A robust and scalable blockchain transaction engine designed to be simple yet capable of supporting the most demanding applications
Founder of MetaStreme and WeatherSV, Paul Chiari has worked in the IT industry for around 30 years. Starting out in corporate IT, most of his career focussed on network and systems admin and engineering and IT project management. 20 years ago he moved to Northern Australia and started his own IT consulting business. It grew significantly along with Australia’s booming mining sector, which only started slowing down after the downturn in commodity markets in about 2012.
Chiari has had an interest in the idea of digital cash since the days of eGold. While consulting for industries like agriculture and mining, he became intrigued with how a public blockchain could help create more efficient business practises and introduce the transparency that’s been lacking in some of these industries.
MetaStreme’s BSV-based application
MetaStreme makes it easier for parties to collect data, whether it be from an application, a database, or an IoT device and push that data onto the blockchain.
‘You can forget about building the transaction, adding fees on the transactions, and all that sort of business. You simply make the funds available for transactions and MetaStreme takes care of the rest,’ Chiari declares. All MetaStreme requires from their clients is the data required for the transaction. The rest is taken care of.
Chiari is enthusiastic about the potential BSV’s high transaction processing volumes unlocks.
‘We recently set a new record of 5,100 transactions per second, up from our previous record of 3,800 transactions per second. We could go heaps faster, but we have to keep our levels cost effective.’
MetaStreme in a real-world scenario
Although Chiari’s WeatherSV project is only a proof of concept, he extrapolates how the same concept can be applied to many other industries.
‘Let’s think of a farmer working within the agricultural industry. The farmer could collect data about all parts of their operation, from the water quality, the runoff of their paddocks, and fertiliser and pesticide use. All of this information would be valuable to the farmer to optimise their operation. But at the same time, the water quality data and the effects of the runoff will have a wider impact.’
‘In the North Queensland area where we live, the Great Barrier Reef is just off our coast. There’s a number of bodies from the government and the Barrier Reef Marine Authorities who want to install systems to record some of the very same data that’s important to the farmer. For example, they want to measure agricultural runoff into the water catchment areas to try and measure the effect it has on the Reef.’
One bit of data could be valuable to multiple stakeholders. Chiari envisions an online market where farmers can contribute their data and interested parties can purchase that data, removing the need to duplicate the network of IoT devices to capture the same data.
The BSV blockchain for better access to better quality data
Chiari views the BSV’s incentive system as the key to bringing data out of silos and unleashing its potential.
‘As with any data-based project, having a few bits won’t help you much. But if you can integrate a vast range of data points and cross-reference them with other information – like water quality, weather, even space-weather data – you’ll be much better off when looking for trends and patterns, and coming up with legitimate analysis.’
Chiari and his team built WeatherSV as a standalone application to function as a proof of concept, but it soon became very popular.
‘We were quickly doing 150,000 transactions a day. That may not seem like a big deal, but it proved that BSV is the system that would scale to meet our demand.’
