When Bitcoin was first born, there wasn’t any concept of “blockchain”, bitcoin with a lowercase “b” refers to the cryptocurrency and Bitcoin with a capital “B” refers to the underlying technology, which is now commonly known as blockchain.
After the Economist published its cover story “The trust machine” in 2015, blockchain technology has become the next big thing. International banks and financial institutions scramble to study it.
In 2016, over billions of dollars were invested in blockchain companies. The Chinese government has published an article in September 2017, “China at the forefront of blockchain technology,” publicly backing the development of blockchain technology, promoting it to 1.3 billion Chinese citizens. We have seen applications of blockchain technology in various sectors, such as finance, insurance, retail and government.