchain as part of our daily activities, our great grandchildren will read about money and ATMs just like we read about barter and gold. It is therefore imperative that we jump in as soon as possible and adapt before we are forced to adapt.