Blockchain technology: Is there a positive future?

In recent years, this term has been gaining popularity and becoming common in corporate and social conversations across the globe. Almost every entrepreneur is said to have heard this technology, but only a handful actually understand what it is actually all about.

About blockchain technology

To understand better what blockchain technically is all about, it is necessary to get some breakdown of the history as to how money transaction has evolved over time. Historically, when people exchanged valuable items, then there were present middlemen with the sole purpose to record the authenticity of both the parties and to develop trust between them.

The present age middlemen are termed as ‘banks’. Using brokers and banks have continued with time. With digital assets such as electronic money, stock and intellectual property emerging very fast, the need to have much more secured method definitely has arisen. The cause for the same is cited to digital assets that fly usually within the computer and hence, are considered to be vulnerable to theft and manipulation. Therefore, using the assistance of blockchain technology companies, it becomes possible for parties to transparently and openly transact, thereby ensuring efficient and secure exchange.

Future of Bitcoin

According to the industry experts, Bitcoin have the capability to disrupt completely the financial industry, just the like way, social media is said to have disrupted mainstream media or blockbuster movies destroyed by Betflix. This advanced technology does have the potentiality to be used as a platform to provide financial services globally to everyone. It also includes people residing in developing countries, especially those not having access to a traditional form of banking services or not able to afford the prices that are necessary to make big transactions. Moreover, the technology has the potentiality to make major breakthrough us in almost all leading industries which are manipulated usually by large corporations.

Using this technology in education

In the field of education, this technology when introduced can help identify the students who require scholarships to pursue their studies and those who are not in a position to afford it. The reason is because, few students are found to bypass the system to get finances. This is likely to end up getting detrimental to those who are needy and are found to drop out of their education, due to accruing huge debts.

Finally, good number of a population not being aware of the benefits provided by blockchain companies in India may seem disinterested in this technology. But the experts are of the opinion that this technology is there to stay for a very long time. They also suggest that the near future will require trading to be done using blockchain, which is part of the individual’s day to day activities. This technology is also expected to make ATM machines and money to become history, similar to that of barter gold and trade. Hence, it becomes imperative that people get used this form of technology at the earliest and avoid getting forced to being adjusted to it in the near future.

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