The term blockchain has been used in many social and professional conversations in recent years and everyone seems to have heard about blockchain technology, but the majority of the population has no idea what it actually means .
To allow us to clearly explain what blockchain technology actually means, we can give you a brief overview of the history of the evolution of the monetary transaction.
Historically, whenever people exchanged valuables, there were intermediaries whose sole purpose was to record the authenticity of both parties and to create a climate of trust. You can visit http://uprets.io/ to learn more about blockchain technology.
Currently, these intermediaries are known as banks. The use of banks and brokers has continued over time and with the emergence of digital assets such as equities, electronic money and intellectual property, the need for a safer method has emerged.
Indeed, digital assets are generally files stored on a computer and are therefore vulnerable to manipulation and theft. Thus, the use of blockchain technology allows parties to deal in an open and transparent way by ensuring that the exchange is secure and efficient.
The future of Bitcoin
Blockchain has the ability to completely disrupt the financial sector, just as social media has disrupted the mainstream media or the same way that Betflix destroyed Blockbuster movies.
Blockchain technology has the potential to be used as a platform to provide financial services to all people around the world, including people in developing countries who may not have access to traditional banking services and cannot afford the rates needed to carry out large transactions. .
This technology has the potential to make major breakthroughs in almost every major industry typically handled by large companies.