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?
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 validate by the core team and every department independently verifies it.