Although Blockchain and distributed ledgers are not new concepts, modern technology is giving them new life. It opens up new possibilities for secure banking and trading activity by removing unnecessary intermediaries and using complex cryptographic tools. In today’s world, the security of users’ data is increasingly important, so the potential of this digital revolution is being recognized. Therefore, Blockchain technology imposes as the optimal solution. Starting with digital currency, Blockchain technology has made significant progress in the last decade. With the development of IT technologies, cryptocurrencies have become an increasingly important factor and bring all the possibilities of blockchain technology to the fore. While the system’s decentralization and irregularity are considered the greatest advantage, it also entails easy data manipulation within the chain. Therefore, there arises the need for increased data encryption and consensus algorithms to preserve its integrity. Enabled by a good foundation from technology, blockchain could be found as an integral part of everyday life in schools and other various institutions in the future. The application of blockchain technology and the realization of direct instead of centralized transactions can greatly introduce changes in the socio-economic world.