According to many financial experts, blockchains and cryptocurrencies could be the solution to prevent another financial crisis from happening. But many are still skeptical about whether it is all a hype or a real opportunity to invest.
The other half are not even sure how the blockchain and crypto actually work. Whichever category you belong to, it is a fact that both blockchain and cryptocurrencies are capable of changing the world in several ways.
To understand how that would and could happen, first you have to know what these are.
In simple terms, blockchain is a system that stores all the information of transactions made using any cryptocurrency. They are stored in the form of blocks that are linked to one another. Each block, in turn, has the information from the previous making it impossible to modify the data.
Bitcoin is one of the most popular cryptocurrencies in the market now. It is decentralized, but since each transaction is verified with blockchain, it is far from being unaccountable.
How can Students Benefit?
It won’t be long before blockchain becomes hugely established and takes over many aspects of our daily lives. As students, it is imperative to be updated about the current technologies as they play a massive role in today’s academics. Nowadays, it is possible to do an entire course online and get all the assistance, including materials needed, for that online. Students can also use online services to receive assistance with college and other academically related works.
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Similar to how technology revolutionized education, cryptocurrency is going to impact our financial system. Operating with cryptocurrency will require a certain skillset, which is going be in highly sought after in the future.
Having foreseen this, many universities are offering business classes and other courses on cryptocurrencies. Stanford Graduate School of Business, Wharton Business School and Georgetown have all acknowledged the importance of offering courses about cryptocurrency.
Today, there is an increase in companies looking to recruit employees who have an understanding of the workings of blockchain technology. With the 2017 surge in Bitcoin prices, there is no better time to learn and prepare yourself for a world highly equipped with this technology.
How will it Change the World
To learn which study areas would be affected by blockchain, it is essential to know which fields would be the most affected.
All data would be verified and encrypted with cryptography, creating waves of changes in how we store data and process it. It would almost make the system immune to hackings.
Payments and transactions would be faster than ever, more efficient and secure. Many banks are already on their way to switching over to blockchain technology.
Faster, safer and reliable modes of communication that are automated and digitalized. The field will see many innovations to adapt to technological advancement.
- Governing Organizations
Blockchain will put an end to corruption as every penny would be accounted for. It will promote transparency in bureaucracy, security and all government benefits would be verified.
- Internet of Things
Most importantly, anything that is embedded with software, today that includes almost about anything will be much safer. Blockchain will address many critical security concerns and will increase the capabilities to a new level.
These are only a few of the major areas that would be influenced. In short, whichever field you choose to work, blockchain and bitcoin would become as important as computers are today. Students should make use of the time and opportunity to train themselves in the field.
All the impacts aside, most of the news about bitcoin is about its investments. In the US, 18% of students own cryptocurrencies. More are willing to invest in it and take up courses to educate themselves. Like any other investment, there are risk factors involved in this too. The regulatory and legal issues alone could change things in the future. Since there is no regulation from the authorities, there is also less consumer protection here.
As students, if you are considering investing financially in cryptocurrency, you should be cautious. On the other hand, it would be wise to invest in your future and sign up for blockchain courses and become an expert yourself.