Topic: Why People Call Bitcoin Blockchain? - page 4. (Read 746 times)

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

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.

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

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.

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


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.

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.

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.

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.

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.

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).


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.

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.

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

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. 

Blockchain technologies are increasingly used in areas not related to crypto and finance, so I partially disagree with you.

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.

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.

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.

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.

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?