Business & Technology: How blockchain can deliver better systems

Blockchain is arguably one of the most significant technological revolutions of our time—and it’s only just getting started. For business and technology sectors, blockchain solves a number of key problems, delivering better outcomes for businesses, their employees and their customers. The same is true for investors, and for the wider economy, which stands to benefit as a result of the efficiency and process gains that come from a greater reliance on blockchain tech.

Blockchain decreases the opportunity for data corruption, and for theft due to malice and incompetence. It provides a more effective solution for managing and working with data at an enterprise level, because data is written to an immutable ledger. This data can also then be used more readily within other systems, resulting in greater opportunities for automation and streamlining.

The power of the blockchain minimizes duplicated efforts, resulting in cost savings which can ultimately be passed on—either to customers, or to shareholders. Rather than processing the same data multiple times, a single decentralized record on a blockchain means businesses can have access to secure, verifiably true data that doesn’t rely on trust. Instead, the data is there and accessible via the blockchain, ready to be processed in any number of ways that make business systems more efficient.

For bookkeeping, blockchain is the perfect solution, simplifying and automating much of the process in ways that simply aren’t possible without it. Blockchain is, after all, a ledger system at its core, so is perfectly designed for meeting the needs of organizations in keeping more accurate, and largely automated, financial records. And because transactions are written to the blockchain in a way that cannot be removed or tampered with, there is also a perfect audit trail available for verifying data integrity.

Of course, when most people think about blockchain, they immediately think of the payments use case. While the technology delivers so much more, it is true that blockchain can also take the friction and cost elements out of transacting, particularly across borders. Blockchain payments reduce the high fees often associated with credit card transactions and payment services like PayPal, while providing a convenient, direct way for customers to make payments for goods and services.

The benefits of the underlying technology are not in any doubt, and most forward-thinking businesses are already on the case, exploring how they stand to benefit from greater adoption. But there is one blockchain that beats them all, in terms of the value it brings to business and technology—BSV enterprise blockchain.

BSV: The only blockchain that scales unbounded

One of the greatest challenges for businesses looking to rely on blockchain at the moment is scale, and in particular, whether their blockchain solution has the capacity to serve customers and transactions in the millions, tens of millions or greater. Blockchains like BTC and Ethereum are nowhere near capable of handling the needs of businesses and governments at that kind of scale—the technology simply isn’t robust enough, making these impractical options for any serious business.

The BSV blockchain on the other hand is perfectly equipped to handle the requirements of business—today. There is currently nothing stopping businesses of all sizes from harnessing the power of blockchain via BSV—find a developer and get building, the technology is already there in all its glory, ready to support your projects.

BSV allows any amount of data to be collected and aggregated cheaply, allowing it to be repurposed to create utility and value. Data collated on the blockchain can be incentivized, passed between organizations for a fee, perhaps split between the business and the customer. Or, by allowing customers to own and control their own data, data becomes an asset to them, as it should be in the increasingly data-driven world we live in. For businesses, these data management powers are significant, opening a whole new raft of possibilities for commercial opportunity.

The blockchain acts as a global public data ledger, improving product traceability for businesses and consumers. Now, thanks to the BSV blockchain, it’s possible to trace supply chains right back to the point of origin, and to follow the journey of data more generally from origin to present day. All the information you need to gain these insights is written to the blockchain and cannot be edited, presenting a reliable, accurate data model for businesses and their customers to work with.

BSV is the ideal platform for organizations with data needs on a global scale. By design, it supports huge numbers of transactions at minimal cost, with capacity for up to 50,000 transactions per second and growing. Transaction costs come in at a fraction of a US cent each, making it a cost-effective solution here, too.

Competitors like Ethereum cannot store real data, offers fees that are far too expensive, and has a low scaling ceiling that makes it unsuitable for the needs of business. By contrast, BSV is the perfect underlay platform for handling these requirements, with the power to serve the needs of even the world’s largest businesses and organizations.

CoinGeek’s Chief Bitcoin Historian Kurt Wuckert, Jr. expands on this idea, noting that Ethereum in particular is not a good solution for meeting the needs of business.

“Ethereum cannot hold onto real data. It can only hash the existence of commercial data, but the data itself can't be on chain. Furthermore, events cannot be too small or too frequent because Ethereum is too expensive and has too low a scaling ceiling to create value from the saving of small points of commercial data. BSV allows minuscule data to be aggregated cheaply and repurposed into the creation of a greater piece of utility.”

BSV Infographic
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Learn more about BSV at CoinGeek Conference

The opportunities in BSV for business and technology are many and varied, and there’s never been a better time to learn more about them. Fortunately, the CoinGeek Conference is fast approaching, one of the highlight events in the annual Bitcoin calendar.

This year’s event is broadcasting online over June 8-10, bringing together some of the most highly respected speakers in the industry. The event is free to take part, and is aimed at those who are interested in learning about the technology and its capabilities, whether that’s as a developer, an entrepreneur or a corporate executive. Even just for the academic interest, learning more about how the BSV enterprise blockchain is changing the future of business and commerce can provide invaluable insights into the next big tech revolution.

There are multiple seminars looking at business applications of the BSV blockchain throughout the packed agenda, including Consumer Payments, Incentives & Rewards with Bitcoin with CoinGeek’s Patrick Thompson, and a panel discussion chaired by Bitcoin Association founding president Jimmy Nguyen on BizTech on Blockchain.

The highlight of the event is a keynote speech from the creator of Bitcoin himself, Dr. Craig S. Wright. The author of the original Satoshi Nakamoto whitepaper, Dr. Wright is arguably the most highly respected voice in the Bitcoin SV ecosystem, contributing a wealth of knowledge on both the technology and its practical use cases, today and in the future.

Registration for the CoinGeek Conference is free—simply fill in the short form to save your space and get on board. Register today!