Why People Call Bitcoin Blockchain?

[Wenbing]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

[bitmover]

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Simple because the application of the blockchain technology to other industries is very doubtful.

Blockchain is a very slow and heavy database. Immutability, Transparency and so on are not necessarily good for those industries you mentioned.

There might be some applications in other industries, but that is not what blockchain was designed for. It was designed for financial transactions record.

I believe when people try to apply blockchain to other industries, like those you mentioned, they are thinking in the wrong way.

The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"

When thinking like this, most people will realize that they don't need blockchain at all at their industries.

[Sanugarid]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

I guess you are referring to this words becoming a noun, well I think we should consider it as a noun as it identifies a class of people and thing, considering how often we use them.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

Well I believe that bitcoin is the brand name of cryptocurrency, ask some people what is crypto and see them answer ' bitcoin? ', ' like bitcoin?' or ' you mean bitcoin', coz that's how it worked for people to know a stuff, you need an outstanding crypto for branding, just like shoes we have nike and adi, phone for samsung and iphone. But for bitcoin it is quite different, bitcoin being a brand leads the market and it keeps growing mainly because of bitcoin.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

simply because blockchain was used in a very controversial cryptocurrency which most of us sees as effective. And money transfer should not be tampered, unlike medical records it is easier to change someone's data than creating one and the old data would still exist, this might be confusing.

[bittraffic]

Bitcoin has become popular because it was made popular by people who invested to it. From the beginning, people call bitcoin a hype as well but now the people who likes BTC now call other tokens hype. 

Blockchain can apply to any industry but it just doesn't always need to be related to finance which the project can have a token for its economy. Blockchain can just serve as a database which I think would be much useful for suplychain and records for logs. 

[BrewMaster]

it is mainly because the internet is filled with people who may not have any understanding of bitcoin and at the same time they try to explain it to others.
using blockchain instead of bitcoin is just a tiny mistake among the bigger ones they make.

I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.

i don't see how blockchain could even be relevant in any of these industries.

[Ucy]

I think the current Blockchain is more suitable for storing coins, transactions and other light data.
Blockchain is one of most important parts of the Bitcoin Network. The whole Bitcoin Network is like an Autonomous Nation (unlike Google or Facebook that are owned & controlled by few centralized powers) ... The Bitcoin Network can be said to be made of other decentralized applications/systems working together in harmony. Harmony can be achieved when everyone is agreeing and working according to basic accepted principles/rules of the whole Network. Its rules and principles should be clearly outlined, binding to network participants and businesses for safety purposes.

You can have other decentralized parts that are similar to Blockchain but don't necessarily call them Blockchain.

[webtricks]

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

It would be wrong to refer Bitcoin as a product and Blockchain as the underlying technology. Bitcoin itself is more than a product, it is a network. It is an amalgamation of various technologies such as hashing algorithms like sha256 and ripemd160, Bitcoin transaction Script, Elliptic Curve Cryptography, ECDSA and more. Together these all gave birth to a protocol which can be used as trustless network to transfer value. The unit of value transferred over this system is popularly referred as `bitcoin` (the cryptocurrency).

Now it is up to people if they wanna call this protocol Bitcoin or blockchain technology. I personally prefer using the term `blockchain` as a type of database because there is no standardization of blockchain technology. Every company or project using it as per its own protocol. However, there is one similarity among all i.e. the connecting record of blocks which is a feature of database (not technology).

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Because it is irrelevant for most of the sectors. Apart from finance, there is only one sector where I have seen successful implementation of blockchain and i.e. Supply Chain. However, it is completely different from one used in finance. It is centralized and controlled by the core team of the company where every department of the company independently adds data (like transactions in cryptocurrency) which is validated by the core team and every department independently verifies it. This is to make sure every unit passes systematically through all departments and there is no double-counting as well as short-calculation.

[CarnagexD]

What made blockchain popular is its ability to store immutable data which can be used to fight any data altering events, most effective in making transaction and logging. Many says that crypto is the future, it will replace fiat in the long run and whatnot but it ain't, blockchain can be apply many field not just the finance, anything that stores data actually. It is bitcoin who gained a lot of controversies not the blockchain, and from the very beginning many people already called out the technology behind bitcoin, not surprising that it is clicking by now.

[hatshepsut93]

Bitcoin is not just a use-case of "blockchain technology. Imagine one person invented a car, then some other person took the steering wheel, started calling it "steering wheel technology' and said that it can be applied to other inventions, and that a car is just an early example of "steering wheel technology". With the same success you could say that Bitcoin is a "cryptography technology" or "peer-to-peer technology".

The reason why we see this happening is because people are making money off "blockchain technology" hype. If it wasn't possible to making so much money with it, no one would really care.

[thesmallgod]

The title of your of the topic derails from the question is asked. It will be good if you can edit and provide a title that suits your question.
To answer your question. Blockchain technology is evolving and the reason, while it is most useful in the financial sector, is because of one purpose; to achieve a more transparent and fairer way of processing and implementing data. However, it has a huge limitation in some sectors such as health because it will be very dangerous to put medical records of patients on the blockchain that can be accessed by anyone.

[pixie85]

Only uneducated people call Bitcoin Blockckchain.

There's this attitude propagated by fans of cryptocurrencies who don't like Bitcoin because it's decentralized and independent. Those people often say things like blockchain not bitcoin thinking that the technology is more important than its use case.

Many banks have addopted this attitude thinking they can launch their own blockchains and have their own coins.

[btc_angela]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

The word "Bitcoin" was added by Oxford dictionary in 2013. And then the rest of crypto jargon, like "Cryptocurrency", "Satoshi", "Blockchain".

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

It's because they think that blockchain can change the financial industry. And we all know that majority of alt coins are being adopted by banks, like XRP and now it is being more hype because of this DeFi. For other sectors that deals with a lot of data everyday, blockchain technology could help, but there are drawbacks as well. And now all blockchain are created equal, there are permissioned and permissionless blockchain.

[batang_bitcoin]

It is because that blockchain has been first and mainly applied to bitcoin and that's the reason why it's more applicable to finance. But that doesn't mean that it can't be applied to other industries because as we can see in the news, there are other industries that are making it happen. Not to mention the ICO things but the real application and use case of technology being under the usage of a real company that's making them more productive in the best that they can. Now for the branding, it's part of human nature, when we say shoes, we say Nike or Adidas or any other popular brands.

[NeuroticFish]

Decades ago people called Internet Explorer (and then all the browsers) "the internet".
Now they do similar by confusing blockchain (and Blockchain.com !!) with Bitcoin
We have to live with the fact that some don't know and don't care how "the thing" they use is called.
Of course, this kind of confusion can lead to problems and money lost. But only then they may (not 100% sure even then!) to try to understand the difference

[finaleshot2016]

I do believe that it's because where the blockchain is popular in finance and really fits well. The features of blockchain which is transparency and decentralization are those features that are looking by some money experts. Also, the fact that it created a peer to peer system that is a cashless world through blockchain, many people will surely get interested and that's the reason why blockchain is only mainstream on finance.

There are also innovations that have done in other applications like in the medical field but it's barely used and there are only few differences in the traditional way. Unlike on finance, the decentralization feature of the blockchain let the people attracted to it.

[franky1]

under the topic creators definition.. bitcoin/blockchain is not mainstream

its only mainstream when its commonly known and used in everyday practice even for the elderly.
if you grandpa knows what facebook and google is but stil doesnt know understand bitcoin.. then bitcoin aint there yet

..
as for the bit about blockchain in different industries
finance is global and open market and best usecase is for public access and control.
however other industries like their private control. and monopoly within their industry to have certain companies have certain key advantage

thats why DLT (distributed ledger technology) is the brand/noun for these more corporate/private blockchains.
and leaving the term blockchain to be the broader definition, but more speaking about the decentralised opensourced zero owner types

there are many DLT's in operation right now. and successful. but these companies are taking advantage of the tech without advertising they are using it or how. because they dont want the competition

think about it. no need for as many IT engineers just maintaining the databases and fixing loopholes hackers can use.. because a distributed ledger is self auditing and able to defend itself from hacks on particular systems
its even made it easy to spot independant hacks on independant systems shut them down. and still have the network running unimpeded.
you might see some businesses highlight they use it but they wont go into much detail how or why. this is not for some conspiracy reasons. but purely for corporate rivalry competition reasons

if you could have a system that can log all the cargo containers of all cargo ships and have it where each country has a copy and able to establish the true list that is not easy to destroy.. all without lots of hardware or labour costs. then your company can profit more offering these ledger services

[shield132]

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Simple because the application of the blockchain technology to other industries is very doubtful.

Blockchain is a very slow and heavy database. Immutability, Transparency and so on are not necessarily good for those industries you mentioned.

~snip~

Industries that he mentioned are: healthcare, logistics, insurance, governement and this list goes on. So do you really say that all the requirements that you wrote aren't necessary in this field?
Then let me tell you that blockchain adds an extra layer of protection to data that's stored and this is especially beneficial for services like these. Blockchain technologies are successfully implemented on land title registry in some countries and this isn't the place where governments plan to stop. In Brazil, as far as I remember they decided to use Blockchain technologies for newborn baby registry. In overall, it's great in such industries, where the transparency and accuracy of information matters and I think there are a lot of like them, especially medicine too.

And, blockchain is slow because of high security and decentralization, it takes a lot of time to process these.

[Wexnident]

Industries that he mentioned are: healthcare, logistics, insurance, governement and this list goes on. So do you really say that all the requirements that you wrote aren't necessary in this field?
Then let me tell you that blockchain adds an extra layer of protection to data that's stored and this is especially beneficial for services like these. Blockchain technologies are successfully implemented on land title registry in some countries and this isn't the place where governments plan to stop. In Brazil, as far as I remember they decided to use Blockchain technologies for newborn baby registry. In overall, it's great in such industries, where the transparency and accuracy of information matters and I think there are a lot of like them, especially medicine too.

And, blockchain is slow because of high security and decentralization, it takes a lot of time to process these.

Just like how there are pros and cons with anything else, there are also pros and cons with blockchain database type of systems. Most of the said industries that OP stated have long used standard databases that are actually faster and I believe that they themselves developed their own security system for the said database. Not to mention that you could consider each company as it's own world, where it's database is only used for that world. Unlike Bitcoin Blockchain which technically, can connect you to various worlds (I'm pertaining to worlds as each entity, whether it be a single human, a company, government, etc.) which makes it pretty useful since Bitcoin was designed to be able to transact worldwide without boundaries.

Yes, blockchain may provide more security and decentralization, but organizations may not necessarily need such things. They may opt to use systems that are more of in their own control. Whether we like it or not, the system we have right now is mainly concentrated on being centralized to help in quick and speedy transactions as well as being able to control anything that may suddenly go wrong.

[bitmover]

Industries that he mentioned are: healthcare, logistics, insurance, governement and this list goes on. So do you really say that all the requirements that you wrote aren't necessary in this field?

they may be necessary, but that doesn't mean that blockchain is a good solution. Not even that blockchain is a solution.

Then let me tell you that blockchain adds an extra layer of protection to data that's stored and this is especially beneficial for services like these.

Do you think that this "extra layer of protection " is free? Is mining free? Would like to pay extra fees when you buy something in the supermarket and they want to register that in their blockchain?

Would like to pay fees when you make an exam? Because nothing is free in blockchain. You pay for EVERY interaction in a dApp in ethereum network for example.

Blockchain technologies are successfully implemented on land title registry in some countries and this isn't the place where governments plan to stop. In Brazil, as far as I remember they decided to use Blockchain technologies for newborn baby registry.

That information is just false. I live in Brazil and this is not happening. I read something about that, probably just a hyped project which never got out of the paper. Specially here in Brazil where people lack money to buy food, cloths, will people pay extra fees to have babies?

In overall, it's great in such industries, where the transparency and accuracy of information matters and I think there are a lot of like them, especially medicine too.

And, blockchain is slow because of high security and decentralization, it takes a lot of time to process these.

Not only time, but money as well.

We pay fees for transactions not because its fun, because someone has to pay for that processing power.


Edit: Don't get me wrong. I am not bashing bitcoin neither the blockchain. Just explaning how it works and why it is not suitable to be used in EVERYTHING.
Blockchain is not a new free "extra layer of security". It was not designed for that.

[minersday]

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

First and foremost, what you need to understand is that Satoshi's inspiration was to develop a system or technology that will solve the gap in the financial ecosystem concerning how transactions are made. And since blockchain technology was introduced in the financial aspect, its very obvious that aspect will e its prime focus and popularity. This popularity is mainly because blockchain was introduced to be a financial thing.

[romero121]

Bitcoin is the very first success out of the blockchain technology. This has made people misunderstand blockchain as bitcoin. Even after the existence of bitcoin so many projects got into development on the blockchain platform, but none reached the level of bitcoin. This has made blockchain and bitcoin termed one another. There is a question why blockchain is much used on financial sector compared to other sectors.

When there is transparency we can get everything functioning without error. In simple, in a government funds gets allocated to different purposes. Do we know the fund is truly allocated for the purpose. It is a trust, but here we can see whether the transaction has happened if we knew the end address. The same isn't necessary with production or other sectors that's why blockchain is much used in financial services than other functional sectors.

[The Cryptovator]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

It's simple in my opinion because 100% population in the world are directly connected with finances, but 100% peoples aren't directly connected with other sectors. We can't imagine our life without money, so when a blockchain application built financially based then they become more popular easily. But other sectors like education if built blockchain application then it will be limited to the teachers & students.

More importantly, blockchain becomes most popular by bitcoin which is financially related. That's how financial blockchain applications become popular.

[DoubleEdgeEX]

Such questions are the reason why we need more crypto related education and more use cases outside the finance space. People nowadays always connect blockchain to Bitcoin because they don´t know it any better and don´t see the use cases like in logistics, real estate or transportations. Those things happen io the back, unnoticed by the public, while money is for everyone to see and Bitcoin is in the spotlight so it´s jsut a matter of shifting the vision of the average Joe to what else is possible with Blockchain to make the people recognize that Bitcoin is not Blockchain

[teosanru]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

First reason is obvious because it was designed as a cryptocurrency and not some crypto other sector thing so people obviously would try to leverage this technology in the field of finance only. Secondly It's because everything in this world is commercialized today. Even if we imagine of implementing bitcoin or I would say cryptocurrency in any other sector it would be more or less based on how profitable that model is. But you would see most of the major companies involved in making blockchain related products try to leverage every sector that is profitable. So this assumption is wrong that only financial sector is getting implementation but yes other sectors are still in progress to be explored.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

First and foremost, what you need to understand is that Satoshi's inspiration was to develop a system or technology that will solve the gap in the financial ecosystem concerning how transactions are made. And since blockchain technology was introduced in the financial aspect, its very obvious that aspect will e its prime focus and popularity. This popularity is mainly because blockchain was introduced to be a financial thing.

And who said you this that Satoshi wanted to solve such a gap? Whitepaper doesn't mentions the same. Even if it was his vision do you really think bitcoin is a tool which could solve such gap? I think it's much slower as compared to traditional methods so no way it's filling the time gap.

[Assface16678]

Bitcoin and blockchain are different but they are using each other also they are a combination in terms of having a transaction.

Bitcoin is the cryptocurrency we are using today most of our transactions and this coin makes a lot of people getting invested because of a chance to get.

In terms of the blockchain, this blocks contain different information and data such as the transaction of the different users the reason why this is two connected each the user makes a transaction with the bitcoin it will automatically direct to the blockchain to store the transaction information if this is already confirmed or not the blockchain is transparent so you can immediately see this.

[witcher_sense]

It's simple in my opinion because 100% population in the world are directly connected with finances, but 100% peoples aren't directly connected with other sectors. We can't imagine our life without money, so when a blockchain application built financially based then they become more popular easily. But other sectors like education if built blockchain application then it will be limited to the teachers & students.

More importantly, blockchain becomes most popular by bitcoin which is financially related. That's how financial blockchain applications become popular.

I think financial application is becoming more popular because some people are not directly connected with finances, but they would like to be. Legacy financial system has showed us that in order for the centralized system to be effective, it needs to be cleared of undesirable participants, who, for example, don't have identities. Those people can't access the system simply because they cannot ask for permission. Bitcoin, however, is open for everyone, it is completely permissionless system.

This is the first and most important use case of blockchain technology, it gives people what they really want - the right to express opinions and an ability to make transactions without having to ask anyone.

[jokers10]

...
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
...

In the posting above, it has already been correctly noted that to a large extent, the equality between bitcoin and blockchain in the minds of people was formed due to the fact that they are poorly versed in this topic, and all they know about it, they draw from the media. And blockchain in companies from other sectors is more corporate, not aimed at mass consumption, so it is not so widely covered in popular media, and as a result is not so widely known to the masses. IMHO.

[erikoy]

bitcoin has blockchain tech this bitcoin blockchain refers to blockchain which bitcoin is using. Blockchain has its purpose and it has been very useful nowadays and other sectors had copied it. This is why they term the blockchain as bitcoin blockchain because the blockchain itself origimated from bitcoin. Bitcoin is a cryptocurrency that uses bitcoin blockchain. Whatever they called the blockchain as long as it has been use and see the potential then there should be no problem at all.

[Debonaire217]

If I'm not mistaken, blockchain became popular because it fits to be used in finance and transactions. Though, there are tons of other applications for blockchain, it became popular because of bitcoin who started to revolutionize the world's transactions with efficiency and security. The reason why people call blockchain the same way as bitcoin is because, most of the people just heard the word blockchain, when their topic is associated to bitcoin, lack of knowledge I supposed, but as time passes by, big companies are already building software and systems that are using blockchain, eventually, it will be recognized not as bitcoin, but a separate technology in the future.

[GDragon]

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

-snip-

I believe when people try to apply blockchain to other industries, like those you mentioned, they are thinking in the wrong way.

The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"

When thinking like this, most people will realize that they don't need blockchain at all at their industries.

I agree with this, an industry should not use a new technology just because its new, the new technology should offer solutions for them to use it. In the case of the blockchain tech, it offers solutions that is somehow can be use in finance.  Cause it offers security, transparency, etc. Connected to why satoshi built this in the first place, to solve the problem of money being centralized.

And agree too that there are other industries who used the blockchain tech even though they are not in finance, and yup, I think its because they need what the blockchain technology offers too. Why would an industry use blockhain if they don't have any problem that can be solve by it in the first place anyway?

[ufaiz50]

....


Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

That's what is being hyped and in that field, the beginning of the blockchain technology was made. we certainly know that why satoshi made blockchain and bitcoin technology as his currency. if from my point of view that blockchain technology is very suitable to be applied in the field of the transaction, which includes data or money or other things because it is transparent and safe.

[bearexin]

People have tried applying them to other sectors but they don’t seem to be working perfectly in those sectors, that’s why they are not widely being talked about when it comes to other sectors. Maybe Blockchain has not really developed to the extent of covering all those other sectors, and can only over transaction/finance for now. It is just like when it comes to voting, if you do your research on things that the Blockchain can be used for, you will see that voting is one of them. But the truth is that you can’t make use of them in voting for now, and there is a reason for that, which I can’t explain perfectly.

[coupable]

Decades ago people called Internet Explorer (and then all the browsers) "the internet".
Now they do similar by confusing blockchain (and Blockchain.com !!) with Bitcoin

In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years. Blockchain company started its businesses at early age of bitcoin, providing a wallet for bitcoin and an explorer. I consider the company stole the brand name and use it for its own benefits regardless of the disadvantages. Just like if someone run a bank named euro or dollar, just imagine how many clients we would get by just using that brand. Until now, people still think that blockchain is official wallet for bitcoin so when you say blockchain you mean blockchain.com which also means bitcoin in their ignorant minds. The issue that those people are not that interested to know the differences.
I read all the comments above and you are the only one who notice this. Thanks for pointing this out .

[NeuroticFish]

(and Blockchain.com !!)

In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years.

Keep in mind that one of the investors in that company is Roger Ver (the one selling bcash as Bitcoin).
Also, it's not uncommon in business/advertising do such (dirty) naming-to-trigger-confusion (mom's pickles, grandma's sunflower seed oil, countryside whatever product... I don't know the En/US version of them, but my country is full of such products, with basically fake names, but they're in my language..)

So keep in mind to research and never believe just a name.

[CryptopreneurBrainboss]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?

In addition to what others have said, I think with finance, the used of the blockchain technology is more practical, without having to explain to anyone, you can see it in action. Although other section are picking up interest like the creations of decentralized application (exchanges, gàmes etc) yet it can't still be compared with what can be achieved with finance most especially as money rules the world.

Another thing you should understand is the first mover advantage the finance sector has over all other sector, (all thanks to bitcoin for making that possible) as without bitcoin we won't have understood what the blockchain technology is all about.

[coupable]

(and Blockchain.com !!)

In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years.

Keep in mind that one of the investors in that company is Roger Ver (the one selling bcash as Bitcoin).
Also, it's not uncommon in business/advertising do such (dirty) naming-to-trigger-confusion (mom's pickles, grandma's sunflower seed oil, countryside whatever product...

The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].

[Shasha80]

In my opinion because it is Bitcoin who popularized the blockchain, so many people assume that only Bitcoin uses blockchain technology.
Same thing with cryptocurrency, definitely synonymous with Bitcoin. Then the application of blockchain to finance is more popular than
other sectors. That's because since the beginning blockchain technology was created for the financial sector, but some people try to apply
it in other sectors. Although blockchain technology can be used in other sectors, it is considered less successful.

[CryptoSaint777]

Because in the bitcoin whitepaper bitcoin is called a peer-to-peer digital cash system, i.e. finance.

A blockchain is a secured distributed database that only accepts new entries in its public ledger through the mechanism of mining. Specifically hashing the block's raw data through the SHA256 algorithm.

[mike_gallagher_98]

Since Bitcoin was the most visible and popular blockchain product for several years, they became synonymous, but luckily I think blockchain is finally pulling away from it as there are more and more visible use cases to the public outside of just crypto. I'm interested in how blockchain products are marketed to people outside of the space because this is a recurring problem. A colleague of mine wrote about it here: https://www.blockdriven.com/blog/marketing-blockchain-careers

[Wawa2013]

I even first learned about blockchain technology when I knew Bitcoin, so I think it's natural that many people mention Bitcoin
as a blockchain. Regarding the blockchain application, it was indeed made for the financial sector, with the blockchain database
system more transparent effective, efficient and safe. This is more needed by the financial sector compared to other sectors.

[Zemomtum]

The dominance of bockchain in finance space cannot be overlook but I am in disagreemnt that it has not been used in other sectors. Despite coming up gradually, blockchain has been used in transportation sector, housing and estate, supply chain, IoT just to mention a few.

[alani123]

Block chain is open source and can't be trademarked, so many corporations have jumped on the train of this innovative idea to try and pretend they're in it for the technology and openness while it's merely them not wanting to miss out on potential profits.

Sadly or not, many corporations don't promote the free and open source aspects of blockchain projects like bitcoin, because they are after profit. They promote close ended block chains and claim their solutions are superior. Fear not though, they're going to be the ones promoting products with no real use while BTC continues being fully functional.

[Sanitough]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Because Bitcoin itself is money, digital currency, or payment system, it's purpose is for online payment and it could also be a good investment depending on the user, so this belongs to the financial technology which is relative to banking, and that's really the purpose of bitcoin, banking without a bank.

[bitbunnny]

In simple words blockchain is technology and Bitcoin is cryptocurrency based on that technology. Some people mix these two things or better to say they think that Bitcoin is equal to blockchain and vice versa. Of course, that is not true but because of that many informations connected with implementation and use of blockchain are interpreted in wrong way. Bitcoin can't function without blockchain but on the other hand blockchain as an independent technology can be used in many ways and in many industries.

[NeuroticFish]

The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].

Indeed, in some languages it can be tough, especially with newbies.
And it's also not easy to always write clearly "Bitcoin's blockchain" or "blockchain.com (the company/wallet!)" since one doesn't know what's in the other party's mind when discussing.

I clearly understand your problem, since the Bitcoin Support subforum gets its share of confused/tricked people.

[htsy585]

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Considering the core features of Blockchain  which are security, decentralization, immutability, concensus and distributed ledger, it's best suited for the financial sector and that's why it's first application was for creating a digital currency. The blockchain is applicable in other sectors no doubt but when it comes to the industry that leverage and needs ot the most, it's the finance and coupled with the fact that people are looking for freedom over their financial lives makes finance a better industry for blockchain disruption

[Wenbing]

~~~
The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"

When thinking like this, most people will realize that they don't need blockchain at all at their industries.

While you're making a point but I'll not fully agree with you , where you say that block chain is not designed for other industries.

You may need to explain this further. To me block chain is a a software or digital technology that promises immutability and transparency. Such technology should help to solve some problems that border around the above.

[Leviathan.007]

In short words, lack of knowledge. Bitcoin is currently the most famous and most successful project in blockchain technology. That's why many people know blochain because of the bitcoin. Also, Bitcoin is the first pTp encrypted currency and using blockchain technology for that purpose. However blockchain was existed before the start of bitcoin, but bitcoin popularized blockchain in all over the world.  

[Wenbing]

Bitcoin has become popular because it was made popular by people who invested to it. From the beginning, people call bitcoin a hype as well but now the people who likes BTC now call other tokens hype. 

Blockchain can apply to any industry but it just doesn't always need to be related to finance which the project can have a token for its economy. Blockchain can just serve as a database which I think would be much useful for suplychain and records for logs. 

Great. I have two things to point as a reaction to your comment. 1. Does block chain has its own economy? What I mean is this: should there be a token wherever we have a block chain? If yes, why.

2. The country called Estonia has a block chain platform that works like a government system.

So, must every block chain platform has its own token?

[Wenbing]

(and Blockchain.com !!)

In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years.

Keep in mind that one of the investors in that company is Roger Ver (the one selling bcash as Bitcoin).
Also, it's not uncommon in business/advertising do such (dirty) naming-to-trigger-confusion (mom's pickles, grandma's sunflower seed oil, countryside whatever product...

The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].

This is the advice i will give you as you seek to proffer a lasting solution to this challenge. Try to translate crypto contents in a proper way and properly edited before passing it to the local community. This will help them to understand better the differences among the three terms. knowledge is power and its absence is powerlessness.

This is the advise i will give to you. Why don't you try to translate the English content in a proper way and should be edited before passing it across to the local people. With this, they will be able to understand the contents and the differences between the above terms. knowledge is power and the absence of it is powerlessness.

[Wenbing]

<snip>
Because it is irrelevant for most of the sectors. Apart from finance, there is only one sector where I have seen successful implementation of blockchain and i.e. Supply Chain. However, it is completely different from one used in finance. It is centralized and controlled by the core team of the company where every department of the company independently adds data (like transactions in cryptocurrency) which is validated by the core team and every department independently verifies it. This is to make sure every unit passes systematically through all departments and there is no double-counting as well as short-calculation.

Thanks for contributing from your wealth of experience. I want to bring to your notice that innovation in healthcare using blockchain is also fast rising. This Covid-19, there is a company that developed an app for testing people before being onboarded on a plane. so, in order not to have false claim, there is a blockchain integration that helps to store the data (test records) of such passenger.

Entrepreneur can use this technology to innovate solutions- i mean practical solutions.

[Wenbing]

The title of your of the topic derails from the question is asked. It will be good if you can edit and provide a title that suits your question.
To answer your question. Blockchain technology is evolving and the reason, while it is most useful in the financial sector, is because of one purpose; to achieve a more transparent and fairer way of processing and implementing data. However, it has a huge limitation in some sectors such as health because it will be very dangerous to put medical records of patients on the blockchain that can be accessed by anyone.

what if blockchain is applied to keep records in the health sector but such records will not be accessible to everybody to to certain people. the record can be accessible to family members, governement and health professionals. The reason why application of blockchain technology to health record keeping is that it will help to reduce mortality rate due to emergency, as medical records of the patient will be accessed without delay.

[LimLims]

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

[peter0425]

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

Mostly, those who are new and only cares about using or trading bitcoin.

but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.

[imstillthebest]

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

Mostly, those who are new and only cares about using or trading bitcoin.

but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.

if they are noobs yes but if they are traders its impossible that they wont know the difference because trading isnt an easy job and they need to learn different terms  in order to improve thier trading skills .

calling bitcoin a blockchain looks obviously wrong  but its okay to say bitcoin and cryptos i guess . i did this all the time and i know that btc is already a crypto but not just me , i saw lots of users mistaken it

[wack slacker]

Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.

[witcher_sense]

Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.

Bitcoin is not a product of blockchain technology. Moreover, there is nothing technological in "blockchain technology". In a nutshell, blockcain is slow database, data structure that is most suitable for public ledgers like bitcoin. It is not very interesting to use slow databases to build your products and offer your services, really. Blockchain is just a component of bitcoin protocol, it is interesting because, bitcoin as whole ecosystem makes it interesting. With bitcoin, blockchain is becoming immutable, unstoppable, uncensorable system. No one can freely add additional lines into such database, proof of work needs to be done. Conversely, without bitcoin, blockchain is nothing.

[#dhabitamartha]

thoughts about my opinion blockchain might be made to complement and organize in a unified bitcoin system because blockchain as a place of performance in digital currency finance is not a product of goods but this can be used as a transaction in payment for a product or service on the internet, this is the function of blockchain and the advantage it is faster to send digital money to a market or a new address.

[jpnl0006]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

The part of transcation that has more importance and more concern to people is the financial world where loads of people tend to face independece and also looking for ways to avoid what the government has now turn into tax and institutions now regulate what is supposed to be ones personal property. Finance pulls more crowd than it does in any other sector.

[Rebek]

Some people have always assumed that bitcoin and blockchain technology are the same. Personally,  I used to think that way. The reason is simple, the easiest way for the ordinary person on the street to understand the concept of blockchain technology is by explaining how bitcoin operates as a digital currency. 

[Wratheye]

Many people confuse these concepts due to the fact that they are interconnected between me

[wack slacker]

Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.

Bitcoin is not a product of blockchain technology. Moreover, there is nothing technological in "blockchain technology". In a nutshell, blockcain is slow database, data structure that is most suitable for public ledgers like bitcoin. It is not very interesting to use slow databases to build your products and offer your services, really. Blockchain is just a component of bitcoin protocol, it is interesting because, bitcoin as whole ecosystem makes it interesting. With bitcoin, blockchain is becoming immutable, unstoppable, uncensorable system. No one can freely add additional lines into such database, proof of work needs to be done. Conversely, without bitcoin, blockchain is nothing.

Bitcoin is important, but let's see what is made of bitcoin and blockchain. Bitcoin and blockchain are primitive beginnings, but that is an inspiration for developers. From the primitive form used for quick payments has moved to smart contracts, managed blockchain, blockchain DEFI. The following generations of upgraded bitcoin evolve rapidly and we have a series of protocols for validation in the blockchain in addition to POW that is POS, POA, POB, POC, BPFT ... Lots of different validation forms.

[witcher_sense]

Bitcoin is important, but let's see what is made of bitcoin and blockchain. Bitcoin and blockchain are primitive beginnings, but that is an inspiration for developers. From the primitive form used for quick payments has moved to smart contracts, managed blockchain, blockchain DEFI. The following generations of upgraded bitcoin evolve rapidly and we have a series of protocols for validation in the blockchain in addition to POW that is POS, POA, POB, POC, BPFT ... Lots of different validation forms.

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

[wack slacker]

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

I agree with you about that. Bitcoin has now reached a near-stable level of decentralization, and the number of people using bitcoin as a payment instrument is quite high. Currently, China is testing their own cryptocurrencies and the governments of the countries are researching their own coins on the Blockchain platform. In the world today there are more than 10,000 Crypto created on smart contract platforms and private blockchain development. We have to wait to know if Bitcoin can be replaced. The Crypto market has only been around for 10 years and the currency history is very long.

[taufik0911]

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

In my opinion, why blockchains are more popular in finance is because the initial use of blockchains was for digital currency transactions so blockchains are seen as a future finance system
why are blockchains applications in other sectors not so popular? In my opinion, the answer is very easy because there is no mass adoption of industries that use blockchains

[Artemis3]

Some corporate guys don't like Bitcoin, but they love the buzzword blockchain, because its "cool", while Bitcoin is scary...

But as others have said, a blockchain alone is "a solution in search of a problem". It could be fitted to some use cases, here and there, but its no universal database replacement. Without the rest of its elements, its nearly pointless.

This is why i don't buy this "blockchain" parlance to those guys who won't mention Bitcoin to not scare their bosses.

What if you have a blockchain running in a single node? You are losing nearly all the advantages of Bitcoin, might as well use a traditional database.

[Wenbing]

thoughts about my opinion blockchain might be made to complement and organize in a unified bitcoin system because blockchain as a place of performance in digital currency finance is not a product of goods but this can be used as a transaction in payment for a product or service on the internet, this is the function of blockchain and the advantage it is faster to send digital money to a market or a new address.

Marvelous comment. Here is a correction i will like to make to your comment. Bitcoin is a financial product as well as other altcoins. They are product because they offer better value proposition to end users, thats what make them desirable than fiat. However, one of the technologies that make this possible is blockchain.

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

I agree with you about that. Bitcoin has now reached a near-stable level of decentralization, and the number of people using bitcoin as a payment instrument is quite high. Currently, China is testing their own cryptocurrencies and the governments of the countries are researching their own coins on the Blockchain platform. In the world today there are more than 10,000 Crypto created on smart contract platforms and private blockchain development. We have to wait to know if Bitcoin can be replaced. The Crypto market has only been around for 10 years and the currency history is very long.

China is very strategic when it comes to economic planning. they know that value is in the trend, in this case, digital trends. China development of their cryptocurrency has shown that they have seen blockchain and cryptocurrency to be the future of systems and currencies respectively.

[moderator's note: consecutive posts merged]

[RondoAnyar]

because many people think if bitcoin is blockchain and vice versa, that's an easy mention for many people and it's actually wrong, but it's not a problem because it doesn't affect anything including the price of bitcoin so keep calm and it's funny

[bayu7adi]

because the central activity of everyone is a transaction, and every transaction will certainly use financial science. When you pay and use blockchain technology as your payment technology, you will indirectly be familiar with blockchain technology, which also over time, you will be comfortable with blockchain technology.
Yes, it was from here that blockchain technology began to be massively adopted for other purposes as you mentioned above
This is good, and just need to get used to it to be used by everyone as a daily technology in financial transactions

[junnar1968]

Is Blockchain same as Bitcoin? Bitcoin is a cryptocurrency, while blockchain is a distributed database. By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.

[josephinerosdy]

because blockchain is designed for finance but blockchain can also be applied in many fields, not only finance. Maybe many people think that sectors other than finance do not need to use blockchain.

[0nline]

BTCBTCWell I believe that bitcoin is the brand name of cryptocurrency, ask some people what is crypto and see them answer ' bitcoin? ', ' like bitcoin?' or ' you mean bitcoin', coz that's how it worked for people to know a stuff, you need an outstanding crypto for branding, just like shoes we have nike and adi, phone for samsung and iphone. But for bitcoin it is quite different, bitcoin being a brand leads the market and it keeps growing mainly because of bitcoin.

[MusaMohamed]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?

Blockchain technology can be applied in many sectors and is not restricted on finance sector.

What you hear of recently (DeFi?) is because of many new projects are created to join the party of DeFi. Last 2 months, people talkative about DeFi and it misleads you on how Blockchain technology can be applied in life.

Many sectors can use blockchain.

[n0ne]

Blockchain technology is applicable for any sector, and can get effective output. When it comes to transparency the financial sector is much need of it, than other logistics, healthcare and other sectors. This can change in future, as people prefer much into a decentralized living system.

With financial sector the transparency help in eliminating the corruption. Bitcoin and blockchain are tied together, and that's the reason people term bitcoin as blockchain and vice versa.

[TedMosby]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?

there are 3 things on a table,
a multi-vitamin (worth $15), a course membership (worth $20), and $10 of money.
you have to choose one, go.

[ichi]

I think the current Blockchain is more appropriate for putting away coins, exchanges, and other light information.

Blockchain is one of the main pieces of the Bitcoin Network. The entire Bitcoin Network resembles an Autonomous Nation (not at all like Google or Facebook that are claimed and constrained by barely any incorporated forces) ... The Bitcoin Network can be supposed to be made of other decentralized applications/frameworks cooperating in concordance. Congruity can be accomplished when everybody is concurring and working as per the essential acknowledged standards/rules of the entire Network. Its standards and standards should be unmistakably illustrated, official to organize members and organizations for security purposes.

You can have other decentralized parts that are like Blockchain however don't really call them Blockchain.