An increasing number of governments and enterprises have identified blockchain solutions as the best way to handle vast amounts of data securely and efficiently. However, it’s not just technical specifications and raw numbers which businesses are after but how much value they can create for the business.
This was the key message from Tibor Mérey (Managing Director and Partner of Boston Consulting Group) who was speaking at the recent London Blockchain Conference 2024. Mérey noted that blockchain space has evolved through phases of digital currency, smart contracts, and digital ownership.
Now, he believes, we are entering a new phase where blockchain functions as an embedded protocol layer, governing relationships between transactions in the augmented world. The immutability, transparency, and decentralisation of blockchains make them perfect for establishing the trust needed in Web 3.0 products.
Areas to look out for
Mérey highlighted payments, DePin, and tokenisation as some of the most promising areas for blockchain utilisation.
- Payments, the original use case for digital currencies, are now being explored by major payment firms. The technology offers less friction, lower costs, faster settlement, and peer-to-peer transactions, making it an attractive option.
- DePin, or decentralised physical infrastructure, is a newer concept. For example, mobile routers can receive micropayments, enabling infrastructure distribution in areas where traditional payment models are not feasible. This could have a significant global impact.
- Tokenisation has become one of the major blockchain buzzwords recently. Unlike previous trends, this one shows substantial promise. Financial giants like BlackRock are heavily involved, and Mérey predicts it will become a $16 trillion industry soon.
Regardless of how the technology is ultimately used, Mérey said that governments and enterprises will all have to consider the same four questions before adopting an enterprise blockchain.
- Does it solve a problem?
- Will it actually work?
- Does adopting this blockchain offer an advantage over competing enterprises?
- Can you grow a business around it?
The BSV blockchain stands apart
The BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.
Additionally, the BSV blockchain’s stable protocol and fixed block size offer a dependable and predictable environment, crucial for enterprise-level applications. Its emphasis on data management and security allows businesses to store, manage, and verify large amounts of data transparently and immutably. Additionally, its dedication to regulatory compliance and industry standards builds trust and provides legal certainty.
Learn more about how the BSV blockchain can help your business here.
