It is because the nec standard.
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If this is a home wiring question and the wires are black and white then black is Hot and white is Neutral. If you also have a red wire, it is the other hot wire, and either the black or the red wire to the white one would be 120 volts, and red to black would be 240 volts.
Assuming the wires are the correct gauge for application and breaker you use black and white wires as hot. Put red electrical tape on each end of white wire and connect red and black to the breaker output and bare wire to ground lug in panel. At receptacle connect black and red to hot contacts and bare wire to ground lug.
Load (or hot wire, usually black or red), Neutral, (white), and ground,(green) wire.
On a 3 wire dryer cord there is no green wire. The white wire coming from the outlet is connected to ground or the green screw. The black and red wires are the hot wires.
You will have to run new electrical wire or a single ground wire back to the panel (though the former is highly recommended). A GFCI outlet will cut off the circuit if it senses voltage leaking to ground. If there is no ground wire, it will not function.