Enterprise blockchain, despite its promise of revolutionising industries and enhancing operational efficiency, is no silver bullet solution. It presents a myriad of challenges that organisations must navigate to harness its full potential.
eBook: BSV blockchain: what it is and how it restores the promise of enterprise blockchain
From complex technical implementations and interoperability issues to regulatory concerns and resistance to change, the path to adopting enterprise blockchain technology is fraught with obstacles that demand careful consideration and strategic planning.
In this age of digital transformation, understanding the intricacies and nuances of enterprise blockchain’s challenges is paramount for businesses seeking to capitalise on its transformative capabilities.
The perils and promises of enterprise blockchain were unpacked in more detail by Giovanni Franzese (Executive Partner at nChain) during the London Blockchain Conference.
Private vs public blockchain solutions
Franzese began his presentation by noting that enterprises have traditionally started to build on private blockchains under a misguided view that it is easier and offers more security/privacy.
Private blockchains typically have no fees but expensive infrastructure, licences, dedicated teams, and long deployment times. He added that private blockchains typically have no independent data guarantees and no cross-domain transparency.
By comparison, public blockchains are typically slow and not scalable: but can be fast, and scalable and have low transaction fees. They also usually do not have dedicated infrastructure or teams. However, they do offer other benefits. Data immutability guarantees are backed by technology and incentives, while trust is distributed and economically secured.
eBook: The fallacy of private, permissioned blockchains
The best of both worlds: the BSV blockchain
The BSV blockchain is not like other public blockchains – it is by an order of magnitude the most scalable and efficient blockchain in the industry. With its large block sizes and low transaction fees, it ensures that companies can handle a vast volume of transactions and data without worrying about network congestion.
Additionally, its stable protocol and commitment to a fixed block size create a reliable and predictable environment, essential for enterprise-level applications. BSV’s focus on data management and security is another key advantage, enabling businesses to store, manage, and verify vast amounts of data in a transparent and immutable manner. Furthermore, its commitment to regulatory compliance and industry standards fosters trust and legal certainty.
More than just blockchain
While the BSV blockchain offers much more than other public blockchains, Franzese cautioned that it is not a ‘silver bullet’ and that for enterprises to succeed it takes more than just blockchain. This includes a focus on user-centric features, a strong underlying technology, and change management.
‘I don’t regret what I did and the decisions I took six years ago when I decided to embrace blockchain and use private, but my message to the audience today was, if you have to start now, then don’t do it in the way I did with the use of public, use Bitcoin SV, because that is the right choice today’, Franzese said.
