Businesses looking to adopt or integrate blockchain into their work systems face a plethora of misinformation. This has made the technology a complete non-starter for some enterprises – despite the incredible value it could unlock within their companies.
This is the view of Brendan Lee, Co-Founder and CEO of Elas, a company which offers blockchain-as-a-service solutions and bespoke solutions to businesses so that they may leverage the true powers of the BSV blockchain.
Lee said that the only way of ‘convincing’ these companies to adopt blockchain is through education, and teaching them the difference between a legacy system that’s based on paper and a new technology which effectively replaces paper altogether.
‘(Blockchain allows for) the creation of shareable media which can be transported instantly, can’t be copied and pasted, has all of these great properties that you want in a business which is handling large amounts of data,’ said Lee.
He noted that blockchain is still closely associated with digital assets and investment opportunities. This is further compounded by many companies which offer theoretical solutions to problems that blockchain can fix – but very few actual business solutions.
No background knowledge about blockchain required
A key benefit offered by Elas is that businesses and users don’t need to know anything about the underlying blockchain technology to benefit from the service, said Lee.
‘Most of our customers know very little about the underlying blockchain. They obviously know that the blockchain makes blocks, does transactions, that it’s immutable, etc. But in terms of the nitty-gritty, the in-depth protocol like how are we doing things, they don’t need to know any of that.’
He added that companies do not need to buy or hold BSV to use their platform and that it simply works out of the box, with the blockchain working in the back end. He compared the blockchain to a pile of bricks, which Elas then uses to build a house for customers to ‘live in’ and use.
The BSV blockchain is vital
While no knowledge of blockchain is required to use Elas’ suite of tools, from a development standpoint it is vital that the platform has been built on the BSV blockchain, said Lee. He pointed to the fact that this is the only blockchain capable of truly scaling and that this is a necessity for any business which plans to grow.
‘I think one of the things that we see fairly consistently out there is that these scalable blockchains do tend to let people down by failing and by being hacked. All these things continue to happen. Whereas on BSV really we just see continual improvement in performance, better throughput, better functionality etc.’
Another major benefit of the BSV blockchain is that the protocol is fixed, meaning developers and businesses never have to worry about a change which could impact their operations going forward. He again pointed to competing blockchains where arbitrary changes to code have broken entire projects, with massive amounts of human capital wasted on ideas that no longer function.
Signavera – A world-first in multi-party payments
One toolset which has been built on Elas’ platform is Signavera. The Signavera suite combines a powerful multi-signature wallet with an array of business tools, including joint multi-signature accounts, accountant-friendly export for reporting, secure intra-domain messaging and more.
‘It’s really there for enterprises who are taking payments or even micropayments in BSV to be able to receive those payments into a wallet that meets the needs and requirements of that enterprise,’ explained Lee.
‘Where that enterprise has a board of directors and they want a certain number of those directors to sign off on any transactions that spend that BSV, Signavera is the only wallet on the market today that can achieve that with a Paymail interface.
‘And so you can have funds sent to a Paymail address and it will be received directly into a multi-signature script and that multi-signature can be up to ten parties and we can extend that even further.’
