The term blockchain has got everyone excited in the recent years but a majority of the population is completely unaware of this technology. In order to better understand the blockchain technology, it is important to know about the evolution of transactions of money. In the early days, when people used to exchange valuable items, there were middlemen who used to record the authenticity of each parties and build trust between them. Today, banks have taken the role of those middlemen.
Banks are being used greatly to maintain trust among the parties entering into big contracts. Similarly, the emergence of digital assets have led to the use of brokers to ensure a secure environment. However, these methods are not that secure and the recent events of data breaches signify this claim. This has led to the discovery and use of a technology where transactions could take place openly and transparently and this is what blockchain is all about.
What is Blockchain?
Blockchain is a revolutionary resource or technology that serves as a platform that ensures the transit of information without the risk of any data breaches or copying. This technology has greatly contributed to a new type of internet space. This technology was originally designed for Bitcoin where millions of transactions take place each day. The beauty of blockchain is that equal number of people verify the transactions which ensures the transparency of the process.
The Future of Bitcoin
Currently, blockchain is being utilized for the transactions of bitcoin. Besides having tons of benefits, this technology is often criticized for disrupting the financial industry and a lot of analysts believe that blockchain has promoted the black economy. The criticism is same as for social media which is believed to have buried the conventional or mainstream media. Regardless of all the criticism, no one can deny that Blockchain technology has the ability of being used as a platform that anyone can use on any part of the world. It includes people of underdeveloped and developing countries as well.
This however, is the basic use of blockchain and its boom is yet to be achieved. Not just in financial industry, blockchain can contribute directly to other sectors as well and education is one of them.
Blockchain Technology for Education
As we all know that students, especially in the Europe, have to seek financial loans to meet their educational expenses or rely on scholarships. Blockchain technology can actually help in education sector in a way that it can segregate students who actually need the scholarships as well as those who can afford the actual tuition fee of the institute. It will help universities to offer financial aid and scholarships to the needy students and save their valuable time as well that will directly reduce the costs.
All the rumors of blockchain technology to die in the near future are going to be wrong because it is a highly useful technology that will change the landscape of numerous industries and sectors. It is expected that in the near future, blockchain will be used as a mandatory tool in the financial transactions which will have a positive impact on it. Not only will security be ensured, but transparency in the transactions will also be achieved.