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.