The adoption of bitcoin in such a short time, as well as the speed of massification with which it
was adopted by some social niches, reminded the traditional financial system that every industry
has to adapt and innovate in order to stay in time and not to die in the face of new alternatives.
This led the financial industry to the study of bitcoin, they analyzed and understood that bitcoin is
backed by a technology that contains three elements: Peer to Peer networks (P2P), Proof of work
(PoW) and SHA-256 cryptography. They called the technological base of bitcoin Blockchain.
Basing on the word blockchain, any technological project that would pretend to compete with
bitcoin or modernize the financial industry was labeled with the word blockchain, which led to a
race among thousands of startups, financed by the traditional financial system and others, to build
blockchain technologies adapted to their needs or visions.
Attempts have been made to develop hundreds of products that bear the name of blockchain, but
very few of them implement the three elements mentioned above, such as P2P, PoW and SHA256,
even some do not carry any of these elements and only use the term blockchain to get
financing here or investors.