Post
Topic
Board Bitcoin Discussion
Re: Why People Call Bitcoin Blockchain?
by
Africunia
on 31/07/2020, 06:54:59 UTC

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.

I agree with you