Block Chain - The Next Generation Technology

Introduction to Blockchain

What exactly is Blockchain? The name blockchain has been included in various social and business conversations in the past few years, and almost everyone seems to have heard about blockchain technological advances. However, a significant majority of the human population actually has no understanding of what it truly indicates. To be able for us to precisely detail what blockchain technology actually means, let us present you a brief breakdown of the past of how the exchange of money has become more advanced. Historically, whenever people used to exchange valued things, there were middlemen whose only intention was to verify the authenticity of both parties and build rapport between them. Presently, these middlemen are known as banks (Nakamoto, 2008).

The Evolution of Financial Transactions

The function of banks and lenders has carried on over time, and with the introduction of virtual properties like stock, virtual money, and intellectual property, the necessity for a more reliable method has emerged. Digital property and assets are usually data files within a computing machine, making them susceptible to manipulation and theft. Consequently, the usage of blockchain technology enables parties to transact openly and transparently, ensuring that the exchange is secure and effective (Tapscott & Tapscott, 2016). Blockchain technology has the potential to disrupt the financial world similarly to how social media interrupted conventional media or how Netflix shattered Blockbuster films.

Blockchain: A Global Financial Platform

Blockchain technology is expected to be used as a platform that caters to financial offerings to anyone in the world today. This includes people in developing regions who may not have access to conventional banking solutions and cannot afford the charges associated with large transactions. This technology has the potential to bring significant enhancements to virtually all major sectors, often controlled by prominent corporations (Swan, 2015).

The Impact of Blockchain on Education

The benefit of blockchain technology in education can be seen in its application to identify individuals who genuinely need scholarships and those who can afford education expenses. This is because many students have been bypassing the system and obtaining funds undeservedly, which can threaten needy students who might end up dropping out or accumulating significant debt, forcing them to work extensively (Sharples & Domingue, 2016). By leveraging blockchain, educational institutions can ensure a fairer distribution of financial aid.

The Future of Blockchain

Lastly, while many people may currently be ignoring blockchain, hoping it will fade away, this technology is certainly here to stay. In the near future, we could be buying and selling through blockchain as part of our everyday lives. Our great-grandchildren will study digital money and cash machines just as we understand paper money and gold. Therefore, it is advisable to embrace this technology as quickly as possible and adapt before we are compelled to adjust (Narayanan et al., 2016).

References:

• Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
• Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin.
• Swan, M. (2015). Blockchain: Blueprint for a New Economy. O'Reilly Media.
• Sharples, M., & Domingue, J. (2016). The Blockchain and Kudos: A Distributed System for Educational Record, Reputation and Reward. In European Conference on Technology Enhanced Learning (pp. 490-496). Springer, Cham.
• Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press.