Why People Call Bitcoin Blockchain?

[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.

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[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.