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BSV blockchain’s association signs an R&D agreement with University of Sharjah to develop blockchain-based academic certification and accreditation platform 

Blockchain-based Academic Certification & Accreditation

VXPASS, the COVID-19 vaccine tracker built on the BSV blockchain, has given an update on the rollout of its digital vaccine monitoring programme in the African nation of Lesotho. In working towards the rollout of this programme, VXPASS has received support from the World Health Organisation (WHO), the State Department of the United States and the World Bank. 

BSV Blockchain Application to Track COVID-19 Vaccinations for Nation of Lesotho

The inhabitants of Tuvalu, a small island nation in the South Pacific, could become the world’s first blockchain citizens, whose identity, citizenship and financial data are secured on a public blockchain. In December 2020, the Tuvaluan government announced that it would embark on a massive digital migration project which would see it integrate its governance and financial systems with the BSV public ledger and become the world’s first paperless society. 

Tuvalu's National Digital Ledger

The BSV Blockchain for Government Initiative works with government bodies, NGOs and public sector agencies to offer education on blockchain technology. 

Blockchain for Government Initiative

UAE’s Ministry of Human Resources and Emiratisation has partnered with the BSV ecosystem to be its knowledge partner to educate hundreds of the Ministry’s employees and executive office about the transformational power of blockchain technology. 

UAE's Ministry of Human Resources & Emiratisation

In April 2021, the BSV Blockchain for Government Initiative completed a historic week-long official visit to Khartoum, Republic of the Sudan, at the invitation of and under the patronage of the Ministry of Telecommunication and Digital Transformation. The visit centred around Sudan’s first-ever Blockchain Summit & Workshop, a two-day event held April 8-9, 2021, and led by the BSV ecosystem. The conference and surrounding meetings explored how blockchain technology can advance digital transformation as the country rebuilds and re-emerges after 30 years of isolation from much of the world. 

BSV's Historic Official Visit to Sudan 

Explore

The Blockchain for Government

Marcin Zarakowski

Lise Li

Martin Coxall

Bryan Daugherty

Shawn Ryan

Marcin Rzetecki

Government

Use Cases

Blockchain Law & Policy

Who Supports BSV?

Blockchain Policy Matters: U.S. Congressman Bill Foster (D-IL-11) | Episode 4

Blockchain Policy Matters: Pēteris Zilgalvis - DG CONNECT, European Commission | Episode 3

Blockchain Policy Matters: SEC Commissioner Hester Peirce | Episode 2

Blockchain Policy Matters: U.S. Congressman Patrick McHenry (R-NC 10) | Episode 1


<p>In an era where electronic payments are becoming the lifeblood of financial ecosystems across Africa, Uganda finds itself at a crossroads, poised to become a leader in blockchain-based financial innovation.</p>



<p>The Ugandan Shilling Stablecoin project, spearheaded by Kite Pesa in collaboration with the Blockchain Association of Uganda and supported by the BSV Blockchain, aims to lay the groundwork for this future. By leveraging the BSV Blockchain open-source reference implementations for <a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">SPV wallets</a> and <a href="https://docs.bsvblockchain.org/network-topology/overlay-services" target="_blank" rel="noopener">Overlay Services</a>, the project is set to demonstrate how a stablecoin backed by the <a href="https://www.bsvblockchain.org/news/ugx-a-privately-issued-stablecoin-on-the-bsv-blockchain" target="_blank" rel="noopener">Ugandan Shilling (UGX) can serve as a proof of concept for a potential Central Bank Digital Currency (CBDC).</a></p>



<p>This article outlines the key aspects of the pilot program and explores how this initiative, if successful, could revolutionise Uganda&#8217;s financial landscape and provide a blueprint for other African nations.</p>



<h2 class="wp-block-heading" id="h-the-significance-of-a-stablecoin-in-uganda">The Significance of a Stablecoin in Uganda</h2>



<p>The Ugandan financial landscape is already familiar with electronic payments, particularly through mobile money platforms like M-Pesa. These systems have provided access to financial services for millions of unbanked and underbanked individuals. However, limitations such as transaction fees, minimum transfer amounts, and reliance on intermediaries have left room for further innovation. The Ugandan Shilling Stablecoin aims to address these pain points by leveraging blockchain technology to offer faster, more affordable, and highly scalable payment solutions.</p>



<p>The stablecoin will be backed one-to-one by Ugandan Shillings held in a trust account with a major financial institution. This ensures that each digital token is fully redeemable for the national currency, providing users with confidence in its value. Unlike traditional mobile money, the stablecoin operates on a permissionless public ledger, enabling peer-to-peer transactions without intermediaries. The key advantage is the potential to significantly reduce transaction fees, going as low as fractions of a cent, and allowing for micropayments—a feature that could empower Uganda&#8217;s growing digital economy.</p>



<h2 class="wp-block-heading" id="h-leveraging-bsv-blockchain-the-role-of-spv-wallets-and-overlay-services">Leveraging BSV Blockchain: The Role of SPV Wallets and Overlay Services</h2>



<p>At the core of this pilot project is the use of Simplified Payment Verification (SPV) wallets and Overlay Services. SPV, as described in Bitcoin&#8217;s original white paper, allows users to verify transactions without needing to download the entire blockchain. This ensures a lightweight, scalable solution that can support millions of transactions per second. By integrating SPV wallets into the stablecoin ecosystem, Kite Pesa is enabling real-time, secure, and cost-effective peer-to-peer exchanges, making the system accessible and user friendly.</p>



<p><a href="https://www.bsvblockchain.org/news/overlay-services-now-available-in-public-beta-on-the-bsv-blockchain" target="_blank" rel="noopener">Overlay Services</a> play a critical role in this project by providing the necessary permissioned capabilities on a permissionless blockchain. These services allow for the creation of dedicated permissioned business environments on top of the public ledger, enabling controlled access for specific participants while maintaining the integrity and security of the underlying blockchain.</p>



<h2 class="wp-block-heading" id="h-the-ugandan-central-bank-granted-this-pilot-program-to-operate-within-its-sandbox">The Ugandan Central Bank granted this Pilot program to operate within its sandbox</h2>



<p>Importantly, the BSVA and Kite Pesa have already met with the Central Bank of Uganda, and this pilot has been granted the opportunity to operate within the Central Bank’s sandbox, recognising its innovative potential.</p>



<p>The pilot program is aligned with local fintech licenses, including PSO (Payment Systems Operator) and PSP (Payment Service Provider), which are currently under review by the Kite Pesa team. In addition, the BSVA is working on extracting the Basel Committee stablecoin guidelines to ensure its open-source components adhere to international standards and best practices. This alignment with both local and global regulatory frameworks ensures that the system remains compliant while unlocking the benefits of public blockchain technology.</p>



<p>By demonstrating the ability to build permissioned financial services on a public ledger, this pilot Ugandan stablecoin aims to show the Ugandan Central Bank how a Central Bank Digital Currency (CBDC) could be implemented using these technologies. The permissioned capabilities would allow the bank to maintain control over the issuance and circulation of a digital Ugandan Shilling while ensuring transparency, security, and auditability through the public ledger. For the Ugandan public, this solution offers tremendous benefits beyond just financial inclusion. It empowers end-users to conduct transactions more efficiently, securely, and at a fraction of the cost associated with traditional systems. With <a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases" target="_blank" rel="noopener">Overlay Services</a> managing compliance and security, users can enjoy the advantages of blockchain technology without worrying about complex technicalities.</p>



<h2 class="wp-block-heading" id="h-the-potential-for-a-ugandan-cbdc">The Potential for a Ugandan CBDC</h2>



<p>If the pilot program proves successful, it could pave the way for Uganda to implement a Central Bank Digital Currency. A UGX CBDC would enable the Ugandan government to take full advantage of blockchain technology&#8217;s efficiency, security, and transparency. Moreover, it could provide a means for the central bank to streamline monetary policy, improve financial inclusion, and combat fraud by creating a more traceable and accountable financial system.</p>



<p>Beyond regulatory benefits, a CBDC would greatly enhance financial inclusion, especially in Uganda’s rural areas where access to traditional banking is limited. It would also offer users faster transaction times, lower fees, and the ability to participate in the global digital economy. For example, the ability to send micropayments for digital services, content, and goods could open new revenue streams for individuals and businesses alike, further fueling Uganda’s economic growth.</p>



<p>The success of a UGX CBDC could also position Uganda as a leader on the African continent, particularly in light of the growing demand for secure and efficient electronic payments in countries like Nigeria, where capital controls and withdrawal limits have created challenges for the financial sector. By offering a scalable, secure, and permissioned blockchain solution, Uganda has the potential to influence the adoption of CBDCs across Africa.</p>



<h2 class="wp-block-heading" id="h-lessons-from-nigeria-and-the-african-context">Lessons from Nigeria and the African Context</h2>



<p>Nigeria, Africa&#8217;s largest economy, has faced significant challenges in its financial sector due to capital controls, withdrawal limits, and a high demand for foreign currency. These constraints have created a need for more secure and efficient electronic payment systems that can operate at scale. The Ugandan Shilling Stablecoin pilot program offers a solution to these issues by demonstrating how blockchain technology can provide an alternative to traditional financial systems.&nbsp;</p>



<p>By showcasing the potential of a stablecoin and, eventually, a CBDC, Uganda could position itself as a trailblazer in Africa’s blockchain revolution. Other countries facing similar financial constraints may look to Uganda’s pilot as a model for their own CBDC initiatives.</p>



<h2 class="wp-block-heading" id="h-overcoming-challenges-through-education-and-innovation">Overcoming Challenges Through Education and Innovation</h2>



<p>The path to realising the full potential of blockchain-based systems like the Ugandan Shilling Stablecoin is not without challenges. However, the Central Bank of Uganda’s approval for this pilot program to operate within its sandbox demonstrates strong institutional support. Moreover, the technical challenges traditionally associated with blockchain, such as offline capabilities and transaction delays, are mitigated through the use of SPV wallets, which enable real-time peer-to-peer transactions with minimal infrastructure requirements.</p>



<p>A key focus moving forward will be on educating the public and businesses about blockchain technology as the next evolution of financial services. Much like the rapid adoption of mobile money, blockchain can serve as a natural progression, offering more efficient, affordable, and scalable solutions for the digital economy. Public awareness and education will be vital in ensuring that Ugandans understand how this technology can benefit them, from everyday transactions to larger-scale business operations.</p>



<p>The pilot program&#8217;s use of open-source tools provided by the BSVA further ensures that Uganda’s blockchain initiatives remain transparent, secure, and adaptable to the needs of the country. This transparency is critical in building trust among users and encouraging wider adoption of the technology.</p>



<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>



<p>The Ugandan Shilling Stablecoin pilot program represents a significant step toward the future of digital currencies in Africa. By utilising SPV wallets and <a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation" target="_blank" rel="noopener">Overlay Services</a> on a permissionless public ledger, Kite Pesa is demonstrating how blockchain technology can provide a secure, scalable, and efficient solution for Uganda’s financial ecosystem. If successful, this pilot could serve as the foundation for a UGX CBDC, positioning Uganda as a leader in digital currency innovation across the continent.</p>



<p>As the pilot progresses, it will provide valuable insights into how stablecoins and CBDCs can coexist within existing financial systems, offering a glimpse of the future for both Uganda and the broader African region.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-overlay-services-on-the-bsv-blockchain-and-spv-wallets">Learn more about Overlay Services on the BSV blockchain and SPV wallets</h2>



<p><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation" target="_blank" rel="noopener">Exploring the Significance of Overlay Lookup Services</a></p>



<p><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain" target="_blank" rel="noopener">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a></p>



<p><a href="https://bsvblockchain.org/news/eli-5-overlay-services-on-the-bsv-blockchain" target="_blank" rel="noreferrer noopener">ELI 5: Overlay Services on the BSV blockchain</a></p>



<p><a href="https://resources.bsvblockchain.org/bsv-overlay-services" target="_blank" rel="noopener">Request more information about BSV Blockchain’s Overlay services.</a></p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-the-standardised-bsv-open-source-wallet-reference-implementation" target="_blank" rel="noreferrer noopener">BSV Blockchain launches SPV Wallet, the standardised BSV open-source wallet reference implementation</a></p>



<p><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">ELI5: the BSV Blockchain’s SPV Wallet</a></p>



<p><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener">The SPV advantage: enhancing accessibility and security in BSV blockchain transactions</a></p>


BSV Blockchain introduces its Pilot Program Series: The Ugandan Shilling stablecoin project


<p>On October 22, 2024, <a href="https://fmi.cs.ucl.ac.uk/events/2/" target="_blank" rel="noopener nofollow">University College London (UCL) hosted a panel discussion</a> in partnership with the BSV Blockchain, drawing thought leaders and researchers to explore the evolving landscape of digital assets, regulatory frameworks, and the future of blockchain in financial systems.</p>



<p>The panel discussion on ‘Digital Assets and the Future of Money: Opportunities and Challenges&#8217; was part of The UCL Future of Money Initiative, which researches and promotes understanding of modern payment systems and digital assets, focusing on custody, privacy, and accountability to shape future value exchange methods.</p>



<p><a href="https://www.linkedin.com/in/thomasgiacomo/" target="_blank" rel="noopener nofollow">Thomas Giacomo, Utilisation Director</a>, represented BSV Blockchain at the panel discussion. The discussion was hosted by <a href="http://blockchain.cs.ucl.ac.uk/user/goodell/" target="_blank" rel="noopener nofollow">Geoffrey Goodell</a>, Senior Research Associate for Computer Science at UCL. Other participants included:</p>



<ul>
<li><a href="https://www.linkedin.com/in/riccardo-tordera-ricchi-5451b773/" target="_blank" rel="noopener nofollow">Riccardo Tordera-Ricchi</a>, Director of Policy and Government Relations at The Payments Association;</li>



<li><a href="https://www.linkedin.com/in/stuart-dee/" target="_blank" rel="noopener nofollow">Stuart Dee</a>, Associate Director &#8211; Enterprise Architect at NTT DATA;</li>



<li><a href="https://www.linkedin.com/in/robgaskell/" target="_blank" rel="noopener nofollow">Robert Gaskell</a>, Founder and Partner at<a href="https://www.linkedin.com/company/appold/" target="_blank" rel="noopener nofollow"> Appold</a></li>
</ul>



<h2 class="wp-block-heading" id="h-characterising-the-digital-asset-landscape">Characterising the digital asset landscape</h2>



<p>The panel emphasised that the digital asset ecosystem includes a broad range of assets—utility tokens, payment tokens, and, most significantly, asset-backed tokens. With a market valuation of $320 billion in 2022, asset-backed tokens are projected to represent 10% of the global GDP by 2030. Key players include central and retail banks for central bank digital currencies (CBDCs), retail banks and fintech companies for stablecoins, and various entities involved in digital asset trading. The panel noted that these groups are actively shaping the use and growth of digital assets across wholesale and retail markets.</p>



<h2 class="wp-block-heading" id="h-the-role-of-government-in-digital-asset-infrastructure">The role of government in digital asset infrastructure</h2>



<p>The discussion underscored the critical role of governments in creating a regulatory framework that ensures a stable ecosystem, supporting trust and adoption. Effective regulation can protect consumers, enforce anti-money laundering (AML) compliance, and create a foundation for businesses to operate securely. For example, Switzerland’s Financial Market Supervisory Authority (FINMA) has been instrumental in fostering the &#8220;Crypto Valley&#8221; by establishing early, robust guidelines.</p>



<h2 class="wp-block-heading" id="h-metrics-for-suitability-and-operational-resilience">Metrics for suitability and operational resilience</h2>



<p>The panel explored the importance of industry standards in measuring blockchain network performance and resilience. Although transaction throughput (transactions per second) remains a key performance indicator, network scalability and latency also play essential roles, particularly for enterprises and central banks. Efforts by the IEEE to establish baseline metrics for blockchain resilience were highlighted as a critical step toward assessing blockchain network uptime and node health.</p>



<h2 class="wp-block-heading" id="h-ensuring-protocol-stability-amid-dlt-complexity">Ensuring protocol stability amid DLT complexity</h2>



<p>Stability of decentralised ledger technology (DLT) protocols emerged as a major concern. The panel observed that DLT protocols are often complex due to the reliance on open-source governance, where a few developers may make significant decisions impacting network adoption and security. The necessity for transparent governance was discussed, with the BSV Blockchain being one example, which operates as an open-source governing body akin to the Linux Foundation, providing a model for stable protocol management.</p>



<h2 class="wp-block-heading" id="h-standardisation-efforts-for-digital-assets-and-infrastructure">Standardisation efforts for digital assets and infrastructure</h2>



<p>Standardisation efforts are essential to the future exchange and trading of digital assets, particularly for interoperability. Panelists discussed initiatives to align open-source blockchain components with international standards, such as Basel’s stablecoin guidelines and W3C’s digital identity standards. For instance, the alignment of ISO 20022 with blockchain metadata is crucial for financial transactions, ensuring compatibility across traditional and digital financial systems.</p>



<h2 class="wp-block-heading" id="h-current-regulatory-efforts-and-areas-for-improvement">Current regulatory efforts and areas for improvement</h2>



<p>Regulatory frameworks, such as the Markets in Crypto-Assets (MiCA) regulation and Basel’s stablecoin guidelines, have set strict compliance requirements for stablecoin issuers and AML protocols. While the regulations have successfully addressed areas like AML, panelists also noted criticisms, particularly regarding the Swiss guidelines on stablecoins, pointing to areas where additional clarity is needed.</p>



<h2 class="wp-block-heading" id="h-the-future-of-stablecoins-and-banks-roles">The future of stablecoins and banks&#8217; roles</h2>



<p>The panel highlighted the growing importance of stablecoins—privately issued digital currencies backed by fiat or assets. Stablecoins, alongside wholesale and retail CBDCs, are seen as central to digital currency adoption. “Retail banks are expected to serve as custodians for fiat-backed stablecoins issued by fintechs, with significant recent investments in this space, such as Stripe&#8217;s acquisition of Bridge for $1 billion, signaling a rising interest in stablecoins,” Giacomo said.&nbsp;</p>



<h2 class="wp-block-heading" id="h-digital-currency-wallets-security-and-standards">Digital currency wallets: security and standards</h2>



<p>Digital currency wallets are essential for accessing and managing digital assets and their associated keys. The panel discussed two types of wallets: custodial, where private keys are managed by service providers, and non-custodial, where users maintain control over their keys. Security requirements for wallets include enterprise-grade custodial solutions like Fireblocks for custodial wallets and advanced key management schemes, such as Shamir&#8217;s MPC, for non-custodial wallets.</p>



<h2 class="wp-block-heading" id="h-partnership-future-of-money-initiative-and-bsv-blockchain">Partnership Future of Money Initiative and BSV Blockchain</h2>



<p>The discussion is a starting point for a potentially deeper cooperation between the BSV Blockchain and University College London’s Future of Money Initiative. The <a href="https://fmi.cs.ucl.ac.uk/research/" target="_blank" rel="noopener nofollow">Initiative serves as an interdisciplinary platform, aiming to explore topics on currency evolution, especially through blockchain</a>. This collaboration emphasises knowledge exchange and aims to strengthen research on digital currency frameworks and regulatory compliance.</p>



<p>The BSV blockchain offers an enterprise-ready solution with scalability, micropayments, and minimal fees, making it ideal for a wide range of business and government applications. It is therefore uniquely prepared to be involved in immediately implementable solutions and also to lead to new insights in the field of research.</p>


Shaping the Future of Digital Assets – Panel discussion with the Future of Money Initiative


<p>The <a href="https://www.gartner.com/en/conferences/emea/symposium-spain" target="_blank" rel="noopener nofollow">Gartner IT Symposium 2024</a> brought together 7,000 attendees, including CIOs and senior IT professionals, for a four-day event focused on discussions about key technology strategies and trends shaping the corporate IT landscape.</p>



<h2 class="wp-block-heading" id="h-ai-takes-center-stage-74-of-ceos-see-it-as-a-game-changer">AI takes center stage: 74% of CEOs see it as a game changer</h2>



<p>The event emphasised AI as the dominant theme, with 74% of surveyed CEOs citing it as the technology with the most significant impact over the next three years. Discussions focused on AI&#8217;s potential to enhance employee productivity, streamline processes, and innovate business models, while also addressing pressing challenges such as AI governance, disinformation, and the risks posed by autonomous or &#8220;agentic AI.&#8221; These insights provided BSV participants with a comprehensive understanding of the technologies shaping enterprise strategies.</p>



<h2 class="wp-block-heading" id="h-synergies-between-ai-and-blockchain-acknowledged">Synergies between AI and blockchain acknowledged</h2>



<p>While blockchain was not a primary focus for the audience, there was a recognition of the synergy between AI and blockchain, particularly in areas requiring trust, data integrity, and transparency. This intersection presents opportunities for BSV’s scalable blockchain solutions to complement AI-driven applications. Additionally, the event highlighted the shift towards platform-centric strategies, with enterprises favoring an 80% buy and 20% build model—a trend we recognise as a key lever for integration of blockchain into existing IT ecosystems.</p>



<h2 class="wp-block-heading" id="h-bsv-aligns-strategies-with-corporate-it-needs">BSV Aligns Strategies with Corporate IT Needs</h2>



<p>The BSV representatives gained great insights that inform their strategic alignment with the needs of corporate IT. By observing the emphasis on actionable insights, platform strategies, and AWS credentials as key differentiators, the BSV team gathered valuable information for refining their approach to enterprise engagement.</p>



<p>The symposium offered a unique vantage point into the corporate IT landscape. The presence of BSV representatives demonstrated their commitment to staying abreast of broader technological shifts while sharpening the proposition for blockchain enterprise innovation. Looking forward, BSV stakeholders plan to <a href="https://bsvblockchain.org/events" target="_blank" rel="noopener">continue engaging with such forums</a> to refine their positioning within the evolving digital economy.</p>



<h2 class="wp-block-heading" id="h-the-benefits-of-combining-bsv-blockchain-and-ai">The benefits of combining BSV blockchain and AI</h2>



<p>The convergence of blockchain technology and artificial intelligence (AI) presents a unique opportunity to redefine enterprise and government solutions. The BSV blockchain, with its unmatched scalability, low fees, and robust security, complements AI&#8217;s data-driven capabilities to create a synergistic foundation for innovation.</p>



<p>There are many use cases, in which a scalable blockchain can solve some issues that arise when AI is used for businesses. Common risks revolve around Intellectual property misuse, legal uncertainties, and data privacy. Leveraging scalable blockchain technology like the BSV blockchain, offers solutions such as IP verification, royalty management, and compliance, creating a robust foundation for integrating and protecting AI systems.</p>



<p>You can <a href="https://bsvblockchain.org/news/blockchain-and-ai-how-to-use-them-in-your-business-right-now" target="_blank" rel="noopener">read more about this here</a>.</p>


Report: BSV Blockchain at Gartner IT Symposium 2024


<p>As blockchain technology continues to mature, there&#8217;s a growing demand for sophisticated and flexible applications that cater to diverse business needs. Overlay Services, built on the BSV blockchain, are at the forefront of this evolution, enabling enterprises to create dedicated business environments with customized transaction semantics, permissioned capabilities, and functionalities. In this dynamic landscape, wallets play a pivotal role. This article explores how wallets must evolve to support the rich and varied transaction templates emerging from Overlay Services and how extending the SPV (Simplified Payment Verification) methodology can lead to more advanced wallet architectures.</p>



<h2 class="wp-block-heading" id="h-the-emergence-of-overlay-services-allows-permissioned-capabilities-through-dedicated-business-environments">The Emergence of Overlay Services allows permissioned capabilities through dedicated Business Environments</h2>



<p>Overlay Services empower businesses to define specific transaction templates aligned with their operational activities. These dedicated business environments span a wide array of applications:</p>



<ul>
<li><strong>Central Bank Digital Currencies (CBDCs) and Stablecoins</strong>: Facilitating secure, permissioned transactions for national governments and enterprises, while maintaining the flexibility of a permissionless blockchain.</li>
</ul>



<ul>
<li><strong>Supply Chain Management</strong>: Utilizing timestamps and digital signatures to track goods and ensure accountability throughout the workflow.</li>
</ul>



<ul>
<li><strong>Peer-to-Peer Payments</strong>: Facilitating secure and efficient transactions directly between parties.</li>
</ul>



<ul>
<li><strong>Social Media Platforms</strong>: Building open protocols that allow users to own and control their data.</li>
</ul>



<ul>
<li><strong>Streaming Services</strong>: Managing content distribution with integrated micropayments for creators.</li>
</ul>



<ul>
<li><strong>Cloud Storage Solutions</strong>: Offering decentralized and secure data storage options.</li>
</ul>



<p>The ability to deploy permissioned capabilities on a permissionless blockchain creates a competitive edge for institutions like banks and fintechs, enabling secure handling of sensitive transactions, including CBDCs and stablecoins. Each of these services relies on the ability to add digital signatures to transaction templates. As the variety and complexity of these templates increase, there&#8217;s a clear need for wallets that can handle this diversity effectively.</p>



<h2 class="wp-block-heading" id="h-the-evolving-role-of-wallets-in-the-blockchain-ecosystem">The Evolving Role of Wallets in the Blockchain Ecosystem</h2>



<p>Traditionally, wallets have served as keyrings—secure repositories managing the cryptographic keys needed to authorise transactions on the blockchain. They primarily focused on storing private keys and facilitating simple payment transactions.</p>



<p>However, with the advent of Overlay Services, wallets need to offer more advanced features:</p>



<ul>
<li><strong>Versatile Transaction Handling</strong>: Processing a multitude of transaction templates with varying structures and requirements.</li>
</ul>



<ul>
<li><strong>Advanced Signing Capabilities</strong>: Supporting different sighash schemes, multisignature arrangements, and input-specific signing.</li>
</ul>



<ul>
<li><strong>Integrated Identity Management</strong>: Authenticating users across multiple services and platforms through a core identity module.</li>
</ul>



<ul>
<li><strong>Data Payload Interaction</strong>: Managing interactions with data embedded in transaction outputs, such as references to off-chain data via protocols like UHRP (Universal Hash Resolution Protocol).</li>
</ul>



<ul>
<li><strong>Enhanced Security Protocols</strong>: Implementing policies for transaction approvals, such as automatic authorisation for micropayments and additional verification for higher-value transactions.</li>
</ul>



<h2 class="wp-block-heading" id="h-building-upon-the-spv-methodology">Building Upon the SPV Methodology</h2>



<p>The SPV wallet exemplifies efficient and secure transaction processing by verifying payments without needing to download the entire blockchain. It&#8217;s an excellent tool for facilitating direct peer-to-peer payments, aligning with Bitcoin&#8217;s original vision of enabling end-to-end transactions without intermediaries.</p>



<p>To accommodate the complex needs of Overlay Services extending the SPV methodology into more advanced wallet architectures will be essential. By enhancing SPV wallets with additional capabilities, we can support the rich transaction templates and functionalities required by modern blockchain applications while maintaining the efficiency and security benefits inherent in SPV.</p>



<h2 class="wp-block-heading" id="h-key-enhancements-for-advanced-wallet-architectures">Key Enhancements for Advanced Wallet Architectures</h2>



<ol start="1">
<li><strong>Flexible Transaction Signing</strong></li>
</ol>



<ul>
<li><strong>Support for Diverse Sighash Schemes</strong>: Enabling various ways of signing transactions to meet the specific requirements of different Overlay Services.</li>
</ul>



<ul>
<li><strong>Input-Specific Signing</strong>: Allowing for granular control over which inputs are signed, facilitating complex transactions and multisig arrangements.</li>
</ul>



<ul>
<li><strong>Policy-Based Authorisation</strong>: Implementing customisable policies that determine when transactions require additional authentication (e.g., 2FA for high-value transactions).</li>
</ul>



<ol start="2">
<li><strong>Integrated Identity and Access Management</strong></li>
</ol>



<ul>
<li><strong>Core Identity Module</strong>: Providing a unified identity across multiple services, enhancing user experience and security.</li>
</ul>



<ul>
<li><strong>Permission Management</strong>: Aligning wallet functionality with the permissions defined within each dedicated business environment.</li>
</ul>



<ol start="3">
<li><strong>Interoperability with Overlay Services</strong></li>
</ol>



<ul>
<li><strong>Transaction Template Compatibility</strong>: Ensuring the wallet can process and sign various transaction templates generated by different Overlay Services.</li>
</ul>



<ul>
<li><strong>Data Payload Handling</strong>: Managing interactions with embedded data, such as UHRP references or metadata necessary for the service.</li>
</ul>



<ol start="4">
<li><strong>Enhanced Network Features</strong></li>
</ol>



<ul>
<li><strong>Contact and Address Management</strong>: Supporting advanced networking features like IPv6 Bitcoin Certified Addresses and multicast groups for improved communication.</li>
</ul>



<ul>
<li><strong>Service Contract Interaction</strong>: Facilitating interactions with service agreements and terms embedded within transactions.</li>
</ul>



<ul>
<li><strong>Enhanced Security Protocols:</strong> Integrating permissioned capabilities for financial environments like CBDCs and stablecoins to meet stringent security and regulatory requirements.</li>
</ul>



<h2 class="wp-block-heading" id="h-the-importance-of-a-universal-wallet-approach">The Importance of a Universal Wallet Approach</h2>



<p>A universal wallet that incorporates these advanced features can serve as a foundational tool for users interacting with multiple Overlay Services. By focusing on interoperability and user empowerment, such a wallet ensures:</p>



<ul>
<li><strong>Seamless User Experience</strong>: Users can engage with various services without juggling multiple wallets or facing compatibility issues.</li>
</ul>



<ul>
<li><strong>Enhanced Security</strong>: Centralised key management and identity verification reduce vulnerabilities and streamline security protocols.</li>
</ul>



<ul>
<li><strong>Efficiency for Developers</strong>: Overlay Services can rely on a standard wallet framework, reducing the need to develop proprietary wallets and allowing them to focus on service innovation.</li>
</ul>



<ul>
<li><strong>User Empowerment</strong>: By maintaining control over their keys and transaction histories, users can interact directly with services, aligning with the peer-to-peer nature of Bitcoin.</li>
</ul>



<h2 class="wp-block-heading" id="h-decoupling-wallet-functionality-from-business-services">Decoupling Wallet Functionality from Business Services</h2>



<p>In this evolving ecosystem, it&#8217;s essential to recognise that wallets should remain neutral tools facilitating direct interaction with the blockchain. Rather than developing proprietary wallets as business ventures, enterprises are encouraged to focus on building Overlay Services that deliver real value to users.</p>



<p>Some existing wallet providers may attempt to confine users within their ecosystems to profit from additional services like top-ups or exclusive features. However, this model can restrict user freedom and hinder interoperability. By embracing a universal wallet approach, businesses can:</p>



<ul>
<li><strong>Promote Open Access</strong>: Allow users to interact with their services using standard wallets, enhancing accessibility and user satisfaction.</li>
</ul>



<ul>
<li><strong>Encourage Innovation</strong>: Focus on creating valuable services within their Overlay, such as specialised applications or enhanced user experiences, rather than controlling wallet access.</li>
</ul>



<ul>
<li><strong>Facilitate Collaboration</strong>: Enable interoperability between different Overlay Services, fostering a collaborative and integrated blockchain environment.</li>
</ul>



<h2 class="wp-block-heading" id="h-balancing-standardisation-and-customisation">Balancing Standardisation and Customisation</h2>



<p>While a universal wallet provides a solid foundation, there may still be scenarios where custom wallet solutions are necessary:</p>



<ul>
<li><strong>Specialised Industry Needs</strong>: Certain industries may require unique features or security measures specific to their regulatory environment.</li>
</ul>



<ul>
<li><strong>Innovative Functionalities</strong>: Pioneering services experimenting with new blockchain capabilities might need tailored wallets to support their advancements.</li>
</ul>



<p>In such cases, aligning with common standards where possible will enhance interoperability and user experience, benefiting the broader blockchain community.</p>



<h2 class="wp-block-heading" id="h-conclusion-advancing-towards-a-unified-and-empowered-blockchain-ecosystem">Conclusion: Advancing Towards a Unified and Empowered Blockchain Ecosystem</h2>



<p>The evolution of Overlay Services signifies a shift towards more diverse and sophisticated blockchain applications. By extending the SPV methodology into advanced wallet architectures, we can support the complex needs of these services while preserving the efficiency and security that SPV wallets offer.</p>



<p>This approach emphasizes user empowerment and peer-to-peer connectivity, foundational principles of Bitcoin. By developing universal wallets that interface seamlessly with various Overlay Services, we eliminate unnecessary barriers and promote an open, collaborative ecosystem.</p>



<p>Businesses can focus on delivering exceptional services within their dedicated environments, leveraging the robust capabilities of the BSV blockchain without the overhead of developing proprietary wallets. Users benefit from greater control, flexibility, and a streamlined experience across multiple platforms.</p>



<p>In embracing this direction, we set the stage for a more interconnected and innovative blockchain landscape—one where technology serves the diverse needs of businesses and users alike, driving forward the potential of blockchain applications in the real world.</p>



<h2 class="wp-block-heading">Learn more about the SPV Wallet and Overlay Services</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://discord.gg/XUQt5PJv">SPV wallet Discord channel</a></h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/eli-5-overlay-services-on-the-bsv-blockchain">ELI 5: Overlay Services on the BSV blockchain</a></h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet">ELI5: the BSV Blockchain’s SPV Wallet</a></h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases">BSV Blockchain Overlay Services – Enterprise use cases</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions">The SPV advantage: enhancing accessibility and security in BSV blockchain transactions</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-browser-extension">BSV Blockchain launches SPV Wallet browser extension</a></h3>


Overlay Services and the Evolution of Wallets: Advancing Blockchain Applications with Enhanced Wallet Architectures


<p>BSV Blockchain recently had the opportunity to sit down with <a href="https://www.linkedin.com/in/wmstudiospro/" target="_blank" rel="noopener nofollow">Eli Afram (Creator of AnonSurvey)</a> to discuss his work, why he chose to become a BSV Ambassador and discuss some of the exciting projects he has planned.</p>



<p>Imagine a transparent ballot box that is visible to you and everyone else at all times, but doesn’t disclose your private information. This ballot box is also immutable and can be used for everything from corporate surveys to national elections.</p>



<p><a href="https://www.bsvblockchain.org/news/publicly-verifiable-voting-on-the-blockchain" target="_blank" rel="noopener">This is the promise offered by the AnonSurvey app.</a> It helps companies build a questionnaire, survey, voting form, or any data collection form you can think of, to privately and securely collect data from users.</p>



<p><em>You can read the edited interview below.</em></p>



<p><strong><em>Can you briefly introduce yourself and Anonsurvey?</em></strong></p>



<p>My name is Eli Afram and I have been in Bitcoin and blockchain for a long time. Probably, most notably online since around 2015. The more I have been around it, the more I realised its potential and one of the very early use cases for the technology was the ability to immutably record votes.</p>



<p>It was one of the real winning formulas for blockchain use. However, before the BSV blockchain, it wasn’t possible to create voting software in any cheaper manner. Even if they are only going to charge $0.20 a transaction, when you multiply that across a population it’s going to end up being very expensive.&nbsp;</p>



<p>So my background is in development and I thought I would give it a shot and build this AnonSurvey app.</p>



<p><strong><em>Can you give us an overview of Anonsurvey&#8217;s offering and how it differs from other voting platforms?</em></strong></p>



<p><em>Very few blockchains can actually offer secure voting like this and we have actually demonstrated well over a million transactions in a short amount of time. There aren’t many blockchains I know which can process that amount of data so cheaply.</em></p>



<p><em>The fact that we can individualise every vote as a transaction &#8211; I don’t know any other blockchain which can do that.</em></p>



<p><strong><em>What made you become a BSV Ambassador?</em></strong></p>



<p><em>I was handpicked about four years ago now by the then-president of the BSV Blockchain. I was always one of the more vocal Australians I guess and so my name was thrown out there.</em></p>



<p><em>We all want to do what’s better for the BSV blockchain. BSV blockchain is really the only thing that works with the types of business we want to do. The only way it can work is if the underlying fee is negligible, It needs to be cheaper than a credit card and it needs to be able to scale.</em></p>



<p><em>Even if it&#8217;s transaction-free at $0.05 or even if it&#8217;s $0.02, you have to remember that there are certain countries where they buy things for $0.02. And if they&#8217;re going to lose $0.02 in a transaction, that becomes costly to them because the value of money is very different in some countries.</em></p>


Interview: Eli Afram on why he became a BSV Ambassador


<p>While much of the past focus has been on blockchain as a nascent and growing technology, in the last few years it has undergone a transition to a more mature industry focused on use cases.</p>



<p>This is the view of <a href="https://www.linkedin.com/in/muneeb-shah-42372838" target="_blank" rel="noopener nofollow">Muneeb Shah (Director, Technology Consulting at Ernst &amp; Young) </a>who was speaking on the sidelines of the recent London Blockchain Conference. Shah has over 17 years of experience in payments and cash management with the last six years being focused on blockchain and its application, both as a professional advisor and as an industry practitioner.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain is now becoming a mature industry" width="500" height="281" src="https://www.youtube.com/embed/8DLEJ_klYqg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>‘The challenge is not about technology only, he said. ‘Sometimes we tend to think about blockchain and the nacency of the technology itself, whether it&#8217;s mature enough, etc. But over the last few years, we have seen that transition technology has matured and <a href="https://www.bsvblockchain.org/use-cases" target="_blank" rel="noopener">there are use cases which are foremost now at production-grade maturity.</a></p>



<p>‘’The biggest challenge is about the ecosystem and adoption and the minimum viable ecosystem to sustain a particular use case on the platform. There are also some challenges concerning regulatory maturity backing some of these use cases.’</p>



<h2 class="wp-block-heading" id="h-a-maturing-industry-focusing-on-use-cases">A maturing industry focusing on use cases</h2>



<p>Shah noted that he and his team have often looked at use cases in the past, <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">whereas enterprises and organisations have historically just looked at blockchain as a technology.</a></p>



<p>‘And I think that the industry as a whole has moved to that level now where we are looking at use cases as the basic building block, not just in terms of what the technology brings to the table.’</p>



<p>‘So our view and our advice to our clients has always been, let&#8217;s look at the use cases first. Let&#8217;s understand what that use case needs from an underlying text standpoint. Does it merit using a blockchain? And if yes, what type of blockchain is best suited? I think that should be the key.’</p>



<p>Shah noted that this transition had taken place over the last five to six years, with blockchain seeing significant maturation from a technical standpoint. ‘We have now moved to a world where we are talking about seamless interoperability. We are talking about privacy, we are talking about high scalability. <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">All the key elements that a technology platform would need to provide for enterprise use cases</a>.’</p>



<h2 class="wp-block-heading" id="h-looking-forward">Looking forward</h2>



<p>Despite the growth shown in the last few years, Shah noted that there are still some challenges around ecosystem development and regulation. ‘We need to see a little bit more protectiveness from regulators in terms of encouraging the use of the technology and creating innovation. And that has already started happening.’</p>



<p>‘We are now seeing regulators coming up with distributed ledger-orientated sandboxes where they are encouraging participants to use cases, for example, on bonds, securities, carbon emissions and whatnot.’</p>



<p>‘I think we need more of that globally and we also need a fully based regulatory sort of framework in terms of how digital assets and blockchain can manifest in future,’ he said.</p>



<p></p>


Blockchain is now becoming a mature industry


<p>The current process for recovering lost or stolen crypto assets is often described as inefficient, troublesome, complicated, and expensive. But it doesn’t have to be.</p>



<p>This is the view of <a href="https://ch.linkedin.com/in/marcin-zarakowski-793a03107" target="_blank" rel="noopener nofollow">Marcin Zarakowski (Head of Token Recovery) </a>who says that many of these issues are self-imposed by blockchain companies.</p>



<p>Token Recovery specialises in the recovery of stolen digital assets and is committed to bringing compliance, accountability, and a solution to the industry for lost or stolen digital assets.</p>



<p>As a member of the Crypto Valley Association, one of the oldest and most mature organisations grouping companies in the blockchain and digital asset sector, and the Global Blockchain Business Council, the largest organisation in the field, Token Recovery is providing its assistance for recovering lost/stolen digital assets to the BSV blockchain and other blockchains around the world.</p>



<p><a href="https://www.bsvblockchain.org/news/the-recovery-of-lost-and-stolen-digital-assets" target="_blank" rel="noopener">People see the process of reclaiming lost tokens as inefficient because of the peer-to-peer nature of blockchain transactions</a> and the fact that there is no immediate centralised entity to seize and freeze assets, he said.</p>



<p>‘This means that usually, the only possibility for assets to be frozen and seized is when they land on one of the centralised virtual asset service providers (VASPs) like crypto exchanges, brokers, or onramp/offramp providers.</p>



<p>‘From my experience, what criminals and fraudsters do when they steal the asset, is they want to off ramp into fiat currency as soon as possible. So there is this race where you want to be faster than the criminals, and we need to have centralised service providers to help collaborate in this process,’ he said.’</p>



<p>So that&#8217;s why the process is inefficient. If the assets end up on unhosted wallets, there&#8217;s nothing we can do unless they are in stablecoins like USDT or USDC, where Tether and Circle, respectively, act as issuers and have capabilities to freeze and effectively reassign stolen coins.’</p>



<p>Zarakowski noted that the <a href="https://www.bsvblockchain.org/news/digital-asset-recovery-and-the-law" target="_blank" rel="noopener">Digital Asset Recovery process introduced on the BSV blockchain addresses these concerns </a>by allowing 100% efficiency of freezing and seizing of the coins, as these actions do not require any VASPs or a stable coin issuer’s involvement but instead happen directly on the blockchain level.</p>



<h2 class="wp-block-heading" id="h-more-regulations-needed">More regulations needed?</h2>



<p>While this is a growing area of interest for law enforcement and regulations, Zarakowski said that introducing more regulations in the space is not necessarily the top priority. Instead, what is important is how existing regulations are enforced, he said.</p>



<p>‘The problem is that, as I mentioned, law enforcement is heavily under-resourced and overwhelmed when it comes to crypto-related crimes. This is also still a new phenomenon for many of them, and they need to have the right tools,’ he said.</p>



<p>He noted that large government agencies have entire teams dedicated to crypto-asset crimes, but that the required skills and knowledge decreases at the local and state levels.</p>



<p>‘We do training in countries like Poland, Ukraine, and Kazakhstan. And we train law enforcement agents, prosecutors, supervisory, financial intelligence units, specialists, national bank experts, etc. So sometimes it may require regulatory changes in those jurisdictions, but very often it&#8217;s all about developing skills, raising awareness, and knowledge sharing,’ he said</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-and-digital-asset-recovery">BSV blockchain and digital asset recovery</h2>



<p><a href="https://docs.bsvblockchain.org/protocol/bsv-blockchain/digital-asset-recovery" target="_blank" rel="noopener">The BSV blockchain is the only blockchain that allows legal recourse for lost asset (token) recovery to legally rightful owners by design.</a> The same system can also allow for freezing assets based on court injunctions and legal notices.</p>



<p>This process enables the blockchain system to work under precisely the same legal system that any financial system currently is subjected to in law. It also discourages any illegal activity that the open and public ledger can face by malicious actors.</p>



<p><a href="https://www.bsvblockchain.org/news/the-importance-of-digital-asset-recovery" target="_blank" rel="noopener">An affected party would typically approach a firm like Token Recovery first if they have been a victim of a theft or hack.</a> Token Recovery will assess the case, conduct necessary tracing and investigations and coordinate the legal strategy aimed at obtaining a necessary legal title to the stolen assets. It is also possible that the affected party obtains the required court order themselves or with the help of other lawyers or experts.</p>



<p>The Token Recovery team will then ensure that the party has all of the necessary documents to initiate the Digital Asset Recovery process on the BSV blockchain. This court order will then be handed over to the BSV Blockchain, as the steward of the BSV blockchain which will follow the requirements of the court order and the processes established in the Network Access Rules.<br><br>It is important to note that, according to the <a href="https://bsvblockchain.org/news/bsv-association-launches-new-network-access-rules" target="_blank" rel="noopener">Network Access Rules on the BSV blockchain</a>, the assets can be frozen or reassigned only based on a court order which is valid and enforceable in the UK or Switzerland. In case of foreign court orders, they need to be first recognised in the UK or Switzerland.</p>


Taking the complexity out of digital asset recovery


<p>Blockchain can serve as a key technology to enable global timestamping and clarify data provenance, which is needed to establish trust in artificial intelligence (AI), the Internet of Things (IoT) and the Metanet on hand. This is the view of <a href="https://www.linkedin.com/in/jake-jones-a8720611a/" target="_blank" rel="noopener nofollow">Jake Jones (Business Program Manager for BSV Blockchain)</a> who recently sat down for an <a href="https://coingeek.com/jake-jones-talks-blockchain-ai-ipv6-role-in-the-metanet-video/" target="_blank" rel="noopener">interview with CoinGeek</a>.</p>



<p>Jones outlined how the BSV blockchain can serve as a key technology to enable global timestamping and clarify data provenance, which is needed to establish trust in artificial intelligence (AI), the Internet of Things (IoT) and the Metanet on hand, but also in media, as the blockchain can be used to tackle the issue of fake news.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain &amp; Metanet&#039;s role in combating fake news | Jake Jones | CoinGeek" width="500" height="281" src="https://www.youtube.com/embed/GyohJF5jZz8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-how-blockchain-can-prevent-the-spread-of-misinformation">How blockchain can prevent the spread of misinformation</h2>



<p>To give an example Jones discussed how the BSV blockchain could help tackle the issue of an example of transparent verifiability of data. He explained that blockchain technology enables global timestamping and data provenance, which can trace the origin of information and confirm that it has not been altered. This feature is key to combating misinformation and fake news by verifying the authenticity and integrity of data.</p>



<p><a href="https://www.google.com/search?q=ai+and+bsv+blockchain&amp;rlz=1C1VDKB_enGB1124GB1124&amp;oq=ai+and&amp;gs_lcrp=EgZjaHJvbWUqCAgAEEUYJxg7MggIABBFGCcYOzIGCAEQRRhAMgYIAhBFGDkyDAgDEAAYQxiABBiKBTIMCAQQABhDGIAEGIoFMgYIBRBFGD0yBggGEEUYPDIGCAcQRRg90gEIMjI0N2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">AI relies on vast amounts of data to learn and improve, but there are significant concerns about how this data is sourced and verified</a>. Jones provides two main reasons for the need to integrate blockchain with AI.</p>



<p>Firstly, blockchain enables a mechanism to reward individuals who contribute data to AI algorithms, addressing a current issue where companies often use data without compensating the source. Through blockchain-enabled incentives, contributors can be rewarded, encouraging a consistent flow of data that AI systems need. This could be particularly transformative in industries such as healthcare, where quality data is crucial, yet often under-supplied due to privacy and compensation concerns.</p>



<p>Secondly, blockchain establishes data provenance, ensuring that data entering AI models is traceable back to its origin. This feature allows for a thorough audit trail, helping developers verify data accuracy and enabling the identification of flawed data sources. Such traceability is critical for troubleshooting issues in AI systems, as it allows the tracking of problems back to their origins, promoting accountability and quality in AI models.</p>



<h2 class="wp-block-heading" id="h-blockchain-and-ipv6-as-the-backbone-for-the-metanet">Blockchain and IPv6 as the backbone for the Metanet</h2>



<p>Jones also discussed the Metanet, basically an <a href="https://bsvblockchain.org/news/the-bitcoin-letters-tcp-ip-ipv6-and-the-metanet" target="_blank" rel="noopener">internet that is built on blockchain technology</a> and in which users own their own data and can directly interact with each other instead of relying on centralised platforms. Unique global IP addresses are needed for this direct communication. IPv6 supports this by offering both a private address for security and a public address for internet communication, facilitating secure and direct P2P connections essential for blockchain-based systems.<br>This is also relevant to the Internet of Things, as Jones explained.<a href="https://bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener"> IPv6 offers both private addresses for security and public addresses for internet-based communication, making it possible for IoT devices to engage in secure, P2P exchanges</a>. This direct interaction is foundational to the Metanet, where blockchain-based systems require secure connections to ensure the authenticity and integrity of the data exchanged.</p>


Creating trustworthy data with the BSV blockchain


<p>The adoption of Teranode can support accountants and auditors by improving the efficiency of auditing transaction volumes and safeguarding privacy. This is the view of <a href="https://www.linkedin.com/in/martincoxall/" target="_blank" rel="noopener nofollow">Martin Coxall (Director of Growth at BSV Blockchain)</a> who recently penned an<a href="https://accounting.h5mag.com/edit-iab_oct24/blockchain_the_future_of_trust_in_accounting?preview=bed712d9-9749" target="_blank" rel="noopener nofollow"> op-ed for the International Accounting Bulletin.</a></p>



<p>Coxall explains that trust is fundamental in accounting, as accurate financial recording and reporting are crucial for business credibility. Blockchain technology offers a modern solution to strengthen trust, functioning as a secure, immutable ledger that reduces the potential for human error and fraud.</p>



<p>He said blockchain could transform accounting by creating a network where data entries are transparent, tamper-resistant, and easily auditable. <a href="https://www.bsvblockchain.org/news/bsv-blockchain-hits-100-billion-transactions-per-day-on-teranode" target="_blank" rel="noopener">The BSV blockchain, in particular, addresses the critical needs for high speed and scalability through its Teranode software supported by Aerospike</a>, making it a strong candidate for integrating blockchain into accounting practices. Much like double-entry accounting professionalized record-keeping centuries ago, blockchain introduces a new level of security and transparency.</p>



<h2 class="wp-block-heading" id="h-double-entry-vs-triple-entry-accounting">Double-entry vs triple-entry accounting</h2>



<p>The concept of<a href="https://www.bsvblockchain.org/news/double-entry-accounting-vs-blockchains-triple-entry-ledger" target="_blank" rel="noopener"> triple-entry accounting</a> builds upon the traditional double-entry system by adding a third, immutable record in a blockchain ledger, thereby reducing reliance on manual checks. This third entry, time-stamped and publicly verifiable, provides a single source of truth independently managed by the blockchain network.</p>



<p>Unlike traditional ledgers, which can be manipulated or kept in multiple versions, the blockchain ledger offers a universally accessible, tamper-proof record of transactions. This digital ledger removes the need for separate fictional ledgers and aligns recorded transactions directly with actual events, creating a transparent, real-time view of businbsvbess activities.</p>



<p>The triple-entry system’s transparency is ensured through a structure where various participants—including mining nodes, developers, service providers, and public observers—collectively contribute to its integrity. This ecosystem enhances accountability and incentivizes participants to maintain accurate records since their roles and actions are visible to others and the public.</p>



<h2 class="wp-block-heading" id="h-teranode-is-a-game-changer">Teranode is a game-changer</h2>



<p><a href="https://www.bsvblockchain.org/news/teranode-and-sv-node-understanding-bsv-new-node-software" target="_blank" rel="noopener">Teranode is a new node software for the BSV blockchain</a>, designed to significantly enhance the network’s efficiency and scalability. Unlike traditional nodes, Teranode operates using a microservices architecture, which allows it to parallelize processes and handle a much larger volume of transactions.</p>



<p>By leveraging this architecture, Teranode aims to push the boundaries of blockchain scalability, targeting an unprecedented one million transactions per second. This update is not just about increasing capacity; it also focuses on improving the overall performance and reliability of the BSV network.</p>



<p>With features like low transaction costs, stability, and regulatory compliance, Teranode positions the BSV blockchain as a resilient solution for large-scale, transparent financial reporting in line with both business and regulatory demands.</p>



<p>BSV Blockchain is pleased to announce that it will attend the upcoming <a href="https://bau.ug/summit2024/#register" target="_blank" rel="noopener nofollow">Kampala Blockchain Summit</a>. The summit, which takes place on 1 November 2024, is geared towards unlocking opportunities in Africa through blockchain and will feature a keynote address from the Deputy Governor of the Central Bank of Uganda.</p>



<p>Attendees can expect panel sessions with key stakeholders on regulation, enterprise, academia and industry experts. Other topics which will be covered at the event include:</p>



<ul class="wp-block-list">
<li><strong>Real-world applications: </strong>Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Expert insights: </strong>Gain knowledge from keynote speakers and panellists, including top professionals from the Central Bank of Uganda and leading blockchain organisations.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Future trends: </strong>Stay ahead of the curve by exploring emerging trends and regulatory developments that will shape the future of blockchain in Africa.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Networking opportunities: </strong>Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.</li>
</ul>



<p>Key speakers at the event will include:</p>



<ul class="wp-block-list">
<li>Michael Atingi-Ego (Deputy Governor, Bank of Uganda);</li>



<li><a href="https://www.linkedin.com/in/josephine-okui-ossiya-cpa-fcca-mba-1b48ab17/" target="_blank" rel="noopener nofollow">Josephine Okui</a> (CEO, Capital Markets Authority);</li>



<li><a href="https://www.linkedin.com/in/fred-percy-kisa-6314043a/" target="_blank" rel="noopener nofollow">Fred Percy Kisa</a> (Transformation Executive, National Social Security Fund &#8211; NSSF Uganda);</li>



<li><a href="https://www.linkedin.com/in/cyrus-barigye-k-cism-cdpse-cams-5b0a971b/" target="_blank" rel="noopener nofollow">Cyrus Barigye</a> (Director ICT Systems and Security Financial Intelligence Authority FIA Uganda);</li>



<li><a href="https://www.linkedin.com/in/thomasgiacomo/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo </a>(Director of Utilisation at BSV Blockchain);</li>



<li><a href="https://www.linkedin.com/in/aleksandergora/" target="_blank" rel="noopener nofollow">Aleksander Góra </a>(Head of Strategic Partnerships at BSV blockchain);</li>



<li><a href="https://www.linkedin.com/in/boleslaw-bolo-kruszewski/" target="_blank" rel="noopener nofollow">Boleslaw Kruszewski </a>(Product Manager Stablecoin at BSV Blockchain);</li>



<li><a href="https://x.com/gonahasa" target="_blank" rel="noopener nofollow">David Gonahasa </a>(Team Lead Industry 4.0+ Bureau, STI);</li>



<li><a href="https://www.linkedin.com/in/peter-benhur-nyeko-b236822/?originalSubdomain=ug" target="_blank" rel="noopener nofollow">Peter BenHur Nyeko </a>(Co-Founder of Mandulis Energy);</li>



<li><a href="https://dpf.or.ug/team/xxx/ target="_blank" rel="noopener nofollow"">Allan Lwetabe</a> (Director of Investments at the Deposit Protection Fund)<a href="https://dpf.or.ug/team/xxx/" target="_blank" rel="noopener nofollow">.</a></li>
</ul>



<p>‘The BSV Blockchain has seen significant growth in East Africa and Uganda in particular in recent years as enterprises and start-ups in the region recognise the true value of the technology, said <a href="https://www.linkedin.com/in/thomasgiacomo/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>.</p>



<p>‘We see significant growth opportunities in the enterprise and government space and this summit is an excellent opportunity to reach out to our rapidly growing BSV blockchain community in Africa and connect with others in the space to collaborate and grow. This includes the ongoing UGX stablecoin project which we believe has significant potential,’ he said.</p>



<p>You can find out more about <a href="https://bau.ug/summit2024/#register" target="_blank" rel="noopener nofollow">registering for the event here</a>.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-in-uganda">The BSV blockchain in Uganda</h2>



<p>The BSV blockchain already has a healthy presence in Uganda with companies such as <a href="https://www.bsvblockchain.org/news/stablecoin-kitepesa-advancing-financial-inclusion-in-uganda" target="_blank" rel="noopener">KitePesa using the BSV blockchain as the basis for its stablecoin project, which is pegged to the Ugandan shilling (UGX)</a>.</p>



<p>KitePesa aims to facilitate easy money transfers, bill payments, and movement of funds among various market players. Thanks to the BSV blockchain, it can do this reliably and at a significantly lower cost.</p>



<p>Leveraging BSV’s open-source components, KitePesa allows for micropayments, enabling transactions as small as a thousandth of a dollar, and is built on resilient, scalable infrastructure capable of handling up to one million transactions per second.</p>



<p>The system will support programmable money, allowing for smart contracts and tokenisation of assets like real estate and precious metals. In this way, KitePesa is well ahead of other conventional forms of mobile money and provides users and service providers with many additional usage and application options.</p>


Why the BSV blockchain is the future of accounting


<p><a href="https://www.pwc.com/gx/en/issues/business-model-reinvention/outlook/insights-and-perspectives.html" target="_blank" rel="noopener nofollow">The global live-streaming market has been growing rapidly, with an expected value exceeding $200 billion by 2028,</a> driven by the rise of platforms like Twitch, YouTube Live, and TikTok. The segment has diversified beyond gaming, which remains dominant, to include entertainment, live commerce, education, and corporate streaming.</p>



<p>This expansion has gained traction across geographies, particularly in Asia-Pacific, where live commerce is thriving on platforms like Douyin and Taobao Live. Key technologies, such as 5G and interactive features like real-time comments and AR filters, have enhanced the live-streaming experience and engagement, further attracting advertisers and increasing monetization options through subscriptions, ads, tipping, and sponsorships.</p>



<p>The strong creator economy supports over two million active streamers on platforms like Twitch, which have high audience engagement rates, making live streaming a promising investment for advertisers.</p>



<p>Despite this growth, challenges remain in content moderation, monetization pressure, and regulatory compliance, particularly in regions like China and the EU, which are implementing stricter guidelines.</p>



<h2 class="wp-block-heading" id="h-introducing-streamsailpro">Introducing StreamSailPro</h2>



<p>To address these issues, <a href="https://smartledger.solutions/" target="_blank" rel="noopener nofollow">SmartLedger has announced the launch of StreamSail Pro</a>, a new platform that aims to redefine the live streaming experience by merging AI-powered engagement tools with the transparency of the BSV blockchain.</p>



<p>StreamSail Pro is designed to elevate viewer interaction, simplify workflows, and drive significant sales growth, making it an essential tool for streamers looking to transform their performance.</p>



<p>StreamSail Pro works with all leading platforms, including OBS, OBS Streamlabs, Whatnot, Twitch, and YouTube. Its user-friendly interface and mobile compatibility make it easy to set up on a desktop, tablet, or phone.</p>



<p>‘StreamSail Pro is redefining what’s possible in live streaming. Merging real-time interaction with <a href="https://www.bsvblockchain.org/news/how-to-ensure-data-transparency-with-the-bsv-blockchain" target="_blank" rel="noopener">blockchain-backed transparency</a> sets a new industry standard for genuine viewer engagement and trust,’ said <a href="https://www.linkedin.com/in/gregory-ward-032447176" target="_blank" rel="noopener nofollow">Gregory Ward (Chief Development Officer at SmartLedger).</a></p>



<h2 class="wp-block-heading" id="h-new-tools-for-streamers">New tools for streamers</h2>



<p>StreamSail Pro introduces a comprehensive suite of features to make streaming not just easier, but more engaging and profitable. Here’s what makes it stand out:</p>



<p><strong>Interactive In-Stream Games: </strong>Convert passive viewers into active participants with fun, real-time games like Emoji Races, Dumpster Dive, and Sports Showdown, which enhance engagement and increase average view time.</p>



<p><strong>AI-Powered Automation:</strong> From the Auto Host to the Break Calculator, StreamSail Pro automates back-end management, giving streamers more time to focus on entertaining and selling to their audience.</p>



<p><strong>Customisable Overlays &amp; Banners:</strong> Dynamic overlays communicate flash sales, promotions, and urgent announcements in real time, driving viewer engagement and immediate action.</p>



<p><strong>Blockchain-Integrated Transparency</strong>: Built on the BSV blockchain, StreamSail Pro ensures tamper-proof transactions, secure giveaways, and verifiable outcomes—creating a fair, trusted environment for viewers.</p>



<p><a href="https://streamsail.pro/product/streamsail-pro-elevate-your-live-streaming-game/" target="_blank" rel="noopener nofollow">Learn more here.</a></p>


Using the BSV blockchain and AI to improve streaming


<p>The music industry has been plagued for decades by issues surrounding the fair payment of artists, whether it is dodgy record labels trying to take advantage of bands, rampant music piracy, or newer streaming platforms that pay musicians a fraction of their value.</p>



<p>In the latest case, rock group <a href="https://www.billboard.com/pro/limp-bizkit-umg-fight-nelly-copyright-case-barry-white-sample-suit-music-law-news/" target="_blank" rel="noopener nofollow">Limp Bizkit is suing Universal Music Group over claims it has not been paid</a>, with the band asking for more than $200 million in back payments from the label.</p>



<p>The BSV blockchain can help end these issues right now. Artists can regain full ownership and control of the music they create, as well as royalties and copyrights. There&#8217;s no longer a need for these shady practices in the music business.</p>



<p>Just as the music industry adapted to the Internet and streaming by harnessing new technology, it can <a href="https://www.bsvblockchain.org/features/smart-contracts" target="_blank" rel="noopener">use the BSV blockchain to create clear, unambiguous contracts where royalties are paid out in real-time</a>.</p>



<h2 class="wp-block-heading" id="h-fixing-the-billion-dollar-problem">Fixing the billion-dollar problem</h2>



<p>The traditional music industry often benefits major record labels and streaming platforms, leaving artists with limited control and a smaller portion of the revenue. Several factors contribute to this, such as:</p>



<ul>
<li>A lack of transparency in financial reporting</li>



<li>Ambiguous contract terms</li>



<li>Unequal earnings distribution</li>



<li>Limited opportunities for independent audits</li>
</ul>



<p>Emerging artists, in particular, face difficulties in gaining recognition and effectively monetising their work. Music labels and streaming services tend to prioritise top-selling artists who generate the most profit, leaving smaller artists at a disadvantage. Even when lesser-known artists achieve a significant number of plays, they often do not receive a fair share of the revenue.</p>



<p>Current solutions have yet to fully address these issues, highlighting the need for a platform that both empowers artists and enhances the overall consumer experience.</p>



<p><a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">The BSV blockchain offers an immutable ledger</a>, providing artists with transparent accounting and accurate royalty tracking. Through this system, artists can easily view their earnings and verify the legitimacy of transactions, eliminating the need to depend solely on record labels for financial reporting.</p>



<p>With the BSV blockchain, both artists and their collaborators can track and confirm royalty payments, ensuring they receive fair compensation. This enhanced transparency discourages manipulation and fosters greater trust between artists and industry stakeholders.</p>



<p>In addition, <a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">smart contracts can be integrated into BSV-based platforms</a>, enabling automated, transparent agreements between artists and labels. These contracts support more equitable revenue-sharing models by automatically distributing earnings to artists, labels, songwriters, and producers according to pre-set terms, ensuring a fairer allocation of profits and addressing the issue of unequal earnings.</p>



<p><a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener">NFTs (non-fungible tokens) can also be leveraged on the BSV blockchain, representing unique digital assets tied to music or other creative works</a>. Artists can tokenise their creations, selling them directly to fans and retaining greater control over their intellectual property. This approach empowers emerging artists to effectively monetise their work, gain visibility, and build a dedicated fan base without having to rely solely on major labels or streaming platforms.</p>



<p>For fans, this creates a more interactive and rewarding experience. NFTs can provide access to exclusive content, limited-edition releases, and personalised interactions, deepening the bond between artists and fans. This innovative use of blockchain technology opens up new revenue streams and fosters a more engaging, artist-centred music ecosystem.</p>



<h2 class="wp-block-heading" id="h-real-use-cases">Real use-cases</h2>



<p>Firms like <a href="https://smartledger.solutions/" target="_blank" rel="noopener nofollow">SmartLedger Solutions</a> showcase how this can be done. Its <a href="https://smartledger.solutions/case_study/rare-generation-transforming-music-rights-management-with-blockchain/" target="_blank" rel="noopener nofollow">Rare Generation</a> digital rights management platform uses the power of blockchain to distribute payments transparently.</p>



<p><a href="https://coingeek.com/spotify-deletes-thousands-of-ai-generated-songs-report/" target="_blank" rel="noopener">Spotify</a> alone streams over a billion tracks daily, so scalability is crucial. Only scalable utility blockchains like the BSV blockchain and Teranode, which can process <a href="https://fintechmagazine.com/crypto/bsva-teranode-testing" target="_blank" rel="noopener nofollow">one million transactions per second</a>, are currently up to the task.</p>



<p>Of course, artists don&#8217;t have to wait for record labels to make the first move; they can now use the BSV blockchain to self-publish music and demand that labels use transparent tech before signing with them. While it is true that artists may make less money without the backing of big labels, let&#8217;s remember that those same big labels make no money without artists.</p>


Fixing a $200 million problem with blockchain


<p>The BSV blockchain and IPv6 can be used together to evolve the world of tokenisation rapidly. This is the view of <a href="https://www.linkedin.com/in/giovannifranzese/" target="_blank" rel="noopener nofollow">Giovanni Franzese (Head of IP Commercial Operations at nChain)</a>, who recently shed light on the topic of IPv6 and blockchain at the <a href="https://coinsconf.com/" target="_blank" rel="noopener nofollow">IEEE Coins Conference</a> in London.</p>



<p>Franzese highlighted two key use cases that his company is working on and where IPv6 can bring significant value: the Internet of Things (IoT) and tokenisation. These innovations are set to reshape industries ranging from smart devices to digital payments, leveraging the vast addressing capabilities of IPv6 to meet growing technological demands.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="IPv6: The solution to IPv4&#039;s address limitations | Giovanni Franzese | CG Backstage" width="500" height="281" src="https://www.youtube.com/embed/zkWKSv1c1bM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-solving-scalability-challenges-in-japan-s-voucher-system">Solving scalability challenges in Japan’s voucher system</h2>



<p>Franzese elaborated on an innovative tokenisation project in Japan, developed in partnership with Fukushima City and Keio University. This initiative focuses on replacing traditional paper vouchers with digital tokens. In Japan, paper vouchers are widely used for purchasing goods and services, but the shift to digital tokens promises to streamline transactions.</p>



<p>The project will issue a lot of tokens and nChain plans to combine them with IPv6 capabilities. <a href="https://www.bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener">IPv6 offers an immense pool of IP address space and is thus a key infrastructure for IoT devices</a>. Franzese said the following about how IPv6 and tokenisation will work together in this project:</p>



<p><em>‘The innovation that we are trying to introduce with this project, is basically to give an IPv6 address to those tokens and we will need a lot of them. In very short, this is the innovation that we will bring: tokens addressed by IPv6.’</em></p>



<h2 class="wp-block-heading" id="h-nchain-s-blockchain-and-ipv6-integration-in-iot">nChain’s Blockchain and IPv6 Integration in IoT</h2>



<p>Franzese also highlighted nChain’s strong patent portfolio in the areas of<a href="https://www.bsvblockchain.org/news/p2p-blockchain-blockchain-scaling-with-the-ipv6-based-new-internet" target="_blank" rel="noopener"> blockchain, IPv6, IoT, security, and identity.</a> These patents position the company at the forefront of innovation.</p>



<p>In the tokenisation space, blockchain plays a pivotal role by ensuring transparency, immutability, and decentralisation of transactions. By integrating blockchain with IPv6, tokenised assets and IoT devices can operate securely and efficiently in an auditable environment.</p>



<p>Blockchain’s role in IoT is particularly promising. It can enable the secure exchange of data between devices, ensure device authenticity, and create automated payment systems via smart contracts. These innovations have the potential to revolutionise industries such as healthcare, manufacturing, and logistics, where IoT devices are increasingly prevalent.</p>



<h2 class="wp-block-heading" id="h-how-ipv6-and-blockchain-unlock-new-digital-possibilities">How IPv6 and blockchain unlock new digital possibilities</h2>



<p>The combination of IPv6 and tokenisation is set to unlock new possibilities for both IoT and digital payments. IPv6’s expansive addressing capabilities make it the perfect solution for the growing number of IoT devices, while its application in tokenisation projects like the one in Japan demonstrates its potential to transform everyday transactions.</p>



<p>With companies like nChain leading the charge, backed by strong patents and cutting-edge research, the future of these technologies looks incredibly promising.</p>



<p>IPv6 and a scalable blockchain have good synergies with each other by enabling peer-to-peer communication for everyday life. Just as real peer-to-peer communication on the internet was previously made impossible by the limited address space. In the same way, there is currently a lack of scalable blockchains that utilise the full potential of this technology.</p>


nChain: Leveraging the potential of tokenisation and IPv6 with blockchain


<p>The BSV Blockchain Townhall on 24 October 2024 wrapped up an exciting third quarter which was characterised by the maturing of existing infrastructure components (Teranode, SPV Wallet, Overlay Services) and promising new partnerships.</p>



<p>A guest presentation was given by Matija Hanzevacki, Product Manager for <a href="https://whatsonchain.com/" target="_blank" rel="noopener nofollow">WhatsOnChain</a>. The session also featured the following BSV Blockchain speakers:</p>



<ul>
<li><a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Utilisation Technical Team Lead);</a></li>



<li><a href="https://www.linkedin.com/in/thomasgiacomo/" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation)</a>;</li>



<li><a href="https://www.linkedin.com/in/siggioskarsson/" target="_blank" rel="noopener nofollow">Siggi Oskarsson (Teranode Director);</a></li>



<li><a href="https://www.linkedin.com/in/mr-connor-murray" target="_blank" rel="noopener nofollow">Connor Murray (Director of Stewardship)</a>;</li>



<li><a href="https://www.linkedin.com/in/asgeirthor/" target="_blank" rel="noopener nofollow">Ásgeir Oskarsson (Business Analyst)</a>;</li>



<li><a href="https://www.linkedin.com/in/shawn-ryan-906a3429/" target="_blank" rel="noopener nofollow">Shawn Ryan (Outreach Director);</a></li>



<li><a href="https://www.linkedin.com/in/evaporrasphd/" target="_blank" rel="noopener nofollow">Eva Porras (Education Director)</a>;</li>



<li><a href="https://www.linkedin.com/in/martincoxall/" target="_blank" rel="noopener nofollow">Martin Coxall (Director of Growth</a>);</li>



<li><a href="https://www.linkedin.com/in/brettcbanfe/" target="_blank" rel="noopener nofollow">Brett Banfe (Head of Community</a>).</li>
</ul>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV Quarterly Townhall (Q3 2024)" width="500" height="281" src="https://www.youtube.com/embed/Bvh9bpdn-I0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-whatsonchain">WhatsOnChain</h2>



<p>Hanzevacki gave an update on WhatsOnChain, the leading blockchain explorer for the BSV blockchain, which covered recent developments and ongoing projects. WhatsOnChain became a part of TAAL in May 2023. However, Hanzevacki pointed out that it maintains an unbiased view of the blockchain by using independent infrastructure and separate nodes from TAAL. This setup ensures information displayed is directly sourced from the network&#8217;s peers.</p>



<p>Hanzevacki proceeded to introduce several new features. The redesigned <a href="https://whatsonchain.com/stats" target="_blank" rel="noopener nofollow">stats dashboard</a> now offers real-time data on BSV network activity, including transactions, block sizes, and active miners, with time-series data for deeper analysis. The <a href="https://whatsonchain.com/tag-stats" target="_blank" rel="noopener nofollow">tag stats feature</a> provides insights into popular applications on the BSV blockchain, with filters to track trends across different categories.</p>



<p>The <a href="https://whatsonchain.com/plugins" target="_blank" rel="noopener nofollow">platform’s plugin support feature</a> allows community contributions to transaction visualisations, enhancing user experience. Additionally, a new UTXO store was launched to replace the outdated ElectrumX-based API, with the STN shutdown to focus resources on Teranode integration. The API remains open and free to explore, with tiered packages available for high-usage needs.</p>



<h2 class="wp-block-heading" id="h-utilisation">Utilisation</h2>



<h3 class="wp-block-heading" id="h-overlay-services-launch-and-sdk-development">Overlay Services launch and SDK development</h3>



<p>Darren Kellenschwiler reported advancements in the BSV Utilisation stream, including the launch of Overlay Services that allow selective transaction sharing across networks for multi-company data exchange. SDK performance saw significant improvements, with the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-golang-sdk" target="_blank" rel="noopener">Go SDK</a> enhancing memory efficiency by 50% and the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">TypeScript SDK</a> achieving a 10x speed increase in transaction validation. A new key-sharing scheme in the TypeScript and Go SDKs was introduced, allowing private key backup via QR codes, as part of the Smoulder project.</p>



<p><a href="https://www.bsvblockchain.org/news/gearing-up-for-the-launch-of-arc-with-taal" target="_blank" rel="noopener">ARC</a> system updates enhanced stability, providing clearer success/failure feedback, especially for double-spend detection, and now support multiple callbacks for improved blockchain reorg handling. Developer tools are being refined to support token protocols and standardise application-to-wallet interfaces, with partners like Project Babbage. Finally, progress is underway on IPv6 and multicast integration, aiming for IPv6 Gold Logo certification.</p>



<h3 class="wp-block-heading" id="h-standardisation-efforts-and-stablecoin-launch-in-uganda">Standardisation efforts and stablecoin launch in Uganda</h3>



<p>Giacomo discussed plans to align BSV blockchain components with international standards, working with entities such as the <a href="https://bsvblockchain.org/news/blockchain-technology-to-enhance-internet-standards" target="_blank" rel="noopener">W3C</a> or ISO to ensure compliance, especially with ISO 200-22 for financial transaction metadata. The team is integrating Basel Committee guidelines for stablecoins to support international compliance for BSV issuers. To improve compatibility, BSV will shift to the Apache 2.0 open-source license by January, enabling broader distribution.</p>



<p>Security audits are underway, starting with the Typescript SDK in collaboration with Trail of Bits. The roadmap centres on the Mandala upgrade, including Teranode overlay services and SDK integration. A <a href="https://www.bsvblockchain.org/news/stablecoin-kitepesa-advancing-financial-inclusion-in-uganda" target="_blank" rel="noopener">pilot project with Kite Financial in Uganda will launch a stablecoin</a> to test BSV’s open-source components in a real-world setting, and a new partnership with AWS aims to distribute components like the SPV wallet on AWS Marketplace, broadening enterprise reach.</p>



<h2 class="wp-block-heading" id="h-teranode">Teranode</h2>



<p>Siggi Oskarsson reported on <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode&#8217;s progress</a>, starting with a test that ran in May achieving one million transactions per second over two weeks. Although initially planned as a six-month test, it was shortened to focus on scaling node numbers, successfully running on six nodes. In Q3, Teranode operated in “listening mode” on the main net, performing transaction validation with shallow block validation, while in Q4, it will transition to “mining mode” to begin actual mining.</p>



<p>A new “seeding” feature allows Teranode to start from a UTXO and blockchain state snapshot, making it faster to initialise nodes without downloading the full blockchain. Ongoing testing focuses on edge cases and concurrency issues within large networks to enhance stability. Teranode’s private mining network now includes three nodes, with plans to connect to the legacy network and start mining on Testnet this quarter.</p>



<h2 class="wp-block-heading" id="h-stewardship">Stewardship</h2>



<p>Connor Murray provided an update on the <a href="https://www.bsvblockchain.org/news/chronicle-bsv-blockchain-latest-update" target="_blank" rel="noopener">Chronicle release</a>, the final SV node update aimed at restoring elements of the original Bitcoin protocol. While addressing this release, the team received feedback expressing concerns over reintroducing transaction malleability, which could disrupt existing applications and businesses. In response, they are refining the release scope to maintain stability and ensure continuity for businesses not expecting malleability. Consequently, the release will be delayed as discussions continue.</p>



<h2 class="wp-block-heading" id="h-standardisation">Standardisation</h2>



<p>Ásgeir Oskarsson introduced a renewed focus on standardisation within the BSV ecosystem, led by himself and Murray, aiming to foster collaboration among developers, companies, and builders. This initiative seeks to make development on BSV easier and create a cohesive application landscape by supporting interoperable protocols. The plan includes revamping standardisation efforts through BRC meetups, aligning BSV with external standards like ISO and W3C, and publishing initial standards, starting with a token protocol.</p>



<p>Oskarsson highlighted the importance of collaborative working groups, especially in areas requiring specific expertise, such as ISO 20022 in finance. Community feedback and contributions are encouraged to drive these standardisation advancements.</p>



<h2 class="wp-block-heading" id="h-outreach">Outreach</h2>



<p>Shawn Ryan updated on outreach initiatives, highlighting efforts to strengthen memberships with strategic groups and ensure active technical representation. Recently, the team joined the W3C community, attended a related event, and collaborated with Project Babbage to revive the W3C blockchain community group, aiming to foster ongoing engagement. He reported a promising discussion with the Banking Infrastructure Architecture Network (BIAN), potentially leading to collaboration in 2025. <a href="https://bsvblockchain.org/news/bsv-blockchain-joins-linux-foundation" target="_blank" rel="noopener">BSV Blockchain also joined the Linux Foundation</a>, finalised a partnership with <a href="https://www.coinstore.com/" target="_blank" rel="noopener nofollow">Coinstore</a> to expand in the Philippines, and discussed SPV implementation with a planned listing in early November.</p>



<p>Further collaborations include an <a href="https://www.bsvblockchain.org/news/using-blockchain-and-iot-to-save-millions-of-dollars-in-the-wine-industry" target="_blank" rel="noopener">IoT project with Smart Grow Agritech</a>, where data from 15,000 devices is uploaded frequently to the blockchain, illustrating high transaction volumes. Plans with AWS involve prototyping labs focused on IoT and AI for 2025, with follow-up discussions anticipated at AWS’s December event. He also highlighted efforts to recruit developers across Eastern Europe in developer events, as well as outreach for the Uganda stablecoin project and an upcoming summit with Ugandan leaders. He encouraged sharing contacts interested in blockchain for future support and collaboration.</p>



<h2 class="wp-block-heading" id="h-education">Education</h2>



<p>Eva Porras, the new head of the Education Department, shared plans to boost blockchain adoption through targeted education for executives and developers. The department will create tailored courses, initially piloting with universities, to refine and demonstrate BSV’s practical applications and competitive benefits. Executive courses will focus on ROI and business outcomes, while developer courses will cover foundational skills, core development, and real-world applications.</p>



<p>Porras also plans to enhance educational resources like technical documentation, making them accessible and updated. After a short R&amp;D phase, the team will expand distribution, aiming to support and educate the community, viewing each trained individual as a potential advocate for BSV.</p>



<h2 class="wp-block-heading" id="h-growth-community">Growth &amp; Community</h2>



<h2 class="wp-block-heading" id="h-marketing-performance-review-and-upcoming-events">Marketing performance review and upcoming events</h2>



<p>Martin Coxall reviewed the organisation’s Q3 performance of its marketing efforts, noting growth in leads and a reduced cost-per-lead, despite challenges in brand awareness and heavy competition in key markets like the U.S. With a focus on education over direct business, they emphasised database expansion as essential for outreach impact. Recent successes include technical content campaigns on releases like ARC and SPV overlays and a <a href="https://www.bsvblockchain.org/news/global-ledger-partners-with-bsv-association-to-bring-full-support-and-coverage-with-aml-solutions-and-integration-for-the-bsv-blockchain" target="_blank" rel="noopener">partnership with Global Ledger</a> for KYC services.</p>



<p><a href="https://bsvblockchain.org/events" target="_blank" rel="noopener">Upcoming events</a> aim to boost blockchain awareness, including a November executive event in Madrid with Gate2Chain and participation in the Gartner Symposium in Barcelona. Coxall views these engagements as strategic for building visibility in the competitive enterprise blockchain market.</p>



<h2 class="wp-block-heading" id="h-community-efforts-in-w3c-and-the-ambassador-program">Community efforts in W3C and the ambassador program</h2>



<p>Banfe discussed efforts to professionalise and commercialise BSV blockchain through collaborations like the W3C Blockchain Community Group, emphasising BSV’s unique ability to handle both public and private data with enterprise-grade permissions. He highlighted BSV’s readiness in areas like IoT, setting it apart from competitors by working with standards bodies such as W3C and IEEE to accelerate adoption.</p>



<p>Banfe also stressed the importance of educating newcomers with resources like ELI5 videos and the BSV Skills Centre, making concepts like UTXOs and stable protocols more accessible. He praised the BSV Ambassador network’s progress, with ambassadors from regions like Ireland and MENA building valuable business connections, recently strengthened by new members such as Ken Saito.</p>



<h2 class="wp-block-heading" id="h-request-an-invitation-to-the-next-bsv-town-hall">Request an invitation to the next BSV Town Hall.</h2>



<p>To participate in the next, exciting BSV Town Hall event, you can join the<a href="https://discord.gg/BSV" target="_blank" rel="noopener nofollow"> BSV Discord</a> or you can email Brett Banfe directly at brett.banfe@bsvblockchain.org. Thank you.</p>


Recap: BSV Townhall Q3 2024


<p>The financial services industry thrives on trust, accurate data, and the ability to assess risk effectively. As markets become more complex and data volumes surge, traditional systems struggle to keep pace with the demands for transparency and efficiency. Enter <strong>Overlay Services</strong> on the BSV blockchain—a transformative approach that promises to revolutionize financial services by enhancing data provenance, enabling precise risk pricing, and fostering greater trust through immutable records.</p>



<p>This article explores how Overlay Services can be leveraged in financial services, including applications in Central Bank Digital Currencies (CBDCs), data ontologies, credit ratings, and triple-entry accounting. By integrating these advanced capabilities, financial institutions can unlock new levels of efficiency, accuracy, and confidence in their operations.</p>



<h2 class="wp-block-heading" id="h-enhancing-data-provenance-and-ontologies">Enhancing Data Provenance and Ontologies</h2>



<p>At the heart of financial services lies data—vast amounts of it, originating from diverse sources and varying in quality. The ability to trace the origin, history, and transformations of data (data provenance) is crucial for building trust and making informed decisions. <strong>Data ontologies</strong>, which define the relationships and categories within data sets, further enable organizations to understand and utilize data effectively.</p>



<p><strong>Overlay Services</strong> provide a powerful framework for managing data provenance and ontologies:</p>



<ol start="1" class="wp-block-list">
<li><strong>Immutable Records</strong>: By recording data hashes on the BSV blockchain, financial institutions create an immutable ledger of all data entries. This ensures that any alterations are detectable, preserving the integrity of the information.</li>
</ol>



<ol start="2" class="wp-block-list">
<li><strong>Semantic Definitions</strong>: Overlay Services allow organizations to define the semantic meaning of transactions within their dedicated business environments. This means they can establish data ontologies that reflect their unique operational models and regulatory requirements.</li>
</ol>



<ol start="3" class="wp-block-list">
<li><strong>Traceability</strong>: Every piece of data can be traced back to its origin, with a clear audit trail of how it has been processed and by whom. This enhances accountability and trust among stakeholders.</li>
</ol>



<h2 class="wp-block-heading" id="h-impact-on-risk-assessment">Impact on Risk Assessment</h2>



<p>Accurate risk assessment is the cornerstone of financial services. Investors and institutions need reliable data to quantify the level of risk in particular markets or positions. Overlay Services enhance this process by:</p>



<ul class="wp-block-list">
<li><strong>Providing Verifiable Data</strong>: With clear provenance and ontologies, data used for risk assessment is trustworthy and auditable.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Reducing Information Asymmetry</strong>: When all parties have access to the same high-quality data, markets become more efficient, and liquidity flows to positions that are accurately priced according to their risk.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Enabling Real-Time Analysis</strong>: Immutable and accessible data allows for real-time risk assessment, enabling quicker responses to market changes.</li>
</ul>



<h2 class="wp-block-heading" id="h-central-bank-digital-currencies-cbdcs-and-financial-inclusion">Central Bank Digital Currencies (CBDCs) and Financial Inclusion</h2>



<p>Central banks worldwide are exploring the issuance of digital currencies to enhance monetary policy effectiveness and promote financial inclusion. Overlay Services on the BSV blockchain offer an ideal platform for implementing <strong>CBDCs</strong>:</p>



<ol start="1" class="wp-block-list">
<li><strong>Secure and Scalable Infrastructure</strong>: The BSV blockchain&#8217;s unbounded scalability ensures that a CBDC can handle the transaction volumes of an entire nation without performance issues.</li>
</ol>



<ol start="2" class="wp-block-list">
<li><strong>Controlled Privacy</strong>: Overlay Services enable central banks to define the level of privacy and transparency required, balancing regulatory compliance with user confidentiality.</li>
</ol>



<ol start="3" class="wp-block-list">
<li><strong>Programmable Money</strong>: CBDCs can incorporate smart contracts to enforce monetary policies automatically, such as negative interest rates or conditional stimulus payments.</li>
</ol>



<ol start="4" class="wp-block-list">
<li><strong>Financial Inclusion</strong>: By providing a digital currency accessible via mobile devices, unbanked populations can participate in the financial system, promoting economic growth.</li>
</ol>



<h2 class="wp-block-heading" id="h-improving-credit-ratings-through-auditable-data">Improving Credit Ratings through Auditable Data</h2>



<p>Credit ratings are critical for assessing the creditworthiness of individuals and organizations. Traditional credit scoring systems often lack transparency and may not reflect real-time financial behaviours. Overlay Services can transform credit rating processes by:</p>



<ul class="wp-block-list">
<li><strong>Automated Data Collection</strong>: Financial transactions recorded on the blockchain provide a comprehensive and up-to-date record of financial activity.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Transparent Criteria</strong>: Overlay Services allow credit rating agencies to define clear and consistent criteria for credit assessments within their dedicated environments.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Instant Verification</strong>: Lenders can verify credit information instantly through immutable records, accelerating loan approvals and reducing fraud.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Enhanced Fairness</strong>: With access to more accurate and complete data, credit assessments become more equitable, reducing biases inherent in traditional systems.</li>
</ul>



<h2 class="wp-block-heading" id="h-triple-entry-accounting-for-enhanced-trust">Triple-Entry Accounting for Enhanced Trust</h2>



<p>Traditional double-entry accounting records transactions between two parties in their respective ledgers, which can lead to discrepancies and fraud. <strong>Triple-entry accounting</strong> introduces a third entry—a cryptographic receipt recorded on the blockchain—that serves as a single source of truth for all parties.</p>



<p><strong>Benefits of Triple-Entry Accounting with Overlay Services</strong>:</p>



<ol start="1" class="wp-block-list">
<li><strong>Immutable Verification</strong>: Each transaction is cryptographically signed and recorded on the blockchain, making it tamper-proof.</li>
</ol>



<ol start="2" class="wp-block-list">
<li><strong>Automated Reconciliation</strong>: Since all parties share the same transaction record, reconciliation becomes instantaneous, reducing administrative overhead.</li>
</ol>



<ol start="3" class="wp-block-list">
<li><strong>Regulatory Compliance</strong>: Real-time access to accurate financial records simplifies compliance with reporting requirements and audits.</li>
</ol>



<ol start="4" class="wp-block-list">
<li><strong>Fraud Reduction</strong>: The transparency and immutability of blockchain records deter fraudulent activities, enhancing trust among stakeholders.</li>
</ol>



<h2 class="wp-block-heading" id="h-efficient-capital-allocation-through-enhanced-data-integrity">Efficient Capital Allocation through Enhanced Data Integrity</h2>



<p>By ensuring data integrity and providing a transparent view of financial activities, Overlay Services enable more efficient capital allocation in the markets:</p>



<ul class="wp-block-list">
<li><strong>Accurate Asset Valuation</strong>: Reliable data leads to better asset pricing, allowing investors to make informed decisions.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Risk Mitigation</strong>: Clear visibility into financial positions and exposures helps institutions manage risks more effectively.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Increased Liquidity</strong>: Trustworthy data and efficient processes attract more participants to the market, enhancing liquidity.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Cost Reduction</strong>: Streamlined operations and reduced need for intermediaries lower transaction costs, benefiting both providers and consumers of financial services.</li>
</ul>



<h2 class="wp-block-heading" id="h-real-world-applications-and-use-cases">Real-World Applications and Use Cases</h2>



<ol start="1" class="wp-block-list">
<li><strong>Supply Chain Finance</strong>: Financial institutions can offer better financing terms by having real-time visibility into supply chain transactions recorded on the blockchain, reducing risk and improving trust.</li>
</ol>



<ol start="2" class="wp-block-list">
<li><strong>Trade Finance</strong>: Immutable records of trade documents and transactions simplify verification processes, reducing fraud and accelerating trade deals.</li>
</ol>



<ol start="3" class="wp-block-list">
<li><strong>Insurance</strong>: Overlay Services enable transparent claim histories and risk profiles, allowing insurers to price premiums more accurately.</li>
</ol>



<ol start="4" class="wp-block-list">
<li><strong>Regulatory Reporting</strong>: Automated and accurate reporting to regulators becomes feasible with real-time data access, improving compliance and reducing penalties.</li>
</ol>



<h2 class="wp-block-heading" id="h-challenges-and-considerations">Challenges and Considerations</h2>



<p>While the potential benefits are significant, implementing Overlay Services in financial services requires careful consideration:</p>



<ul class="wp-block-list">
<li><strong>Regulatory Alignment</strong>: Ensuring that blockchain implementations comply with financial regulations and data protection laws is essential.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Interoperability</strong>: Seamless integration with existing systems and standards is necessary for widespread adoption.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Data Privacy</strong>: Balancing transparency with confidentiality requires robust privacy-preserving technologies and policies.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Education and Adoption</strong>: Stakeholders need to understand the technology and its benefits to drive adoption across the industry.</li>
</ul>



<h2 class="wp-block-heading" id="h-conclusion-a-new-era-of-trust-and-efficiency-in-financial-services">Conclusion: A New Era of Trust and Efficiency in Financial Services</h2>



<p>Overlay Services on the BSV blockchain offer a transformative opportunity for the financial services industry. By enhancing data provenance, enabling precise risk pricing, and fostering greater trust through immutable records, they address fundamental challenges faced by financial institutions today.</p>



<p>The integration of Overlay Services facilitates:</p>



<ul class="wp-block-list">
<li><strong>More Accurate Risk Assessment</strong>: Leading to better investment decisions and efficient capital allocation.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Improved Credit Ratings</strong>: Through transparent and real-time financial data, promoting fair access to credit.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Efficient Operations</strong>: Reducing costs and delays associated with reconciliation, compliance, and fraud prevention.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Enhanced Trust</strong>: Building confidence among investors, regulators, and consumers through transparent and verifiable records.</li>
</ul>



<p>As financial markets continue to evolve, embracing technologies like Overlay Services will be crucial for institutions seeking to remain competitive and meet the growing demands for transparency and efficiency. By leveraging the capabilities of the BSV blockchain, financial services can enter a new era of innovation, trust, and prosperity.</p>



<h2 class="wp-block-heading">Learn more about Overlay Services&nbsp;</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a> </h3>



<p><a href="https://resources.bsvblockchain.org/bsv-overlay-services">Request more information about BSV Blockchain’s Overlay services.</a> </p>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases">BSV Blockchain Overlay Services – Enterprise use cases</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/eli-5-overlay-services-on-the-bsv-blockchain">ELI 5: Overlay Services on the BSV blockchain</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives">Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation">Exploring the significance of Overlay Lookup Services&nbsp; &#8211; BSV Blockchain official open-source Overlay Services reference implementation</a>&nbsp;</h3>


Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity


<p>BSV Blockchain recently had the opportunity to sit down with <a href="https://www.linkedin.com/in/bartolomeolivares/" target="_blank" rel="noopener nofollow">Bart Olivares (CEO of Gate2Chain) </a>to discuss his ongoing work, why he chose to become a BSV Ambassador and some of the exciting projects he has planned.</p>



<p><a href="https://www.gate2chain.com/" target="_blank" rel="noopener nofollow">Gate2Chain offers developer tools and APIs</a> to integrate their blockchain solutions into existing systems or develop custom applications tailored to specific supply chain needs. Its goal is turning company data into evidence and facilitating the integration of integrity layers with existing systems.</p>



<p>It does this by removing the friction associated with the base layer protocol and reducing the development costs and time to market. The G2C Development Suite allows you to connect new or existing apps, websites, games, or any other system to the BSV blockchain.</p>



<p><em>The edited interview can be found below.</em></p>



<p><strong>Can you briefly introduce yourself and Gate2Chain?</strong></p>



<p>I am Bart and I am the Founder of Gate2Chain. We are a software development company focusing on data integrity solutions for enterprises.</p>



<p><strong>Can you give us an overview of Gate2Chain’s Development Suite and how it differs from its competitors?</strong></p>



<p>The first thing for us is to make it easy. The important thing is that real companies in the real world can easily use this technology. So our software development kit tries to make this process easy by integrating blockchain technology in an easy way in different applications and platforms that are already working.</p>



<p><a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">But with the BSV blockchain, we can upgrade the processes and achieve that integrity</a>, which I think is important to have more honest and good-looking societies and processes.</p>



<p>We are working with several different IT consulting companies because they are in charge of the integrations. So we provide the software development kit to these companies so they can provide value to their customers. And for us, they must understand the basis of this technology and how they can integrate it.</p>



<p><strong>Why did you build Gate2Chain on the BSV blockchain?</strong></p>



<p>For us, the most important thing to achieve is data integrity. We are living in a data economy, but the people and companies who control data can also change it and delete it.</p>



<p>So we need this data integrity layer and <a href="https://www.bsvblockchain.org/news/how-to-ensure-data-transparency-with-the-bsv-blockchain" target="_blank" rel="noopener">we think the BSV blockchain is the best way to achieve this data integrity layer.</a> We can then build more honest companies and more honest societies on top of it.</p>



<p><strong>What made you become a BSV Ambassador?</strong></p>



<p>I believe in this technology because of its scalability, its low transaction fees, and because the protocol is stable. And for us, this is important because we are investing a lot into this protocol and there needs to be certainty that it will not change and we can deliver the same value and services to our customers on a stable base layer.</p>



<p>And that&#8217;s the reason we use the BSV blockchain because we believe in this technology and those three principles:</p>



<ul class="wp-block-list">
<li>A stable protocol;</li>



<li>High scalability;</li>



<li>Low transaction costs.</li>
</ul>



<p></p>


Interview: Bart Olivares on why he became a BSV Ambassador


<p>Compliance is very important in the financial sector and new regulations around blockchain and crypto assets should be welcomed. This is the view of <a href="https://www.linkedin.com/in/wojciechkaszycki/?originalSubdomain=li" target="_blank" rel="noreferrer noopener nofollow">Wojtek Kaszycki (Founder and Chairman of Mobilum Group)</a> who was speaking on the sidelines of the recent London Blockchain Conference.&nbsp;</p>



<p>Mobilum is a financial technology company providing various payments and banking solutions to bridge the traditional finance and Web3 worlds. Building all-in-one infrastructure to meet global payment needs in both Web2 and Web3, Mobilum aims to develop innovative products for retail and institutional clients enabling them to transfer, manage, spend, and earn money more quickly, securely and affordably. The group’s core mission is to make cryptocurrencies more accessible, spendable and ubiquitous in our daily lives.</p>



<p>Kaszycki noted that one of the group’s core products is a crypto-asset card which allows for the spending of digital assets. ‘Whoever downloads the Mobilum wallet and passes the KYC can exchange digital assets almost in real time for fiat money, which is automatically topped up to the Mobilum card,’ he explained.&nbsp;</p>



<p>&#8220;We are now in the process of <a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">developing smart contracts</a> and different proprietary software which will allow us to offer credit lines on the credit cards based on their holdings in the digital asset space,&#8221; he said.&nbsp;</p>

<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/hlNh_tD6tvc?si=DEyAUL8FUU9KN14t" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

<h2 class="wp-block-heading" id="h-regulations-and-certainty-are-necessary">Regulations and certainty are necessary&nbsp;</h2>



<p>Because of the nature of Mobilum and its various products, Kaszycki said that it was vital to have KYC and AML regulations in place to protect users and exchanges. ‘Mobilum as a group of companies has always held that compliance is very important,’ he said.&nbsp;</p>



<p>‘If you deliver products or services for retail customers, whether through direct sales or business partners, you need to make sure that what you do is fully compliant and legal,’ said Kaszycki. He pointed to the <a href="https://www.bsvblockchain.org/news/new-laws-for-digital-assets-in-europe-what-to-expect" target="_blank" rel="noopener">Markets in Crypto Assets (MiCA) Regulations</a> which were recently introduced in the European Union as an example of a positive law in the space.&nbsp;</p>



<p>‘It will categorise the whole ecosystem of tokens, digital assets, and stablecoins. MiCa expressly divides tokens between stablecoins and other security tokens. It also provides a path for European institutions to make it clear which institutions are responsible for each asset class.&nbsp;</p>



<p>‘This is very important for stabilisation, security and safety in the market and will help build mass adoption in the future,’ he said.&nbsp;</p>



<h2 class="wp-block-heading" id="h-more-regulations-are-needed-to-grow-adoption">More regulations are needed to grow adoption.&nbsp;</h2>



<p><a href="https://www.bsvblockchain.org/news/new-regulations-are-an-opportunity-for-blockchain-adoption" target="_blank" rel="noopener">While these regulations are welcome and necessary, they are only just the start and more can be done</a>, he said. ‘The majority of bottlenecks in the digital asset space in the European market is a lack of regulation. And the biggest issue for companies in the digital asset space is banking.</p>



<p>‘Banks are unsure of which field the digital asset space is in. So from the perspective of their compliance, AML obligations, and the safety of their business, they decide not to continue or start working in the space.&nbsp;</p>



<p>‘We firmly believe that MiCA and other regulations that will follow will make it more transparent and much easier for traditional financial institutions to serve the digital asset space,’ he said.&nbsp;</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-taking-steps-to-improve-compliance">BSV Blockchain taking steps to improve compliance&nbsp;</h2>



<p>BSV Blockchain and Global Ledger recently announced<a href="https://www.bsvblockchain.org/news/global-ledger-partners-with-bsv-association-to-bring-full-support-and-coverage-with-aml-solutions-and-integration-for-the-bsv-blockchain" target="_blank" rel="noopener"> a new partnership to bring full support and anti-money laundering (AML) solutions to the BSV blockchain and community</a>.&nbsp;</p>



<p>As a new service provider, Global Ledger will provide the tools and on-chain analytics to ensure the security and compliant growth of BSV blockchain projects and ventures. The collaboration will also focus on enhancing blockchain security, compliance, and project growth for the BSV ecosystem.&nbsp;</p>



<p>This partnership is a significant step toward enhancing not only compliance and security but also the growth of projects within the BSV blockchain ecosystem. The collaboration aims to deliver full support and AML solutions fully tailored to the needs of the BSV blockchain, providing BSV projects with the tools they need to meet regulatory standards, mitigate risks, and promote development.</p>



<p>Global Ledger will also introduce the first-ever AML solution that fully covers the BSV blockchain. You can <a href="https://www.bsvblockchain.org/news/global-ledger-partners-with-bsv-association-to-bring-full-support-and-coverage-with-aml-solutions-and-integration-for-the-bsv-blockchain" target="_blank" rel="noopener">find out more here</a>.&nbsp;</p>


New laws to create certainty in the digital asset space


<p><sub>On 1 November 2024, the bustling city of Kampala played host to an event that could redefine Uganda&#8217;s financial landscape: the launch of</sub><a href="https://www.bsvblockchain.org/news/stablecoin-kitepesa-advancing-financial-inclusion-in-uganda" target="_blank" rel="noopener"><sub> KitePesa&#8217;s stablecoin on the BSV blockchain</sub></a><sub>. Unveiled at the</sub><a href="https://bau.ug/summit2024/" target="_blank" rel="noopener nofollow"><sub> Kampala Blockchain Summit</sub></a><sub>, this groundbreaking project promises to integrate seamlessly into the digital asset regulatory sandbox governed by the Bank of Uganda.</sub></p>



<p><sub>The BSV blockchain, known for its scalability and security, is particularly well-suited for finance applications, ensuring that the stablecoin is both robust and efficient. As this innovative stablecoin aims to bring financial services to the unbanked and streamline governmental processes, it embodies a forward-thinking approach to blockchain for government and finance. Stay tuned to learn how this initiative could transform financial accessibility for Ugandans.</sub></p>



<h2 class="wp-block-heading" id="h-kitepesa-s-stablecoin-debut"><sub>KitePesa&#8217;s stablecoin debut&nbsp;</sub></h2>



<h3 class="wp-block-heading" id="h-unveiling-at-kampala-blockchain-summit"><sub>Unveiling at Kampala Blockchain Summit</sub></h3>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="432" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Awel-Uwihanganye-Kampala-Blockchain-Summit-Coordinator.jpg" alt="" class="wp-image-33604" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Awel-Uwihanganye-Kampala-Blockchain-Summit-Coordinator.jpg 650w, https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Awel-Uwihanganye-Kampala-Blockchain-Summit-Coordinator-300x199.jpg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>



<p><sub>The unveiling of KitePesa’s stablecoin the</sub><a href="https://bsvblockchain.org/news/bsv-blockchain-to-attend-kampala-blockchain-summit-covering-stablecoins-and-cbdc" target="_blank" rel="noopener"><sub> Kampala Blockchain Summit</sub></a><sub> was an event of great significance. The summit gathered leading blockchain developers, governmental officials, and financial experts to witness the inception of a project that promises to reshape the economic framework in Uganda.</sub></p>



<p><sub>Key speakers at the event included:</sub></p>



<ul class="wp-block-list">
<li><sub>Michael Atingi-Ego (Deputy Governor, Bank of Uganda);</sub></li>



<li><a href="https://www.linkedin.com/in/josephine-okui-ossiya-cpa-fcca-mba-1b48ab17/" target="_blank" rel="noopener nofollow"><sub>Josephine Okui</sub></a><sub> (CEO, Capital Markets Authority);</sub></li>



<li><a href="https://www.linkedin.com/in/fred-percy-kisa-6314043a/" target="_blank" rel="noopener nofollow"><sub>Fred Percy Kisa</sub></a><sub> (Transformation Executive, National Social Security Fund – NSSF Uganda);</sub></li>



<li><a href="https://www.linkedin.com/in/cyrus-barigye-k-cism-cdpse-cams-5b0a971b/" target="_blank" rel="noopener nofollow"><sub>Cyrus Barigye</sub></a><sub> (Director ICT Systems and Security Financial Intelligence Authority FIA Uganda);</sub></li>



<li><a href="https://www.linkedin.com/in/thomasgiacomo/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow"><sub>Thomas Giacomo </sub></a><sub>(Director of Utilisation at BSV Blockchain);</sub></li>



<li><a href="https://www.linkedin.com/in/aleksandergora/" target="_blank" rel="noopener nofollow"><sub>Aleksander Góra </sub></a><sub>(Head of Strategic Partnerships at BSV blockchain);</sub></li>



<li><a href="https://www.linkedin.com/in/boleslaw-bolo-kruszewski/" target="_blank" rel="noopener nofollow"><sub>Boleslaw Kruszewski </sub></a><sub>(Product Manager Stablecoin at BSV Blockchain);</sub></li>



<li><a href="https://x.com/gonahasa" target="_blank" rel="noopener nofollow"><sub>David Gonahasa </sub></a><sub>(Team Lead Industry 4.0+ Bureau, STI);</sub></li>



<li><a href="https://www.linkedin.com/in/peter-benhur-nyeko-b236822/?originalSubdomain=ug" target="_blank" rel="noopener nofollow"><sub>Peter BenHur Nyeko </sub></a><sub>(Co-Founder of Mandulis Energy);</sub></li>



<li><a href="https://dpf.or.ug/team/xxx/" target="_blank" rel="noopener nofollow"><sub>Allan Lwetabe</sub></a><sub> (Director of Investments at the Deposit Protection Fund)</sub><a href="https://dpf.or.ug/team/xxx/" target="_blank" rel="noopener nofollow"><sub>.</sub></a></li>
</ul>



<h3 class="wp-block-heading"><sub>‘It’s about Sub Saharan Africa, not about blockchain and emerging technologies per se.’</sub></h3>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="701" height="466" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Reginald-Tumusiime-Kampala-Blockchain-Summit-2024.jpg" alt="" class="wp-image-33605" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Reginald-Tumusiime-Kampala-Blockchain-Summit-2024.jpg 701w, https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Reginald-Tumusiime-Kampala-Blockchain-Summit-2024-300x199.jpg 300w" sizes="(max-width: 701px) 100vw, 701px" /></figure>



<p><sub>Representing the event organiser, </sub><a href="https://www.linkedin.com/in/reginald-tumusiime-96991634/"><sub>Reginald Tumusiime (President of the Blockchain Association Uganda)</sub></a><sub> opened his presentation by saying that the Summit was ‘not really about blockchain or emerging technologies per se. It&#8217;s about Sub Saharan Africa and the young people who in the coming decades will contribute over 25% of the global working population.’</sub></p>



<p><sub>‘The Summit is about preparing our young people for a world that is changing at lightning speed and with many of them struggling to find their footing or place in life.’</sub></p>



<p><sub>He called on his fellow young people to increase their productivity and to be useful in a world of technology, echoing Patrick Prinz’s earlier comment that the region has a chance to leapfrog ahead of others, as it has done before. ‘If we increase productivity to a similar level to those of India over the next 25-years, our share, as a region, of global output would grow to around 10%, and a share of global growth to 20%.’</sub></p>



<p><sub>In the light of the region’s potential, Tumusiime explained KitePesa’s goal of changing the youth’s mindset, to empower young people to raise money for the right education skills and tertiary programmes.&nbsp;</sub></p>



<p><sub>He encouraged his peers to be deeply enthusiastic about the region’s opportunities and challenges and implored them to take advantage of the resources available to them, with the Kampala Blockchain Summit and KitePesa’s stablecoin programme as prime examples.</sub></p>



<h3 class="wp-block-heading" id="h-introduction-to-kitepesa-s-stablecoin-on-the-bsv-blockchain"><sub>Introduction to KitePesa’s stablecoin on the BSV blockchain</sub></h3>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="669" height="445" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Thomas-Giacommo-on-Blockchain-Development-Toolbox-by-BSV-Blockchain-Association-.jpg" alt="Thomas Giacommo on Blockchain Development Toolbox by BSV Blockchain Association" class="wp-image-33607" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Thomas-Giacommo-on-Blockchain-Development-Toolbox-by-BSV-Blockchain-Association-.jpg 669w, https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Thomas-Giacommo-on-Blockchain-Development-Toolbox-by-BSV-Blockchain-Association--300x200.jpg 300w" sizes="(max-width: 669px) 100vw, 669px" /></figure>



<p><sub>The Summit introduced KitePesa&#8217;s stablecoin as representing a pivotal moment in the evolution of digital finance in Uganda. This stablecoin is pegged to the Ugandan Shilling, ensuring stability and reducing volatility, which is crucial for everyday transactions. The stablecoin is deployed on the BSV blockchain, a platform renowned for its scalability, low transaction costs, and high security. These features make BSV an ideal foundation for a stablecoin intended to facilitate financial inclusion. The blockchain&#8217;s robust infrastructure allows for seamless integration into existing financial systems and ensures compliance with Uganda&#8217;s regulatory framework.</sub></p>



<p><sub>By leveraging blockchain for government initiatives, the stablecoin aims to simplify processes such as tax collection and social welfare disbursement. Moreover, the stablecoin is designed to extend financial services to the unbanked, providing them with a secure and accessible digital currency. This initiative signifies a transformative leap forward in adopting blockchain for finance, poised to enhance financial accessibility and efficiency in Uganda.</sub></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="669" height="445" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Kampala-Blockchain-Summit-2024.jpg" alt="" class="wp-image-33603" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Kampala-Blockchain-Summit-2024.jpg 669w, https://cms.bsvblockchain.org/wp-content/uploads/2024/11/Kampala-Blockchain-Summit-2024-300x200.jpg 300w" sizes="(max-width: 669px) 100vw, 669px" /></figure>



<h3 class="wp-block-heading" id="h-role-in-uganda-central-bank-s-sandbox"><sub>Role in Uganda Central Bank&#8217;s Sandbox</sub></h3>



<p><sub>The stablecoin’s integration into Uganda&#8217;s digital asset regulatory sandbox is a strategic move that underscores its commitment to compliance and innovation. This sandbox, managed by the Bank of Uganda, provides a controlled environment where new financial technologies can be tested under regulatory oversight. By operating within this framework, it can ensure that it meets all necessary legal and security standards, fostering trust among users and stakeholders.</sub></p>



<p><sub>The sandbox also allows for iterative development, enabling the stablecoin to refine its features based on real-world feedback. This approach helps mitigate risks associated with deploying new financial products. Additionally, the sandbox facilitates collaboration between the government, financial institutions, and technology developers, encouraging a holistic approach to innovation.</sub></p>



<p><sub>By aligning with Uganda&#8217;s regulatory sandbox, it not only adheres to local financial regulations but also sets a precedent for other blockchain-based financial solutions. This alignment is crucial in demonstrating how blockchain for government can drive economic progress and inclusivity.</sub></p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-benefits-for-stablecoin-projects"><sub>BSV blockchain benefits for stablecoin projects</sub></h2>



<h3 class="wp-block-heading" id="h-optimised-for-finance"><sub>Optimised for finance</sub></h3>



<p><sub>The BSV blockchain is uniquely optimised for finance, offering a robust infrastructure that supports </sub><strong><sub>high-volume transactions with minimal latency and cost</sub></strong><sub>.</sub></p>



<p><sub>Its </sub><strong><sub>scalability is a standout feature</sub></strong><sub>, capable of handling large blocks of data efficiently, which is essential for financial applications that demand speed and reliability. This makes it a perfect fit for stablecoins such as these, which require a dependable platform to manage numerous transactions seamlessly.</sub></p>



<p><sub>Furthermore, </sub><strong><sub>BSV&#8217;s security protocols</sub></strong><sub> ensure that financial data is protected against breaches, a critical factor for maintaining user trust and meeting regulatory requirements.</sub></p>



<p><sub>The</sub><strong><sub> transparency inherent in BSV blockchain technology </sub></strong><sub>also provides an immutable record of transactions, which is vital for auditing and compliance.</sub></p>



<p><sub>Additionally, </sub><strong><sub>BSV&#8217;s low transaction fees</sub></strong><sub> encourage wider adoption, especially among the unbanked population, by making financial services more accessible.</sub></p>



<p><sub>Overall, BSV&#8217;s features make it a powerful tool for leveraging blockchain for finance, promoting efficiency, and driving financial innovation.</sub></p>



<h3 class="wp-block-heading" id="h-advantages-for-government-use"><sub>Advantages for Government use</sub></h3>



<p><sub>BSV blockchain offers several advantages for government use, positioning it as an ideal choice for public sector applications. Its transparency allows for the creation of tamper-proof records, fostering trust in governmental processes and enhancing accountability. This can be particularly beneficial for managing public funds, tracking social welfare distributions, and improving tax collection efficiency.</sub></p>



<p><sub>Additionally, </sub><strong><sub>BSV&#8217;s scalability ensures that it can handle the large volumes of data typically associated with government operations without compromising performance or speed</sub></strong><sub>. Its robust security features also protect sensitive information from cyber threats, a crucial aspect of maintaining the integrity of government databases.</sub></p>



<p><sub>By </sub><strong><sub>reducing operational costs and streamlining processes</sub></strong><sub>, BSV enables governments to allocate resources more effectively, leading to better public service delivery. Moreover, the blockchain&#8217;s ability to integrate with existing systems facilitates a smooth transition to digital solutions. These benefits highlight BSV&#8217;s potential in utilising blockchain for government functions, driving transparency and efficiency in public administration.</sub></p>



<h2 class="wp-block-heading" id="h-impact-on-ugandans"><sub>Impact on Ugandans</sub></h2>



<h3 class="wp-block-heading" id="h-financial-inclusion-for-the-unbanked"><sub>Financial inclusion for the Unbanked</sub></h3>



<p><sub>The introduction of KitePesa’s stablecoin on the BSV blockchain marks a significant step towards enhancing financial inclusion for Uganda&#8217;s unbanked population. In a country where access to traditional banking services is limited, a stablecoin like this provides a viable alternative for engaging in the digital economy.</sub></p>



<p><sub>By offering a stable and secure digital currency, it empowers individuals who lack access to conventional banking facilities to participate in financial transactions, save money, and even access credit. The low transaction costs associated with BSV further lower barriers, making financial services more affordable for everyone, especially marginalised communities.</sub></p>



<p><sub>Additionally, the stablecoin facilitates remittances and peer-to-peer transactions, enabling users to send and receive money quickly and efficiently. This increased accessibility not only supports personal financial management but also stimulates local economies by encouraging spending and investment. Ultimately, its role in extending blockchain for finance to the unbanked is a transformative force in bridging financial gaps and fostering economic growth in Uganda.</sub></p>



<h3 class="wp-block-heading" id="h-goals-for-economic-growth"><sub>Goals for Economic Growth</sub></h3>



<p><sub>The launch of KitePesa’s stablecoin on the BSV blockchain aligns with broader goals for economic growth in Uganda by fostering a more inclusive and efficient financial system. By introducing a stable digital currency, KitePesa aims to reduce reliance on cash transactions, which are often cumbersome and insecure.</sub></p>



<p><sub>This shift towards digital payments can increase economic activity by streamlining business operations and enhancing transaction speed. Additionally, the stablecoin&#8217;s integration into government systems can optimise public sector efficiency, reducing costs and improving service delivery. These improvements can free up resources for infrastructure development and social programs, stimulating economic development.</sub></p>



<p><sub>Moreover, by providing financial access to the unbanked, the project empowers individuals to engage in entrepreneurial activities, contributing to job creation and poverty reduction. This initiative also positions Uganda as a leader in adopting blockchain for finance, attracting foreign investment and encouraging technological innovation. Overall, KitePesa&#8217;s goals are pivotal in driving sustainable economic growth and fostering a digitally empowered society.</sub></p>


KitePesa unveils stablecoin at Kampala Blockchain Summit: A leap forward for Uganda’s financial future


<p>BSV Blockchain is pleased to announce that it will attend the upcoming <a href="https://www.gartner.com/en/conferences/emea/symposium-spain/register" target="_blank" rel="noopener nofollow">Gartner IT Symposium/Xpo in Barcelona, Spain.</a> The symposium will take place from 4-7 November 2024 at the International Barcelona Convention Centre.</p>



<p>The event is geared towards CIOs and IT executives and aims to offer actionable insight, new technologies and lasting connections to help attendees navigate disruption, tackle AI and lead their organisation.</p>



<p>Some of the key topics which will be discussed at the event include:</p>



<ul class="wp-block-list">
<li><strong>Artificial Intelligence: </strong>Leverage AI to drive disruptive innovation, growth and productivity at scale.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Emerging Technologies:</strong> CIOs struggle to keep up with the record pace of technology innovation and its impact, opportunities and risks for the enterprise.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Cybersecurity: </strong>Reframe cybersecurity as a business issue in response to changes in the digital world and geopolitics.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Digital and Business Transformation:</strong> The effects of generative AI, labour and supply chain disruptions, and volatile geopolitical environments require decisions on how enterprises compete and operate at a level not seen in decades.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Continuous Change Leadership: </strong>Embrace today’s fast-paced, intense and ever-evolving world by gaining a keen understanding of change dynamics, a forward-thinking mindset and the promotion of a change-embracing culture.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Strategic Planning and Execution:</strong> IT leaders must create and execute strategies that build resilience and position their organisations to thrive.</li>
</ul>



<p>‘The Gartner Symposium is a terrific opportunity to network with C-level and IT executives, engage in strategic round tables, and foster discussions with enterprise leaders and potential system integration partners,’ said <a href="https://uk.linkedin.com/in/aleksandergora" target="_blank" rel="noopener nofollow">Aleksander Góra (Head of Strategic Partnerships at BSV blockchain).</a></p>



<p>‘Truly scalable blockchain technology can be leveraged to resolve complex business problems around transparency, efficiency, performance, scale and cost. We recognise that the decision to adopt blockchain is based on how it solves real problems faced by organisations today.</p>



<p>‘The best use cases are those that effectively solve these problems at a much lower operational cost while providing massive benefits upon adoption,’ he said.&nbsp;</p>



<p><a href="https://www.gartner.com/en/conferences/emea/symposium-spain/register" target="_blank" rel="noopener nofollow">You can find out more about registering for the event here.</a></p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-built-for-enterprises">BSV blockchain &#8211; Built for enterprises</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>Additionally, the BSV blockchain’s stable protocol offers a dependable and predictable environment which is crucial for enterprise-level applications.&nbsp;</p>



<p>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.</p>



<p>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">help your business here</a>.</p>


BSV Blockchain to attend Gartner IT Symposium/Xpo in Barcelona


<p>BSV Blockchain is pleased to announce that it will attend the upcoming <a href="https://bau.ug/summit2024/#register" target="_blank" rel="noopener nofollow">Kampala Blockchain Summit</a>. The summit, which takes place on 1 November 2024, is geared towards unlocking opportunities in Africa through blockchain and will feature a keynote address from the Deputy Governor of the Central Bank of Uganda.</p>



<p>Attendees can expect panel sessions with key stakeholders on regulation, enterprise, academia and industry experts. Other topics which will be covered at the event include:</p>



<ul class="wp-block-list">
<li><strong>Real-world applications: </strong>Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Expert insights: </strong>Gain knowledge from keynote speakers and panellists, including top professionals from the Central Bank of Uganda and leading blockchain organisations.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Future trends: </strong>Stay ahead of the curve by exploring emerging trends and regulatory developments that will shape the future of blockchain in Africa.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Networking opportunities: </strong>Connect with industry leaders, regulators, and innovators to build valuable relationships and collaborations in the blockchain space.</li>
</ul>



<p>Key speakers at the event will include:</p>



<ul class="wp-block-list">
<li>Michael Atingi-Ego (Deputy Governor, Bank of Uganda);</li>



<li><a href="https://www.linkedin.com/in/josephine-okui-ossiya-cpa-fcca-mba-1b48ab17/" target="_blank" rel="noopener nofollow">Josephine Okui</a> (CEO, Capital Markets Authority);</li>



<li><a href="https://www.linkedin.com/in/fred-percy-kisa-6314043a/" target="_blank" rel="noopener nofollow">Fred Percy Kisa</a> (Transformation Executive, National Social Security Fund &#8211; NSSF Uganda);</li>



<li><a href="https://www.linkedin.com/in/cyrus-barigye-k-cism-cdpse-cams-5b0a971b/" target="_blank" rel="noopener nofollow">Cyrus Barigye</a> (Director ICT Systems and Security Financial Intelligence Authority FIA Uganda);</li>



<li><a href="https://www.linkedin.com/in/thomasgiacomo/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo </a>(Director of Utilisation at BSV Blockchain);</li>



<li><a href="https://www.linkedin.com/in/aleksandergora/" target="_blank" rel="noopener nofollow">Aleksander Góra </a>(Head of Strategic Partnerships at BSV blockchain);</li>



<li><a href="https://www.linkedin.com/in/boleslaw-bolo-kruszewski/" target="_blank" rel="noopener nofollow">Boleslaw Kruszewski </a>(Product Manager Stablecoin at BSV Blockchain);</li>



<li><a href="https://x.com/gonahasa" target="_blank" rel="noopener nofollow">David Gonahasa </a>(Team Lead Industry 4.0+ Bureau, STI);</li>



<li><a href="https://www.linkedin.com/in/peter-benhur-nyeko-b236822/?originalSubdomain=ug" target="_blank" rel="noopener nofollow">Peter BenHur Nyeko </a>(Co-Founder of Mandulis Energy);</li>



<li><a href="https://dpf.or.ug/team/xxx/" target="_blank" rel="noopener nofollow">Allan Lwetabe</a> (Director of Investments at the Deposit Protection Fund)<a href="https://dpf.or.ug/team/xxx/" target="_blank" rel="noopener nofollow">.</a></li>
</ul>



<p>‘The BSV Blockchain has seen significant growth in East Africa and Uganda in particular in recent years as enterprises and start-ups in the region recognise the true value of the technology, said <a href="https://www.linkedin.com/in/thomasgiacomo/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>.</p>



<p>‘We see significant growth opportunities in the enterprise and government space and this summit is an excellent opportunity to reach out to our rapidly growing BSV blockchain community in Africa and connect with others in the space to collaborate and grow. This includes the ongoing UGX stablecoin project which we believe has significant potential,’ he said.</p>



<p>You can find out more about <a href="https://bau.ug/summit2024/#register" target="_blank" rel="noopener nofollow">registering for the event here</a>.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-in-uganda">The BSV blockchain in Uganda</h2>



<p>The BSV blockchain already has a healthy presence in Uganda with companies such as <a href="https://www.bsvblockchain.org/news/stablecoin-kitepesa-advancing-financial-inclusion-in-uganda" target="_blank" rel="noopener">KitePesa using the BSV blockchain as the basis for its stablecoin project, which is pegged to the Ugandan shilling (UGX)</a>.</p>



<p>KitePesa aims to facilitate easy money transfers, bill payments, and movement of funds among various market players. Thanks to the BSV blockchain, it can do this reliably and at a significantly lower cost.</p>



<p>Leveraging BSV’s open-source components, KitePesa allows for micropayments, enabling transactions as small as a thousandth of a dollar, and is built on resilient, scalable infrastructure capable of handling up to one million transactions per second.</p>



<p>The system will support programmable money, allowing for smart contracts and tokenisation of assets like real estate and precious metals. In this way, KitePesa is well ahead of other conventional forms of mobile money and provides users and service providers with many additional usage and application options.</p>


BSV Blockchain to attend Kampala Blockchain Summit covering stablecoins and CBDC


<p>The tourism industry significantly contributes to plastic pollution, with a marked increase in marine pollution seen during peak travel seasons in places like the Mediterranean, a <a href="https://www.weforum.org/agenda/2024/10/tourism-travel-plastic-sustainability-challenges-solutions/" target="_blank" rel="noopener nofollow">new report by the WEF shows</a>.</p>



<p>Small plastic toiletry bottles, still commonly found in thousands of hotel bathrooms, have long been seen as symbols of convenience and luxury, the group says. However, with growing awareness of plastic waste&#8217;s harmful environmental impact, these products&#8217; role in travel, tourism, and hospitality is coming under greater scrutiny.</p>



<p>As individuals, communities, and governments increasingly recognise the need for action on this global environmental issue, various initiatives have emerged across the sector. Key efforts include the <a href="https://www.oneplanetnetwork.org/programmes/sustainable-tourism/global-tourism-plastics-initiative/reusable-alternatives" target="_blank" rel="noopener nofollow">UN Global Tourism Plastics Initiative</a>, led by the United Nations Environment Programme (UNEP) and UN Tourism, which aims to tackle plastic waste throughout the global tourism supply chain.</p>



<p>According to the WWF, plastic pollution levels in the sea can rise by up to 40% in these areas during peak seasons, demonstrating a direct correlation between tourism and the presence of marine litter. Indeed, research from as far back as 1997 indicated that up to 80% of waste in the ocean was made up of non-biodegradable plastic.</p>



<h2 class="wp-block-heading" id="h-using-blockchain-technology-to-fix-the-crisis">Using blockchain technology to fix the crisis</h2>



<p>The WEF specifically points to the possibility of adapting emerging technologies such as blockchain and AI to help address this ongoing crisis. One company which is already <a href="https://www.bsvblockchain.org/news/using-ai-and-blockchain-to-save-the-planet-with-universal-plastic" target="_blank" rel="noopener">using the BSV blockchain to help remove plastic from the world’s oceans is Universal Plastic</a>.</p>



<p><a href="https://universalplastic.io/" target="_blank" rel="noopener nofollow">Universal Plastic </a>is a scientifically supported (Bazaruto Center for Scientific Studies) Artificial Intelligence (AI) and blockchain-based initiative which aims to remove plastic from the world&#8217;s oceans.</p>



<p>It has developed the first tech platform to quantify, audit and notarise data from plastic waste collections. This aims to regenerate marine ecosystems by incentivising plastic waste collections led by local communities.&nbsp;</p>



<p>Through the data management of this process, its platform provides an inclusive, accessible, and <a href="https://www.bsvblockchain.org/news/using-the-bsv-blockchain-to-meet-esg-goals" target="_blank" rel="noopener">trustworthy way to align corporations with ESG</a> by connecting and engaging them with local individuals, communities and organisations that are at the forefront of restoring nature.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-core-to-tracking-waste-collection">BSV blockchain core to tracking waste collection</h2>



<p>At its core, the BSV blockchain acts almost like a digital notary that authenticates every time something new happens. In the case of Universal Plastic, this means that every move an app user makes during waste collection is recorded securely, transparently, and immutably.</p>



<p>As part of its offering, Universal Plastic offers ONDAs (Ocean Notarised Digital Assets), which represent the environmental and social impact of each plastic collection effort. These digital assets are not just records; they symbolise the tangible benefits generated by cleaning up our oceans. Each WAVE reflects actual efforts to collect plastics, providing a way to measure the success of these initiatives.</p>



<p>ONDAs are secured using blockchain technology, ensuring that every detail of the collection process is accurately documented. This allows stakeholders—from local communities to global organisations—to track the progress of plastic collection efforts transparently and reliably.</p>


Removing plastic from the tourism industry with blockchain


<p>BSV Blockchain recently had the opportunity to sit down with <a href="https://www.linkedin.com/in/mariakassam/" target="_blank" rel="noopener nofollow">Maria Kassam (VP of Marketing at Lumistry)</a> to discuss her work, why she chose to become a BSV Ambassador and some of the exciting projects she has planned.</p>



<p><em>The edited interview can be found below.</em></p>



<p><strong>Can you briefly introduce yourself and your role at Lumistry?</strong></p>



<p><em>I’m the VP of Marketing at Lumistry, a company that focuses on pharmacy technology and services. My background spans across SaaS, the auto industry, fashion editing, and tech.</em></p>



<p><em>Working in the Middle East and the US has allowed me to develop a strong understanding of different markets and how to approach them. It’s also given me the opportunity to take on hands-on, practical marketing projects that help businesses grow and connect with their audiences.</em><br><br><strong>What are some of the ways you aim to use your skills in blockchain?</strong></p>



<p><em>I’ve been in marketing since 2006, so I’ve had the chance to see how technology, data, and communication strategies evolve. With blockchain, it’s an exciting opportunity to leverage my marketing expertise to help people understand what’s happening in the space.</em></p>



<p><em>I aim to contribute to raising awareness and encouraging broader adoption by </em><a href="https://www.bsvblockchain.org/news/an-introduction-to-bsv-blockchain-and-the-bitcoin-protocol" target="_blank" rel="noopener"><em>simplifying how we talk about blockchain technology</em></a><em>, making it more accessible to people from all backgrounds.</em><br><br><strong>What excites you about the BSV blockchain the most?</strong></p>



<p><em>What excites me most about </em><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener"><em>the BSV blockchain is its scalability</em></a><em> and its ability to keep transaction costs low, making it accessible for a wide range of real-world applications.</em></p>



<p><em>The </em><a href="https://www.bsvblockchain.org/news/8-companies-explain-why-they-use-the-bsv-blockchain" target="_blank" rel="noopener"><em>low transaction fees are a game-changer</em></a><em>, allowing businesses to process payments more efficiently, even at high volumes. The combination of scalability, security, and low costs opens up so many possibilities, from micropayments to large-scale enterprise solutions, which makes BSV stand out in the blockchain space.</em></p>



<p><em> </em><strong>Why did you decide to become a BSV Ambassador?</strong></p>



<p><em>I was referred to this opportunity, and I saw it as a great chance to help increase awareness of such a powerful technology. Being bilingual and having a wide network across different industries will help me introduce BSV’s capabilities and solutions to various sectors.</em></p>



<p><em>It’s a unique chance to help drive adoption and make BSV more familiar to people, especially those who might not yet fully understand its potential.</em></p>


Interview: Maria Kassam on why she became a BSV Ambassador


<p>BSV Blockchain represented its infrastructure solutions at the <a href="https://aws.amazon.com/events/summits/emea/zurich/" target="_blank" rel="noopener nofollow">AWS Summit in Zurich</a>, Switzerland, on 4 September 2024. Visitors could learn more about <a href="https://bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a> and Overlay Services, and its innovative solutions, as well as engage with BSV Blockchain representatives on a personal level at the BSV Blockchain booth. Another highlight was a presentation held by <a href="https://www.linkedin.com/in/siggioskarsson/" target="_blank" rel="noopener nofollow">Siggi Oskarsson (director of Teranode at BSV Blockchain</a>).</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Transitioning to Web3 with AWS &amp; BSV blockchain" width="500" height="281" src="https://www.youtube.com/embed/-C0IdDFSvIg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-one-click-deployment-of-blockchain-apps">One-click-deployment of blockchain apps</h2>



<p>Web3 has been a much-discussed term in the past decade. However, the market still lacks ready-made solutions that can be quickly deployed and integrated into business processes. To tackle this, BSV Blockchain has formed a partnership with AWS with a clear go-to-market strategy.&nbsp;</p>



<p>The collaboration is aimed at making blockchain easier to adopt for businesses, as <a href="https://www.linkedin.com/in/aleksandergora/" target="_blank" rel="noopener nofollow">Alexander Gora (Head of Market Adoption at BSV Blockchain)</a>&nbsp;noted in his interview with CoinGeek.</p>



<p>He pointed out that businesses will be able to deploy Web3 solutions in one click. Apps and services will use BSV’s innovative network components such as the SPV Wallet and Overlay Services at scale over the BSV blockchain. Scalability is another aspect in which AWS and BSV Blockchain have joined efforts.</p>



<h2 class="wp-block-heading" id="h-the-role-of-scalable-blockchain-in-web3">The role of scalable blockchain in Web3</h2>



<p>One of the most significant challenges in blockchain adoption has always been scalability, particularly for businesses that need to process high volumes of transactions quickly and cost-effectively. <a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Utilisation Technical Team Lead at BSV Blockchain) </a>pointed out that most blockchain systems face scaling limitations, which restrict their widespread adoption.</p>



<p>In Web3, micropayment economies will be essential for creating sustainable revenue models. However, to process millions of small transactions, businesses need a scalable blockchain solution that eliminates the bottlenecks seen in traditional systems.</p>



<p>This is where Teranode comes in. During the AWS summit in Zurich, BSV Blockchain demonstrated <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">Teranode’s massive scaling capabilities</a>, which are essential for supporting a global, Web3-based economy.</p>



<p>According to Oskarsson, Teranode is a new implementation of Bitcoin node software, split into microservices for scalability. This allows each component of the blockchain to be scaled independently, a breakthrough in overcoming the limitations seen in traditional blockchain systems.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-overlay-services-and-spv-wallet">BSV Blockchain Overlay Services and SPV Wallet</h2>



<p>To further enhance usability, BSV Blockchain is developing <a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases" target="_blank" rel="noopener">Overlay Services, which acts as a bridge between Teranode and end users</a>. As <a href="https://www.linkedin.com/in/thomasgiacomo/" target="_blank" rel="noopener nofollow">Thomas Giacomo (Utilisation Director at BSV Blockchain),</a> explained, developers will have <a href="https://bsvblockchain.org/news/faq-bsv-blockchain-spv-wallet" target="_blank" rel="noopener">access to open-source components, including the SPV Wallet</a>, which they can deploy easily on cloud services. This makes the deployment process faster, cheaper, and more efficient than competitors&#8217; solutions while offering superior technical capabilities.</p>



<p>The SPV (Simplified Payment Verification) Wallet plays a crucial role in blockchain scalability by enabling users to verify transactions without needing to run a full node. <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray (Director of Stewardship) </a>explained that SPV drastically enhances scalability, enabling micropayments at a massive scale, which is essential for fostering a peer-to-peer economy in Web3. With low fees and the ability to handle millions of transactions per second, SPV lays the groundwork for a distributed and scalable digital economy.</p>


BSV Blockchain at AWS Summit: Navigating the transition to Web3


<p>BSV Blockchain is pleased to announce that it has officially joined <a href="https://www.linuxfoundation.org/">the Linux Foundation</a>. The Linux Foundation is a non-profit organisation that provides a neutral, trusted hub for developers and organisations to code, manage, and scale open technology projects and ecosystems.</p>



<p>It aims to help companies and developers identify and contribute to the projects that matter. Working together, the open-source community is addressing the challenges of industry and technology for the benefit of society</p>



<p>‘The BSV Blockchain has joined the Linux Foundation to share open-source best practices as the open-source body for the BSV blockchain ecosystem. This will align BSV standards with existing international standards and contribute to their development,’ explained <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch">Thomas Giacomo, Director of Utilisation at BSV Blockchain</a>.&nbsp;</p>



<p>‘It will also allow companies in the ecosystem to leverage this alignment when they use the open-source wallet reference implementation SPV Wallet and ensure that they comply with regulatory requirements, allowing them to open new markets,’ he said.</p>



<p>This partnership is possible thanks to the hard work of the BSV Blockchain’s Outreach team (including <a href="https://www.linkedin.com/in/marcinrzetecki/">Marcin Rzetecki</a>, <a href="https://www.linkedin.com/in/aleksandergora/">Aleksander Gora</a>, and <a href="https://www.linkedin.com/in/shawn-ryan-906a3429/">Shawn Ryan</a>), which plays a crucial role in reaching out to these international open-source and standard bodies to ensure the alignment of the BSV Blockchain open-source roadmap to existing standards and also to participate in the creation of these standards, Giacomo said.&nbsp;</p>



<h2 class="wp-block-heading" id="h-the-necessity-of-open-standards">The necessity of open standards&nbsp;</h2>



<p>The limitations of closed standards lead to interoperability and slowing economic and social progress. At the same time, many countries and organisations are rushing to develop their own standards which means a significant amount of work is being copied and reproduced. .</p>



<p>This means that there is an urgent need for open standards that work across all devices, operating systems, apps, services, currencies, or languages—anytime, anywhere. This is why it is necessary to research, develop, and promote best practices for building digital wallets. There is precedent for this in the W3C standards that helped the web to thrive and evolve.</p>



<p>‘Historically, the growth of commercial digital wallets has been largely centralised, with a few major tech companies controlling much of the digital payments space,’ said Giacomo. ‘However, the increasing adoption of open-source frameworks, which enable large-scale collaboration, is creating unprecedented opportunities for cooperative innovation in digital asset infrastructure.’</p>



<h2 class="wp-block-heading" id="h-new-standards-for-wallets">New standards for wallets</h2>



<p>The team at BSV Blockchain is already intimately familiar with developing wallet standards.&nbsp; In April 2024, BSV Blockchain announced that its <a href="https://www.bsvblockchain.org/spv-wallet">new SPV Wallet is now available in public beta</a>.</p>



<p>SPV Wallet is the standardised way that BSV wallets will be able to interact with the BSV network when Teranode and Overlay services go live. It can be used in place of the BSV blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties.</p>



<p>‘This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction,’ said <a href="https://www.linkedin.com/in/deggen/">Darren Kellenschwiler, Technical lead of Utilisation at BSV Blockchain.&nbsp;</a></p>



<p>‘The BSV Blockchain is continuously looking for feedback on the open-source roadmap of the SPV Wallet and plans to rely on ongoing discussions with the Linux Foundation working groups.’</p>



<p>You can<a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-the-standardised-bsv-open-source-wallet-reference-implementation"> learn more about the SPV Wallet here</a>. </p>



<p><a href="https://www.notion.so/bitcoinassociation/ARTICLE-IMAGE-SOCIAL-POST-SOCIAL-Announcement-Linux-partnership-Oct-14-11a03585500c80f9b1dbf7d798134d28?pvs=4"><strong><br><br></strong></a></p>


BSV Blockchain joins Linux Foundation 


<p>BSV Blockchain is pleased to announce the launch of <a href="https://github.com/bitcoin-sv/spv-wallet-browser">the new SPV Wallet browser extension</a>. The browser extension aims to streamline the user experience and enhance security by integrating lightweight SPV Wallet capabilities directly within users&#8217; browsers.</p>



<p><a href="https://www.bsvblockchain.org/spv-wallet">SPV Wallet is an open-source, non-custodial hosted wallet</a> that seamlessly integrates with the existing BSV ecosystem. It serves as the standardised open-source wallet reference implementation for the BSV ecosystem.</p>



<p>Developed and maintained by the BSV Association, SPV Wallet is designed to be cost-effective and accessible. It is 100x cheaper to run than a full node, making it an ideal solution for businesses who want to participate in the BSV network without being transaction processors themselves.</p>



<p>‘This project centred on developing a Chrome extension for the official&nbsp; BSV Blockchain reference implementation wallet &#8211; SPV Wallet,’ explained <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch">Thomas Giacomo, Director of Utilisation at BSV Blockchain</a>.&nbsp;</p>



<p>‘This was done by adapting the existing <em>Yours Wallet </em>to incorporate SPV functionality using the open-source ts-sdk (TypeScript SDK). Yours Wallet will then use the SPV Wallet open-source components to ensure its alignment with SPV reference implementation.</p>



<p>‘We would like to extend our thanks to the team at Yours Wallet and specifically to Dan Wagner and David Case for their open-source contribution illustrating the open-source shift of BSV Blockchain.’&nbsp;</p>



<h2 class="wp-block-heading" id="h-the-spv-wallet">The SPV Wallet</h2>



<p>In April 2024, BSV Blockchain announced that its new SPV Wallet is now available in public beta. SPV Wallet is the standardised way that BSV wallets will be able to interact with the BSV Blockchain network as <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use">Teranode and Overlay services go live</a>.&nbsp;</p>



<p>It can be used in place of the BSV blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties.</p>



<p>This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction.&nbsp;</p>



<p><a href="https://www.linkedin.com/in/deggen/">Darren Kellenschwiler, Technical lead of Utilisation at BSV Blockchain</a> noted that the wallet extension would be maintained with funding from the BSV Association, ensuring that it aligns with BSV blockchain standards. This alignment would prevent duplicated efforts and streamline development, providing clear benefits for both the Association and Yours Wallet.&nbsp;</p>



<p>‘A strategic approach was discussed to future-proof the wallet infrastructure, preparing it for potentially high transaction volumes. This will ensure the infrastructure remains robust even in scenarios of significant success,’ he said.</p>



<p>‘The average transactions per second settled on BSV Blockchain has been trending up rapidly for the last few years and is expected to skyrocket as we go forward, says <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch">Thomas Giacomo, Director of Utilisation at BSV Blockchain</a>. ‘This will inevitably drive up costs for full node operators, and raise the corresponding demand for SPV Wallet solutions.’&nbsp;</p>



<h2 class="wp-block-heading">Who is it for?&nbsp;</h2>



<p>The open-source wallet reference implementation is intended to be used by exchanges, wallet providers and applications willing to reduce their costs and their risks by using a standardised wallet adapted to upcoming infrastructure changes and existing industry standards.</p>



<p><strong>Exchanges: </strong>The SPV Wallet can be used in place of the BSV Blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties. This allows KYC and AML data to be validated before any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction. Running an SPV Wallet in place of a full node will also lead to significant cost savings.</p>



<p><strong>Wallet providers: </strong>For existing wallet providers, SPV Wallet is simply a demonstration of the validation functions and data models which allow for safe instant transactions. The payment protocols should be broadly compatible with what most wallet operators are already doing, providing a simple extension to existing Paymail standards.</p>



<p><strong>Businesses: </strong>Whether you are active in the supply chain, healthcare, finance, or public sector areas, you may need to add wallet capabilities to your application. </p>



<p>By installing your own SPV Wallet instance you can use it plug-and-play for your application. That way you will be able to leverage the benefits of other BSV infrastructure components accessible through SPV Wallet and be aligned with the latest industry and BSV standards, improving the robustness and security of your business.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="SPV Wallet - BSV Blockchain Reference Implementation Wallet" width="500" height="281" src="https://www.youtube.com/embed/Ep6hKYihKnA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Key features and roadmap</h2>



<p>There are several key features of the SPV Wallet, including:&nbsp;</p>



<ul>
<li>Create accounts, sign transactions, and check balances;</li>



<li>Send transactions;</li>



<li>Receive and validate inbound transactions;</li>



<li>Store your transactions and corresponding metadata;</li>



<li>Confirm the presence of your transactions on the BSV blockchain;</li>



<li>CLI, JavaScript, and Go clients for the Wallet API.</li>
</ul>



<p>Extensive test scenario coverage has been performed to ensure maximal security. The planned roadmap includes a mobile wallet app, payment counterparty validation, identity manager and token and smart contract support.&nbsp;</p>



<h2 class="wp-block-heading">Learn more about BSV Blockchain SPV Wallet&nbsp;</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://discord.gg/XUQt5PJv">SPV wallet Discord channel</a></h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://www.bsvblockchain.org/news/eli5-the-bsv-blockchain-spv-wallet">ELI5: the BSV Blockchain’s SPV Wallet</a></h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions">The SPV advantage: enhancing accessibility and security in BSV blockchain transactions</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-launches-spv-wallet-browser-extension">BSV Blockchain launches SPV Wallet browser extension</a></h3>


BSV Blockchain launches SPV Wallet browser extension


<p>The next evolution of the Internet will be built on emerging technologies such as micropayments and AI and will rely on core infrastructure such as IPv6 and the BSV blockchain.</p>



<p>This is the view of<a href="https://www.linkedin.com/in/latifladid/?originalSubdomain=lu" target="_blank" rel="noopener nofollow"> Latif Ladid (Founder and president of, who spoke IPv6 Forum) </a>who was<a href="https://coingeek.com/latif-ladid-on-ipv6-role-in-the-global-metanet-vision-video/" target="_blank" rel="noopener"> speaking to CoinGeek</a> at the recent IEEE COINS Conference in London. Ladid explained that Metanet, a new evolution of the Internet integrating emerging technologies and micropayments, requires IPv6. This protocol restores the peer-to-peer nature of the Internet by giving everyone unique IP addresses.</p>



<p>In addition to IPv6, the Metanet needs a ‘peer-to-peer IoT’ system where billions of interconnected devices communicate. Currently, nearly 19 billion IoT devices exist, and this figure is expected to double by 2030. These devices produce vast amounts of data, which must be verified for authenticity—a role blockchain, particularly the BSV blockchain, can play on a global scale, according to Ladid.</p>



<p>He also highlighted the importance of state-of-the-art cybersecurity, which forms the fourth pillar of the Metanet. Combining these technologies—IPv6, IoT, blockchain, and cybersecurity—will shape the future of the Metanet.</p>



<h2 class="wp-block-heading" id="h-ipv6-and-the-bsv-blockchain">IPv6 and the BSV blockchain</h2>



<p>When the Internet was first developed, IPv4 was the standard used to assign addresses to connected devices. IPv4, the fourth version of the Internet Protocol, was standardised in 1981 and used a 32-bit address space, supporting approximately 4.3 billion unique addresses. Initially, this seemed sufficient, but the rapid expansion of the Internet and the proliferation of connected devices soon highlighted its limitations.</p>



<p>To address this, the Internet Engineering Task Force (IETF) introduced IPv6 in 1998, featuring a 128-bit address space to accommodate an almost infinite number of devices, especially with the rise of the Internet of Things. IPv6&#8217;s capacity for end-to-end networking is essential for leveraging the efficiencies and capabilities of an <a href="https://www.bsvblockchain.org/news/there-is-no-blockchain-trilemma-the-answer-is-bitcoin-sv" target="_blank" rel="noopener">expansive blockchain protocol like the BSV blockchain</a>.</p>



<p><a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">The BSV blockchain stands out as the only public blockchain scalable enough to meet the demands of enterprise-scale applications</a>. It is designed to function as an Internet extension, enabling peer-to-peer payments and complex data transfers without intermediaries.</p>



<h2 class="wp-block-heading" id="h-the-metanet-future">The Metanet future</h2>



<p>Metanet will usher in the global democratisation of access to data and services, upending the current bureaucratic model and allowing merit, innovation and the will to succeed to become the key factors in driving success.</p>



<p>Metanet aims to bring about a profound shakeup of the existing digital economy through the combination of friction-free micropayments, equal access to information and cultivating economic inclusivity will transform global economies.</p>



<p>All aspects of the Internet, every single piece of online data, will be capable of monetisation through cost-effective micropayments while offering individual users greater control over how their online data is used.</p>


Blockchain and the new Metanet


<p>A<a href="https://castleisland.vc/wp-content/uploads/2024/09/stablecoins_the_emerging_market_story_091224.pdf" target="_blank" rel="noopener nofollow"> new report by Visa Crypto and Castle Island Ventures </a>shows that stablecoin purchasing is shifting from speculative buying to everyday usage &#8211; particularly in developing economies.</p>



<p>The report shows that the global supply of stablecoins in the aggregate is around $170 billion and that they settle trillions of dollars worth of value every year. Around 20 million addresses on-chain make a stablecoin transaction every month. Over 120 million addresses on-chain hold a non-zero stablecoin balance. These numbers indicate that stablecoins are a serious parallel financial infrastructure – having started at near zero just five years ago.</p>



<p>But the research space around stablecoins has thus far failed to answer the question of whether usage is limited to crypto use cases, or has begun to spill over into the ordinary financial lives of users, the group said.</p>



<p>The study reveals that stablecoin usage is steadily increasing, as seen in the rise of monthly active addresses, total supply, and transaction value. Notably, new estimates show stablecoins are becoming a significant alternative to traditional payment networks, without the inflated figures that previously skewed on-chain data.</p>



<p>Contrary to the common belief that stablecoins are mainly used for speculative trading, survey results indicate a broader range of uses. Among crypto users, 47% use stablecoins for saving in dollars, 43% for currency conversion, and 39% for generating returns. While accessing crypto exchanges remains the primary use case, many are also using stablecoins for general economic activities outside of crypto.</p>



<p>For non-crypto purposes, the most common use of stablecoins is currency substitution (69%), followed by paying for goods and services (39%) and cross-border payments (39%). It’s clear that in the surveyed countries, stablecoins have developed from trading tools into widely used digital dollar alternatives.</p>



<h2 class="wp-block-heading" id="h-africa-ripe-for-disruption">Africa ripe for disruption</h2>



<p><a href="https://www.elibrary.imf.org/view/journals/063/2024/001/article-A001-en.xml#:~:text=Thirty%20of%20the%2033%20central,CBDC%20research%20or%20pilot%20activities." target="_blank" rel="noopener nofollow">In Sub-Saharan Africa, 75% of countries are actively engaged in research and pilot projects focused on innovative digital payment systems.</a> Of these, 25% of respondents plan to launch some form of digital cash system by 2028. The primary motivations for adopting digital cash systems include enhancing financial inclusion and improving payment efficiency.</p>



<p>Respondents also make a clear distinction between cryptocurrencies and Central Bank Digital Currencies (CBDCs) or digital cash systems. Notably, 77.3% do not view digital cash as interest-bearing, aligning it more closely with traditional cash.</p>



<p>A strong relationship exists between digital cash systems and mobile money, with 96.4% of respondents considering digital cash complementary to mobile money. Additionally, 96.6% of countries already have circulating forms of digital money, such as mobile money, in their economies. Interestingly, all of the existing digital money in these countries is issued by the private sector. <a href="https://thedocs.worldbank.org/en/doc/61714f214ed04bcd6e9623ad0e215897-0400012021/related/Uganda-Economic-Update-Fifteenth-Edition.pdf" target="_blank" rel="noopener nofollow">In Uganda, privately issued money makes up 95.7% of the market-size GDP, highlighting the significant role of private entities in the digital money space.</a></p>



<p>To sustain this upward trajectory, there’s a need for efficient financial systems capable of supporting a fast-expanding population and economy. The tokenisation of conventional money offers a new model for streamlining transactions and expanding financial inclusion in the face of this rapid growth.</p>



<p>This was highlighted in a recent <a href="https://www.ft.com/content/5b4b1837-ee62-4d22-befa-8ce91c918136" target="_blank" rel="noopener nofollow">Financial Times article</a> by <a href="https://www.bankofengland.co.uk/about/people/sarah-breeden/biography" target="_blank" rel="noopener nofollow">Sarah Breeden (Deputy Governor of the Bank of England for financial stability)</a>. She noted that although there has been dramatic change within the payments space within her lifetime, things cannot be made better.</p>



<p>She points to several developing countries where consumers can pay retailers directly from their bank accounts without using cards using a mobile phone number or QR code &#8211; making it possible for even the smallest businesses to accept payments at a lower cost.</p>



<p>‘More fundamentally, we should consider applying new tokenisation technology to conventional money, rather than in the crypto asset markets where they were first employed,’ she says.</p>



<p>‘This technology allows the digital representations of assets on programmable platforms such as blockchains. It could allow payments to be embedded more efficiently and deeply into our increasingly digital economy.’</p>



<h2 class="wp-block-heading" id="h-kitepesa-a-pilot-tokenising-the-uganda-shilling">KitePesa: A Pilot Tokenising the Uganda Shilling</h2>



<p>A pioneering example of tokenisation in Uganda is KitePesa. <a href="https://www.bsvblockchain.org/news/stablecoin-kitepesa-advancing-financial-inclusion-in-uganda" target="_blank" rel="noopener">Built on the BSV blockchain, KitePesa is a payment innovation of Kampala/Uganda-based Kite Financial</a>, a team focused on building neo-banking services catering to the needs of small and medium-sized businesses in the growing digital economy.</p>



<p>Leveraging BSV’s capabilities, KitePesa allows for micropayments, enabling transactions as small as a thousandth of a dollar, and is built on resilient, scalable infrastructure capable of handling up to one million transactions per second.</p>



<p>The system will support programmable money, allowing for smart contracts and tokenisation of assets like real estate and precious metals. In this way, KitePesa is well ahead of other conventional forms of mobile money and provides users and service providers with many additional usage and application options.</p>


Stablecoins shifting from speculation to everyday use: report


<p>Blockchain technology is not just coming—it is already here, says <a href="https://www.weforum.org/agenda/authors/sheila-warren/" target="_blank" rel="noreferrer noopener nofollow">Sheila Warren (CEO of the Crypto Council for Innovation)</a>. Speaking to the <a href="https://www.youtube.com/watch?v=fXgkgTa0y6Y&amp;t=2s" target="_blank" rel="noreferrer noopener nofollow">World Economic Forum</a>, Warren noted that blockchain technology will redistribute power in society and those companies that don&#8217;t take advantage of it will be left behind.</p>



<p>‘There is a common misconception in the business community that blockchain is risky technology. It is true that it is a nascent technology in the early stages, however, there are incremental ways of deploying the technology.</p>



<p>‘This includes supply-chain deployments and back-office ways. This carries a lot less risk and allows engagement with the technology in a way that makes you more familiar with it,’ she said.</p>



<p>Warren noted that there are some challenges that come with implementing blockchain solutions, such as regulatory hurdles and the need for technological adaptation. However, these challenges present opportunities for innovation and collaboration among industry players, she said.</p>



<p>Warren suggests that as the technology matures, it could lead to new business models and practices that leverage blockchain systems for better outcomes.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How are the Forum and partners shaping the future of blockchain and distributed ledger technologies?" width="500" height="281" src="https://www.youtube.com/embed/fXgkgTa0y6Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-bsv-blockchain-built-for-enterprises">BSV blockchain &#8211; Built for enterprises</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noreferrer noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>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. Its dedication to regulatory compliance and industry standards builds trust and provides legal certainty.</p>



<p>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noreferrer noopener">help your business here</a>.</p>



<h2 class="wp-block-heading" id="h-recovery-of-lost-and-stolen-assets">Recovery of lost and stolen assets</h2>



<p>One company which specialises in the recovery of stolen digital assets is <a href="https://tokenrecovery.com/" target="_blank" rel="noreferrer noopener nofollow">Token Recovery</a>. Token Recovery is committed to bringing compliance, accountability, and a solution to the industry for lost or stolen digital assets.</p>



<p>As a member of the Crypto Valley Association, one of the oldest and most mature organisations grouping companies in the blockchain and digital asset, and the Global Blockchain Business Council, the largest organisation in the field, Token Recovery will begin by providing its solutions for recovering lost/stolen digital assets to the association members.</p>



<p>Without effective mechanisms for the recovery of lost or stolen digital assets, the enforcement of property rights will remain elusive. Part of the <a href="https://www.bsvblockchain.org/news/bsv-association-announces-the-implementation-of-dynamic-security-enhancements" target="_blank" rel="noreferrer noopener">BSV Blockchain’s stewardship</a> delivers on the concept of <a href="https://www.bsvblockchain.org/news/bsv-association-announces-the-implementation-of-dynamic-security-enhancements" target="_blank" rel="noreferrer noopener">Digital Asset Recovery</a>, a protocol that aligns blockchain technology with existing legal frameworks for asset protection.</p>



<p>This initiative enables the <a href="https://www.bsvblockchain.org/news/bsv-association-announces-the-implementation-of-dynamic-security-enhancements" target="_blank" rel="noreferrer noopener">recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer</a>. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>


Companies which don’t adopt blockchain will be left behind: CEO


<p>BSV Blockchain and Global Ledger recently announced<a href="https://www.bsvblockchain.org/news/global-ledger-partners-with-bsv-association-to-bring-full-support-and-coverage-with-aml-solutions-and-integration-for-the-bsv-blockchain" target="_blank" rel="noreferrer noopener"> a new partnership to bring full support and anti-money laundering (AML) solutions to the BSV blockchain and community</a>. </p>



<p>As a new service provider, Global Ledger will provide the tools and on-chain analytics to ensure the security and compliant growth of BSV blockchain projects and ventures. The collaboration will also focus on enhancing blockchain security, compliance, and project growth for the BSV ecosystem.&nbsp;</p>



<p>However, the partnership will also have other benefits &#8211; including a boost for BSV Blockchain’s Digital Asset Recovery and Network Access Rules initiatives. <a href="https://www.linkedin.com/in/paul-densley/" target="_blank" rel="noreferrer noopener nofollow">Paul Densley (Head of Sales at Global Ledger)</a> and <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noreferrer noopener nofollow">Connor Murray (BSV Blockchain, Director of Stewardship)</a> recently sat down with <a href="https://x.com/gavinmehl?lang=en-GB" target="_blank" rel="noreferrer noopener nofollow">Gavin Mehl </a>to discuss this and other aspects of the partnership.</p>



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<iframe loading="lazy" title="Demystifying Crypto Privacy Global Ledger&#039;s Paul on Asset Tracking Crypto News Today | Gavin Gregory" width="500" height="281" src="https://www.youtube.com/embed/UcpbVVLuzX4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>Densley began the conversation by noting that the blockchain sector has been through a lot of peaks and valleys over the last decade but is now reaching a point where the industry has matured and needs true rules and regulations.&nbsp;</p>



<p>‘From a regulatory and compliance standpoint, this (partnership) does open up the doors for the adoption and strengthening of the relationships with Virtual Asset Service Providers (VASPs) and exchanges. Where BSV is listed,’ he said.&nbsp;</p>



<p>‘It will also help projects to thrive and grow from a licensing perspective as well because there are a lot of obligations on both sides of the water &#8211; from the US and the European side. Where these solutions are needed for financial regulators and for projects and companies to operate on the market.’</p>



<p>Densely said this partnership will also help shed light on the industry standards for the BSV ecosystem and help with the scaling of adoption. ‘It gives a platform compared to other chains when dealing with that side of the industry from a regulatory perspective,’ he said.&nbsp;</p>



<p>He noted that the two groups are in a position to collaborate on developing compliance standards and best practices for the BSV ecosystem. This will not only enhance security but also foster trust and legitimacy, he said.&nbsp;</p>



<p>A key part of this is <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noreferrer noopener">Teranode, BSV blockchain’s scaling solution, which presents unique opportunities to develop innovative compliance tools that can handle massive transaction volumes and complex data analysis</a>, he said. This collaboration can lead to groundbreaking advancements in blockchain analytics.</p>



<p>He adds that both organisations can work together to educate regulators, businesses, and the public about the benefits of BSV and the importance of robust compliance frameworks.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-regulatory-partners-for-digital-asset-recovery">The importance of regulatory partners for Digital Asset Recovery</h2>



<p>These thoughts were echoed by Murray who noted that it was important for BSV Blockchain to have regulatory partners like Global Ledger for exchange adoption and growing out the ecosystem. ‘A company like Global Ledger is really important as we can then onboard exchanges and allow our wallets and our ecosystem users to take advantage of the system if they need to do their own AML checks,’ he said.&nbsp;</p>



<p>This extends to<a href="https://www.bsvblockchain.org/news/the-recovery-of-lost-and-stolen-digital-assets" target="_blank" rel="noreferrer noopener"> Digital Asset Recovery,</a> he said. Without effective mechanisms for the recovery of lost or stolen digital assets, the enforcement of property rights will remain elusive. Part of the BSV Blockchain’s stewardship delivers on the concept of Digital Asset Recovery, a protocol that aligns blockchain technology with existing legal frameworks for asset protection.</p>



<p>This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>


Watch: How the Global Ledger partnership will be a boost for the BSV blockchain


<p>While blockchain is often seen as a financial tool, the technology is increasingly being adopted in new and exciting ways. This includes mental health and coaching initiatives, says <a href="https://www.linkedin.com/in/dagmaraaldridge/" target="_blank" rel="noopener nofollow">Dagmara Aldridge (Chief People and Culture Officer at Zumo)</a>.</p>



<p>Speaking on the sidelines of the recent London Blockchain Conference, Aldridge noted that there are many opportunities that blockchain technology can offer the mental health space.</p>



<p>‘So probably the most obvious one is around security and storage of mental health records. Blockchain technology offers a lot of privacy. And the encryption methods are much more superior due to their decentralised nature and the ability to keep those records separate,’ she said.</p>



<p>‘It decreases the risk of potential breaches. But I think more excitingly, the interoperability of blockchain (is a key benefit),’ she said. So imagine a world where mental health records or <a href="https://www.bsvblockchain.org/news/blockchain-in-the-healthcare-industry-a-different-look-at-patient-records" target="_blank" rel="noopener">any medical records can be shared between not only mental health practitioners but also mental health providers to improve the quality and the continuity of mental health</a>.’</p>



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<iframe loading="lazy" title="Using blockchain to improve mental health" width="500" height="281" src="https://www.youtube.com/embed/HJ8wfg0yElM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-securing-patient-records-and-preventing-misinformation">Securing patient records and preventing misinformation</h2>



<p>Aldridge noted that <a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-can-be-used-in-healthcare" target="_blank" rel="noopener">the immutability of blockchain and its global nature can democratise access to mental health support and information</a>.</p>



<p>‘There&#8217;s so much misinformation when it comes to the Internet. And I think that can be catered for with the usage of blockchain technology and the creation of peer support networks and peer support groups where people can support each other in their mental health recovery journey,’ she said.</p>



<p>Aldridge added that blockchain technology allows this to be done anonymously and through verifiable ways, which decreases the burden on the mental health system.</p>



<p>However, she cautioned that blockchain is still a relatively nascent technology and that extra precautions need to be taken when dealing with people’s mental well-being. ‘So like with any technology we need to balance how we utilise it because there are potential risks and of course, there are great opportunities,’ she said.</p>



<p>She gave the example of <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">using chatbots and AI machine learning built on top of the blockchain </a>which would act as a first responder to people facing a crisis rather than being relegated to a waiting list of two to three years.</p>



<h2 class="wp-block-heading" id="h-the-human-element-is-still-needed">The human element is still needed.</h2>



<p>Despite all of the potential benefits which blockchain technology can offer, a human element will always be necessary, said Aldridge.</p>



<p>‘With greater access to things, there is a risk that we become over-reliant on technology and we reduce the human-to-human contact even further. And whilst I&#8217;m a great supporter of AI and its capabilities, nothing can really replace that person-to-person kind of interaction.</p>



<p>‘Because the limitation of AI that we often don&#8217;t talk about is that the way our emotions are stored, created and processed is actually in our bodies and AIs don&#8217;t have bodies. Therefore, they cannot provide emotional support, which is something that only peer-to-peer interaction can provide,’ she said.</p>



<h2 class="wp-block-heading" id="h-using-bsv-blockchain-for-patient-records">Using BSV blockchain for patient records</h2>



<p>The healthcare industry is experiencing a significant shift in handling patient data and records. Fortunately, blockchain technology can enhance patient treatment with its secure, transparent, seamless data-sharing nature.</p>



<p>Although adopting the technology may come with challenges, a strategic approach to these challenges makes blockchain technology in healthcare effective as transformative patient care that redefines the standards of healthcare excellence.</p>



<p><a href="https://www.bsvblockchain.org/news/blockchain-in-the-healthcare-industry-a-different-look-at-patient-records" target="_blank" rel="noopener">Learn more about how the BSV blockchain can help here.</a></p>



<p></p>


Using blockchain to improve mental health


<p>BSV Blockchain is pleased to announce that it will sponsor the upcoming <a href="https://app.onlydust.com/hackathons/odhack-90" target="_blank" rel="noopener nofollow">OnlyDust open-source week</a>. The week will take place online from 24 October &#8211; 3 November 2024 and will act as a terrific showcase of the value proposition of building on the BSV blockchain.</p>



<p>The open-source week is open to all developers over the legal age of majority in all regions, excluding standard exceptions. We invite people meeting the following criteria to consider signing up and submitting your entry:</p>



<ul>
<li>Developers who are already coding on the BSV blockchain;</li>



<li>Developers who are coding on a different blockchain;</li>



<li>Non-blockchain developers who have a keen interest in the BSV blockchain.</li>
</ul>



<p>Contributors need to <a href="https://app.onlydust.com/hackathons/odhack-90" target="_blank" rel="noopener nofollow">sign up on OnlyDust and register here</a> to participate in the week-long event.</p>



<h2 class="wp-block-heading" id="h-what-to-expect">What to expect</h2>



<ul>
<li><a href="https://app.onlydust.com/hackathons/odhack-90" target="_blank" rel="noopener nofollow">On this page</a>, you will find the latest information on the event taking place. The page will detail the step-by-step procedure and the projects that are participating. Community calls will be organised before the ODHack begins, so stay tuned via the <a href="https://t.me/+Q1Oin_LMxpM0MTk8" target="_blank" rel="noopener nofollow">Telegram group</a> or on the page itself.</li>
</ul>



<ul>
<li>The hackathon lasts around 10 days. All work must be finalised by the tenth day. Maintainers then have an extra two days to review the final work and merge PRs. The first few days are when it is important to be available and reactive to get issues assigned and ready to tackle.</li>
</ul>



<ul>
<li>On day one, contributors will be able to look at the issues available from all projects and apply them to those that they believe they can tackle. Contributors are highly recommended that when they apply, they introduce themselves and how they plan on tackling the issue.</li>
</ul>



<ul>
<li>Maintainers can then review and see who to assign the issue to, according to the profile that best fits. When contributors are assigned, they can start working on the issue. Eligible contributions during the hackathon will be rewarded and each project will manage its rewards.</li>
</ul>



<h2 class="wp-block-heading" id="h-open-source-week-to-demonstrate-the-power-of-the-bsv-blockchain">Open-source week to demonstrate the power of the BSV blockchain</h2>



<p>‘This hackathon will demonstrate how and why the BSV blockchain stands apart from other competing blockchain projects,’ said<a href="https://www.linkedin.com/in/brettcbanfe/" target="_blank" rel="noopener nofollow"> Brett Banfe (Head of Community at BSV Blockchain)</a>. ‘This includes its scalability, immutability, and microtransaction capabilities among other features,’ he said.&nbsp;<br>‘This event will also allow BSV Blockchain to showcase recent libraries such as TypeScript, Python, GoLang and other network features. Our goal is not only to highlight <em>what </em>developers build, but to showcase <em>why </em>they build it.’</p>


BSV Blockchain to sponsor OnlyDust open-source week


<p>BSV Blockchain recently had the opportunity to sit down with <a href="https://silverline-group.com/" target="_blank" rel="noopener nofollow">Rami El Sabeh (co-founder of Silverline)</a> to discuss his work, why he chose to become a BSV Ambassador and discuss some of the exciting projects he has planned.</p>



<p>Silverline aims to leverage the social and technological dimensions of blockchain to create meaningful impact. With a robust ecosystem of partners—ranging from peers and communities to governments, companies, and organisations across diverse industries—it focuses on driving innovation and progress within the MENA region.</p>



<p>The edited interview can be found below.</p>



<p><em><strong>Can you briefly introduce yourself and Silverline?</strong></em></p>



<p><em>So I am Rami El Sabeh and I am originally Lebanese and come from a technical background where I was a telecommunications engineer. But then I went into more of a network infrastructure direction before landing in cloud security. Within Silverline, I am the Technical and Governance Director and I am also working on a governmental project as a Technical Sales Manager.</em></p>



<p><em>At Silverline, we are trying to </em><a href="https://www.bsvblockchain.org/news/bringing-the-bsv-blockchain-to-the-middle-east" target="_blank" rel="noopener"><em>bring blockchain and Web3 to the MENA region</em></a><em>. Our company is based in Dubai and we try to focus on the entire region by offering different solutions in this space.</em></p>



<p><em><strong>Can you talk about your recent appearance on MTV Lebanon and what you discussed?</strong></em></p>



<p></p>



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<p><em>The discussion began with the evolution of the web, highlighting how the internet started as a read-only medium and facilitated traditional media (print, radio, TV). It then moved forward to Web 2.0, how the network evolved, became faster, and introduced more platforms and social media, which impacted traditional media by providing users with read and write capabilities and influencing public sentiment towards news.</em></p>



<p><em>Throughout this evolution, two main challenges affected all industries: data privacy and cybersecurity.</em><a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener"><em> This means that Web 3.0 must focus on solving these issues through blockchain and peer-to-peer communication</em></a><em>. The discussion then shifted to the impact that blockchain has had on cybersecurity and simplifying data communication &#8211; and I cited examples from travel where people and data move from one country to another, and airport security handles checking, authentication, authorisation, and accounting.</em></p>



<p><em>The conversation then shifted to the impact of blockchain on governmental and banking sectors, which are </em><a href="https://www.bsvblockchain.org/news/panel-discussion-cbdcs-a-new-form-of-money" target="_blank" rel="noopener"><em>exploring CBDCs and stablecoins and their effects on payment services</em></a><em>.</em></p>



<p><em>In conclusion, I noted that people, governments, and enterprises should focus on the utility of blockchain rather than speculative cryptocurrency. Web 3.0 is a requirement for a blockchain that must be scalable to handle a large number of transactions and the cost of transactions needs to be very low. Adoption requires efforts and sponsorship to facilitate education and awareness programs.</em></p>



<p><em><strong>What are you currently working on at Silverline?</strong></em></p>



<p><em>So we have one running project which is a platform focusing on the healthcare sector. We are also running several initiatives with the BSV ecosystem in the MENA region including GITEX in Dubai.</em></p>



<p><em>Other than that, within Silver Line, we are also working on multiple types of projects that are not only involved with blockchain but focus on broader digitisation, digital transformation, cybersecurity and AI solutions.</em></p>



<p><em><strong>What made you become a BSV Ambassador?</strong></em></p>



<p><em>I came from a background in network infrastructure and telecommunication and I began to realise that there should be a new system which can govern this infrastructure system that we have. So I started learning more from around 2014 and then I took around five years of studying just to understand what this technology is about. This is where I fell into the topic of scalability &#8211; which is the most interesting part of blockchain and how many transactions it can handle.</em></p>



<p><em>We started getting into contact with parties such as TAAL, nChain and other players in the BSV ecosystem. We also started attending events in the ecosystem and eventually started sponsoring them. We also spoke to top players in the MENA region just to push a new topic around blockchain and that it’s no longer about crypto.</em></p>



<p><em>And this is how we embedded ourselves within the community and we are still following it. And we believe this technology is going to drive, you know, the future of blockchain, especially based on the scalability levels of it.</em></p>


Bringing the BSV blockchain to the Middle East with Silverline


<p>BSV Blockchain has announced the launch of the World Wide Web Consortium (W3C) Blockchain2 Community Group, an initiative dedicated to exploring the integration of blockchain technology into Internet standards for web applications. The chairs of this group are the BSV Blockchain representatives <a href="https://www.linkedin.com/in/ty-everett-b4a9a9194/">Ty Everett</a>, <a href="https://www.linkedin.com/in/braydenlangley/">Brayden Langley</a>, <a href="https://www.linkedin.com/in/deggen/">Darren Kellenschwiller</a>, <a href="https://www.linkedin.com/in/thomasgiacomo/">Thomas Giacomo</a> and <a href="https://www.linkedin.com/in/jake-jones-a8720611a/">Jake Jones</a>. </p>



<p>The new group will assume responsibility for the topic of blockchain technology within the consortium and aims to enhance security, privacy, and efficiency within the web ecosystem through blockchain innovation.</p>



<h2 class="wp-block-heading" id="h-the-w3c-s-role-in-web-development">The W3C’s role in web development</h2>



<p>The W3C is a consortium of international organisations, companies and stakeholders whose <a href="https://www.w3.org/mission/">mission</a> is ‘to develop open standards for an interoperable web to meet requirements for accessibility, internationalisation, privacy, and security’.</p>



<p>The consortium is organised principally in more than 100 working and interest groups. One of these groups is the newly founded Blockchain2 Community Group. It is named so due to the fact that it is the second group within the consortium tasked with working on blockchain. The previous group has been inactive since 2017.</p>



<p>The BSV Blockchain’s vision of a new Web 3.0 iteration of the Internet focused on users’ privacy, transparency and data integrity aligns with <a href="https://www.w3.org/TR/w3c-vision/">W3C’s vision</a> of having the Web designed for the ‘good of its users’ as well as ‘safe for its users’ and that there is only ‘one interoperable world-wide Web’.</p>



<p>Similarly, the BSV blockchain is built on the conviction that user security (and the associated regulatory compliance) as well as the interoperability of web applications and solutions are key for creating innovation on the web.</p>



<h2 class="wp-block-heading" id="h-role-of-the-group-in-w3c">Role of the group in W3C</h2>



<p>The group will initially only work internally and develop goals, definitions and requirements that make blockchain useful for the World Wide Web community. In the <a href="https://www.w3.org/community/bc2/">words of the group</a>:</p>



<p><em>‘Our first deliverable will comprise a list of value-adds and benefits that blockchain technology may be able to provide for the World Wide Web community. Subsequently, based on our findings, we aim to agree on a set of general, high-level requirements and capabilities that blockchain-based application architectures would need to fulfil in order to deliver value.’&nbsp;</em></p>



<p>In a second step, the group will then collaborate with other W3C groups to gain further input and insights and plan the way forward:</p>



<p><em>‘Finally, we aim to explore the potential impacts of these architectures on the privacy, resiliency, incentives, and accessibility of the web, and to establish relationships with other groups to ensure alignment as these solutions are developed.’</em></p>



<h2 class="wp-block-heading" id="h-call-for-participation">Call for participation</h2>



<p>The Blockchain2 Community Group invites web developers, blockchain enthusiasts, and technologists to join the effort. W3C Membership is not required for participation, making the group accessible to anyone with a W3C account. Participants will collaborate through a variety of tools including mailing lists, IRC, and RSS feeds.</p>



<p>While hosted by W3C, the Blockchain2 Community Group’s activities and outputs do not necessarily reflect the views of W3C Membership or staff. Instead, this initiative represents an opportunity for community-driven innovation in the blockchain space, encouraging a collaborative approach to shaping the future of the web.</p>



<p>For more information or to join the Blockchain2 Community Group, <a href="https://www.w3.org/community/bc2/">visit the W3C Community Groups page</a>. Join the group in pioneering new technologies that will transform how we interact with the web and ensure its evolution aligns with the needs of users and developers alike.</p>


BSV Blockchain launches W3C Community Group to leverage blockchain technology to enhance internet standards


<p>The BSV blockchain is increasingly being recognised as a transformative tool in various industries, including government operations. When applied to government contracts, the <a href="https://www.bsvblockchain.org/news/infographic-the-advantages-of-using-a-blockchain-built-within-the-existing-legal-framework" target="_blank" rel="noopener">BSV blockchain offers unique advantages, such as providing an unchangeable record of contract-related activities</a>. This enhances transparency, security, and accountability, which are critical to managing public funds and ensuring compliance with federal regulations.</p>



<p>One of the biggest challenges in government contracts is ensuring that all processes—from bidding to execution—are transparent and secure. Governments handle significant sums of public money, and these contracts often involve multiple stakeholders, including private contractors, government agencies, and third-party suppliers.</p>



<p>This complexity can make it difficult to ensure all transactions and communications are properly recorded and monitored. The BSV blockchain addresses these issues through its secure, transparent design, which includes:&nbsp;</p>



<ul>
<li><strong>Immutable records:</strong> <a href="https://www.bsvblockchain.org/news/saving-lives-with-blockchain" target="_blank" rel="noopener">Once a transaction is added to the BSV blockchain, it cannot be altered</a>. This means that every contract activity, such as bids, amendments, approvals, and payments, can be securely recorded. Unauthorised parties cannot alter these records, providing strong protection against fraud, corruption, and data manipulation.</li>
</ul>



<ul>
<li><strong>Greater transparency: </strong><a href="https://academy.bsvblockchain.org/blog/the-bsv-blockchain-as-an-enterprise-cybersecurity-framework" target="_blank" rel="noopener">The BSV blockchain creates a single source of truth that is visible to all relevant parties</a>. With government contracts, this means both agencies and the public can view the same records, which increases transparency. The ability to audit contracts at any stage of their life cycle reduces the chances of unethical behaviour, such as under-the-table deals or inflated invoices.</li>
</ul>



<ul>
<li><strong>End-to-end tracking:</strong> <a href="https://www.bsvblockchain.org/news/guide-inventory-management-with-the-use-of-blockchain" target="_blank" rel="noopener">The BSV blockchain’s secure nature makes it ideal for tracking every step of the contracting process.</a> From the initial bidding stage to the final payment, blockchain technology can track and document all activities. This not only streamlines audits and evaluations but also allows real-time monitoring of fund disbursements and contractor performance.</li>
</ul>



<h2 class="wp-block-heading" id="h-simplifying-compliance-with-regulations">Simplifying compliance with regulations</h2>



<p>Government contracts are subject to numerous federal regulations designed to ensure that public funds are used efficiently and ethically. These regulations often require extensive record-keeping and compliance checks, which can be burdensome to manage. The BSV blockchain simplifies these processes by automating record-keeping and ensuring all data is stored in a transparent, unchangeable format.</p>



<ul>
<li><strong>Real-time audits: </strong>Compliance with federal regulations often involves audits to verify that funds were allocated properly. Blockchain makes this process significantly easier by offering real-time access to transaction records. Auditors can review the blockchain ledger to verify that all transactions meet legal requirements and are executed according to the terms of the contract.</li>
</ul>



<ul>
<li><strong>Smart contracts for compliance: </strong><a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">The BSV blockchain also supports ‘smart contracts’—self-executing contracts with terms directly written into code</a>. Smart contracts can automate the enforcement of contract terms, ensuring that specific conditions, such as payment milestones or compliance checks, are met before actions are taken. This reduces the need for manual oversight and minimises the risk of non-compliance.</li>
</ul>



<ul>
<li><strong>Enhanced reporting: </strong>Blockchain&#8217;s transparent and comprehensive nature allows for enhanced reporting on the progress and outcomes of government contracts. By providing verifiable, time-stamped records, agencies can more easily comply with federal reporting requirements, reducing the administrative burden on both contractors and government officials.</li>
</ul>



<h2 class="wp-block-heading" id="h-reducing-costs-and-improving-efficiency">Reducing costs and improving efficiency</h2>



<p>The complexity of managing government contracts often leads to inefficiencies and increased costs. Blockchain technology can reduce these inefficiencies by providing a streamlined, automated solution for record-keeping, compliance, and monitoring.</p>



<ul>
<li><strong>Eliminating intermediaries: </strong>Traditional government contract management often involves multiple intermediaries, such as auditors, consultants, and regulatory bodies. Blockchain reduces the need for these intermediaries by offering a trusted, tamper-proof record of all transactions. This can lead to significant cost savings and faster execution of contracts.</li>
</ul>



<ul>
<li><strong>Streamlined procurement process:</strong> The procurement process in government contracts can be lengthy and complicated, often requiring multiple rounds of bidding, evaluations, and approvals. Blockchain can automate and streamline many of these steps, reducing the time it takes to award contracts and ensuring that all stages are documented and transparent.</li>
</ul>



<ul>
<li><strong>Increased trust:</strong> Blockchain can increase trust among all parties involved in a government contract. Since all participants have access to the same, unalterable data, disputes are less likely to arise. This fosters a more cooperative environment between government agencies and private contractors, ultimately leading to better project outcomes.</li>
</ul>


Using the BSV blockchain for government contracts


<p>Supply chain management is the backbone of many industries, ensuring the seamless flow of goods from manufacturers to consumers. However, traditional supply chains face numerous challenges, including lack of transparency, delays, fraud, and inefficiencies in coordination.</p>



<p>Enter the BSV blockchain, which is emerging as a game-changer for supply chain management. <a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-is-used-in-supply-chains" target="_blank" rel="noopener">The BSV blockchain&#8217;s secure, and immutable nature addresses many of the critical issues that have long plagued global supply chains</a>. Its adoption in supply chain management offers real-time visibility, transparency, traceability, and flexibility that was previously unattainable.</p>



<h2 class="wp-block-heading" id="h-real-time-visibility-an-end-to-end-overview">Real-time visibility: An end-to-end overview</h2>



<p>One of the biggest challenges in supply chain management is the inability to monitor the movement of goods in real-time across multiple points in the supply chain. Traditional systems often involve disparate databases that make it hard to track products from their source to their destination, leading to gaps in information and delays in identifying issues.</p>



<p><a href="https://www.bsvblockchain.org/news/8-companies-explain-why-they-use-the-bsv-blockchain" target="_blank" rel="noopener">The BSV blockchain solves this by providing an immutable, shared ledger where all parties—manufacturers, suppliers, logistics providers, and retailers—can record transactions and updates in real time</a>. Each movement of a product is documented on the blockchain, which is accessible to every authorised party. This real-time visibility improves decision-making, optimises logistics, and significantly reduces delays caused by misinformation or data silos.</p>



<p><a href="https://www.bsvblockchain.org/news/blockchain-trailblazers-where-does-your-food-come-from" target="_blank" rel="noopener">For instance, in food supply chains, where perishable goods must move quickly, the BSV blockchain can track temperature-sensitive products throughout their journey</a>. This transparency minimises risks and ensures quality control, as stakeholders can intervene immediately when deviations occur, ensuring products meet regulatory and quality standards.</p>



<h2 class="wp-block-heading" id="h-transparency-building-trust-and-accountability">Transparency: Building trust and accountability</h2>



<p>One of the BSV blockchain’s most transformative contributions to supply chain management is its ability to foster trust among participants by ensuring data integrity and accountability. Traditional supply chains often suffer from a lack of transparency due to the reliance on intermediaries who handle different stages of the process. This can lead to inefficiencies, fraud, and opportunities for corruption.</p>



<p><a href="https://www.bsvblockchain.org/news/saving-lives-with-blockchain" target="_blank" rel="noopener">The BSV blockchain enhances transparency by allowing all participants to access the same data</a>, eliminating the need for intermediaries and reducing the chances of tampering or fraud. Since every transaction is recorded in an immutable ledger, any updates or changes made to the product’s history are permanently visible and cannot be altered without consensus from all involved parties.</p>



<p>This level of transparency not only boosts trust but also ensures greater accountability. For instance, if a product is delayed or damaged during transit, the responsible party can be immediately identified and held accountable, reducing disputes and delays in issue resolution.</p>



<h2 class="wp-block-heading" id="h-traceability-enhanced-authentication-and-compliance">Traceability: Enhanced authentication and compliance</h2>



<p>In industries like pharmaceuticals, food, and luxury goods, traceability is paramount. Consumers and businesses alike want to know where products come from, how they were made, and whether they meet certain ethical or regulatory standards. Traditional systems often rely on cumbersome paperwork and manual tracking, which can be prone to errors, fraud, and inefficiencies.</p>



<p>The BSV blockchain offers a robust solution by allowing companies to record every step of a product’s journey, from raw material sourcing to final delivery. Since blockchain records are immutable, this provides a verifiable chain of custody that enhances product authentication.</p>



<p>Consumers can use blockchain-enabled systems to scan a product’s QR code and access detailed information about its origin and journey. This transparency is vital for industries like food and pharmaceuticals, where safety and compliance with regulations are crucial. For example, companies can easily prove that their products meet sustainability certifications or that a batch of medicine has followed all required safety protocols.</p>



<p>Moreover, in the event of a product recall, blockchain allows companies to quickly trace the affected batches back to their source, minimising the risk to consumers and the costs involved in managing the recall process.</p>



<h2 class="wp-block-heading" id="h-streamlining-processes-with-smart-contracts">Streamlining processes with smart contracts</h2>



<p>Traditional supply chain processes often rely on intermediaries and manual interventions, which can lead to inefficiencies, delays, and human error. These problems are especially evident in processes like payments, contract enforcement, and order tracking.</p>



<p><a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">Smart contracts, which are self-executing contracts with the terms of the agreement directly written into code, offer an efficient alternative</a>. Smart contracts can automate key supply chain processes, such as payment settlements, shipment tracking, and inventory management, eliminating the need for manual oversight. For instance, a smart contract could be set up to automatically release payment to a supplier once the delivery of goods is confirmed via the blockchain. This reduces payment delays and the risk of fraud.</p>



<p>Additionally, smart contracts offer flexibility by allowing companies to set specific criteria for transactions. For instance, a company might set up a smart contract that automatically triggers a reorder when inventory drops below a certain threshold, ensuring that the supply chain operates without interruptions.</p>



<p>The automation of these processes not only improves efficiency but also reduces operational costs by minimising the need for intermediaries and manual oversight.</p>


Why supply chains need the BSV blockchain


<p>BSV Blockchain and Global Ledger recently announced<a href="https://www.bsvblockchain.org/news/global-ledger-partners-with-bsv-association-to-bring-full-support-and-coverage-with-aml-solutions-and-integration-for-the-bsv-blockchain" target="_blank" rel="noopener"> a new partnership to bring full support and anti-money laundering (AML) solutions to the BSV blockchain and community</a>.</p>



<p>As a new service provider, Global Ledger will provide the tools and on-chain analytics to ensure the security and compliant growth of BSV blockchain projects and ventures. The collaboration will also focus on enhancing blockchain security, compliance, and project growth for the BSV ecosystem.</p>



<p>BSV Blockchain recently had an opportunity to sit down with <a href="https://www.linkedin.com/in/paul-densley/" target="_blank" rel="noopener nofollow">Paul Densley (Head of Sales at Global Ledger) </a>to discuss what the new partnership means, the current crypto asset regulatory space, Teranode and other important topics.</p>



<p>The edited interview is included below.</p>



<p><strong>What are the most significant opportunities you see for Global Ledger’s collaboration with the BSV Blockchain in the coming years?</strong></p>



<p>Densley noted that one of the key benefits of the partnership is <a href="https://www.bsvblockchain.org/news/dockflow-and-mintblue-to-drive-blockchain-adoption-in-supply-chains" target="_blank" rel="noopener">driving BSV blockchain adoption.</a> ‘By providing robust AML and compliance solutions specifically tailored for the BSV blockchain, Global Ledger can make the blockchain more attractive to businesses and enterprises. He said this can significantly contribute to the growth and adoption of the BSV blockchain.</p>



<p>Another key advantage is setting industry standards, he said. He noted that the two groups are in a position to collaborate on developing compliance standards and best practices for the BSV ecosystem. This will not only enhance security but also foster trust and legitimacy, he said.</p>



<p>A key part of this is <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">Teranode, BSV blockchain’s scaling solution, which presents unique opportunities to develop innovative compliance tools that can handle massive transaction volumes and complex data analysis</a>, he said. ‘This collaboration can lead to groundbreaking advancements in blockchain analytics’</p>



<p>He adds that both organisations can work together to educate regulators, businesses, and the public about the benefits of BSV and the importance of robust compliance frameworks.</p>



<p><strong>What do you see as the biggest challenges in applying compliance solutions to a fully scalable blockchain like the BSV blockchain?</strong></p>



<p><strong>PD: </strong>One of the biggest challenges in applying compliance to a scalable blockchain is data volume and velocity, Densley said. ‘Teranode enables high transaction throughput, which translates to massive amounts of data. Analysing this data in real-time to detect suspicious activity presents a significant technological challenge.’</p>



<p>He adds that balancing compliance requirements with user privacy is crucial. Developing solutions that can identify illicit activity without compromising sensitive data is a key challenge. ‘The regulatory landscape for cryptocurrencies is constantly changing. Compliance solutions must be flexible and adaptable to keep pace with new rules and requirements.’</p>



<p><strong>What are the key regulatory hurdles that projects on the BSV blockchain will need to overcome in the next few years?</strong></p>



<p><a href="https://www.bsvblockchain.org/news/regulations-in-the-blockchain-space-friend-or-foe" target="_blank" rel="noopener">Clear regulatory guidelines on the classification of tokens and digital assets on the BSV blockchain are needed</a>, Densley said. ‘ Projects may face challenges navigating licensing requirements for operating on a blockchain, especially in different jurisdictions.’</p>



<p>He adds that compliance with data protection regulations like GDPR is essential, especially when handling personal data on a public ledger. This includes implementing robust AML and KYC procedures that meet regulatory standards</p>



<p><strong>Does the scalability of the BSV blockchain, particularly with the Teranode paradigm, require a different approach to how your services (like GL Vision and GL Monitoring) operate?</strong></p>



<p>Densley noted that <a href="https://www.bsvblockchain.org/news/teranode-and-sv-node-understanding-bsv-new-node-software" target="_blank" rel="noopener">Teranode&#8217;s scalability requires a different approach</a>. Global Ledger&#8217;s services like GL Vision and GL Monitoring need to be optimised to:</p>



<ul class="wp-block-list">
<li><strong>Handle massive data:</strong> They need to efficiently process and analyse the large volumes of data generated on the BSV blockchain.</li>



<li><strong>Real-time analysis: </strong>To be effective, these services must be able to identify suspicious activity in real time.</li>



<li><strong>Scalable infrastructure: </strong>The infrastructure supporting these services needs to be scalable to accommodate the growth of the BSV ecosystem.</li>
</ul>



<p><strong>How do you strike a balance between privacy and transparency when working with a public ledger like the BSV blockchain?</strong></p>



<p>Densley said this is a critical aspect and that Global Ledger can achieve this balance by:</p>



<ul class="wp-block-list">
<li><strong>Selective disclosure:</strong> Only revealing necessary information to relevant authorities for compliance purposes.</li>



<li><strong>Data anonymisation techniques:</strong> Employing techniques to anonymise sensitive data while preserving the ability to track illicit activity.</li>



<li><strong>Compliance with privacy regulations:</strong> Adhering to data protection regulations like GDPR.</li>



<li><strong>Transparency about data usage:</strong> Being transparent with users about how their data is collected and used for compliance purposes.</li>
</ul>



<p><strong>Blockchain often faces negative associations, particularly around illicit activities like money laundering. How does Global Ledger work to move beyond these associations and promote the positive applications of the technology?</strong></p>



<p>Densley said that Global Ledger can contribute to this by:</p>



<ul class="wp-block-list">
<li><strong>Highlighting positive use cases: </strong>Showcasing how BSV and blockchain technology can be used for legitimate and beneficial purposes, such as supply chain management, identity verification, and secure data storage.</li>



<li><strong>Educating the public</strong>: Actively participating in efforts to educate the public about the potential of blockchain technology and dispel misconceptions.</li>



<li><strong>Collaborating with law enforcement: </strong>Working with law enforcement agencies to demonstrate how blockchain analytics can help combat financial crime.</li>



<li><strong>Promoting ethical standards: </strong>Advocating for ethical practices and responsible use of blockchain technology.</li>
</ul>



<p><strong> How do you see the role of AML solutions evolving as blockchain technology continues to mature and integrate into traditional financial systems?</strong></p>



<p>As blockchain technology matures, AML solutions will need to become more sophisticated: Employing advanced analytics and AI to detect complex patterns of illicit activity, Densley said. This includes seamless integration with traditional financial systems and other blockchains, and staying ahead of the curve as new digital assets and financial instruments emerge.<br></p>



<p>‘Balancing the need for compliance with increasing demands for user privacy. The collaboration between Global Ledger and the BSV Blockchain holds significant promise for the future of the BSV blockchain. By addressing the challenges and embracing the opportunities, they can contribute to creating a secure, compliant, and thriving BSV ecosystem,’ he said.</p>


Interview: BSV Blockchain to see significant benefits in new partnership with Global Ledger


<p>The BSV blockchain is set to be a revolutionary force in the financial sector, promising to reshape how capital markets operate. With its ability to eliminate operational hazards, reduce counterparty risks, and enhance security, blockchain is increasingly seen as the future of finance.</p>



<h2 class="wp-block-heading" id="h-eliminating-operational-inefficiencies-and-middle-men">Eliminating operational inefficiencies and middle-men</h2>



<p>One of the most compelling reasons the BSV blockchain is poised to transform finance is its ability to eliminate operational inefficiencies.</p>



<p>Traditional financial systems often rely on multiple intermediaries, such as banks, brokers, and clearinghouses, to complete transactions. This layered structure not only increases operational complexity but also opens the door to human error, delays, and increased costs.</p>



<p><a href="https://www.bsvblockchain.org/news/saving-lives-with-blockchain" target="_blank" rel="noopener">The BSV blockchain, with its secure and transparent nature</a>, can streamline these processes by enabling peer-to-peer transactions without intermediaries. Through smart contracts, transactions can be executed automatically once predefined conditions are met, minimising the risk of errors or delays caused by manual oversight.</p>



<p>This operational efficiency reduces both time and cost for financial institutions, making capital markets more efficient and responsive.</p>



<h2 class="wp-block-heading" id="h-reducing-counterparty-risks">Reducing counterparty risks</h2>



<p>In traditional financial markets, <a href="https://www.bsvblockchain.org/news/timechain-labs-on-the-future-of-finance" target="_blank" rel="noopener">counterparty risk— the risk that one party in a transaction may default on their obligations— is a significant concern</a>. Financial institutions are often burdened with assessing the creditworthiness of counterparties, which can be both time-consuming and costly.</p>



<p><a href="https://www.bsvblockchain.org/news/8-companies-explain-why-they-use-the-bsv-blockchain" target="_blank" rel="noopener">The BSV blockchain solves this problem by providing a shared, immutable record of transactions that all parties can trust</a>. Every transaction recorded on a blockchain is verified by a network of participants, making it nearly impossible for any party to alter or falsify the data.</p>



<p>This shared transparency dramatically reduces the counterparty risk, as all participants have real-time access to the same information, reducing the need for extensive due diligence and risk mitigation measures.</p>



<p>By ensuring data integrity and trust without the need for intermediaries, the BSV blockchain reduces the friction and risk in financial transactions, which can lead to greater liquidity and smoother operation of capital markets.</p>



<h2 class="wp-block-heading" id="h-enhancing-security-and-trust">Enhancing security and trust</h2>



<p>Security breaches and fraud are major threats in the financial sector, costing billions of dollars annually. Traditional financial systems are vulnerable to hacking, fraud, and manipulation, partly because of their centralised nature. When data is stored in one location, a single point of failure can compromise an entire system, as seen in numerous high-profile cyberattacks.</p>



<p><a href="https://academy.bsvblockchain.org/blog/what-is-blockchain-technology" target="_blank" rel="noopener">The BSV blockchain, by comparison, operates as a distributed ledger where data is stored across multiple nodes</a>. This structure makes it significantly more difficult for hackers to alter or corrupt the system.</p>



<p>In addition, the BSV blockchain uses advanced cryptographic techniques to ensure the integrity and confidentiality of data, offering a level of security far superior to traditional financial systems. The immutability of blockchain records means that once a transaction is verified and added to the ledger, it cannot be altered or tampered with, which drastically reduces the potential for fraud.</p>



<p>This enhanced security is especially beneficial in sectors like cross-border payments and asset management, where the risks of fraud and data manipulation are particularly high. The BSV blockchain’s ability to provide a secure, immutable record of transactions increases trust among participants and ensures that financial data is accurate and tamper-proof.</p>



<h2 class="wp-block-heading" id="h-regulatory-friendly">Regulatory-friendly</h2>



<p>The financial industry is heavily regulated to prevent fraud, ensure transparency, and protect consumers. However, <a href="https://www.bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives" target="_blank" rel="noopener">complying with regulatory requirements can be complex and costly for institutions.</a> The BSV blockchain can alleviate some of these regulatory burdens by providing a transparent and immutable audit trail.</p>



<p>Because all transactions on a blockchain are recorded and timestamped in real time, regulators can easily access the necessary data to ensure compliance with laws and regulations. This eliminates the need for financial institutions to maintain separate records or conduct lengthy audits, as the BSV blockchain’s transparency ensures that all necessary information is readily available and verifiable.</p>



<p>The BSV blockchain’s potential to reduce fraud and human error aligns with the regulatory goal of ensuring market integrity. As blockchain becomes more widely adopted, regulators may find that they can enforce compliance more effectively, reducing the need for complex and costly oversight mechanisms.</p>


Why the BSV blockchain is the future of finance


<p>Blockchain technology, known for its foundational role in crypto assets, is increasingly being recognised for its transformative potential in the healthcare sector. The industry, long plagued by inefficiencies, security risks, and fragmented data systems, is exploring blockchain as a way to streamline operations, enhance patient care, and bolster data security.</p>



<p>Below are some of the ways that the BSV blockchain can be used to help improve the healthcare sector.&nbsp;</p>



<h2 class="wp-block-heading" id="h-securing-patient-medical-records">Securing patient medical records</h2>



<p>One of the most promising applications of blockchain in healthcare is its ability to securely manage and transfer patient medical records. Currently, healthcare providers often rely on centralised databases that can be vulnerable to cyberattacks, hacking, or data breaches.</p>



<p>The <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">BSV blockchain ensures that records are stored securely</a>, making it nearly impossible for unauthorised entities to manipulate or compromise the data. Moreover, with the BSV blockchain, patients retain control over their health information.</p>



<p>A patient can provide access to their medical records to doctors, specialists, or hospitals via a secure and encrypted blockchain network, ensuring confidentiality and precision. By reducing reliance on intermediaries,<a href="https://www.bsvblockchain.org/news/telling-stories-with-data-using-blockchain-for-improved-data-integrity" target="_blank" rel="noopener"> the BSV blockchain reduces the risk of errors in medical records and facilitates the secure sharing of data across various healthcare platforms</a>.</p>



<h2 class="wp-block-heading" id="h-strengthening-healthcare-cybersecurity">Strengthening healthcare cybersecurity</h2>



<p>Data security is a key concern in healthcare. Breaches in patient data not only violate privacy but can also lead to costly legal and financial repercussions. <a href="https://resources.bsvblockchain.org/lp-cybersecurity-ebook-bsvb" target="_blank" rel="noopener">The BSV blockchain offers robust security features, making unauthorised access impossible</a>.</p>



<p>This is particularly relevant as healthcare systems increasingly rely on digital solutions like electronic health records (EHRs), telemedicine, and wearable health devices, all of which generate vast amounts of sensitive patient data.</p>



<h2 class="wp-block-heading" id="h-managing-the-medical-supply-chain">Managing the medical supply chain</h2>



<p>The BSV blockchain is also a valuable tool in managing and tracking the global medicine supply chain. Pharmaceutical companies face significant challenges in ensuring the authenticity and integrity of their products, from raw material sourcing to distribution.</p>



<p>Counterfeit drugs and fraud are major issues, with fake medicines contributing to patient harm and costing the industry billions of dollars annually. By using the BSV blockchain, the entire journey of a pharmaceutical product can be recorded in a transparent and tamper-proof manner.</p>



<p><a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">Every transaction and handoff—whether it’s between a manufacturer, distributor, or retailer—is logged onto the blockchain, ensuring a traceable and secure chain of custody</a>. This visibility not only helps prevent counterfeit drugs from entering the market but also ensures that medicines are stored, transported, and delivered under the right conditions.</p>



<h2 class="wp-block-heading" id="h-improving-healthcare-research">Improving healthcare research</h2>



<p>Another frontier where blockchain is making waves is in healthcare research, particularly in genomics and personalised medicine. Unlocking the secrets of the genetic code can pave the way for groundbreaking treatments and therapies tailored to individual patients. However, managing and sharing vast amounts of genetic data securely and efficiently is a complex challenge.</p>



<p><a href="https://www.bsvblockchain.org/news/what-the-bitcoin-white-paper-has-to-say-about-privacy" target="_blank" rel="noopener">The BSV blockchain can help researchers collect, store, and analyse genetic data while maintaining the privacy and consent of individuals.</a> This allows patients to participate in research more comfortably, knowing that their personal genetic information is secure. This can lead to a more collaborative approach to healthcare research, where data from multiple sources can be aggregated without sacrificing privacy.</p>



<p>Moreover,<a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener"> smart contracts—self-executing contracts with predefined conditions written into the blockchain—can be used to facilitate and automate research agreements</a>. Researchers, institutions, and patients can engage in transparent data-sharing agreements that are enforceable, reducing administrative burdens and improving efficiency in clinical trials or research collaborations.</p>


How the BSV blockchain can be used in healthcare


<p>The European Union is moving forward with its plans to implement a new border control system on 10 November to manage the influx of hundreds of millions of visitors annually. However, concerns remain about whether the system will be operational by its scheduled launch next month.</p>



<p><a href="https://home-affairs.ec.europa.eu/policies/schengen-borders-and-visa/smart-borders/entry-exit-system_en" target="_blank" rel="noopener nofollow">The Entry/Exit System (EES) will be an automated IT system</a> for registering travellers from third countries, both short-stay visa holders and visa-exempt travellers, each time they cross an EU external border. The system will register the person&#8217;s name, type of travel document, biometric data (fingerprints and captured facial images) and the date and place of entry and exit, in full respect of fundamental rights and data protection.</p>



<p>It will also record refusals of entry. The EU argues that the EES will replace the current system of manual stamping of passports, which is time-consuming, does not provide reliable data on border crossings and does not allow a systematic detection of overstayers &#8211; travellers who have exceeded the maximum duration of their authorised stay.</p>



<p>However, <a href="https://archive.ph/F8myj#selection-1661.0-1664.0" target="_blank" rel="noopener nofollow">Bloomberg </a>reports the plan has faced repeated delays since it was first presented in 2016. Several member states and industry lobby groups are calling for the November launch to be postponed again, fearing a hasty introduction will leave border enforcement agents unprepared.</p>



<p>Germany, France, and the Netherlands, which account for 40% of the EU&#8217;s air passenger traffic, informed the EU that the new EES system was malfunctioning and required further testing, which couldn&#8217;t be completed before the launch. The Netherlands cited instability in the system&#8217;s central computer, while Frankfurt airport warned that a failure could impact European and global air traffic, Bloomberg reports.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-can-help">The BSV blockchain can help</h2>



<p><a href="https://www.bsvblockchain.org/news/self-sovereign-identity-on-the-blockchain-use-cases" target="_blank" rel="noopener">The BSV blockchain offers a highly scalable, secure, and efficient platform that can be leveraged to create a digital passport system</a>. By using its immutable ledger, the BSV blockchain could ensure that passport records are tamper-proof, providing an unchangeable record of an individual&#8217;s identity, citizenship, travel history, and other relevant information.</p>



<p>This would eliminate the risk of forgery or identity theft, as once data is added to the blockchain, it cannot be altered or removed. Moreover,<a href="https://www.bsvblockchain.org/news/bsv-blockchain-hits-100-billion-transactions-per-day-on-teranode" target="_blank" rel="noopener"> through Teranode, the BSV blockchain can handle a large number of transactions at a low cost, making it feasible for global use where millions of people would need access to the system daily</a>.</p>



<p>A passport system built on the BSV blockchain could also streamline the verification process across international borders. Instead of relying on physical documents, border authorities could access digital passports securely via a cryptographic key or digital signature unique to each individual.</p>



<p>These digital records could include all the information normally stored in physical passports, such as visa details, travel history, and biometric data, reducing the need for manual inspections and decreasing wait times at borders. The nature of the BSV blockchain ensures that no single entity controls the passport system, making it resistant to tampering by corrupt officials or centralised attacks.</p>



<p>Additionally, a blockchain-based passport system could empower individuals by giving them control over their identity data.<a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener"> Using the BSV blockchain’s built-in smart contract capabilities</a>, users could authorise only specific entities to access their passport information when needed, such as airlines, immigration officials, or employers.</p>



<p>This selective disclosure of identity would enhance privacy while maintaining security, as users could revoke access at any time. The transparency and auditability of the BSV blockchain would also allow government agencies and international organizations to easily verify the authenticity of passports, reducing fraud and improving trust across borders.</p>


The EU is introducing a new passport system next month – Teranode and the BSV blockchain can help save it


<p>In today&#8217;s rapidly evolving digital landscape, enterprises are constantly seeking innovative solutions that not only enhance efficiency but also provide a competitive edge. Blockchain technology, once primarily associated with cryptocurrencies, has emerged as a transformative force across various industries. However, its adoption in enterprise settings has been cautious, often hindered by concerns over scalability, privacy, and control. Enter <strong>Overlay Services</strong>—a forward thinking approach that promises to unlock the full potential of blockchain for enterprises without compromising on operational agility or data sovereignty.</p>



<h2 class="wp-block-heading" id="h-rethinking-data-storage-on-the-blockchain">Rethinking data storage on the blockchain</h2>



<p>To appreciate the value of Overlay Services, let&#8217;s begin with a familiar scenario: the rise of Non-Fungible Tokens (NFTs) in the art world. Consider a digital art piece—a JPEG image—that an artist wants to sell as an NFT. Storing the entire image directly on the blockchain might seem like a secure way to ensure authenticity and provenance. However, this approach introduces several challenges:</p>



<ul class="wp-block-list">
<li><strong>Inefficient Data Retrieval</strong>: Blockchain nodes are not designed to facilitate high-volume data retrieval. Without proper incentives, data access can become cumbersome, relying on non-monetized APIs that may not guarantee performance or reliability.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Loss of Control and Flexibility</strong>: Once data is on-chain, traditional operations like modifying or deleting information become impractical, if not impossible. This rigidity clashes with the dynamic needs of modern enterprises that require flexibility in data management.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Scalability Concerns</strong>: Storing large amounts of data on-chain can lead to bloated blockchains, slowing down the network and increasing operational costs.</li>
</ul>



<p>Recognising these limitations, savvy enterprises are shifting their focus. Instead of placing entire data sets on the blockchain, they leverage the power of <strong>digital fingerprints</strong>—cryptographic hashes that represent the data without exposing it. By publishing these hashes along with timestamps on the blockchain, organisations can prove data integrity and authenticity while keeping the actual data off-chain.</p>



<h2 class="wp-block-heading" id="h-the-strategic-advantage-of-digital-fingerprints">The strategic advantage of digital fingerprints</h2>



<p>Digital fingerprints offer a compelling balance between security and efficiency:</p>



<ul class="wp-block-list">
<li><strong>Enhanced privacy</strong>: Sensitive information remains within the enterprise&#8217;s control, reducing the risk of exposure while still providing verifiable proof of existence and integrity.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Operational efficiency</strong>: Off-chain data storage allows enterprises to utilise existing infrastructure and technologies that are optimised for performance, scalability, and cost-effectiveness.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Regulatory compliance</strong>: By maintaining control over the actual data, organisations can more easily comply with data protection regulations and industry standards.</li>
</ul>



<p>This paradigm shift prompts a critical question: If a digital fingerprint can serve the purpose of verification and integrity, why burden the blockchain with raw data? The answer lies in embracing a hybrid approach that combines the strengths of blockchain with the flexibility of traditional data systems.</p>



<h2 class="wp-block-heading" id="h-overlay-services-bridging-the-gap">Overlay services: bridging the gap&nbsp;</h2>



<p><strong>Overlay Services</strong> emerge as the ideal solution to this conundrum. They function as a dedicated business environment atop the blockchain, allowing enterprises to define the semantic meaning of transactions and control permissions in a way that aligns with their internal structures and processes.</p>



<h3 class="wp-block-heading" id="h-key-benefits-for-enterprises">Key benefits for enterprises&nbsp;</h3>



<ol start="1" class="wp-block-list">
<li><strong>Customised semantic definitions</strong>: Overlay Services enable organisations to attach specific meanings to transactions. Whether it&#8217;s asset transfers, approval workflows, or contract executions, the overlay interprets blockchain transactions in the context of the enterprise&#8217;s unique operations.</li>
</ol>



<ol start="2" class="wp-block-list">
<li><strong>Permissioned access and control</strong>: Enterprises can bind permissions to on-spend capabilities, ensuring that only authorised entities within or outside the organisation can interact with certain transactions. This granular control mirrors the sophisticated access management systems used in modern businesses or generally associated with private blockchains.</li>
</ol>



<ol start="3" class="wp-block-list">
<li><strong>Privacy and confidentiality</strong>: By decoupling the semantic meaning from the blockchain&#8217;s public ledger, sensitive business logic and data remain confidential. Only the involved parties understand the true nature of the transactions, while outsiders see merely timestamped hashes.</li>
</ol>



<ol start="4" class="wp-block-list">
<li><strong>Interoperability and collaboration</strong>: Overlay Services use common protocols, such as those found in Bitcoin transactions, facilitating seamless interaction with other businesses and partners. This interoperability is crucial for supply chain collaborations, joint ventures, and other multi-entity engagements.<br></li>
</ol>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Exploring the Significance of Overlay Lookup Services | Overlay Networks" width="500" height="281" src="https://www.youtube.com/embed/GgK-b-XVyrc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-real-world-applications-across-the-enterprise-spectrum">Real-world applications across the enterprise spectrum<strong>&nbsp;</strong></h2>



<p>The versatility of Overlay Services opens up a multitude of use cases:</p>



<ul class="wp-block-list">
<li><strong>Supply Chain management</strong>: Track and verify the movement of goods with immutable timestamps and verifiable proofs, enhancing transparency and trust among stakeholders.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Asset Management</strong>: Securely manage ownership records of physical or digital assets, ensuring authenticity and preventing fraud.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Project Management and workflows</strong>: Implement approval processes and task tracking that are tamper-evident, boosting accountability and efficiency.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Financial transactions and compliance</strong>: Record accounting entries and transactions with verifiable timestamps, simplifying audits and regulatory compliance.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Data management and security</strong>: Protect sensitive documents by storing hashes on the blockchain while keeping the actual data secure within enterprise systems.</li>
</ul>



<h2 class="wp-block-heading" id="h-leveraging-the-directed-acyclic-graph-dag-structure">Leveraging the Directed Acyclic Graph (DAG) structure</h2>



<p>At the heart of blockchain transactions lies the <strong>Directed Acyclic Graph (DAG)</strong> structure—a model where each transaction builds upon its predecessors without forming cycles. This one-way flow mirrors many enterprise processes:</p>



<ul class="wp-block-list">
<li><strong>Sequential approvals</strong>: In many business workflows, tasks must be completed in a specific order. The DAG structure naturally enforces this sequence, ensuring that each step depends on the completion of the previous one.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Audit trails</strong>: DAG provides an immutable record of transactions and interactions, simplifying audits and investigations by establishing a clear chain of events.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Resource allocation</strong>: Managing dependencies and resource distribution becomes more efficient when leveraging the inherent properties of DAGs.</li>
</ul>



<h2 class="wp-block-heading" id="h-selective-disclosure-and-controlled-transparency">Selective disclosure and controlled transparency</h2>



<p>One of the most compelling features of Overlay Services is the ability to engage in <strong>Selective Disclosure</strong>. Enterprises often need to share specific pieces of information with partners, regulators, or customers without exposing their entire data set.</p>



<h3 class="wp-block-heading" id="h-how-it-works">How it works</h3>



<ul class="wp-block-list">
<li><a href="https://www.bsvblockchain.org/news/why-a-merkle-tree-is-used-to-scale-bitcoin" target="_blank" rel="noopener"><strong>Merkle Proofs</strong></a>: By utilising Merkle trees—a structure that allows verification of data without revealing the data itself—enterprises can prove the existence and integrity of specific transactions.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Redacted contracts</strong>: Businesses can share contract templates that include essential information like vendor details, dates, and signatories while redacting sensitive clauses. The counterparties can verify the authenticity of the shared information through the blockchain&#8217;s hashes.</li>
</ul>



<ul class="wp-block-list">
<li><a href="https://www.bsvblockchain.org/news/the-spv-advantage-enhancing-accessibility-and-security-in-bsv-blockchain-transactions" target="_blank" rel="noopener"><strong>Simplified Payment Verification (SPV)</strong></a>: SPV enables entities to verify transactions without downloading the entire blockchain, enhancing efficiency and privacy.<br></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="SPV Wallet - BSV Blockchain Reference Implementation Wallet" width="500" height="281" src="https://www.youtube.com/embed/Ep6hKYihKnA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading" id="h-strategic-advantages">Strategic advantages&nbsp;</h3>



<ul class="wp-block-list">
<li><strong>Enhanced collaboration</strong>: Share necessary information with partners to facilitate cooperation while protecting proprietary data.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Regulatory compliance</strong>: Provide regulators with verifiable proofs of compliance without compromising confidential business information.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Competitive edge</strong>: Maintain strategic secrecy over certain operations while still engaging transparently with the market where required.</li>
</ul>



<h2 class="wp-block-heading" id="h-embracing-a-new-era-of-enterprise-blockchain-use">Embracing a new era of Enterprise Blockchain use&nbsp;</h2>



<p>Overlay Services represent a significant evolution in how enterprises can leverage blockchain technology. By offering a flexible, secure, and efficient way to integrate blockchain into existing systems, they address many of the concerns that have hindered widespread adoption.&nbsp;</p>



<h3 class="wp-block-heading" id="h-strategic-considerations-for-enterprises">Strategic considerations for enterprises&nbsp;</h3>



<ul class="wp-block-list">
<li><strong>Innovation and agility</strong>: Overlay Services enable rapid deployment of blockchain solutions tailored to specific business needs without overhauling existing infrastructure.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Risk management</strong>: By maintaining control over data and permissions, enterprises can mitigate risks associated with data breaches, unauthorised access, and compliance violations.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Cost efficiency</strong>: Optimising the use of on-chain resources reduces operational costs, making blockchain adoption more financially viable.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Future-proofing</strong>: Leveraging standardised protocols ensures compatibility with emerging technologies and protects investments against obsolescence.&nbsp;</li>
</ul>



<h2 class="wp-block-heading" id="h-a-vision-for-the-future">A vision for the future&nbsp;</h2>



<p>Imagine a global network where enterprises seamlessly interact, sharing verifiable information securely and efficiently. Supply chains become transparent, financial transactions are executed with unprecedented trust, and collaborative projects span borders without the friction of mistrust or inefficiency. Overlay Services are the bridge to this future—a future where blockchain technology is not just a buzzword but a foundational element of enterprise innovation.</p>



<h2 class="wp-block-heading" id="h-conclusion-seizing-the-opportunity">Conclusion: Seizing the Opportunity&nbsp;</h2>



<p>The imperative is clear: to stay ahead in a competitive landscape, embracing technologies that drive efficiency, security, and innovation is not optional—it&#8217;s essential. Overlay Services offer a pragmatic and powerful way to harness blockchain&#8217;s potential without sacrificing control or flexibility.</p>



<p>By focusing on the strategic implementation of Overlay Services, enterprises can:</p>



<ul class="wp-block-list">
<li><strong>Unlock new revenue streams</strong>: Innovate with new products and services that leverage blockchain&#8217;s capabilities.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Enhance trust and transparency</strong>: Build stronger relationships with customers, partners, and regulators through verifiable and transparent processes.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Drive operational excellence</strong>: Streamline workflows, reduce redundancies, and enhance data integrity across the organisation.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Position for the future</strong>: Establish a technological foundation that is adaptable and ready for the next wave of digital transformation.</li>
</ul>



<p>In the journey toward digital excellence, Overlay Services stand out as a beacon of opportunity. They empower enterprises to redefine what&#8217;s possible, turning challenges into competitive advantages and setting the stage for sustained success in an increasingly interconnected world.</p>



<h2 class="wp-block-heading"><strong>Learn more about Overlay Services&nbsp;</strong></h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a> </h3>



<p><a href="https://resources.bsvblockchain.org/bsv-overlay-services">Request more information about BSV Blockchain’s Overlay services.</a> </p>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/eli-5-overlay-services-on-the-bsv-blockchain">ELI 5: Overlay Services on the BSV blockchain</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives">Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives</a> </h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation">Exploring the significance of Overlay Lookup Services  &#8211; BSV Blockchain official open-source Overlay Services reference implementation</a> </h3>


BSV Blockchain Overlay Services – Enterprise use cases


<p>Emerging technologies like blockchain and smart devices are reshaping the agrarian industry, and revolutionising agriculture and food supply chains. One company leading this transformation is <a href="https://www.smartgrowagritech.com/" target="_blank" rel="noopener nofollow">Smart Grow Agritech</a>.</p>



<p>By integrating blockchain and IoT devices, they assist vineyards and wine farmers in tracking critical data, potentially saving millions of dollars. ‘So for a little over a year now, I&#8217;ve been working with vineyards in the state of Virginia, installing Smart IoT devices to measure and monitor climate and logging that data to the blockchain,’ said <a href="https://www.linkedin.com/in/alexander-mann-b304381ab/" target="_blank" rel="noopener nofollow">Alexander Mann (Founder and CEO of Smart Grow Agritech</a>).</p>



<p>‘And in doing that, I caught the attention of the hardware manufacturer that I&#8217;m utilising, WeatherFlow-Tempest, and we&#8217;ve been having some conversations about my project that involves moving the weather station data to the blockchain and what some of the benefits and downstream applications of that might be.’</p>



<p>Mann noted that <a href="https://shop.tempest.earth/products/tempest?srsltid=AfmBOopQH0zIxePXZrUOrXy78qXwRVNamMLYB7ATQJDEP6ArzDh58vhT" target="_blank" rel="noopener nofollow">WeatherFlow-Tempest operates a personal private weather station network of about 80,000 stations</a> and was interested in converting their network over to the BSV blockchain.</p>



<p>‘To that end, I proposed a proof of concept test. In the next few weeks, we will be <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">gearing up to put about 1.4 million transactions on-chain per day</a> over the course of a seven-day test period, and hoping to gather a lot of metrics and look at the data and see what it might look like to scale this up to a full global massive net.’</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Putting weather on the blockchain" width="500" height="281" src="https://www.youtube.com/embed/x2e0LgxUIaA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-a-combination-of-smart-technology-and-the-bsv-blockchain">A combination of smart technology and the BSV blockchain</h2>



<p>Mann explained that these IoT devices function as mini ‘weather stations’, collecting real-time data to support precise vineyard management decisions. This data is then stored on the <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">BSV blockchain, which serves as an immutable ledger</a>. The BSV blockchain&#8217;s scalability allows it to store large volumes of data from these devices while still providing quick access to critical information for the end-user.</p>



<p>‘So WeatherFlow-Tempest manufactures a really awesome personal weather station. I recommend it to anyone who owns a home or a business. There are very low costs of around $300 as a one-time cost. And the business model is really forward-thinking and innovative,’ Mann said.</p>



<p>‘Instead of charging a very high price or a monthly subscription fee and monetising the product upfront, they had a focus on keeping costs low and expanding the network as rapidly as possible and then looking at ways to monetise the data pool that they create downstream,’ he said.</p>



<h2 class="wp-block-heading" id="h-taking-the-opportunity">Taking the opportunity</h2>



<p>Mann said that he saw the opportunity after installing the systems in a nearby valley., but that there were some questions around what the station can do and what its limitations were.</p>



<p>‘I found that the standard dashboard that Tempest offers was not exactly tailored towards an agricultural purpose. So I started looking at ways to develop my own post-processing platform to be able to take the data that the Tempest weather station is providing and add value there,’ he said.</p>



<p>This includes tracking frost risk and frost mitigation, he said. ‘So early on in the season, there&#8217;s a big risk to Vines in Virginia in the early spring. It can get quite cold after the buds wake up or break. And so being able to provide the farmers with a little bit more insight into what the actual conditions are going to be in their vineyard is super valuable.’</p>



<p>Mann said that using the BSV blockchain as a basis, it is possible to take all of the weather data for the season and compress it down to a single-page consumer-facing PDF that can be accessed by scanning a QR code.</p>


Putting weather on the blockchain


<p><a href="https://medium.com/@w.zhang/verifiable-ai-on-bitcoin-fccb66eeee71" target="_blank" rel="noopener nofollow">Leading experts at nChain </a>have identified and successfully tested ways in which the output of an AI system can be verified using a blockchain. This can ensure the model operates according to its specifications, is free of critical bugs, and adheres to ethical standards such as fairness, transparency, and safety, all without revealing proprietary information about the system – a major step in bringing trust and accountability to AI.</p>



<p><a href="https://nchain.com/" target="_blank" rel="noopener">nChain is a leading global blockchain technology company</a>, offering software solutions, consulting services and IP licensing for clients in various industries looking to benefit from the security, transparency, and scalability of the blockchain.</p>



<p>Founded in 2015, with offices in Lichtenstein, Switzerland, the UK and Slovenia, nChain employs more than 260 staff and has a patent portfolio of over 3,900 patents and applications, of which over 1,090 have been granted. nChain is the developer of the BSV Node software, Teranode and more.</p>



<h2 class="wp-block-heading" id="h-demonstrating-a-verifiable-ai">Demonstrating a verifiable AI</h2>



<p>nChain successfully demonstrated verifiable AI inference (processing queries) showing the relevant transactions on the BSV blockchain. The transactions can be found on the main net with the corresponding generation code on GitHub.</p>



<p>While this is a relatively new research area, and something nChain only recently started exploring, after having successfully implemented verifiable computation on the BSV blockchain the team challenged themselves to see if it could also apply this to machine learning.</p>



<p>&#8216;Training is computation. Inference is computation. If you can do verifiable computation, then you can do verifiable training or verifiable inference,&#8217; says <a href="https://www.linkedin.com/in/hamid-attar/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Dr Hamid Attar (Lead AI Researcher at nChain).</a></p>



<p>The team trained a simple neural network on the MNIST dataset of images of hand-written digits. The model was then run on an input image, such as one provided by a user, and produced an output predicting which digit the input image represents.</p>



<p>A cryptographic proof was generated to verify the output was indeed produced by running the model on the specified image while hiding all the information about the model. The proof was subsequently used to claim a small amount of BSV from the blockchain – in this case from the user. Here, the BSV blockchain not only provides a decentralised independent verification platform but also facilitates micropayment between a user and an AI model.</p>



<p>With verifiable computation approach, nChain can prove cryptographically that an AI model is trained on the claim dataset. For example, it can be proven that a generative AI model is trained on a dataset that is known to have no bias.</p>



<p>More importantly, AI developers can prove that they did not tamper with the training dataset to train an AI model for malicious intentions. nChain can also prove that an output of an AI mode is obtained by running the specified AI model on the given input. For example, a piece of artwork can have a proof showing that it is generated by an AI model on a given prompt,&nbsp;or as a paid user you can be sure that you are getting answers from ChatGPT4 and not from the free versions.</p>



<p>The relevant transactions on the BSV mainnet and the code that generates them can be found on the <a href="https://github.com/nchain-innovation/zkscript_package" target="_blank" rel="noopener nofollow">zkScript GitHub repo.</a></p>



<p></p>


nChain announces first implementation of verifiable AI on BSV blockchain


<p>As artificial intelligence continues to grow in popularity, the focus has increasingly turned to data privacy and accountability. Using AI tools to appear as a different person allows bad actors to target both corporations and individuals in their own homes. This means that protecting your data in a truly secure manner is now more important than ever.</p>



<p><a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">The BSV blockchain offers a secure and transparent platform for safeguarding data</a>. It combines the immutability of blockchain technology with tools that ensure privacy while allowing data to be shared responsibly.</p>



<h2 class="wp-block-heading" id="h-storing-your-data-on-the-bsv-blockchain">Storing your data on the BSV blockchain</h2>



<p>The first step in ensuring data privacy is clearly defining what data is being collected. When an individual interacts with a system built on the BSV blockchain, it is essential to identify the type of data involved. This can be:</p>



<ul>
<li><strong>Personal Identifiable Information (PII):</strong> This includes names, addresses, emails, phone numbers, social security numbers, and other identifiers that link directly to an individual.</li>



<li><strong>Transaction Data:</strong> Information about transactions made on the blockchain, such as purchase history, timestamps, and metadata.</li>



<li><strong>Behavioural Data:</strong> Patterns such as website visits, user preferences, and online behaviour.</li>
</ul>



<p>Each of these data types requires different levels of protection. For example, PII demands stricter security measures and privacy considerations compared to transaction data, which may already be encrypted on the blockchain.</p>



<p><a href="https://www.bsvblockchain.org/news/a-holistic-overview-of-blockchain-ledgers" target="_blank" rel="noopener">The BSV blockchain is designed to record all interactions in an immutable ledger</a>. Each action, whether it&#8217;s a transaction or a data entry, is traceable and cannot be altered. This transparency ensures that no unauthorised changes can be made after data is written, giving individuals confidence in the integrity of their information. However, this also means that it is critical to clearly define what data is being added to the blockchain since once it is there, it is permanent.</p>



<p>To maintain data privacy, sensitive information should either be stored off-chain (in private databases or encrypted files) or encrypted before being added to the blockchain. This prevents exposing sensitive details to unauthorised parties while benefiting from the transparency and security of the blockchain.</p>



<h2 class="wp-block-heading" id="h-how-data-is-used">How data is used</h2>



<p>Once the data is collected, it is essential to communicate how it will be used. On the BSV blockchain, data can be used in various ways, including:</p>



<p>Verification of Transactions: Data can be used to verify transactions between parties, ensuring that all participants uphold their end of an agreement.</p>



<ul>
<li><strong>Identity Management:</strong> Blockchain technology enables identity management, where users control their data while allowing third parties to verify their identity without exposing sensitive information.</li>
</ul>



<ul>
<li><strong>Audit Trails:</strong> Because blockchain records every transaction, it can serve as a secure audit trail for compliance and regulatory purposes.</li>
</ul>



<ul>
<li><strong>Smart Contracts: </strong><a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">These self-executing contracts use the data stored on the blockchain</a> to trigger actions automatically when certain conditions are met.</li>
</ul>



<p>In all of these cases, the key to maintaining privacy lies in using encrypted data and hashes. A hash is a unique identifier created from the original data that allows others to verify its authenticity without revealing the actual content.</p>



<p>Controlling who has access to data is a cornerstone of data privacy. On the BSV blockchain, access to data can be managed through permissioned access or public/private key cryptography:</p>



<ul>
<li><strong>Public Access: </strong>In some cases, certain non-sensitive data may be made public to enhance transparency, such as public ledgers for applications.</li>
</ul>



<ul>
<li><strong>Private Access:</strong> For sensitive data, private keys are required to decrypt and access the information. Only individuals or parties with the correct private keys can view the data, while the rest of the network sees only an encrypted or hashed version.</li>
</ul>



<p>Furthermore, the BSV blockchain supports Role-Based Access Control (RBAC) mechanisms, allowing administrators to assign different access levels based on roles. This is essential in enterprise applications where only specific employees or entities should have access to sensitive data.</p>



<p>By using these cryptographic measures and smart contract logic, BSV ensures that data is only accessible to those who are authorised to view it.</p>



<p>You can learn more about<a href="https://docs.bsvblockchain.org/protocol/privacy/privacy-in-public-blockchain" target="_blank" rel="noopener"> privacy on the BSV blockchain here.</a></p>


How to ensure data transparency with the BSV blockchain


<p><a href="https://www.linkedin.com/in/dr-catherine-lephoto-4589a21a/?originalSubdomain=za" target="_blank" rel="noopener nofollow">Catherine Lephoto (Executive Director of Global Partnerships at VXTechnologies and BSV Ambassador) </a>recently organised a series of blockchain and VR workshops in Lesotho and South Africa.</p>



<p>The workshops, which were sponsored by Finnovant, focused primarily on education and how these emerging technologies can be used to address core socio-economic issues in the two countries.</p>



<p>‘I am a strong believer that blockchain adoption in Africa has to start with education. I am always posting about this matter on all my social media platforms,’ she said. My work for VX Technologies is centred around <a href="https://www.bsvblockchain.org/news/bsv-academy-taking-the-lead-on-blockchain-education" target="_blank" rel="noopener">bringing blockchain records for education and professional credentials to the African continent</a>.</p>



<p>‘To this end, I interact a lot with regulators and decision-makers in governments within the ministries of education in various countries. I believe it is my incessant promotion of the transformative power of blockchain technology and its potential in solving Africa&#8217;s myriad social problems that caught the attention of the leadership of the US company, Finnovant, as they had a similar focus on the continent of Africa.’</p>



<p>The workshops were held at three different colleges:</p>



<ul>
<li>The Ekurhuleni East TVET College in Springs (South Africa)</li>



<li>Ekurhuleni West TVET College in Boksburg (South Africa)</li>



<li>The 119-year-old Lerotholi Polytechnic Institute in Maseru (Lesotho).</li>
</ul>



<p>Lephoto noted that the workshops were a success for several reasons, including:</p>



<ul>
<li>The team interacted with final-year students, highlighting potential opportunities in the emerging world of work, particularly in Web3-related industries.</li>



<li>They demonstrated how technology is rapidly transforming the development and delivery of education.</li>



<li>They showcased how smartphones, rather than laptops or computers, can be effectively used for delivering educational content.</li>



<li>The power of Virtual Reality and gamification in teaching technical subjects, such as HVACR, was emphasised.</li>



<li>The students were introduced to new business models made possible by Web3 technologies.</li>



<li>For many students, it was their first exposure to blockchain technology.</li>



<li>Some students, particularly from Lerotholi Polytechnic, had already begun developing their own apps prior to the team&#8217;s visit.</li>



<li>The interaction with Finnovant executives opened opportunities for these students to collaborate with developers from more advanced economies, a transformative experience for young people from underdeveloped regions like Lesotho.</li>
</ul>



<h2 class="wp-block-heading" id="h-promotion-at-a-national-level">Promotion at a national level</h2>



<p>Lephoto said that the workshops were so successful because of the buy-in of the leadership at South Africa’s Department of Higher Education and Training (DHET).</p>



<p>‘I have been working with the DHET for many months now showing them the benefits and potential power of blockchain technology and how it can help the country make a dent in the stubborn high graduate youth unemployment plaguing not just the Republic of South Africa but also the Kingdom of Lesotho and the rest of the region.</p>



<p>‘I was grateful to be invited as a guest speaker to the National Examinations and Assessment Lekgotla organised by the DHET at The Lakes Hotel and Conference Centre in Benoni from 15 &#8211; 17 April 2024.</p>



<p>‘This made it possible for me to address the leadership of all the TVET and CET colleges across South Africa about the impact of blockchain technology and how it is transforming lives globally. More importantly, why is it crucial to move quickly to introduce this technology into the education of young college students in South Africa.’</p>



<h2 class="wp-block-heading" id="h-the-benefits-of-the-bsv-blockchain">The benefits of the BSV blockchain</h2>



<p>Lephoto said that <a href="https://www.bsvblockchain.org/news/micropayments-as-a-catalyst-for-economic-growth-in-developing-economies" target="_blank" rel="noopener">small countries like Lesotho can benefit tremendously from being introduced to and using the BSV blockchain technology</a>. ‘This is a country with students and young graduates who are hungry for knowledge and are inspired to better their lives. There is no better proof of these than the students we met who have already developed their own apps despite the extremely limited resources they have to contend with.</p>



<p>‘I think an institution like Lerotholi Polytechnic would be amenable to partnering with the BSV Academy to ensure that the content of BSV reaches more young Africans in Southern Africa,’ she said.</p>



<p>She noted that Lesotho is also a country where the government and institutional leadership is always looking for opportunities to partner with institutions that can help them guide their policy framework, especially around these new, disruptive technologies.</p>



<p>‘I believe BSV Blockchain would be well-advised not to overlook small countries like Lesotho. Sometimes small can be a competitive advantage.’</p>


Bringing blockchain education to Lesotho and South Africa


<p>Over the last few years, AI has begun to dominate conversations as enterprises grapple with how best to integrate the technology. However, it has also opened up new discussions about how existing technologies such as blockchain can best take advantage of these tools, says <a href="https://www.linkedin.com/in/stefaniabarbaglio/" target="_blank" rel="noreferrer noopener nofollow">Stefania Barbaglio (Founder of Cassiopeia and FinancialFox)</a>.</p>



<p>Speaking on the sidelines of the recent London Blockchain Conference, Barbaglio said that this includes transparency, data provenance and the ability to build models which avoid bias in AI systems. ‘We are still very early, but <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noreferrer noopener">AI can help a lot in security, identifying congestions in the blockchain system and making the overall system more efficient.</a> These two technologies are coming together and I am very excited about the convergence of them.’</p>



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<iframe loading="lazy" title="Blockchain’s role in bringing AI to the masses" width="500" height="281" src="https://www.youtube.com/embed/c01nGcmHslY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-a-convergence-of-new-technologies">A convergence of new technologies</h2>



<p>While this meeting of the two technologies is very exciting, it is still very early days which means that the industries are still relatively siloed and there is very little cross-pollination of ideas, said Barbaglio.</p>



<p>So historically you are seeing a lot of Venture Capitalists (VCs) investing in AI or crypto. What is happening right now is that VCs are starting to actually take positions at the convergence of AI and blockchain.&nbsp;</p>



<p>‘One aspect which I think is very interesting is AI crypto tokens.<a href="https://www.bsvblockchain.org/news/establishing-trust-in-ai-through-blockchain" target="_blank" rel="noreferrer noopener"> This raises questions about how we can create incentive mechanisms </a>to build better large language learning models. Where you are a node or player that can input data and you are incentivised to add (good) data to the model and rewarded for it.’&nbsp;</p>



<p>However, Barbaglio also cautioned that the sector is likely to face challenges. One of the biggest obstacles facing this convergence is clear regulation, she said. ‘We still don’t have clear regulations around <a href="https://www.bsvblockchain.org/news/regulations-in-the-blockchain-space-friend-or-foe" target="_blank" rel="noreferrer noopener">AI and blockchain regulation is coming along but is still quite fragmented</a>.’</p>



<p>Another factor to consider is infrastructure and power draw. Barbaglio noted that blockchain technology and LLMs will require significant infrastructure developments and will lead to increased power usage, meaning further advancements around renewable energies will be necessary.&nbsp;</p>



<h2 class="wp-block-heading" id="h-education-is-key">Education is key&nbsp;</h2>



<p>Outside of these key issues, Barbaglio said that by far the biggest factor is educating the right people about the possibilities of these emerging technologies. ‘What the government can do to help with the development of blockchain and AI space is education. Government and policymakers still need to be educated &#8211; and the best way to do this is to try them.&#8217;</p>



<p>‘London has always been the financial hub so why are we falling behind blockchain and AI? It’s because we are not setting up the right environment to attract talent to allow these companies and set up their offices in the UK. If we are hostile then the talent is going somewhere else.’&nbsp;</p>



<h2 class="wp-block-heading" id="h-blockchain-the-missing-link">Blockchain &#8211; The missing link&nbsp;</h2>



<p>Enterprises have been digitising for some 30 years — but <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noreferrer noopener">artificial intelligence (AI)</a> takes transformation to the next level. It is no wonder why: AI enables businesses to reach their potential at last. With such rapid and dramatic change comes uncertainty, however.</p>



<p>How can you be sure that your digital technologies are working together as they should? How do you know that the results provided are based on reliable data and that your data and devices are tamper-free? The answer, for a growing number of enterprises: blockchain.</p>



<p>This was one of the key findings of a new report by the BSV Association focusing on the role of blockchain in safeguarding data and streamlining transactions. The report highlights how blockchain technology opens a window on trust.&nbsp;</p>



<p>Using it, enterprises can see clearly where data originates, where it has travelled, and how it has changed along the way. Blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should.</p>



<p><a href="https://resources.bsvblockchain.org/hubfs/BSV%20report/BSV%20blockchain%20digital%20transformation%20-%20The%20Role%20of%20Blockchain%20in%20Safeguarding%20Data%20and%20Streamlining%20Transactions.pdf" target="_blank" rel="noreferrer noopener nofollow"><strong>Report: Navigating Digital Transformation: Building Trust in an Automated World The Role of Blockchain in Safeguarding Data and Streamlining Transactions</strong></a></p>


Blockchain’s role in bringing AI to the masses


<p>Think of the BSV blockchain as a giant, secure ledger where anyone can record and verify transactions. It’s incredibly reliable, but if everyone tries to store everything directly on this ledger—like images, documents, or other types of data—retrieving that information efficiently becomes a challenge. The problem isn’t with the space available on the blockchain; it’s with finding and retrieving the specific data you need among all the stored information. That’s where <a href="https://bsvblockchain.org/news/overlay-services-now-available-in-public-beta-on-the-bsv-blockchain" target="_blank" rel="noreferrer noopener">Overlay Services</a> come in, offering a smarter way to manage data and transactions.&nbsp;</p>



<h2 class="wp-block-heading" id="h-why-not-just-put-everything-on-the-blockchain">Why Not Just Put Everything on the Blockchain?</h2>



<p>Let’s say you want to create a digital token, and you decide to store an image directly on the blockchain as part of that token. While this might sound like a good idea because the data is &#8220;on-chain,&#8221; it actually creates some big problems:&nbsp;</p>



<p><p style="padding-left: 50px;"><strong>Limited Flexibility:</strong> Once the image is on the blockchain, you can’t easily update it, delete it, or control who sees it. It’s like writing in permanent ink—you’re stuck with what you wrote.&nbsp;</p></p>



<p class="has-text-align-left"><p style="padding-left: 50px;"><strong>Inefficient Retrieval:</strong> Storing data on the blockchain means that finding and retrieving it can become a bottleneck, especially as the number of transactions grows. The mining nodes (the ones who validate transactions and maintain the blockchain) aren’t incentivised to serve you this data efficiently when there’s so much to sort through.&nbsp;</p></p>



<p><p style="padding-left: 50px;"><strong>Not Truly Uncensorable:</strong> Even though the data is on the blockchain, it’s not impossible for nodes to prune or delete it, which means it’s not as uncensorable as you might think.&nbsp;</p></p>



<h2 class="wp-block-heading">So, What’s the Better Way?</h2>



<p>Overlay Services provide a solution that combines the strengths of the blockchain with the flexibility of traditional data storage. Instead of storing everything on the blockchain, you store your data off-chain, like on a regular server or a Content Delivery Network (CDN). You then use the blockchain to store a &#8220;digital fingerprint&#8221; (a hash) of that data. This hash proves that the data hasn’t been tampered with and records when it was created.&nbsp;</p>



<h2 class="wp-block-heading">Private use of a public blockchain: the power of dedicated business environments</h2>



<p>One of the key advantages of using Overlay Services is that businesses can apply their own custom logic in high-performance systems while tightly coupling those activities to the blockchain for timestamping and data integrity. This enables private or permissioned uses of a public blockchain—a powerful capability that allows businesses to manage their own operations privately while ensuring the integrity of key data through the public blockchain.&nbsp;</p>



<p>These dedicated business environments allow businesses to operate in a private environment, optimising their data management off-chain while using the BSV blockchain to verify the integrity of transactions and data. This allows companies to benefit from the security and transparency of the blockchain without needing to rely on it as a database for everything. They can track private activity, handle updates, and maintain flexibility in their own systems, while still using the public blockchain for auditable, immutable records.&nbsp;</p>



<h2 class="wp-block-heading">How Overlay Services work: the best of both worlds</h2>



<p>With Overlay Services, you get the best of both worlds:&nbsp;</p>



<p><p style="padding-left: 50px;"><strong>Efficiency:</strong> You can easily update, manage, and control your data without worrying about the limitations of on-chain storage.&nbsp;</p></p>



<p><p style="padding-left: 50px;"><strong>Security:</strong> The blockchain still ensures the integrity and authenticity of your data through that digital fingerprint.&nbsp;</p></p>



<p><p style="padding-left: 50px;"><strong>Flexibility:</strong> You can access and share your data directly with others using peer-to-peer connections, bypassing the need for nodes to serve the data.&nbsp;</p></p>



<h3 class="wp-block-heading">Overlay Service components: making it all work&nbsp;</h3>



<p>Overlay services are a key part of the BSV Blockchain technical stack, and it includes several important components that help everything run smoothly:&nbsp;</p>



<p><p style="padding-left: 50px;"><strong>Transaction Store:</strong> This is where incoming and outgoing transactions are handled. It keeps track of the transactions being processed and those waiting to be added to the blockchain.&nbsp;</p></p>



<p><p style="padding-left: 50px;"><strong>Merkle Proof Client and Merkle Service:</strong> These tools check incoming Merkle path data envelopes to perform <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noreferrer noopener">SPV checks</a> on a transaction&#8217;s inputs. They also synchronize with the Merkle service to obtain any missing proofs and populate the necessary interior node values for each spendable transaction output (STO) being committed to an outgoing transaction for the next recipients.&nbsp;</p></p>



<p><p style="padding-left: 50px;"><strong>Spendable Transaction Output (STO) Lookup:</strong> This feature checks what outputs are available for spending as inputs. It also creates the necessary unlock scripts using the relevant key pair to make sure these outputs can be spent.&nbsp;</p></p>



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<iframe loading="lazy" title="Exploring the Significance of Overlay Lookup Services | Overlay Services" width="500" height="281" src="https://www.youtube.com/embed/GgK-b-XVyrc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<p><p style="padding-left: 50px;"><strong>Asset Store:</strong> The overlay may also have data payloads associated with particular STOs. This allows you to manage assets efficiently while keeping track of their integrity via the blockchain.&nbsp;</p></p>



<p>Overlay Services achieve consistency by synchronizing via block headers and Merkle proofs, ensuring that they have an accurate view of the blockchain without needing to solve all the problems the original BSV blockchain addressed.&nbsp;</p>



<h2 class="wp-block-heading">Why Overlay Services are the smarter choice</h2>



<p>Overlay Services allow businesses and developers to create powerful, scalable applications on the BSV blockchain without the inefficiencies of retrieving data directly from the blockchain. It’s like using the blockchain for what it does best—security and integrity—while keeping your data management flexible and cost-effective.&nbsp;</p>



<p>Moreover, Overlay Services enable private use of a public blockchain. Businesses can maintain control over their own environments while anchoring critical activities to the blockchain for public auditability. This combination of private data management and public blockchain verification allows businesses to operate securely, flexibly, and efficiently, ensuring that data integrity and privacy are both prioritised.&nbsp;</p>



<p>In short, Overlay Services make it possible to build smarter, more efficient applications that leverage the power of the BSV blockchain without getting bogged down by blockchain’s limitations. They offer the best of both worlds: the robust security of the blockchain and the flexibility to manage your data in the most efficient way possible. </p>



<h2 class="wp-block-heading">Learn more about Overlay Services&nbsp;</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://resources.bsvblockchain.org/bsv-overlay-services">Request more information about BSV Blockchain’s Overlay services.</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases">BSV Blockchain Overlay Services – Enterprise use cases</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives">Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation">Exploring the significance of Overlay Lookup Services&nbsp; &#8211; BSV Blockchain official open-source Overlay Services reference implementation</a>&nbsp;</h3>


ELI 5: Overlay Services on the BSV blockchain


<p>Bringing the 1.4 billion people globally without access to banking into the financial system is a key focus for governments worldwide. This initiative not only promotes economic growth at a national level but also fosters the economic empowerment of marginalised communities by creating stable conditions for them to prosper.</p>



<p>Countries in the Gulf Cooperation Council (GCC)—Saudi Arabia, Qatar, the UAE, Bahrain, Oman, and Kuwait—are now prioritising financial inclusion as a central element of their economic strategies, the<a href="https://www.weforum.org/agenda/2024/09/microfinance-is-empowering-underserved-communities-in-the-gcc/" target="_blank" rel="noopener nofollow"> World Economic Forum </a>reports.</p>



<p><a href="https://www.bsvblockchain.org/news/micropayments-for-crowdsourced-funding-of-public-projects" target="_blank" rel="noopener">Microfinance, a crucial tool in this effort, provides individuals and small businesses who lack access to traditional banking with opportunities to engage with comprehensive financial services</a>. This applies to a diverse group, including young entrepreneurs, students, and low-income communities.</p>



<p>By reducing barriers to entry, these financial services—such as loans, credit, savings accounts, financial education, and remittance options—empower people to enhance their financial stability and improve their overall economic prospects.</p>



<h2 class="wp-block-heading" id="h-adopting-new-technologies-is-essential">Adopting new technologies is essential</h2>



<p>However, for this microfinance push to be successful, countries need stronger infrastructure to support their nascent fintech companies and promote digitalisation in the financial sector, the WEF said.</p>



<p>Providers themselves will also need to embrace <a href="https://www.bsvblockchain.org/news/timechain-labs-on-the-future-of-finance" target="_blank" rel="noopener">emerging technologies like Artificial Intelligence (AI), blockchain and data analytics to improve their customer experience, attract more users and ultimately drive widespread adoption</a>, the group said.</p>



<p>Micropayments can be applied in the public sector to implement pay-per-use models in several key ways. However, not every payment system is capable of micropayments and almost none are capable of offering micropayments at a government or enterprise level.&nbsp;</p>



<p>The <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">BSV blockchain, with fees as low as $0.0001</a>, offers a cost-effective and efficient solution for processing micropayments, unlocking new opportunities for businesses.&nbsp;</p>



<p>It serves as a real-time financial and data commodity ledger, allowing service providers to focus on their customers and removing the need for payment gateways, shopping carts, and slow transaction processing. This technology enables entirely different models, such as open application access with paid advanced features.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-the-future-of-microfinance">The BSV blockchain &#8211; the future of microfinance</h2>



<p>The BSV Blockchain, the Switzerland-based global non-profit industry organisation supporting the use of the BSV blockchain (BSV), is dedicated to enabling the processing of micropayments, facilitating these transactions and supporting humanitarian efforts and cause-driven initiatives. By leveraging micropayments, entities can contribute to improving global equity and making a positive impact.</p>



<p>Ultimately, the successful implementation of micropayments as a catalyst for growth in developing economies requires addressing several challenges, including infrastructure limitations, regulatory frameworks, digital literacy, and ensuring security and privacy in financial transactions.</p>



<p>Collaborative efforts between governments, financial institutions, technology providers, and other stakeholders are necessary to overcome these challenges and harness the full potential of micropayments for economic growth.</p>


The big microfinance push


<p>2024 has been an exciting year for the BSV Blockchain team, with a key highlight being the first official tests of Teranode. Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>With several large tests now having taken place <a href="https://www.linkedin.com/in/siggioskarsson/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Óskarsson (Teranode Director at BSV Blockchain)</a> recently sat down with <a href="https://coingeek.com/what-is-going-on-with-teranode-video/" target="_blank" rel="noopener">&nbsp;the team at CoinGeek </a>to discuss the progress made on the project so far and what to expect heading into 2025.&nbsp;</p>



<p>You can watch the full interview below:</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="CoinGeek Weekly Livestream with Kurt Wuckert Jr. &amp; Siggi Óskarsson | Ep 34 | S4" width="500" height="281" src="https://www.youtube.com/embed/2GtqPnrjUB0?start=2&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h2 class="wp-block-heading" id="h-the-road-so-far-testing-partnerships-and-hard-work">The road so far &#8211; Testing, partnerships and hard work</h2>



<p><a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future.</p>



<p>Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode testing was subsequently extended and sustained testing on a Proof of Concept implementation began at the end of February 2024, with a full release planned for the first half of 2025.</p>



<p>This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">two tests were completed</a>. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network. ‘This was a proof of concept. So it didn’t do everything that a node should do, but we proved without a doubt that a million transactions per second on a UTXO-based blockchain is possible,’ he said.</p>



<p>As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<p>‘To make a long story short, the last couple of months have been a little bit painful because we solved the problem before May (2024) and now we just need to fill in all the blanks. This is effectively the 80/20 rule. We are now doing the 20% task which takes 80% of the time and 99% of the pain,’ he joked.&nbsp;</p>



<p>Óskarsson said that this process had been greatly helped by several key partnerships. He noted that throughout the testing process, the Teranode team has used research from nChain and <a href="https://www.bsvblockchain.org/events/aerospike-paris-summit-2024" target="_blank" rel="noreferrer noopener">has been working with Aerospike to help with UTXO storage which can scale much more than it is doing so right now</a>. Much of the testing has also been done in collaboration with AWS.</p>



<h2 class="wp-block-heading" id="h-looking-forward-to-the-next-six-months">Looking forward to the next six months</h2>



<p>Looking forward, Óskarsson again reiterated that he and his team are currently following the 80/20 rule. ‘There is going to be a lot of quality work, we are doing lots of testing, including end-to-end testing and integration testing. We then have to iron out all of the issues that we find.’</p>



<p>He added that Q4 2024 will hopefully see mining commence on the network while Q1 2025 will focus on wrapping up the project, cleaning up documentation and finalising efforts. ‘It is planned to launch in Q1 2025 and we also have <a href="https://www.bsvblockchain.org/news/teranode-and-sv-node-understanding-bsv-new-node-software" target="_blank" rel="noopener">SV Node alongside it which is capable of doing tens of thousands of transactions</a>,’ he said.</p>



<p>‘We plan on running Teranode next to SV Node for the rest of 2025. So we are not planning on sunsetting it quickly because we want to make sure that everything is ok,’ he said. Running Teranode and SV Node concurrently is intended to ensure a smooth transition to the new infrastructure while maintaining network stability. Operating both systems side by side allows the BSV blockchain to continue supporting existing applications and services without interruption.</p>



<p>This dual setup provides developers and node operators with the opportunity to gradually adjust to the new architecture, testing and validating their configurations in a live environment. Moreover, running both nodes helps detect and resolve any compatibility issues, ensuring seamless integration.&nbsp;</p>



<p>This phased approach reduces the risks associated with major updates, giving the community time to explore Teranode&#8217;s features. Ultimately, the goal is to improve network efficiency and scalability without compromising the reliability and security that define the BSV blockchain.</p>



<h2 class="wp-block-heading" id="h-looking-further-ahead">Looking further ahead</h2>



<p>Speaking even longer term, Óskarsson said that he and his team are already looking at how to get to the next million transactions after this. He noted that the team has done some preliminary maths and Teranode is horizontally scalable meaning it could do as much as six million transactions per second with the current architecture and as much as 10 million ‘at a push’.&nbsp;</p>



<p>He added that he and his team aimed to have Teranode commercially ready for a company such as Google by 2026, but that there are other factors to consider when considering corporate partners as not all engineers are familiar with Bitcoin architecture and there is a learning curve involved.</p>



<p><a href="https://www.youtube.com/watch?v=2GtqPnrjUB0&amp;t=2s" target="_blank" rel="noreferrer noopener nofollow">You can watch the full interview with CoinGeek here</a>.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-the-bsv-node-software-roadmap">Learn more about the BSV node software roadmap:</h2>



<ul class="wp-block-list">
<li><a href="https://www.bsvblockchain.org/news/teranode-svnode-teranode-joining-the-network-faq" target="_blank" rel="noopener">Teranode / SV Node – Teranode Joining the Network FAQ</a></li>



<li><a href="https://www.bsvblockchain.org/news/teranode-and-sv-node-understanding-bsv-new-node-software" target="_blank" rel="noopener">Teranode and SV Node: Understanding BSV’s new node software</a></li>



<li>Parallel evolution: Teranode and SV Node paving the way for blockchain’s future</li>
</ul>


What’s next for Teranode


<p>AI technologies expand an organisation&#8217;s attack surface, bringing new risks like training data poisoning and prompt injection. They also create new opportunities for existing threats, such as the potential for large-scale data leaks due to the vast size of training and testing databases, warn experts writing for the <a href="https://www.weforum.org/agenda/2024/09/why-the-new-ai-imperative-is-balancing-innovation-and-security/" target="_blank" rel="noopener nofollow">World Economic Forum.</a></p>



<p>The group noted that assessing AI-related cyber risks requires going beyond the traditional cybersecurity pillars of confidentiality, integrity, and availability. It may also be necessary to evaluate aspects like the reliability of model outputs and the explainability of AI decisions.</p>



<p>‘There is already an understanding in the business community of the types of harm that can result from cyberattacks, such as physical, financial or reputational damage,’ it said. ‘AI does not necessarily introduce new types of harm to an organisation compared to existing cyber-harm taxonomies, but instead amplifies them, increasing the likelihood and/or severity of these existing harms.’</p>



<p>Making informed, risk-based decisions about AI adoption requires a clear understanding of its benefits versus potential harms, the group said. ‘Currently, there is a lack of clarity around AI&#8217;s true benefits, with use cases still developing and often driven by evangelism, complicating accurate cost-benefit analysis.’</p>



<h2 class="wp-block-heading" id="h-the-necessity-of-blockchain">The necessity of blockchain</h2>



<p>One of the main reasons blockchain complements AI so well is due to its built-in <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">transparency and immutability</a>. These features allow AI algorithms to securely access and exchange data without the need for intermediaries, ensuring both data integrity and transparency throughout the process. This significantly reduces the risk of data manipulation or tampering, which is crucial for AI applications that depend on maintaining data integrity.</p>



<p>By providing a verifiable and auditable record of data transactions and model outputs, blockchain enhances the reliability of AI systems. Since AI relies heavily on large datasets for training, blockchain enables secure and transparent data exchanges among individuals, organisations, and devices within the Internet of Things (IoT) ecosystem.</p>



<p>Blockchain also ensures data provenance can be tracked from its origin to its use, promoting accountability and enabling stakeholders to verify the authenticity and quality of the data powering AI models.</p>



<h2 class="wp-block-heading" id="h-build-your-ai-on-the-bsv-blockchain">Build your AI on the BSV blockchain</h2>



<p>While AI and blockchain may not be the solution for every application, even tracking the decision-making processes of <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">highly complex AI models would require a scalability level that is only possible on the BSV blockchain.</a></p>



<p>BSV blockchain’s scalability is a crucial factor when considering its compatibility with AI. AI algorithms often demand significant computational resources and generate vast amounts of data during training and inference processes.</p>



<p>The BSV blockchain’s large block size and high transaction throughput enable it to handle the immense volume of data transactions that AI systems require, ensuring smooth and uninterrupted operation even under heavy workloads.</p>



<p>Moreover, BSV’s stability and immutability make it an ideal platform for ensuring the integrity and security of AI-related data and transactions.</p>


An AI warning – and how blockchain can help

Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives 


<p><em>New partnership strengthens compliance and security for BSV Projects and Ventures</em></p>



<p><strong>Geneva, Switzerland; 25 September 2024: </strong><a href="https://association.bsvblockchain.org/" target="_blank" rel="noopener">BSV Association</a> and <a href="https://globalledger.io/" target="_blank" rel="noopener nofollow">Global Ledger</a> are pleased to announce their collaboration to bring full support and AML Solutions for the BSV network and community. As a new service provider of BSV, GL will provide the tools and on-chain analytics to ensure the security and compliant growth of BSV blockchain projects and ventures. The collaboration focuses on enhancing blockchain security, compliance, and project growth for the BSV ecosystem.</p>



<p>This partnership is a significant step toward enhancing not only compliance and security but also the growth of projects within the BSV blockchain ecosystem. The collaboration aims to deliver full support and AML solutions fully tailored to the needs of the BSV blockchain, providing BSV projects with the tools they need to meet regulatory standards, mitigate risks, and promote development.</p>



<p>Global Ledger will introduce the first-ever AML solution that fully covers the BSV blockchain. It includes:</p>



<ul class="wp-block-list">
<li><strong>GL Vision </strong>visualisation tool for unlimited tracing, finding hidden connections between addresses, and detecting mixing patterns.</li>
</ul>



<ul class="wp-block-list">
<li><strong>GL Monitoring </strong>for real-time transaction monitoring<strong> </strong>to detect and mitigate risks related to money laundering, fraud, and other illicit activities.</li>
</ul>



<ul class="wp-block-list">
<li><a href="https://globalledger.io/one-page-complete-picture-discover-entities-with-gl-entity-explorer/" target="_blank" rel="noopener nofollow"><strong>Entity Explorer</strong></a> with comprehensive information about entities, including ownership details, licences, services, jurisdictional limitations, and more.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Risk assessment tools </strong>for identifying potential threats within the BSV blockchain ecosystem.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Counterparty risk reports</strong> to help BSV projects assess their exposure to risky entities and reduce potential threats.</li>
</ul>



<p>Both companies are registered in Switzerland, a pioneering regulatory power in Europe. This gives each global organisation the advocate for the growth and adoption of the BSV blockchain.</p>



<p>GL’s goal aligns with the Association’s mission to create a secure and compliant blockchain environment that fosters innovation while complying with regulatory standards.</p>



<p><em>“GL is proud to deliver the full support and AML solutions that provide full coverage for the BSV blockchain. Our counterparty risk reports will help BSV projects assess and mitigate exposure to risky entities, ensuring compliance at every step,” </em><a href="https://www.linkedin.com/in/alexfisun/" target="_blank" rel="noopener nofollow"><em>Lex Fisun</em></a><em>, CEO of Global Ledger, said.</em></p>



<p>Lex Fisun will be speaking at the <a href="https://eblockchainconvention.com/european-blockchain-convention-10/" target="_blank" rel="noopener nofollow">European Blockchain Convention</a> in Barcelona on September 25th and 26th. He will deliver a keynote on <em>Terrorist Financing: The Role of Crypto and DeFi</em> and participate in a panel discussion titled <em>CBDCs: The Elephant in the Room</em>.</p>



<p><em>“Both organisations are Swiss-registered, allowing us to work within one of the most respected regulatory frameworks in the world, following the high standards </em><a href="https://www.finma.ch/en/" target="_blank" rel="noopener nofollow"><em>FINMA</em></a><em> sets. Global Ledger’s expertise in compliance will be invaluable in helping BSV projects meet regulatory requirements,” </em><a href="https://www.linkedin.com/in/martincoxall/" target="_blank" rel="noopener nofollow"><em>Martin Coxall</em></a><em>, BSV Association’s Growth Director, stated.</em></p>



<p>Global Ledger&#8217;s tools will help BSV projects navigate licensing obligations, and regulatory requirements, exchange listings and implement security measures that promote long-term growth and development.</p>



<p>The collaboration also implies the further enhancement of the security protocols for <a href="https://globalledger.io/asset-recovery/" target="_blank" rel="noopener nofollow">digital asset recovery</a> (DAR).</p>



<p><strong>About Global Ledger</strong></p>



<p>Global Ledger offers blockchain forensic services to aid governmental organisations, financial institutions, fintech companies, and crypto startups in meeting AML compliance requirements for crypto transactions.</p>



<p><strong>About BSV Association</strong></p>



<p>The BSV Association is a global organisation based in Switzerland. It is focused on enhancing the adoption and development of the BSV blockchain. The association oversees the creation of tech standards and helps governments, businesses, developers, and users learn how to build a worldwide blockchain ecosystem.</p>


Global Ledger partners with BSV Association to Bring Full Support and Coverage with AML Solutions and Integration for the BSV blockchain


<p>In March 2024, BSV Blockchain <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-arc-v1" target="_blank" rel="noopener">announced that ARC v1 was production-ready.</a> ARC is a transaction processing service which validates and stores your transactions before broadcasting them over the P2P network.</p>



<p><a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC was first developed in January 2023 as a proof of concept</a>. It subsequently launched in public beta back in September 2023 and has gone through significant testing both in terms of developer experience, and production scaling and stability.</p>



<p>BSV Blockchain, as the open-source body of the BSV ecosystem, provides business requirements, open-source guidelines &amp; contributions while ensuring a neutral foundation for the open-source contribution from the ecosystem. While the service is overseen by BSV Blockchain, its development is thanks to the open-source contribution of several key partners &#8211; including Handcash and TAAL. The technical skills and specialisations offered by these partners <a href="https://www.bsvblockchain.org/news/unravelling-blockchain-governance-the-bsva-approach-to-network-stewardship" target="_blank" rel="noopener">highlight BSV blockchain’s open-source nature and an improved push towards increased governance, transparent guidelines and a business-friendly environment</a>.</p>



<p>BSV Blockchain recently sat down with <a href="https://www.linkedin.com/in/rafa-jim%C3%A9nez-3b46798a/?originalSubdomain=es" target="_blank" rel="noopener nofollow">Rafa Jimenez (Chief Technical Officer and Co-Founder of HandCash</a>) and <a href="https://www.linkedin.com/in/michael-boeckli/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Michael Boeckli (Tech Lead at TAAL)</a> to discuss their contributions and the importance of ARC.</p>



<p>This interview has been truncated for length and editorial purposes.</p>



<h2 class="wp-block-heading" id="h-what-is-arc-and-what-does-it-mean-for-the-bsv-blockchain">What is ARC and what does it mean for the BSV blockchain?</h2>



<p><strong>RJ (Rafa Jimenez): </strong><em>ARC is a service that allows wallets to broadcast transactions to the BSV network. The most interesting difference with other broadcasting methods is that they provide granular transaction status feedback.</em></p>



<p><em>What does it mean? Imagine your kids are going to school, but you can only receive updates about them when they leave the house and when they arrive at school. It would be great and desirable to receive more updates along their journey. In particular, if something unexpected happens.</em></p>



<p><em>With traditional methods, such as using the same P2P network as miners, broadcasting a transaction yields only two types of feedback: either the transaction is immediately rejected, or it&#8217;s accepted by the miner who will attempt to include it in a block.</em></p>



<p><em>Unfortunately, this feedback is not enough. In some edge cases, the fact that the miner picked up the transaction in the first place does not mean that it will be included in the next block (or even a block at all). For example, the transaction could not be propagated correctly among the network leaving the door open for double-spend attempts.</em></p>



<p><em>Consequently, there was a need for a service that provided more comprehensive feedback about transaction status and notifications. ARC is the service that fills this gap.</em></p>



<p><em>This new feedback about the transaction status for unconfirmed transactions allows wallets and services to assess risk more effectively.</em></p>



<p><strong>MB</strong>: <em>ARC is supposed to supersede mAPI as the main transaction processor of the BSV blockchain. ARC has additional features as well as improved scalability and performance compared to mAPI. Also it is going to be compatible with the next generation BSV node implementation Teranode. For more information about ARC’s features please refer to the official documentation </em><a href="https://bitcoin-sv.github.io/arc/#/" target="_blank" rel="noopener nofollow"><em>here</em></a><em>.</em></p>



<h2 class="wp-block-heading" id="h-what-contributions-did-you-and-your-team-make-to-the-arc-project">What contributions did you and your team make to the ARC project?</h2>



<p><strong>MB (Michael Boeckli):</strong> <em>ARC is a BSV Blockchain open-source component with business requirements coming from the BSV Blockchain. It was developed by TAAL engineers of the Transaction Services team with some contributions from external contractors from 4chain studio. In addition to developing the open-source version of ARC, TAAL also runs and monitors a commercial instance of ARC.</em></p>



<h3 class="wp-block-heading" id="h-jimenez-outlined-some-of-the-specific-contributions-made-by-handcash-including">Jimenez outlined some of the specific contributions made by HandCash including:&nbsp;</h3>



<ul class="wp-block-list">
<li><strong>Feedback from Real-World Market Needs:</strong> HandCash provided insights from its products like wallet, tokenisation, and developer tools, shaping ARC to meet market demands. These insights helped ARC handle complex transaction flows and a variety of edge cases effectively.</li>



<li><strong>Risk Assessment and Double-Spend Detection:</strong> HandCash pushed for improvements in detecting double-spends and ensuring transaction fee sufficiency. These enhancements were crucial in securing transactions and mitigating vulnerabilities, surpassing mAPI.</li>



<li><strong>Webhook Features: </strong>HandCash suggested more detailed webhook notifications, such as when transactions are rejected or reach key statuses. This improved feedback helped HandCash better manage transactions and enhance wallet reliability.</li>



<li><strong>Simplification and Abstraction:&nbsp;</strong>HandCash contributed to simplifying ARC&#8217;s blockchain functions, making it more accessible for developers. Recommendations included streamlining transaction validation and reducing external dependencies.</li>



<li><strong>Performance and Stability Improvements: </strong>HandCash&#8217;s reports on outages, transaction inconsistencies, and response time issues led to key infrastructure improvements.</li>



<li>These changes improved ARC&#8217;s stability and positioned it as a more robust, enterprise-grade solution.</li>



<li><strong>Wallet Development Experience and Addressing Pain Points: </strong>HandCash’s experience with Bitcoin SV helped identify challenges in transaction handling and fee management. This expertise allowed ARC to evolve into a solution that addressed key developer pain points in the BSV ecosystem.</li>



<li><strong>Collaboration and Iterative Development: </strong>HandCash’s collaboration with the ARC team fostered rapid iterative improvements through real-world feedback. This open communication ensured ARC evolved quickly, aligning with market needs and developer expectations.</li>



<li><strong>Dedicated HandCash Instance for Stability: </strong>HandCash created a dedicated ARC instance to isolate its environment, ensuring stable operations. This change improved ARC&#8217;s reliability, allowing HandCash to test without disrupting live services.</li>
</ul>



<h2 class="wp-block-heading" id="h-why-is-it-important-to-have-highly-specialised-teams-contribute-to-core-open-source-components-such-as-arc">Why is it important to have highly specialised teams contribute to core open-source components such as ARC?</h2>



<p><strong><em>MB: </em></strong><em>TAAL’s software team which has great expertise in BSV technology, TAAL is well-positioned to contribute to this open-source project. TAAL also has the means to operate ARC and therefore can iterate fast on improvements and testing.</em></p>



<p> <strong>RJ:</strong><em> The best fit always comes when combining generalists with specialists.</em> <em>The BSV Blockchain provides the generalist view of BSV Blockchain. Specialised teams are important to help with the particular details of the visions. In our case, we are the most experienced team handling Bitcoin payments. Over five years, we have processed millions of payments, using a few different software architectures and integrating with many different services and libraries.</em></p>



<h2 class="wp-block-heading" id="h-learn-more-about-arc">Learn more about ARC</h2>



<ul class="wp-block-list">
<li><a href="https://www.bsvblockchain.org/news/bsv-blockchain-association-announces-the-availability-of-arc-public-beta" target="_blank" rel="noopener">BSV Blockchain announces the availability of ARC Public Beta</a></li>



<li><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-arc-v1" target="_blank" rel="noopener">BSV Blockchain launches ARC v1</a></li>



<li><a href="https://www.bsvblockchain.org/news/understanding-arc-microservices" target="_blank" rel="noopener">Understanding ARC’s microservices</a></li>



<li><a href="https://www.bsvblockchain.org/news/making-transactions-simple-with-arc" target="_blank" rel="noopener">Making transactions simple with ARC</a></li>



<li><a href="https://www.bsvblockchain.org/news/david-case-on-why-arc-is-a-new-and-improved-way-to-broadcast" target="_blank" rel="noopener">David Case on why ARC is a new and improved way to broadcast</a><br></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="ARC: A new and improved way to broadcast" width="500" height="281" src="https://www.youtube.com/embed/X655HFStCjo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<ul class="wp-block-list">
<li><a href="https://www.bsvblockchain.org/news/arc-and-providing-developers-with-the-tools-to-build-on-the-bsv-blockchain" target="_blank" rel="noopener">ARC and providing developers with the tools to build on the BSV blockchain&nbsp;</a></li>



<li><a href="https://www.bsvblockchain.org/news/gearing-up-for-the-launch-of-arc-with-taal" target="_blank" rel="noopener">Gearing up for the launch of ARC with TAAL</a><br></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Gearing up for the launch of ARC with TAAL" width="500" height="281" src="https://www.youtube.com/embed/to6B0Cc8vrc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>


Developing ARC – A BSV Blockchain open-source effort


<h3 class="wp-block-heading" id="h-exploring-the-significance-of-overlay-lookup-services">Exploring the significance of Overlay Lookup Services</h3>



<p><strong><em>Editor’s note: </em></strong><em>This article focuses on one BSV Blockchain overlay reference implementation component: overlay lookup services. The main objective is to propose to developers a deep dive into one of its components: the overlay lookup services</em></p>



<p>Lookup services are crucial in <a href="https://bsvblockchain.org/news/overlay-services-now-available-in-public-beta-on-the-bsv-blockchain" target="_blank" rel="noopener">Overlay networks built on the BSV blockchain</a>. These services enable users to locate and retrieve specific <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">Unspent Transaction Outputs (UTXOs)</a> within a given application context or “topic”, by handling queries based on specific search criteria.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Exploring the Significance of Overlay Lookup Services | Overlay Networks" width="500" height="281" src="https://www.youtube.com/embed/GgK-b-XVyrc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-dynamic-data-management">Dynamic data management</h2>



<p>Lookup services act as dynamic data management reservoirs within overlay networks. They utilise the details of incoming UTXO events to build comprehensive data stores. These datastores store indexed UTXO data, allowing for efficient retrieval and parsing of UTXO information.</p>



<h2 class="wp-block-heading" id="h-indexing-and-parsing-utxo-data">Indexing and parsing UTXO data</h2>



<p>When a lookup service provider receives a search query, the service leverages its data store to perform a search based on the provided criteria. The lookup service can efficiently locate the relevant UTXOs within the specified topic by applying custom algorithms and indexing methodologies. This ensures that users can find specific UTXOs with ease and precision.</p>



<h2 class="wp-block-heading" id="h-custom-datastore-organisation">Custom datastore organisation</h2>



<p>Each lookup service has the freedom to decide how its data will be organised within the data store. By tailoring the datastore organisation to the specific requirements of the overlay network, lookup services can optimise the efficiency and accuracy of search queries. This flexibility allows for a customised approach to data management within each overlay network.</p>



<h2 class="wp-block-heading" id="h-service-monetisation">Service monetisation</h2>



<p>Overlay lookup services also provide an opportunity for their operators to monetise their services. Through incorporating monetization middleware within the API itself, operators can establish fee models for accessing their lookup services. This enables hosts to receive payments from users for the data services they provide. This monetization system promotes a sustainable and profitable ecosystem within overlay networks.</p>



<h2 class="wp-block-heading" id="h-enhancing-privacy-and-system-hardness">Enhancing privacy and system hardness</h2>



<p>By enabling the search and retrieval of specific UTXOs, Overlay lookup services contribute to the privacy and efficiency of overlay networks. Users can access the data they need without relying on central authorities, ensuring a robust system. The efficient retrieval of UTXOs also improves the overall user experience within the overlay network.</p>



<p>Overlay lookup services are integral components of overlay networks that enhance the functionality and accessibility of UTXOs. By building comprehensive data stores and implementing efficient indexing and parsing mechanisms, these services provide seamless search and retrieval capabilities.&nbsp;</p>



<p>The middleware monetisation system further incentivises node operators and promotes a sustainable ecosystem. With Overlay lookup services, overlay networks on the BSV blockchain can thrive, facilitating distributed and efficient data management and utilisation.</p>



<h2 class="wp-block-heading">Learn more about Overlay Services&nbsp;</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://resources.bsvblockchain.org/bsv-overlay-services">Request more information about BSV Blockchain’s Overlay services.</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases">BSV Blockchain Overlay Services – Enterprise use cases</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives">Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives</a>&nbsp;</h3>



<p><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation">Exploring the significance of Overlay Lookup Services&nbsp; &#8211; BSV Blockchain official open-source Overlay Services reference implementation</a></p>


BSV Blockchain official open-source Overlay Services reference implementation:


<p>Enhancing transparency and traceability in food supply through blockchain can be life-saving. <a href="https://www.who.int/news-room/fact-sheets/detail/food-safety" target="_blank" rel="noopener nofollow">Every year, nearly one in 10 people worldwide falls ill due to food-borne diseases, with close to half a million losing their lives</a>. Improved traceability allows for quicker food recalls and faster identification of contamination sources. Additionally, up to one-third of all food produced globally is wasted, but better supply chain management can reduce this waste, making more food available for consumption.</p>



<p>Efficient food supply chains have a profound impact on communities and lives worldwide, and blockchain technology plays a crucial role in helping food suppliers and retailers reach this goal.</p>



<p>Blockchain&#8217;s ability to track products and materials from their origin in real-time with an immutable ledger increases supply chain transparency, streamlines payments, tracks compliance, and improves reporting. By revolutionising the way we record and access data, we can enhance food quality and access, benefiting both today&#8217;s global citizens and future generations.</p>



<p><a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-is-used-in-supply-chains" target="_blank" rel="noopener">The BSV blockchain is revolutionising supply chain management by providing unparalleled transparency, efficiency, and security. </a>Every transaction or movement of goods can be recorded immutably, ensuring that data remains accurate and tamper-proof.</p>



<p>This level of transparency helps in tracking the origin, journey, and handling of products in real-time, reducing the risk of fraud, counterfeiting, and errors.</p>



<h2 class="wp-block-heading" id="h-transparency-and-operational-efficiency">Transparency and operational efficiency</h2>



<p>Implementing blockchain technology in sustainable supply chains and management revolutionises the way<a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener"> transparency, accountability, and reliability are achieved in an often unpredictable system</a>. By providing an immutable record of every transaction and movement, blockchain creates a transparent trail that authorised stakeholders can easily access.</p>



<p>This level of transparency discourages the introduction of counterfeit goods, unauthorised substitutions, and unethical practices, as any attempt to manipulate recorded data becomes immediately evident. Moreover, the traceability enabled by blockchain ensures that all enterprises within the network adhere to legal standards, safeguarding both companies and consumers from unlawful products and operations.</p>



<p>Sustainability has become a critical focus for modern supply chains, with a significant number of executives striving for more eco-friendly operations. Blockchain plays a pivotal role in supporting this shift by meticulously recording information about materials, processes, and certifications involved in producing goods. This data not only allows for the creation of verifiable records of sustainability efforts but also strengthens a company’s environmental credentials, demonstrating a genuine commitment to sustainable practices.</p>



<p>In addition to these benefits, blockchain enhances operational efficiencies across the supply chain. <a href="https://www.bsvblockchain.org/news/the-role-of-blockchain-in-sustainable-supply-chains-and-management" target="_blank" rel="noopener">By automating and digitising various processes, such as through smart contracts that execute specific actions when predefined conditions are met, blockchain streamlines operations.</a></p>



<p>For example, once both parties finalise a transaction, the details are recorded on the blockchain, simplifying verification. Furthermore, blockchain’s real-time visibility into inventory levels, demand patterns, and other critical data supports more efficient decision-making and inventory management.</p>



<h2 class="wp-block-heading" id="h-a-single-reliable-source-of-data">A single, reliable source of data</h2>



<p>Beyond operational improvements, blockchain also strengthens overall supply chain management <a href="https://www.bsvblockchain.org/news/why-the-bsv-blockchain-is-the-missing-link-for-ai" target="_blank" rel="noopener">by offering a single, reliable source of data accessible only to authorised parties</a>. This reduces the risk of misinformation and eliminates the need for time-consuming reconciliation among stakeholders. Real-time updates ensure that all participants have access to the same data, facilitating smoother communication and quicker resolutions.</p>



<p>For shareholders, the integrity and sustainability of their investments are paramount. Blockchain’s ability to provide verifiable and tamper-proof records of supply chain practices helps build trust by demonstrating a company’s commitment to responsible and sustainable operations. This transparency not only enhances the company’s reputation but also secures long-term financial stability.</p>



<p>Finally, staying ahead of market trends and forces is crucial in today’s rapidly evolving business environment. Blockchain serves as a valuable tool for identifying and adapting to these changes, thanks to its real-time visibility and continuously expanding data repository. This comprehensive view of the supply chain ecosystem enables companies to better understand customer preferences, demand patterns, and other emerging trends, positioning them for continued success.</p>


Food supply chain: Saving lives with blockchain


<p>Blockchain and other digital technologies are unprecedentedly shaping the future of finance. We see a rapid integration of digital ledger technologies in capital markets, paving the way for more transparent, efficient, and secure financial systems.</p>



<p><a href="https://www.linkedin.com/in/bakerrichardj?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Richard Baker (CEO and Co-Founder of Tokenovate)</a> spoke at the<a href="https://londonblockchain.net/" target="_blank" rel="noopener"> London Blockchain Conference 2024</a> to talk about the role of blockchain technology in shaping the future of finance.</p>



<p>Baker showcased Tokenovate&#8217;s platform and its practical applications. He also illustrated his points through a practical use case, demonstrating how Tokenovate is helping transform the trade of assets using blockchain technology.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain Technology - Powering the Future of Finance​" width="500" height="281" src="https://www.youtube.com/embed/x0Z3fTJLNHI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-changes-in-financial-markets-that-affect-everyone">Changes in financial markets that affect everyone</h2>



<p>Baker explained that finance is undergoing disruption and that we are all affected by this. He noted that while technologies like cloud services have transformed retail finance, capital markets are experiencing significant disruption through the re-engineering of financial market infrastructure, specifically the application of digital ledger technology (DLT) in capital markets and derivatives trading.</p>



<p>He elaborated on how the re-engineering of finance infrastructure affects everybody:</p>



<p><em>&#8216;These derivatives are economic and legal contracts that the world uses in very high volume that underpin most financial assets that exist in capital markets but also underpin the propositions that you and I have as consumer experiences. And what I mean by that is when I go to the local retail store and buy a TV or a sofa or when I take out a mortgage or a loan, there is a derivative behind those products, ironing out volatility, taking out price risk.&#8217;</em></p>



<p>Baker identified blockchain as the driving technology of this re-engineering and predicted that over the next 5–7 years, blockchain will significantly reshape market infrastructure, including clearing houses, banks, exchanges, brokers, and other key participants in derivative contracts.</p>



<h2 class="wp-block-heading" id="h-renewed-interest-in-public-blockchain-and-the-utxo-model">Renewed interest in public blockchain and the UTXO model</h2>



<p>Baker discussed the process of selecting blockchain or digital ledger technology (DLT) for capital markets, referencing a<a href="https://www.gfma.org/wp-content/uploads/2023/05/impact-of-dlt-on-global-capital-markets-exec-summary.pdf" target="_blank" rel="noopener nofollow"> study by GFMA (Global Financial Markets Association)</a>. He noted that early implementations focused on private, permissioned blockchains. These helped educate institutions but ultimately weren&#8217;t truly innovative, as they merely functioned like private databases, lacking the shared consensus and transparency that true blockchains offer.</p>



<p>In 2022-2023, there has been a shift toward public, permissioned blockchains in capital markets, with growing regulatory oversight and governance structures. Baker highlighted the importance of public blockchains for synchronised timestamping in complex trading processes and <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">advocated for the UTXO model</a>, which he explained in detail in contrast to the competing and more popular account-based model.</p>



<li style="list-style: none;; padding-left: 50px;"><a href="https://resources.bsvblockchain.org/engineering-a-smarter-and-greener-financial-world-with-tokenovate-ebook-bsvb?_gl=1*nz99vx*_gcl_au*MTkxNjIyNjY4Ny4xNzI2NTc2NzQx" target="_blank" rel="noopener nofollow"><strong><em>eBook: Engineering a Smarter and Greener Financial World with Tokenovate</em></strong></a></li>



<h2 class="wp-block-heading" id="h-role-of-digital-ledger-technology-in-finance">Role of digital ledger technology in finance</h2>



<p>The technology&#8217;s ability to provide a <a href="https://bsvblockchain.org/news/there-is-no-blockchain-trilemma-the-answer-is-bsv-blockchain" target="_blank" rel="noopener">synchronised, immutable record of transactions enhances trust among parties</a>. In capital markets, where derivatives play a crucial role in managing risk and volatility, DLT simplifies complex processes. Real-time data synchronisation ensures accuracy and reduces counterparty risks. Moreover, DLT supports the automation of many back-office functions through smart contracts, reducing manual interventions and operational costs, as Baker explained.</p>



<p>This shift is crucial for clearing houses, banks, and exchanges, which traditionally rely on cumbersome and opaque systems. As DLT continues to mature, its integration into capital markets is expected to streamline operations, optimise collateral use, and improve overall market integrity. However, another key aspect of DLT technology is the ability to tokenise assets, as Baker explained further.</p>



<h2 class="wp-block-heading" id="h-tokenisation-of-real-world-assets">Tokenisation of real-world assets</h2>



<p>Baker explained that <a href="https://www.tokenovate.com/tokenisation-custody/" target="_blank" rel="noopener nofollow">tokenisation allows for greater mobility and fractionalisation of assets</a>, improving the use of collateral in derivative trades, a market valued at over $1 quadrillion. He highlighted the role of custodians, such as banks, in onboarding and managing assets that are increasingly being tokenised to improve efficiency in processes like payments and collateral management.</p>



<p>Baker emphasised the inefficiency in the current system, where collateral obligations for derivatives total around $24 trillion, much of which is tied up on balance sheets. Tokenisation can unlock this capital, improving access to collateral and enhancing trading flexibility. He also noted the high costs of current trade lifecycle processes, which involve multiple manual steps and services, leading to settlement failures and misreporting. By introducing blockchain, smart contracts, and automation, these processes can be streamlined, reducing operational costs and improving accuracy.</p>



<h2 class="wp-block-heading" id="h-digitising-legal-agreements">Digitising legal agreements</h2>



<p>Baker explained how Tokenovate is addressing the challenges in capital markets by focusing on the digitisation of legal and economic agreements, specifically the <a href="https://www.isda.org/" target="_blank" rel="noopener nofollow">International Swaps and Derivatives Association (ISDA)</a> master agreement, which has been in paper form since the 1980s. Tokenovate leverages the ISDA’s efforts to standardise and digitise these agreements, transforming them into a &#8220;common domain model&#8221; that expresses legal terms in code.</p>



<p>Tokenovate uses this model to create smart contracts on the BSV network, automating the fulfilment of financial and economic obligations. Baker highlights the importance of blockchain in managing the state and logic of these smart contracts, particularly for long-term agreements like 30-year interest rate derivatives. While initiating a trade is straightforward, maintaining it over time—daily updates on benchmarks, prices, and margin payments—is complex.</p>



<p>Automating this lifecycle is where blockchain adds value. He stressed the need to build on a durable, reliable blockchain protocol to ensure it can support trades even decades later. He also emphasised that blockchain is not a one-size-fits-all solution, but a useful tool within a broader microservices architecture.</p>



<h2 class="wp-block-heading" id="h-enhancing-carbon-markets-with-blockchain">Enhancing carbon markets with blockchain</h2>



<p>Baker also highlighted <a href="https://www.tokenovate.com/carbon-credit-market/" target="_blank" rel="noopener nofollow">Tokenovate&#8217;s work in the carbon credit market</a>. The company is pioneering the enhancement of carbon markets through blockchain technology. By tokenising carbon credits, Tokenovate ensures transparency and trust in the trading process, addressing key issues like fraudulent activities and double-counting of carbon projects. Their platform uses smart contracts to automate and verify transactions, providing immutable records that enhance accountability. Collaborations with companies like Land Carbon, which focuses on restoring peatlands in the UK, exemplify the practical applications of this technology.</p>



<p>As global standards for carbon offsets evolve, particularly after initiatives like COP28, the demand for high-integrity carbon credits will grow. Tokenovate’s blockchain solutions ensure that companies can accurately account for their greenhouse gas emissions and meet their Environmental, Social, and Governance (ESG) goals. By improving the traceability and reliability of carbon credits, Tokenovate not only facilitates better market practices but also supports global efforts towards achieving net-zero emissions.</p>



<p>Visit the<a href="https://www.tokenovate.com/" target="_blank" rel="noopener nofollow"> website of Tokenovate</a> to learn more about their services.</p>



<p></p>


Powering the future of finance with Tokenovate


<p><a href="https://mintblue.com/" target="_blank" rel="noopener nofollow">Blockchain-as-a-Service (BaaS) company mintBlue</a> has partnered with logistics platform <a href="https://dockflow.com/" target="_blank" rel="noopener nofollow">Dockflow </a>to unveil advanced sustainability solutions that bring blockchain technology to the masses, transforming the supply chain industry.</p>



<p>Regulatory demands and consumer expectations for sustainability are rapidly increasing, and mintBlue and Dockflow are at the forefront of integrating blockchain technology into real-world applications.</p>



<p>Their latest collaborative initiative, unveiled at the London Blockchain Conference, promises to <a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-is-used-in-supply-chains" target="_blank" rel="noopener">revolutionise the logistics sector by delivering unmatched transparency, efficiency, and sustainability.</a></p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Driving blockchain adoption in supply chains" width="500" height="281" src="https://www.youtube.com/embed/wvikpVPy1KI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-a-showcase-for-blockchain-in-supply-chains">A showcase for blockchain in supply chains</h2>



<p>This groundbreaking initiative showcases blockchain’s tangible impact on the industry. It enables accurate emission tracking with real-time monitoring and reporting of emissions, ensuring companies can meet stringent environmental standards. Additionally, the collaboration offers verifiable certification that aligns with global sustainability benchmarks.</p>



<p>Through enhanced transparency and efficiency, blockchain technology ensures data integrity and reliable shipping operations. This partnership highlights blockchain’s unique capability in the ClimateTech industry, setting a new standard for sustainable logistics solutions. Dockflow’s implementation of <a href="https://www.bsvblockchain.org/news/fighting-greenwashing-with-tokenovate" target="_blank" rel="noopener">blockchain verification prevents errors, fraud, and double counting in emission projects and carbon credits,</a> addressing critical challenges in the sector.</p>



<p>Furthermore, the partnership between mintBlue and Dockflow directly addresses the <a href="https://kpmg.com/nl/en/home/topics/environmental-social-governance/corporate-sustainability-reporting-directive.html#:~:text=The%20Corporate%20Sustainability%20Reporting%20Directive%20(CSRD)%20requires%20companies%20to%20report,(assurance)%20of%20reported%20information." target="_blank" rel="noopener nofollow">EU’s Corporate Sustainability Reporting Directive (CSRD) requirements,</a> which mandate standardised sustainability reporting across the supply chain. This initiative not only helps large companies and SMEs comply with these rigorous regulations but also drives the adoption of blockchain technology as an essential tool in achieving sustainability goals.</p>



<p>‘Together with Dockflow, we have developed a sustainability reporting solution where we&#8217;ve integrated the mintBlue software development kit,’ said <a href="https://www.linkedin.com/in/nielsvandenbergh/" target="_blank" rel="noopener nofollow">Niels van den Bergh (CEO of mintBlue)</a>. ‘Now all the users of the Dockflow platform can notarise their events of shipping containers moving around onto the blockchain. This is interesting because this brings proof of what happened at a point in time.’</p>



<h2 class="wp-block-heading" id="h-fixing-a-problem-with-supply-chains">Fixing a problem with supply chains</h2>



<p>‘Right now, it&#8217;s very difficult for logistics companies to track their CO2 emissions for their shipments. However, it is required by European law that there is CSR deregulation that requires them to do carbon accounting and to really keep track of their carbon emissions,’ said <a href="https://www.linkedin.com/in/paulinevanostaeyen/?originalSubdomain=be" target="_blank" rel="noopener nofollow">Pauline Van Ostaeyen (Cofounder of Dockflow)</a>. ‘Not only is it very difficult for them to do this, it is also a challenge once they want to start compensating these carbon emissions,’ she said.</p>



<p>This leads to a process which is not only cumbersome but also leads to very little transparency within the carbon emissions industry, she said. ‘So you&#8217;re never really 100% sure whether a specific carbon offsetting or a specific carbon compensation project has really been followed through and whether that really has offset your emissions.’</p>



<p>Van Ostaeyen noted that blockchain, and <a href="https://www.bsvblockchain.org/news/the-role-of-blockchain-in-sustainable-supply-chains-and-management" target="_blank" rel="noopener">specifically the BSV blockchain, is the perfect backbone to help manage the complexity of supply chains.</a></p>



<p>‘For logistics or supply chain companies who are considering adopting blockchain for their solution. My two words of advice would be to make sure that the input is really clean. The data you put on the blockchain is only valuable if you&#8217;re sure that it&#8217;s standardised and that it&#8217;s actually really telling the truth. Otherwise, there is no sense in putting that on the blockchain.’</p>



<p>‘And my second word of advice would be to really consider whether you need a blockchain to solve your problem, or whether there is some step, whether there are some steps you need to get in line first before you start using blockchain,’ she said.</p>


Dockflow and mintBlue to drive blockchain adoption in supply chains


<h2 class="wp-block-heading" id="h-a-guide-for-developers-and-entrepreneurs">A guide for developers and entrepreneurs</h2>



<p><a href="https://bsvblockchain.org/news/overlay-services-now-available-in-public-beta-on-the-bsv-blockchain" target="_blank" rel="noopener">Overlay Services on the BSV blockchain</a> open up new horizons for developers and entrepreneurs looking to harness scalable, secure, and efficient transaction processing solutions.</p>



<p>As part of the groundbreaking Mandala upgrade, these services offer a robust framework for managing specific transaction types and data access, ensuring seamless integration with the broader BSV ecosystem, including <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> and <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV implementations</a>.</p>



<p>In this guide, we will delve into its components, applications, suitable users, use cases for Overlay Services and more.&nbsp;&nbsp;</p>



<p>Whether you are an independent developer, a financial institution, or a business owner, this post will provide you with the insights needed to leverage Overlay Services for your innovative projects.&nbsp;</p>



<h2 class="wp-block-heading" id="h-overlay-services-faq">Overlay Services FAQ&nbsp;</h2>



<h3 class="wp-block-heading" id="h-1-what-are-overlay-services-on-the-bsv-blockchain">1. What are Overlay Services on the BSV blockchain?&nbsp;</h3>



<p>Overlay Services on the BSV blockchain are dedicated business environments that operate on top of the node network. They provide tailored environments for specific applications, allowing entities to apply custom business logic to monitor and process relevant transactions, thereby enhancing scalability and performance.&nbsp;</p>



<h3 class="wp-block-heading" id="h-2-how-does-an-overlay-service-differ-from-the-node-network">2. How does an Overlay Service differ from the node network?</h3>



<p>While the mining node network handles all transactions and blocks globally, an Overlay Service focuses on a subset of transactions relevant to specific applications or business logic. This targeted approach allows for more efficient processing and reduces the data look up and retrieval load on mining nodes by concentrating on economically relevant data management for the business.</p>



<h3 class="wp-block-heading" id="h-3-what-are-some-common-use-cases-for-overlay-services">3. What are some common use cases for Overlay Services?</h3>



<p>Overlay Services are used for various purposes, such as event ticketing, airline ticketing, luxury goods provenance, cloud storage, central bank digital currencies (CBDCs), and token management. They are also utilised by financial institutions needing jurisdictional restrictions and developers building experimental applications.</p>



<p><li style="list-style: none;padding-left: 50px;"><a href="https://github.com/bitcoin-sv/overlay-example" target="_blank" rel="noopener nofollow"><em>Overlay Services repo and documentation</em></a>&nbsp;</li></p>



<h3 class="wp-block-heading" id="h-4-what-are-the-key-components-of-an-overlay-service">4. What are the key components of an Overlay Service?&nbsp;</h3>



<p>An Overlay Service typically includes a transaction store, transaction validation, transaction submission, transaction propagation, a Merkle proof client, a Merkle service, spendable transaction output (STO) lookup, and filtering logic. Overlay Services achieve consistency by synchronizing via block headers and Merkle proofs, ensuring a consistent view of the blockchain without needing to solve the problems that the BSV blockchain originally addressed.&nbsp;</p>



<h3 class="wp-block-heading" id="h-5-how-do-overlay-services-improve-scalability-on-the-bsv-blockchain">5. How do Overlay Services improve scalability on the BSV blockchain?&nbsp;</h3>



<p>Overlay Services enhance scalability by focusing on local data operations. An overlay service performs Simplified Payment Verification (SPV) primarily for their own transactions, which minimizes the need for data retrieval by miners. This reduces the burden on miners to filter and index global data, ensuring that the network remains scalable and responsive while optimising the economic efficiency of data management.</p>



<h3 class="wp-block-heading" id="h-6-can-overlay-services-be-used-for-both-public-and-private-applications">6. Can Overlay Services be used for both public and private applications?</h3>



<p>Yes, Overlay Services can be configured for both public and private use. Public overlays are accessible to developers and wallet providers, while private overlays are managed by specific businesses or individuals to run their own services.</p>



<h3 class="wp-block-heading" id="h-7-how-does-simplified-payment-verification-spv-work-within-overlay-services">7. How does Simplified Payment Verification (SPV) work within Overlay Services?&nbsp;</h3>



<p>SPV is essential for Overlay Services. It allows a service to verify that transactions are included in a block without downloading the entire blockchain. This is achieved through the use of headers and Bitcoin Unified Merkle Path data envelopes for immediate Merkle path checks, ensuring real-time verification and maintaining the efficiency and scalability of the Overlay Service.&nbsp;</p>



<p><li style="list-style: none;padding-left: 50px;"><a href="https://resources.bsvblockchain.org/bsv-overlay-services" target="_blank" rel="noopener"><em>Request more information about BSV Blockchain’s Overlay services.</em></a></li></p>



<h3 class="wp-block-heading" id="h-8-what-role-do-merkle-paths-play-in-overlay-services">8. What role do Merkle Paths play in Overlay Services?</h3>



<p>Merkle Paths provide cryptographic proof that links a transaction to a specific block in the BSV blockchain. In Overlay Services, Merkle Paths are used to confirm transaction validity and ensure data integrity, allowing nodes to verify the inclusion of transactions efficiently.</p>



<h3 class="wp-block-heading" id="h-9-who-are-the-typical-users-of-overlay-services">9. Who are the typical users of Overlay Services?</h3>



<p>Typical users include businesses needing tailored transaction processing, developers building applications without infrastructure, wallet companies which have conventionally outsourced node operations, financial institutions requiring jurisdictional restrictions, and entrepreneurial developers exploring new applications</p>



<h3 class="wp-block-heading" id="h-10-how-do-overlay-services-ensure-regulatory-compliance">10. How do Overlay Services ensure regulatory compliance?</h3>



<p>Overlay Services on the BSV blockchain are designed with regulatory compliance in mind. They align with global legal standards, ensuring that applications built on these networks are safe and compliant with relevant regulations.</p>



<h3 class="wp-block-heading" id="h-11-what-infrastructure-dependencies-are-required-for-overlay-services">11. What infrastructure dependencies are required for Overlay Services?</h3>



<p>Overlay Services require the node network for new header announcements, a Merkle Service for calculating Merkle paths, and widespread use of SPV data structures within wallets and applications. These dependencies enable the Overlay Service to operate efficiently and securely.</p>



<h3 class="wp-block-heading" id="h-12-how-do-overlay-services-interact-with-existing-bsv-blockchain-infrastructure">12. How do Overlay Services interact with existing BSV blockchain infrastructure?</h3>



<p>Overlay Services operate alongside the existing BSV blockchain infrastructure, utilising the node network for transaction and block propagation. They enhance this infrastructure by adding tailored environments that process specific transactions, thereby increasing overall network efficiency and contributing to the scalability of the BSV blockchain.</p>



<h3 class="wp-block-heading" id="h-13-are-overlay-services-secure">13. Are Overlay Services secure?</h3>



<p>Yes, Overlay Services are secure. They leverage the underlying security of the BSV blockchain, including cryptographic proofs like <a href="https://www.bsvblockchain.org/news/why-a-merkle-tree-is-used-to-scale-bitcoin" target="_blank" rel="noopener">Merkle Paths</a> and SPV, to ensure the integrity and validity of transactions processed within the network.</p>



<h3 class="wp-block-heading" id="h-14-can-overlay-services-handle-token-management">14. Can Overlay Services handle token management?</h3>



<p>Yes, Overlay Services are well-suited for managing tokens, including fungible tokens like CBDCs and non-fungible tokens (NFTs). They provide specific transaction types and logic tailored to the needs of token management, ensuring secure and efficient handling of digital assets.</p>



<h2 class="wp-block-heading">Learn more about Overlay Services&nbsp;</h2>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://docs.bsvblockchain.org/network-topology/overlay-services">Documentation: Overlay Services</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://resources.bsvblockchain.org/bsv-overlay-services">Request more information about BSV Blockchain’s Overlay services.</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/faq-unlocking-the-power-of-overlay-services-on-the-bsv-blockchain">FAQ: Unlocking the power of Overlay Services on the BSV blockchain</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/overlay-services-in-financial-services-revolutionizing-risk-assessment-and-data-integrity">Overlay Services in Financial Services: Revolutionising Risk Assessment and Data Integrity</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/bsv-blockchain-overlay-services-enterprise-use-cases">BSV Blockchain Overlay Services – Enterprise use cases</a>&nbsp;</h3>



<h3 class="wp-block-heading has-medium-font-size"><a href="https://bsvblockchain.org/news/empowering-europes-digital-future-how-bsv-blockchains-overlay-services-align-with-ebsi-objectives">Empowering Europe’s digital future: How BSV blockchain’s Overlay Services align with EBSI objectives</a>&nbsp;</h3>



<p><a href="https://bsvblockchain.org/news/bsv-blockchain-official-open-source-overlay-services-reference-implementation">Exploring the significance of Overlay Lookup Services&nbsp; &#8211; BSV Blockchain official open-source Overlay Services reference implementation</a></p>


FAQ: Unlocking the power of Overlay Services on the BSV blockchain


<p>Current monetary systems are set to see a significant shift in the coming years as technological advancements change how we transact. This was the focus of a panel discussion at the recent London Blockchain Conference, which included:&nbsp;</p>



<ul class="wp-block-list">
<li><a href="https://www.linkedin.com/in/amaechi-amarachi/?originalSubdomain=ng" target="_blank" rel="noopener nofollow">Amarachi Amaechi (Co-founder &amp; COO of Bitpowr Technologies Inc);</a></li>



<li><a href="https://www.bcg.com/about/people/experts/kaj-burchardi" target="_blank" rel="noopener nofollow">Kaj Burchardi (Managing Director at Boston Consulting Group);</a></li>



<li><a href="https://www.linkedin.com/in/vincentmele/?originalSubdomain=mc" target="_blank" rel="noopener nofollow">Vincent Mele (Founder and Director at Otranto)</a></li>



<li><a href="https://puntersouthall.law/about-us/blake-odonnell/" target="_blank" rel="noreferrer noopener nofollow">Blake O&#8217;Donnell (Partner at Punter Southall Law)</a></li>



<li><a href="https://www.linkedin.com/in/simitnaik/" target="_blank" rel="noopener nofollow">Simit Naik (Director of Strategy at nChain).&nbsp;</a></li>
</ul>



<p>The panel discussed emerging trends, technological innovations, and regulatory dynamics shaping the next era of monetary systems. This included insights into the transformative forces at play, from digital currencies to decentralised finance, and being at the forefront of understanding the financial evolution that lies ahead.</p>



<p></p>



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<iframe loading="lazy" title="Currency of Tomorrow: Navigating the Future of Money" width="500" height="281" src="https://www.youtube.com/embed/s46H5_MTOQQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-central-bank-digital-currencies-and-government-blockchains">Central Bank Digital Currencies and government blockchains</h2>



<p>The discussion began with a focus on CBDCs, stablecoins, and the various applications of digital ledger and blockchain technologies.</p>



<p>Burchardi highlighted a recurring theme in the <a href="https://www.bsvblockchain.org/news/why-bsv-blockchain-is-the-blockchain-for-government-and-enterprise-projects" target="_blank" rel="noopener">CBDC debate: digital currencies need to be carefully designed with user protection as a priority</a>. This concern was recently echoed by Bundesbank President Joachim Nagel in a public address.</p>



<p>O&#8217;Donnell observed that central banks are worried about the potential disruption that CBDCs and other digital currencies could cause to the global financial system. While they are moving toward implementation, there is still a significant journey ahead. Naik suggested that CBDCs, digital currencies like Bitcoin, and other forms of currency can coexist, a point often overlooked in the broader debate.</p>



<p>Mele noted that Bitcoin and other digital currencies initially posed a challenge to central banks, prompting them to reassess their role in overseeing money as a public good.</p>



<h2 class="wp-block-heading" id="h-stablecoins-as-national-currencies">Stablecoins as national currencies</h2>



<p>O&#8217;Donnell said that<a href="https://www.bsvblockchain.org/news/stablecoins-and-digital-currency" target="_blank" rel="noopener"> stablecoins serve as a ‘wake-up call’ for the need to improve national currencies, or else risk losing ground to private alternatives</a>. He also noted that policymakers are concerned about how private stablecoins, like Tether, might be used, for instance, by Russia to circumvent sanctions.</p>



<p>Burchardi pointed out that privately issued money is not a new concept, as it has been around for a long time. He believed the EU&#8217;s MiCA regulations effectively clarify roles and responsibilities while addressing key concerns.</p>



<p>Naik noted that the regulations and associated risks vary depending on the type of stablecoin. These include fiat-backed, asset-backed, crypto-backed, and algorithmic stablecoins, among others.</p>



<p>While risks will always be present, regulations aim to mitigate them and protect consumers. Burchardi also highlighted that the ability to send stablecoins globally with ease and minimal cost is revolutionary, offering a viable alternative to national currencies in some regions.</p>



<p>Naik built on this by explaining how <a href="https://www.bsvblockchain.org/news/a-primer-to-cross-border-payments-with-blockchain" target="_blank" rel="noopener">stablecoins can significantly improve cross-border payments, making them faster and more efficient.</a> The ability to move money quickly and effortlessly addresses a long-standing issue.</p>



<p>Mele viewed the situation from a geopolitical perspective, noting that some countries are opposed to any single nation having control over the global financial system. This isn&#8217;t specifically an anti-US stance, but rather a broader opposition to any one player holding such power.</p>



<h2 class="wp-block-heading" id="h-the-best-blockchain-for-governments-and-businesses">The best blockchain for governments and businesses</h2>



<p><a href="https://www.bsvblockchain.org/news/blockchain-law" target="_blank" rel="noopener">Global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with blockchain technology. </a>To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, BSV Blockchain regularly engages with leading policymakers to raise awareness of legislative issues and advise on the development of positive policy.</p>



<p>With its massive scaling, micropayments, greater data capacity and reliably low fees, the BSV blockchain is the best blockchain for enterprise-grade applications and services. It is already being used to build applications for diverse industry sectors.</p>


A blockchain government – CBDCs and the future of money


<p>Machine-to-machine communication has become increasingly important as technology advances, enabling the automatisation of processes in various industries and businesses. <a href="https://www.statista.com/statistics/1194682/iot-connected-devices-vertically/" target="_blank" rel="noopener nofollow">According to Statista</a>, there are about 18 billion IoT devices in operation worldwide and the number is projected to grow over 30 billion by 2030.</p>



<p>However, the extent of hyperconnectivity is increasing not only quantitatively, but also qualitatively, as key technologies such as blockchain mature and can serve as a documenting fundament for communication between machines.</p>



<p><a href="https://www.linkedin.com/in/bakerrichardj/" target="_blank" rel="noopener nofollow">Richard Baker (Founder of Tokenovate) </a>moderated a panel discussion &#8220;Building the machine-to-machine based Internet of value&#8221; at the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference 2024</a> with the following participants:</p>



<ul>
<li><a href="https://www.linkedin.com/in/owen-vaughan-phd-090477103/" target="_blank" rel="noopener nofollow">Dr Owen Vaughan (Chief Science Officer at nChain)</a></li>



<li><a href="https://www.linkedin.com/in/adam-feiler-59708518/" target="_blank" rel="noopener nofollow">Adam Feiler (Head of Partnerships at Minima)</a></li>



<li><a href="https://www.linkedin.com/in/patrik-emil-gustafsson/" target="_blank" rel="noopener nofollow">Patrick Gustafsson (Operations Leader at Volvo Cars)</a><br></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Building the Machine-to-machine-based “Internet of Value”​" width="500" height="281" src="https://www.youtube.com/embed/Z-YRGC9Bycw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-the-current-state-of-the-machine-to-machine-web">The current state of the machine-to-machine web</h2>



<p>Vaughan began by explaining the evolution of the Internet and its relevance for machine-to-machine networks and IoT devices, transitioning from Web1 (static, read-only websites) to Web2 (interactive platforms dominated by large players like Google and Facebook). In Web2, users benefit from convenience but lose control over data and face security challenges.</p>



<p><a href="https://www.bsvblockchain.org/news/web3-for-a-better-world" target="_blank" rel="noopener">Web3 aims to empower users to control their identities and data</a>. Vaughan notes that while IoT devices are pushing toward a Web3 future, many physical technologies, like driverless cars, remain tied to Web2 models dominated by a few major players.</p>



<p>Feiler discussed <a href="https://www.bsvblockchain.org/news/the-best-practices-for-enterprise-blockchain-adoption" target="_blank" rel="noopener">DePIN (Decentralised Physical Infrastructure Network</a>) in this context, a concept integrating decentralised services with physical hardware. DePIN allows users to own hardware (e.g., mobile hotspots) and earn micropayments for services provided, reducing reliance on big tech companies. This decentralised model aligns with the broader goals of Web3, allowing for a richer tech stack that blends various technologies.</p>



<h2 class="wp-block-heading" id="h-web3-and-the-consumer-perspective">Web3 and the Consumer Perspective</h2>



<p>The discussion then switched the focus to the consumer perspective with the scenario of buying a new car, which could be an autonomous vehicle. Gustafsson jokingly likened modern cars to &#8220;big smartphones&#8221; that collect data from drivers through their phones and personal sensors to enhance the driving experience. Baker connected this to the concept of Web3, suggesting that in the future, users could own and monetise their car data, possibly subscribing to different vehicle services based on preferences.</p>



<p>Baker then questioned data ownership in these vehicles, asking whether the data belonged to the driver or the manufacturer (e.g., Volvo). Gustafsson explains that while drivers typically own their data, they must read and agree to the terms when granting permission for its use. Future connected vehicles will have multi-signature access, allowing users to control vehicle services through biometrics or their phones.</p>



<p>Vaughan emphasises the importance of identity for both humans and machines in the evolving digital ecosystem. He explains that in <a href="https://bsvblockchain.org/news/the-future-of-identity-empowering-individuals-in-a-web3-world" target="_blank" rel="noopener">Web3, humans are not just users of devices like cars but have their own digital identities,</a> which interact with the car&#8217;s identity. Privacy and control over personal data are key concerns in this context.</p>



<h2 class="wp-block-heading" id="h-blockchain-s-role-in-the-machine-to-machine-internet">Blockchain’s role in the machine-to-machine internet</h2>



<p>Vaughan highlighted the significance of blockchain as a tool for establishing trust in ephemeral interactions between machines for example when cars pass each other in a very short time frame. He noted blockchain’s role as a permanent, immutable record.</p>



<p> He describes blockchain as a versatile system that works across different layers of technology, from applications to physical devices and is not limited by traditional internet protocols like TCP/IP.</p>



<p>In this framework, blockchain acts as a &#8220;digital reference of permanence&#8221; that records events and interactions for future reference, blending the physical and digital worlds. The panel went on to discuss further use cases for blockchain and tokenisation.</p>



<ul>
<li><strong>Accountability in Automated Systems</strong>: Tokenisation helps assign responsibility, such as in vehicle accidents, improving transparency and accountability in automated environments.</li>
</ul>



<ul>
<li><strong>Blockchain for Identity and Payments</strong>: Blockchain can help manage ownership, liability, and payments in connected autonomous vehicles, allowing for momentary identity authentication and improving <a href="https://bsvblockchain.org/news/web3-and-its-impact-on-the-finance-sector" target="_blank" rel="noopener">finance or insurance models</a>.</li>
</ul>



<ul>
<li><strong>AI and Blockchain in Edge Computing</strong>: As AI moves to edge devices, blockchain will enhance transparency, ensuring accountability for autonomous machine decisions.</li>
</ul>



<ul>
<li><strong>Blockchain Integration in Vehicles</strong>: Blockchain technology can be embedded in-vehicle hardware, enabling seamless payment, data sharing, and secure communication.</li>
</ul>


Building a machine-to-machine-based Internet


<p>Blockchain adoption is <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">key to developing a Web3 Internet,</a> but several challenges need to be addressed before this idealised future comes to pass. Chief among these is a rise in competing blockchain platforms.</p>



<p>Notably, the abundance of disconnected, non-interoperable databases does little to improve the quality of information available to businesses on a large scale. This is the view of <a href="https://www.linkedin.com/in/owen-vaughan-phd-090477103/" target="_blank" rel="noopener nofollow">Owen Vaughan (Chief Science Officer at nChain) </a>speaking at the recent London Blockchain Conference.</p>



<p>In his presentation, Vaughan traces the evolution of blockchain, highlighting its advancements and the significant challenges posed by multiple competing ledgers. He outlined these challenges&#8217; opportunities and discussed the potential for developing a unified approach to operating across different blockchains.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
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</div></figure>



<h2 class="wp-block-heading" id="h-in-the-beginning-and-where-we-are-now">In the beginning &#8211; and where we are now</h2>



<p>‘In the beginning, the world was dark. Because there was no blockchain. But in 2008, Bitcoin came along. A zero-to-one technology,’ he said. ‘Before Bitcoin, we had nothing that could do what a blockchain could do.</p>



<p>‘After Bitcoin, we had everything we needed. A decentralised digital money system with a fixed monetary supply. We have programmable money. A publicly available permissionless database to store everything you need.’</p>



<p>Vaughan noted that even at these early stages there were some offshoots &#8211; such as Litecoin and Ripple &#8211; but that these were still fundamentally based on Bitcoin technology. Since then there has been an exponential rise in altcoins: Ethereum, known for <a href="https://www.bsvblockchain.org/news/an-introduction-to-smart-contracts" target="_blank" rel="noopener">its smart contract functionality</a>; Cardano, one of the pioneering proof-of-stake (PoS) blockchains; and the emergence of privacy-focused coins like ZCash. Now, in 2024, there are over 1,000 blockchains in existence, ‘ he said.</p>



<p>While this may not seem like an obvious problem, it does create issues when it comes to payments. He gave an example of a recent trip he took to Argentina where he paid vendors using a stablecoin. While this system largely worked as intended he highlighted one instance where one of the vendors reported they hadn&#8217;t received payment for their services. Upon investigating, Vaughan realised he had mistakenly sent a derivative of the stablecoin, causing the funds to be directed to an address the vendor didn’t control.</p>



<p>This highlights the importance of clarity and certainty when transacting and why it is necessary to see some consolidation in the blockchain space.</p>



<h2 class="wp-block-heading" id="h-a-system-built-on-trust">A system built on trust</h2>



<p>While there is no strict definition of a Web3 Internet, Vaughan noted that most definitions are typically made of <a href="https://www.bsvblockchain.org/news/building-transparent-traceable-and-sustainable-supply-chains-with-the-bsv-blockchain" target="_blank" rel="noopener">the same core values:</a></p>



<ul class="wp-block-list">
<li>Security;</li>



<li>Data ownership;</li>



<li>Direct exchange of value.</li>
</ul>



<p>‘These are deeply human-centred concepts, and I believe they resonate with all of us as we work to build Web3. But the crucial point is that Web3 depends on blockchain technology,’ he said.</p>



<p>He again pointed to the problem of having too many blockchains. <a href="https://www.bsvblockchain.org/news/solving-blockchain-interoperability-challenges" target="_blank" rel="noopener">Currently, interoperability between chains is managed through bridges, he said.</a> If you want to transfer an asset from one blockchain to another, you must move it to a bridge, then transfer it off the bridge to the target blockchain.&nbsp;</p>



<p>In effect, this tries to address the problem of two blockchains by adding a third intermediary—something Vaughan believes is not a viable solution as it involves locking, swapping, and burning assets in the process.</p>



<h2 class="wp-block-heading" id="h-a-universal-blockchain-asset">A Universal Blockchain Asset</h2>



<p>To address these issues, Vaughan and his team at <a href="https://eprint.iacr.org/2024/784" target="_blank" rel="noopener nofollow">nChain have developed Universal Blockchain Assets</a>. This is a novel protocol for issuing and transferring tokens across blockchains without the need for a trusted third party or cross-chain bridge.</p>



<p>In this scheme, the blockchain is used for double-spend protection only, while the authorisation of token transfers is performed off-chain. Due to the universality of this approach, it works in almost all blockchain settings.</p>



<p>It can be implemented immediately on <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">UTXO blockchains</a> such as BSV blockchain without modification, and account-based blockchains such as Ethereum by introducing a smart contract that mimics the properties of a UTXO.</p>



<p>You can<a href="https://eprint.iacr.org/2024/784" target="_blank" rel="noopener nofollow"> read Vaughan’s paper and more about the technology here</a>.</p>


What if your blockchain is different to mine?


<p><a href="https://www.linkedin.com/in/scottzoldi/" target="_blank" rel="noopener nofollow">Scott Zoldi</a> is an expert when it comes to developing ethical AI solutions with 25 years at FICO and nearly nine years as the company’s Chief Analytics Officer. During his talk at the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference</a> 2024 (21 &#8211; 23 May), he emphasised the increasing importance of trust and governance in AI today.</p>



<p>Zoldi presented blockchain as a <a href="https://www.google.com/search?q=bsv+blockchain+regulation&amp;rlz=1C1VDKB_enGB1124GB1124&amp;oq=bsv+blockchain+regulation&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRg90gEIMzc5M2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">crucial solution for maintaining consistent standards and easing regulatory interactions</a>. He kicked off his talk by immediately highlighting the problem, which is when AI is used to solve business problems that impact people. FICO monitors two-thirds of the world’s payment card transactions for fraud and pioneered credit scoring in the 1950s.</p>



<p>Zoldi emphasised <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">the responsibility of developing AI,</a> especially given its significant impact on individuals. He highlighted the importance of responsible AI, arguing that any AI impacting consumers is high-risk and requires serious accountability. Zoldi criticised the tolerance for issues like bias and lack of transparency in generative AI, stressing that responsible AI is crucial for decisions affecting people’s lives, such as loans and education.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading" id="h-concerns-and-mistrust-towards-ai-are-widespread">Concerns and mistrust towards AI are widespread</h2>



<p>Zoldi shared survey results highlighting widespread concerns about AI. A <a href="https://kpmg.com/xx/en/our-insights/ai-and-technology/trust-in-artificial-intelligence.html#accordion-797cc1e444-item-0d719072c9" target="_blank" rel="noopener nofollow">KPMG survey reveals</a> that 61% of consumers are wary of trusting AI, and 73% perceive significant risks in its use. <a href="https://www.ibm.com/downloads/cas/GVAGA3JP#" target="_blank" rel="noopener nofollow">IBM surveyed 7,502 businesses globally</a>, finding that 61% are concerned about their ability to explain AI-powered decisions.</p>



<p><a href="https://www.americanbanker.com/research-report/preparing-for-bankings-ai-revolution" target="_blank" rel="noopener nofollow">According to a study of American Bankers</a>, 75% of bankers want stronger AI guardrails, 80% are worried about inaccurate information from generative AI, and 57% have significant ethical concerns. Zoldi concluded that these findings indicate that we are not yet well-positioned to use AI responsibly.</p>



<p>Zoldi noted that regulators are increasingly stepping in due to the low trust that consumers have in AI. <a href="https://www.bsvblockchain.org/news/a-commonsense-approach-to-blockchain-legislation" target="_blank" rel="noopener">Regulations</a> like GDPR and the recent EU AI Act classify AI systems, especially in areas like credit scoring, and solicit human oversight.</p>



<p>He mentioned that the US is recognising the potential for widespread discrimination from AI models. Zoldi warned of a potential &#8220;AI winter&#8221;.</p>



<h2 class="wp-block-heading" id="h-responsible-ai">Responsible AI</h2>



<p>Zoldi then introduced the concept of responsible AI, a term he coined eight years ago. Responsible AI involves building models with care and seriousness, adhering to pillars that ensure proper development.</p>



<p>It’s essential for meeting regulations and establishing trust in AI. However, Zoldi noted that while many people claim to support responsible AI, the industry lacks clear standards for its implementation.</p>



<p>He highlighted the inadequacy of current approaches, such as explainable AI, and emphasised the need for the industry to address this issue by establishing pillars for responsible AI:</p>



<ul class="wp-block-list">
<li><strong>Robust AI</strong>: This involves the careful, thorough development of AI models, including extensive data collection, testing, and understanding of the relationships within the model. It’s a rigorous process that can take months or even a year.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Interpretable AI</strong>: This pillar focuses on creating AI models that can be understood and explained by humans. It addresses concerns about &#8220;black box&#8221; models by ensuring that the relationships and equations in the AI can be examined and justified.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Ethical AI</strong>: Zoldi emphasised the importance of addressing bias in AI models. Since all data is inherently biassed, it&#8217;s crucial to test AI models to ensure they don&#8217;t propagate bias, especially towards protected groups.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Auditable AI</strong>: This pillar is about accountability and governance in AI development. Auditable AI involves tracking the development process, ensuring proper decisions are made, and maintaining a record of who made those decisions. It is crucial to demonstrate that a model was developed responsibly.</li>
</ul>



<p>Zoldi stressed that these pillars are essential for establishing trust and ensuring that AI is used responsibly in organisations.</p>



<h2 class="wp-block-heading" id="h-establishing-governance-for-responsible-ai">Establishing governance for responsible AI</h2>



<p>Zoldi explained that responsible AI development requires bringing together key stakeholders, such as analytics leaders, legal, compliance, product managers, and customer service teams, to define and standardise the model development process within an organisation. Currently, many organisations struggle with AI regulation, with 43% unsure how to meet regulatory requirements and lacking consistent standards. This inconsistency leads to varied model development practices across individuals within the same organisation. Governance teams often perform verbal audits, which are error-prone and inconsistent.</p>



<p>To address this, Zoldi advocated for a unified model governance standard within organisations. This standard would ensure consistent use of algorithms, disallow certain practices and establish clear guidelines for explainability and ethics.</p>



<p>The goal is to specialise in and defend this standard to regulatory bodies, ensuring that AI models are built correctly and responsibly. This approach includes proper problem formulation, ensuring representative data, and maintaining thorough records.</p>



<h2 class="wp-block-heading">Blockchain’s role in responsible AI development</h2>



<p>Zoldi emphasised blockchain’s crucial role in ensuring transparency and accountability in AI development. Blockchain provides an immutable, cryptographically secure record of every decision made during the development process, including mistakes. This transparency creates a trustworthy and auditable approach to AI, where the entire development journey is documented and can be reviewed.</p>



<p>Zoldi identified three key roles in auditing responsible AI, which are:</p>



<ol class="wp-block-list">
<li><strong>Data Scientist:</strong> Responsible for fulfilling specific requirements and understanding success criteria to ensure the model meets these standards.</li>



<li><strong>Tester:</strong> Independently verifies the model&#8217;s outcomes against the success criteria, providing an objective assessment of the data scientist’s work.</li>



<li><strong>Reviewer:</strong> A higher authority who reviews the model and testing results to ensure that all requirements have been met correctly.</li>
</ol>



<p>Blockchain plays a key role in all the processes that involve these key roles and serves as a tool that makes the ‘black box’ that AI currently is transparent.</p>


Establishing trust in AI through Blockchain


<p>Enterprises, governments and developers looking to adopt blockchain will find themselves facing a wealth of options &#8211;<a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener"> but not all blockchains are built equal.</a> This was the focus of a recent panel discussion at the London Blockchain Conference which considered the benefits of blockchain consensus mechanisms—Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA).</p>



<p>The panel highlighted the advantages of business and enterprise applications for each mechanism and offered an overview of what makes a blockchain energy-efficient and the roles involved in maintaining it.</p>



<p>The panel included:</p>



<ul>
<li><a href="https://www.linkedin.com/in/kevinhalkema/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Kevin Alkema (Director of Hosting at GorillaPool)</a></li>



<li><a href="https://www.linkedin.com/in/charles-miller-2b807512" target="_blank" rel="noopener nofollow">Charles Miller (Senior Producer at Coingeek)</a></li>



<li><a href="https://www.linkedin.com/in/gregory-ward-032447176/" target="_blank" rel="noopener nofollow">Gregory Ward (Co-Founder/Chief Development Officer at Smartledger Solutions)</a></li>



<li><a href="https://www.linkedin.com/in/jakecampton" target="_blank" rel="noopener nofollow">Jake Campton (Communications Lead &amp; Project Management at VeChain).</a><br></li>
</ul>



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</div></figure>



<h2 class="wp-block-heading" id="h-a-fundamental-difference-in-how-blockchains-work">A fundamental difference in how blockchains work</h2>



<p>The discussion began by giving a broad overview of how <a href="https://www.bsvblockchain.org/news/blockchain-proof-of-work-vs-proof-of-stake-consensus-models" target="_blank" rel="noopener">different blockchain consensus mechanisms work</a>. Put simply, Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA) are consensus mechanisms used in blockchain networks to validate transactions and secure the network.</p>



<ul>
<li>Proof of Work requires participants (miners) to solve complex mathematical problems to validate transactions, with the first to solve earning the right to add a block and receive a reward;</li>
</ul>



<ul>
<li>Proof of Stake selects validators based on the amount of cryptocurrency they hold and are willing to &#8220;stake&#8221; as collateral;</li>
</ul>



<ul>
<li>Proof of Authority relies on a small, trusted group of validators who are pre-approved to validate transactions. It offers high efficiency and scalability but at the cost of decentralisation and potential censorship risks.</li>
</ul>



<h2 class="wp-block-heading" id="h-not-every-blockchain-works-for-enterprises">Not every blockchain works for enterprises</h2>



<p>After the panel had discussed the different consensus mechanisms from a technical level, the discussion then switched to adopting the right blockchain for your enterprise. Campton pointed to Proof of Authority (PoA), highlighting that it&#8217;s less competitive compared to other consensus mechanisms.</p>



<p>This is because it operates with KYC-verified nodes within what he describes as a public permissioned network. While there are many community-run validators, the core nodes are primarily responsible for block-building.</p>



<p>Ward noted that in Bitcoin&#8217;s early days Satoshi introduced a 1MB block size limit to prevent spam, intending it to be temporary. However, this limit was never lifted, which some see as a conspiracy, but regardless, it hinders scalability compared to unbounded blocks.</p>



<p>Alkema points out that mining on Proof of Work (PoW) blockchains now requires specialised ASICs. He added that there is ongoing discussion about using untapped energy sources, such as trapped gas or renewable waste, for mining.</p>



<p>Campton also talks about scaling on VeChain, where upgrades can be mandated and nodes are required to implement them according to their agreements. A Steering Committee, elected every two years, makes decisions on these updates to ensure effective scaling.</p>



<h2 class="wp-block-heading" id="h-a-common-misconception-around-proof-of-work">A common misconception around proof-of-work</h2>



<p>There is a <a href="https://www.bsvblockchain.org/news/a-common-misconception-around-proof-of-work" target="_blank" rel="noopener">common misconception that Proof-of-Work (PoW) consensus mechanisms are inherently unscalable and excessively energy-intensive</a>. However, PoW blockchains, as originally designed and promoted by BSV Blockchain, aim to achieve scalability while maintaining security, interoperability, and energy efficiency.</p>



<p>By increasing the number of transactions processed per block, PoW systems can significantly reduce energy consumption. As more transactions are handled within each block, the energy required per transaction decreases, leading to a more efficient system overall.</p>



<p>By comparison, Proof-of-Stake (PoS) networks, such as those used by Ethereum, cannot be accurately classified as true blockchains. Instead, they function as distributed ledger networks that mimic blockchain structures and processes but lack the same level of security and scalability.</p>



<p>The BSV blockchain, a public and permissionless blockchain adhering to the original Bitcoin protocol, offers a viable alternative to Bitcoin Core (BTC) and other PoS-based protocols.</p>



<p><a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">It should be considered a benchmark for PoW-based blockchains, showcasing an energy-efficient and scalable approac</a>h rather than being grouped with other energy-consuming PoW implementations like BTC.</p>


Proof of Work, Proof of Stake or Proof of Authority – What’s the right choice for your business?


<p>The BSV blockchain is on the verge of a significant transformation with the introduction of <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, a new node software that promises to redefine the network&#8217;s efficiency, scalability, and stability. As Teranode gradually integrates into the existing network alongside the SV Node, this parallel run arrangement presents a unique opportunity to compare and contrast the performance of these two systems, especially during periods of heavy transaction processing. This transition period is not just a technical upgrade; it’s a proving ground for the future of blockchain scalability and reliability.</p>



<h2 class="wp-block-heading" id="h-the-need-for-blockchain-scalability">The need for blockchain scalability</h2>



<p>The BSV network has continually pushed the boundaries of what is possible with blockchain technology, repeatedly setting new records for transaction processing. There have been instances where the network has processed more than 100 million transactions in a single day. These stress volumes, while impressive, have sometimes led to significant synchronisation issues, particularly for users who maintain full copies of the blockchain but lack the peer connectivity and hardware necessary to manage such large loads effectively. The key limitation of the very robust SV Node is it operates on a monolithic architecture that processes transactions sequentially. As transaction volumes grow, this approach encounters inherent bottlenecks, making an upgrade to a new node client with parallel transaction processing essential.</p>



<h3 class="wp-block-heading" id="h-teranode-in-listening-mode-a-glimpse-of-the-future">Teranode in listening mode: A glimpse of the future</h3>



<p>As Teranode begins its integration into the BSV network, it will initially operate in a listening mode. During this phase, Teranode will monitor and validate transactions for its internal processes and relay transactions and blocks without directly contributing to block creation. This setup allows for a side-by-side comparison with the SV Node under real-world conditions.</p>



<p>Imagine a scenario where the BSV network is once again pushed to its limits with a record-setting number of transactions. Teranode, with its microservices architecture, is designed to parallelize these processes, significantly improving throughput and reducing any possible bottlenecks.</p>



<p>By validating and relaying transactions in listening mode, Teranode can demonstrate its superior efficiency even before it starts actively participating in block creation. This phase provides invaluable insights into how Teranode handles high transaction volumes compared to the SV Node, offering a glimpse into the future of BSV&#8217;s scalability.</p>



<h3 class="wp-block-heading" id="h-a-new-benchmark-in-performance">A new benchmark in performance</h3>



<p>As Teranode transitions from listening to active mode, where it will begin creating and propagating blocks, the real test of its capabilities will begin. In this phase, both Teranode and SV Node will operate side by side, processing the same transactions and contributing to the network&#8217;s overall stability. This parallel run arrangement will allow for direct comparisons of their performance under identical conditions.</p>



<p>One of the key advantages of Teranode in this active phase is its ability to handle high transaction volumes more efficiently than the SV Node. Teranode&#8217;s design allows it to scale more effectively, utilising available resources more efficiently. This could mean that during periods of heavy transaction processing, Teranode not only maintains stability but also reduces the likelihood of network synchronization issues and delays.</p>



<h2 class="wp-block-heading" id="h-the-role-of-arc-in-bridging-the-gap">The role of ARC in bridging the gap</h2>



<p>As the BSV network evolves, the introduction of <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a> plays a crucial role in bridging the gap between SV Node and Teranode. <a href="https://www.bsvblockchain.org/news/understanding-arc-microservices" target="_blank" rel="noopener">ARC is a </a>transaction processor for the BSV blockchain that tracks the lifecycle of transactions as they proceed through the network. By managing the various states that a transaction can be in—such as being announced to the network, seen in an orphan mempool, or mined—ARC ensures that transactions are submitted in the proper order and processed efficiently.</p>



<p>This evolution in transaction processing is particularly important as Teranode begins to handle more of the network&#8217;s load. ARC’s ability to broadcast transactions across multiple nodes without relying on a single BSV node enhances the overall reliability of the network. As Teranode takes on a more active role, ARC helps ensure that transactions are processed smoothly, reducing the strain on the network and improving overall performance.</p>



<p></p>



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<iframe loading="lazy" title="Making transactions simple with ARC" width="500" height="281" src="https://www.youtube.com/embed/BrJxd3iNKm8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-looking-ahead-a-new-standard-for-blockchain-scalability">Looking ahead: A new standard for blockchain scalability</h2>



<p>Teranode is not just an upgrade; it is a reimagining of what blockchain infrastructure can be. With its <a href="https://www.bsvblockchain.org/news/understanding-arc-microservices" target="_blank" rel="noopener">microservices architecture</a>, superior scalability, and synergy with ARC, Teranode is poised to set a new standard for blockchain performance.</p>



<p>In the coming months, as Teranode transitions fully into active mode, we can expect to see the BSV network handle transaction volumes that would have been unimaginable just a few years ago. This evolution will not only enhance the network&#8217;s capacity but also its resilience, ensuring that BSV remains at the forefront of blockchain innovation for years to come.</p>


Parallel evolution: Teranode and SV Node paving the way for blockchain’s future


<p>Champions TCG has started its store rollout, enabling players to buy physical cards of the popular NFT based trading card game. In this article, we present you the latest updates and give you an overview of the game that is pioneering the genre by combining the digital and physical elements of trading card games in an entirely new way.</p>



<p></p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">The physical store rollout of our card packs is officially live! 🔮<br><br>These stores are genuinely excited with the margins, royalties, and cutting out of distributors. This is how web3 gaming wins. <br><br>If you’d like to make some real money and join our sales team, join the discord… <a href="https://t.co/LpnTd36Ti7">pic.twitter.com/LpnTd36Ti7</a></p>&mdash; Champions of Otherworldly Magic 🔮 (@ChampionsTCG_) <a href="https://twitter.com/ChampionsTCG_/status/1832497909310390560?ref_src=twsrc%5Etfw">September 7, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="h-physical-store-rollout">Physical store rollout</h2>



<p>Players can now buy a 6-pack bundle for $19.99 across selected stores in the US. The cards allow people to redeem their cards online and own an NFT of their card in their selected wallet. The NFTs can be used to build decks to play online.</p>



<p>To get started, players can visit<a href="http://www.championstcg.com/app" target="_blank" rel="noopener nofollow"> www.ChampionsTcg.com/app</a>, create an account and start building their deck of 35 cards and play. This fusion of tangible and digital gameplay offers a unique experience for trading card enthusiasts.</p>



<p>The store rollout is an on-going campaign and interested store owners can contact Champions TCG through their <a href="http://discord.gg/championstcg" target="_blank" rel="noopener nofollow">Discord</a>.</p>



<h2 class="wp-block-heading" id="h-latest-developments">Latest developments</h2>



<p>Earlier this year, Champions of Otherworldly Magic <a href="https://www.bsvblockchain.org/news/champions-of-otherworldly-magic-mints-1-million-cards-on-the-bsv-blockchain-as-it-prepares-for-a-busy-2024" target="_blank" rel="noopener">minted a million digital cards on the BSV blockchain with the help of HandCash</a>, making it the largest NFT collection on any public blockchain. ChampionsTCG is picking up momentum and claims to be the fastest growing game of its genre.</p>



<p>In an episode of <em>Bitcoin Builders</em>, Champions TCG founding partner Miles Malec revealed that Champions TCG is primarily focused on offering a game that is fun to play as opposed to catering to NFT collectors that invest into digital assets to speculate on value.</p>



<p></p>



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<iframe loading="lazy" title="Champions of Otherworldly Magic | Bitcoin Builders with Brett Banfe" width="500" height="281" src="https://www.youtube.com/embed/PgZ3slnNmTk?start=1830&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<p>Due to this, Champions TCG relies on the BSV blockchain to mint card NFTs at the fraction of the cost that other blockchains would require. Due to this, cards cost typically less than a dollar to be affordable for everyone.</p>



<p>However, the game is blockchain agnostic by itself and allows players to import the NFTs to whichever blockchain they prefer. Besides HandCash, currently five other wallets can be connected via the <a href="https://championstcg.com/app/" target="_blank" rel="noopener nofollow">online app of Champions TCG</a>.</p>



<h2 class="wp-block-heading" id="h-community-driven-approach">Community driven approach</h2>



<p>The Champions TCG team pursues a community-based approach as a strategy for success. From the very beginning, feedback was important for the development of the game, both from players and from the shops, which play an important role in the game culture as a meeting place for local communities.</p>



<p>The game makers are offering the shops attractive conditions for the rollout, as mentioned in their tweet above. In the interesting talk at Bitcoin Builders, Malec also discussed what other benefits are possible or planned for the future.</p>



<p>Interesting events and competitions are also regularly organised for the online community. These are announced in the <a href="http://discord.gg/championstcg" target="_blank" rel="noopener nofollow">Discord</a> or on the <a href="https://blog.championstcg.com/" target="_blank" rel="noopener nofollow">Champions TCG blog</a>.</p>


Champions Trading Card Game comes to life with store rollout


<p>1SatOrdinals came about as a response to other token protocols on the BSV blockchain. However, it has since evolved into something much bigger than that, says <a href="https://x.com/shruggr?lang=en" target="_blank" rel="noopener nofollow">David Case (1SatOrdinals Developer)</a>. Speaking on the sidelines of the London Blockchain Conference, Case noted that ordinals originally garnered popularity on the BTC blockchain but made a <a href="https://www.bsvblockchain.org/news/unlocking-the-potential-of-nfts-with-1sat-ordinals-and-scrypt" target="_blank" rel="noopener">more natural fit on the BSV blockchain which offers far more functionality.</a></p>



<p>‘On BSV, what makes it unique is the fact that we can do transactions with a single Satoshi. And ordinals are all about a Satoshi as a unique thing that gets tracked across the blockchain,’ he said.</p>



<p></p>



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<h2 class="wp-block-heading">Understanding ordinals</h2>



<p>On the BSV blockchain, <a href="https://www.bsvblockchain.org/news/scrypt-hackathon-understanding-ordinals" target="_blank" rel="noopener">an ordinal refers to a satoshi—the smallest unit of BSV—monitored as a distinct entity through specific rules</a>. This system allows each satoshi to function like a token, capable of recording important events, such as embedding an image file, which is then permanently stored on the blockchain.</p>



<p>This mechanism ensures that the owner of a satoshi also holds all the history associated with it. It enables the creation of NFTs (non-fungible tokens) and unlocks numerous possibilities for innovative applications. While some aspects of this technology are already in use, there is still considerable potential for further development.</p>



<p>Unlike other protocols that require specific identifiers in transaction scripts, ordinals trace the origin and movement of satoshis without using labels, making transactions more space-efficient.</p>



<p>This concept, inspired by limitations on the BTC blockchain, was implemented on the BSV blockchain, adding functionalities like sCrypt contracts. Initially used for NFTs and a community mint-style fungible token protocol called BSV20, it has since evolved into BSV21, which supports smart contracts and advanced features like ‘lock to mint.’ An example is POW20, which requires proof of work for token issuance.</p>



<h2 class="wp-block-heading">Ordinals on the BSV blockchain are unique</h2>



<p><a href="https://www.bsvblockchain.org/news/uncapping-block-sizes-the-road-to-resolution" target="_blank" rel="noopener">The BSV blockchain features unlimited transaction block sizes, allowing for boundless scalability</a>. This means that the amount of data within a single 1Sat Ordinals token is irrelevant, enhancing their versatility, said Case</p>



<p>Additionally, a broader range of file types can be tokenised, and advanced rules, such as Lock-to-Mint and the POW20 miner, can be implemented to require genuine proof-of-work before collectors receive new tokens. Moreover, 1Sat Ordinals can be integrated with sCrypt&#8217;s smart contracts, opening up possibilities for innovative use cases that are yet to be explored.</p>



<p>‘So some of the use cases for ordinals right now is that people are using them just for collectables and maybe some fungible tokens that are meme coins or whatever. But in reality, you can kind of model any real-world workflow or process where an ordinal is essentially a tokenised version of anything,’ he said.</p>



<h2 class="wp-block-heading">1Sat.Market now live</h2>



<p><a href="https://1sat.market/" target="_blank" rel="noopener nofollow">1Sat.</a>The market is a wallet for BSV and Ordinals tokens, previously known as the 1Sat Ordinals home page. The rebranding to 1Sat.The market highlights its expanded functionality, including a trading platform for users to exchange tokens seamlessly.</p>



<p>Additionally, 1Sat.The market offers a downloadable POW20 miner, enabling users to mine new tokens by solving hash puzzles through proof-of-work on their desktop machines. Users can also utilise the platform&#8217;s resources to create individual Ordinals or entire series of unique tokens.</p>


Unlocking 1SatOrdinals with the power of the BSV blockchain


<p>While blockchain has most commonly been associated with micropayments and supply chain optimisation, in recent years it has also seen increasing adoption in the luxury sector.&nbsp; One such company is<a href="https://www.clubdvin.com/" target="_blank" rel="noopener nofollow"> dVIN, which is leveraging blockchain technology to transform the luxury wine industry.</a></p>



<p>Speaking at the recent London Blockchain Conference, <a href="https://www.linkedin.com/in/steven-bacci/" target="_blank" rel="noopener nofollow">Steven Bacci (Principal Worldwide Specialist Solutions Architect at AWS)</a> and <a href="https://www.linkedin.com/in/davidgarrett/?originalSubdomain=es" target="_blank" rel="noopener nofollow">David Garrett (Managing Partner at dVIN)</a> delved into the development of Digital Cork NFTs and Tasting Token NFTs. These innovations empower wine authentication, provenance tracking, and direct consumer engagement.</p>



<p></p>



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<iframe loading="lazy" title="Tokenization &amp; the Wine Industry" width="500" height="281" src="https://www.youtube.com/embed/mgsZKzdJPvM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h2 class="wp-block-heading" id="h-giving-the-luxury-wine-industry-a-boost-through-tokenisation">Giving the luxury wine industry a boost through tokenisation</h2>



<p>Garrett explained that the luxury wine market is a niche within the broader wine industry, accounting for just 10% of volume but generating 25% of revenue. This is the segment he is targeting with dVIN, a blockchain-powered B2B platform designed specifically for the luxury wine sector.</p>



<p>Despite being a $100 billion industry, luxury wines often lack the attention and privileges afforded to similar high-value assets. Garrett attributes this to the absence of verifiable data.</p>



<p>To address this, dVIN has introduced the Digital Cork NFT—a decentralised proof of ownership for luxury wine. This digital certificate provides a transparent chain of custody and ownership, allowing users to track the journey of a bottle from grape to glass.</p>



<p>The Digital Cork NFT is tokenising wine by <a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener">transforming a wine bottle from merely a possession into a valuable asset.</a> This provides anti-fraud and anti-counterfeit measures, as well as price transparency. </p>



<h2 class="wp-block-heading" id="h-what-happens-when-tokenised-wine-is-consumed">What happens when tokenised wine is consumed?</h2>



<p>While the Digital Cork NFT is a game-changer, the tokenised wine will eventually be consumed. To address this, dVIN destroys the original Digital Cork NFT once a bottle is opened, signalling that the bottle is no longer authentic. In its place, a new token is minted—the Tasting Token NFT, which serves as a verified proof of the tasting experience.</p>



<p>Garrett also shared that dVIN is collaborating with wineries to<a href="https://www.bsvblockchain.org/news/how-blockchain-revolutionises-the-fight-against-counterfeiting" target="_blank" rel="noopener"> incorporate RFID and NFC chips into bottles, making it easier to detect when a bottle has been opened</a>.</p>



<p>dVIN&#8217;s ultimate vision is to bring the entire wine manufacturing, supply, and consumption process on-chain. With over ten million counterparties in the industry,<a href="https://www.bsvblockchain.org/technology/smart-contracts" target="_blank" rel="noopener"> blockchain smart contracts</a> would enable a trustless system for billions of transactions annually.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-built-for-tokenising-supply-chains">BSV blockchain &#8211; built for tokenising supply chains</h2>



<p><a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-is-used-in-supply-chains" target="_blank" rel="noopener">The BSV blockchain is revolutionising supply chain management by providing unparalleled transparency, efficiency, and security. </a>Every transaction or movement of goods can be recorded immutably, ensuring that data remains accurate and tamper-proof.</p>



<p>This level of transparency helps in tracking the origin, journey, and handling of products in real-time, reducing the risk of fraud, counterfeiting, and errors.</p>



<p>Implementing blockchain technology in sustainable supply chains and management revolutionises the way<a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener"> transparency, accountability, and reliability are achieved in an often unpredictable system</a>. By providing an immutable record of every transaction and movement, blockchain creates a transparent trail that authorised stakeholders can easily access.</p>



<p>This level of transparency discourages the introduction of counterfeit goods, unauthorised substitutions, and unethical practices, as any attempt to manipulate recorded data becomes immediately evident. Moreover, the traceability enabled by blockchain ensures that all enterprises within the network adhere to legal standards, safeguarding both companies and consumers from unlawful products and operations.</p>


Tokenising the wine industry 


<p>Dr <a href="https://www.instantip.today/" target="_blank" rel="noreferrer noopener">Kary Oberbrunner</a>, CEO and Co-Founder of Instant IP, spoke at the <a href="https://londonblockchain.net/" target="_blank" rel="noreferrer noopener">London Blockchain Conference</a> 2024 and delivered a presentation on the innovative use of blockchain technology to protect intellectual property (IP) with <a href="https://www.instantip.today/" target="_blank" rel="noreferrer noopener">Instant IP</a>.</p>



<p>Intellectual property is becoming increasingly valuable, as Dr. Kary Oberbrunner pointed out in his presentation. However, protecting intellectual property is a bureaucratic, lengthy and expensive step, which can be hard to take for start-ups and new entrepreneurs. Instant IP offers creators, entrepreneurs, and businesses an up-to-date tool to protect and capitalise on their most valuable assets.</p>



<p></p>



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<iframe loading="lazy" title="The Future of Intellectual Property: Leveraging Blockchain for Protection" width="500" height="281" src="https://www.youtube.com/embed/FbDnUawyvp8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h2 class="wp-block-heading" id="h-the-evolution-of-the-web-and-its-impact-on-ip">The evolution of the web and its impact on IP</h2>



<p>Oberbrunner began his talk by tracing the evolution of the Internet and how it impacted intellectual property. He highlighted how Web1 was centred around individual ownership of content, where users primarily consumed information. Web2 saw the rise of user-generated content, but with a caveat—platforms, rather than creators, owned the content. This shift, while empowering users to create, often left them vulnerable to losing control over their creations. However, <a href="https://bsvblockchain.org/news/web3-for-a-better-world" target="_blank" rel="noreferrer noopener">the advent of Web3</a> has changed the game, enabling users to both create and own their content.</p>



<p>In this context, Oberbrunner emphasised the critical importance of IP protection in the Web3 era. He introduced Instant IP (at the time of the London Blockchain Conference 2024 still named ‘EasyIP’), which he described as the &#8220;Uber of intellectual property protection.&#8221; This tool, which his company patented, allows for the immediate protection of ideas, offering a simple yet powerful solution to a complex problem.</p>



<h2 class="wp-block-heading" id="h-a-personal-mission-for-ip-protection">A personal mission for IP protection</h2>



<p>Oberbrunner’s dedication to IP protection is deeply personal. He shared a story from 2010 when his intellectual property was stolen—an experience that ignited his passion for safeguarding the ideas and creations of others. Parts of his book, <em>Your Secret Name</em>, was claimed by someone else, highlighting the vulnerabilities that creators face in the digital age. This experience became the driving force behind his commitment to developing robust IP protection solutions.</p>



<h2 class="wp-block-heading" id="h-the-growing-value-of-intellectual-property">The growing value of intellectual property</h2>



<p>Oberbrunner stressed the growing importance of intellectual property in modern business by referencing a significant shift in the asset value within the S&amp;P 500. In 1975, only 17% of the S&amp;P 500’s value was derived from intangible assets like IP. By 2020, this figure had soared to 90%. This shift underscores the critical role that IP plays in today’s economy, with companies increasingly relying on unique processes, systems, and ideas as their primary sources of value.</p>



<p>He compared the recognition and protection of IP to discovering valuable art after selling a house &#8211; emphasising that if you don’t take your IP seriously, no one else will. This analogy underscored the need for creators and entrepreneurs to protect and value their intellectual assets as they would any other valuable property.</p>



<p></p>



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<iframe loading="lazy" title="In the Spotlight: Easy IP and Kary Oberbrunner" width="500" height="281" src="https://www.youtube.com/embed/0o9xwuc-pRo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h2 class="wp-block-heading" id="h-instant-ip-a-revolutionary-tool-for-ip-protection">Instant IP: A revolutionary tool for IP protection</h2>



<p>To address the challenges of IP protection, Oberbrunner introduced <a href="https://www.instantip.today/start/" target="_blank" rel="noreferrer noopener">Instant IP</a>, which allows users to protect their intellectual property within 24 hours for just $97—a stark contrast to the traditional patenting process in the U.S., which can cost upwards of $20,000 and take years. He encouraged the audience to try the platform immediately using their smartphones, offering a live demonstration to showcase its ease of use.</p>



<p>During the demonstration, Oberbrunner invited an audience member on stage to share their idea, which involved creating an ecosystem for collaboration among entrepreneurs, researchers, and investors. He used this opportunity to show how the Instant IP app could protect such innovative concepts in real-time. He also highlighted the importance of naming your IP, comparing it to naming a baby, as it provides identity and protection to the idea.</p>



<h2 class="wp-block-heading" id="h-how-instant-ip-works">How Instant IP works</h2>



<p>Oberbrunner also discussed how the Instant IP platform helps companies protect, organise, and manage their IP. The platform assigns a unique token to each piece of IP, effectively turning ideas into digital assets. This tokenisation not only helps in organising IP but also increases the value of the company, particularly when it comes to selling the business. The blockchain’s immutable timestamp serves as a legal filing event, providing robust protection that aligns with official patent and trademark standards.</p>



<p>The speaker also pointed out that traditional IP processes are often too slow for the fast-paced world of AI and digital innovation. In contrast, Instant IP&#8217;s blockchain-based platform offers a quick, efficient, and globally recognised method for turning ideas into protected digital assets.</p>



<h2 class="wp-block-heading" id="h-the-future-of-ip-protection">The future of IP protection</h2>



<p>Oberbrunner concluded by discussing the growing recognition of Instant IP&#8217;s technology by major institutions like Congress, Harvard, and the American Bar Association, underscoring its credibility and potential to revolutionise IP protection. He fielded questions from the audience, confirming that smart contracts—like those used by Instant IP—are legally binding in the U.S. and other countries. He predicted that smart contracts would soon become as commonplace and legally accepted as digital signatures.</p>


Leveraging blockchain for protection with Instant IP


<p>BSV Blockchain recently had the opportunity to sit down with <a href="https://www.linkedin.com/in/rohan-sharan/" target="_blank" rel="noopener nofollow">Rohan Sharan (Founder and Head of Product at TimeChain Labs)</a> to discuss his work, why he chose to become a BSV Ambassador and some of the exciting projects he has planned.</p>



<p><a href="https://timechainlabs.io/#testimonials" target="_blank" rel="noopener nofollow">Timechain Labs is a company working on the BSV blockchain</a>, which aims to build ‘the applications of the present with the help of the technology of the future’. It provides blockchain development, consultation, and contract management services.</p>



<p>Just as the Internet led to an explosion of content, blockchain technology has the potential for blockchain development, consultation, contract management, and full-service development options.</p>



<p>The edited interview can be found below.</p>



<p><strong><em>Can you briefly introduce yourself and Timechain Labs?</em></strong></p>



<p><strong>RS:</strong> I&#8217;m the founder of Time Chain Labs, a company that develops blockchain solutions using the BSV blockchain. I founded the company two years back and we specialise in the fintech space, particularly in India.</p>



<p>We have a smart wallet infrastructure built on the BSV blockchain itself, which we call <a href="https://www.bsvblockchain.org/news/bsv-blockchain-ecosystem-shines-at-gitex-global-conference-2023" target="_blank" rel="noopener">Neucron</a>, on which multiple solutions are built. I have also been running the Big Blockers community, which has over 500 members across eight cities in India. I conduct meetups every month in these cities and we have multiple ongoing activities including workshops and hackathons &#8211; all of which focus on how the BSV blockchain can be used.</p>



<p><strong><em>What are some of the exciting developments or projects you are working on right now?</em></strong></p>



<p><strong>RS: </strong>The most exciting project we are working on right now <a href="https://www.bsvblockchain.org/news/moving-towards-a-world-where-everything-is-tokenised" target="_blank" rel="noopener">is the tokenisation of invoices</a>. This process involves transforming the rights to an invoice into a digital token, thereby representing it on a blockchain. Tokenising supply-chain invoices not only aims to streamline payment processes but also improves transparency and security throughout the transaction chain.</p>



<p>This allows smaller vendors in <a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-is-used-in-supply-chains" target="_blank" rel="noopener">the supply chain to get financed by just one funding anchor.</a> This solution has been given authorisation by the Reserve Bank, the Central Bank, and the regulators so that it can go to market based on the BSV blockchain that we have built.</p>



<p><strong><em>Why did you decide to build on the BSV blockchain as opposed to another competing blockchain?</em></strong></p>



<p><strong>RS: </strong>The major reason is because of its technical capabilities. <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">High scalability, low costs, and full smart contract abilities &#8211; all of which are elegant</a>. From a technical architecture point of view, it is simply the only layer-one blockchain which is capable of scaling without compromising on security.</p>



<p><strong><em>Why did you decide to become a BSV Ambassador?</em></strong></p>



<p><strong>RS:</strong> I didn’t decide to become a BSV Ambassador so much as I was given the title as I was so active in the community. I created the community in India because I saw a gap in the market, while other blockchains also started to gain popularity in the region.</p>



<p>I saw with my own eyes that the BSV blockchain was a better, superior solution (to these other blockchains). And I wanted to create traction and a community which offered education on how real how layer-one scaling should work. So that&#8217;s what started me on Telegram and WhatsApp, adding people to create our first meetups.</p>


Interview: Rohan Sharan on why he is a BSV Ambassador


<p>After testing the waters with private blockchains, savvy enterprises are increasingly moving to implement private data storage solutions on public blockchains. This was the key focus of a panel discussion at the recent London Blockchain Conference which included:</p>



<ul>
<li><a href="https://www.linkedin.com/in/johnv/?originalSubdomain=mc" target="_blank" rel="noopener nofollow">John Velissarios (Founder &amp; Director at Otranto Limited)</a></li>



<li><a href="https://www.linkedin.com/posts/giovannifranzese_blockchain-innovation-newchapter-activity-7066759566339846144-0KUp/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Giovanni Franzese (Partner Strategy at nChain)</a></li>



<li><a href="https://www.linkedin.com/in/rakic-dean/?originalSubdomain=de" target="_blank" rel="noopener nofollow">Dr. Dean Rakic (CEO/Chief Scientist at Blockcontrol)</a></li>



<li><a href="https://www.linkedin.com/in/muneeb-shah-42372838/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Muneeb Shah (Director- Head of Digital Assets Tech Consulting at EY)</a></li>



<li><a href="https://www.linkedin.com/posts/neeraj-srivastava-82847614_blockchain-technology-data-activity-7019555794866114560-kwTt/" target="_blank" rel="noopener nofollow">Neeraj Srivastava (CIO at Rockwallet)</a></li>



<li><a href="https://www.linkedin.com/in/sonnymohanty/?originalSubdomain=sg" target="_blank" rel="noopener nofollow">Sonny Mohanty (Head of Ecosystems Ventures&nbsp; at XDC Network)</a></li>
</ul>



<p>The experts discussed different implementations of blockchain in the enterprise space and the real-world business lessons from each type of blockchain, including public, private, and hybrid setups. They also discussed real-world use cases that have been implemented in their businesses so you can use their findings to make the right decision for yours.</p>



<p></p>



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<iframe loading="lazy" title="Public or Private Blockchains - How to evaluate which is the best for your business" width="500" height="281" src="https://www.youtube.com/embed/CVFq-zeN52M?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-public-vs-private-blockchains">Public vs private blockchains</h2>



<p><a href="https://www.bsvblockchain.org/news/comparing-public-and-private-blockchain-features-pros-cons" target="_blank" rel="noopener">Public blockchains are open to anyone who wants to participate</a>, making them suitable for various use cases across different industries. Anyone can create and configure a node to join the network as a miner, who processes transactions and competes for the opportunity to add a new block to the blockchain.</p>



<p>Miners are incentivised by the chance to earn a reward in the blockchain&#8217;s native currency, known as the block reward, which is awarded for processing a block. This reward is designed to decrease by half roughly every four years. Along with transaction fees, the block reward provides financial incentives for miners. Every new block added to the chain is visible to everyone.</p>



<p>A private blockchain is managed by a central entity that controls access, granting permissions to specific individuals or organisations. These blockchains are typically designed to fulfil particular corporate functions. The owner of the blockchain has the authority to modify the consensus protocol, alter the rules, or override any entries recorded on the blockchain.</p>



<p>Access is tightly regulated by a central authority, making private blockchains generally less decentralised than public ones. Only verified individuals can access the blockchain, minimising the risk of unauthorised users or malicious actors infiltrating the system.</p>



<h2 class="wp-block-heading" id="h-why-many-enterprises-are-still-private">Why many enterprises are still private</h2>



<p>Franzese began the discussion by noting that in <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">the early days of enterprise blockchain adoption, public blockchains were never considered as an option</a>. However, things have unfortunately not changed much, he said.</p>



<p>‘It is a matter of fact that enterprise blockchain is still private and permission. This is because big corporations don’t trust having data in a public environment. They want to have control and it is natural to want to have control.’ Franzese noted that this comes down to risk and that companies understandably don’t want to put trust in a company other than themselves.</p>



<p>Despite this risk balance, Franzese noted that<a href="https://bsvblockchain.org/enterprise" target="_blank" rel="noopener"> the benefits of putting data on public blockchains are still clearly the way forward for companies</a> &#8211; but it requires them to be brave, innovative and forward-looking.</p>



<p>Shah largely agreed with Franzese and added that the technology is still relatively nascent and developing. ‘The world has realised that they are creating closed-loop digital islands which don’t necessarily talk to each other. So interoperability has become the key task.’</p>



<h2 class="wp-block-heading" id="h-looking-forward">Looking forward</h2>



<p>‘We are now at a point of inflexion <a href="https://www.bsvblockchain.org/news/solving-blockchain-interoperability-challenges" target="_blank" rel="noopener">where it is not one or the other (public or private blockchains) but a hybrid of the two</a>. And it will be particularly driven by the use cases and the choice of application that you will be building,’ Shah said.</p>



<p>‘If the use case entails it to be a private, permissioned blockchain with restricted participants then fair enough. If you look at something like Central Bank Digital Currencies (CBDCs) does it merit doing a public issuance on a public blockchain due to third-party risk management? Maybe not.’</p>



<p>But then when you think of the public issuing of a CBDC, is a private blockchain going to be able to give you enough scale &#8211; the answer is no. So you need an interoperability player between a private and public blockchain &#8211; it’s going to be a very specific hybrid model.’</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-built-for-enterprises-and-governments">BSV blockchain is built for enterprises and governments</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>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.</p>



<p>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">help your business here</a>.</p>


Public or private blockchains – How to evaluate which is the best for your business


<p>BSV Blockchain recently announced the release of its <a href="https://github.com/bitcoin-sv/py-sdk" target="_blank" rel="noreferrer noopener nofollow">Software Development Kit (SDK) for Python </a>which is now available to developers. This Python SDK offers an updated and unified core library, specifically designed for creating scalable applications on the BSV blockchain.&nbsp;</p>



<p>With this library, developers can easily implement a peer-to-peer approach in their applications, enabling <a href="https://docs.bsvblockchain.org/protocol/light-clients-and-spv-processes/simplified-payment-verification-spv" target="_blank" rel="noreferrer noopener">Simplified Payment Verification (SPV</a>) with enhanced privacy and scalability. The SDK also plays a crucial role in AI applications, allowing them to leverage the unique capabilities of the BSV blockchain.</p>



<p>This new SDK is a key component of the broader BSV Blockchain Libraries Project, which aims to organise and maintain the middleware BSV blockchain technological stack. Several partners are involved in this project including Mihael Šinkec (Software Engineer at sCrypt) who recently sat down with us for an interview.</p>



<p></p>



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<p>‘We are developing the Python SDK with the BSV Blockchain and what we aim to achieve is a unified application programming interface across many languages. The SDK is more of a low-level library which will make it easier to do things such as creating transactions, creating regular payments, multi-sig payments and so forth.’&nbsp;</p>



<p>Sinkec added that the SDK also allows for custom scripts meaning it could be combined with other programming languages such as sCrypt or a custom-locking script from a smart contract.</p>



<p><a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noreferrer noopener nofollow">Darren Kellenschwiler (Utilisation Technical Lead at BSV Blockchain)</a> added that standardised open-source libraries hold the promise of elevating product quality across the board. ‘As a result, contributing to these libraries is economically beneficial for companies, fostering a more skilled talent pool capable of developing scalable BSV blockchain applications,’ he said.&nbsp;</p>



<p>Kellenschwiler noted that BSV Blockchain worked with sCrypt and other key developers on the standardisation of the Python SDK. ‘We would especially like to extend our thanks to <a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noreferrer noopener nofollow">Xiaohui Liu (Founder and CEO of sCrypt)</a> and his team for their combined efforts in developing and maintaining this new SDK. This collaboration highlights BSV Blockchain’s continued push for an open-source operating model.’&nbsp;</p>



<p>Other contributors included Gorilla Pool and developers such as Luke Rohenaz, David Case, Jad Wahab and Jake Jones on other open-source components.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-libraries-project">The BSV Blockchain Libraries Project&nbsp;</h2>



<p>The BSV Blockchain Libraries Project aims to structure and the BSV Blockchain middleware technology stack, By facilitating the development and maintenance of core libraries, it serves as an essential toolkit for developers looking to build on the BSV blockchain.</p>



<p>‘The launch of the Python SDK follows the recent launch of the <a href="https://github.com/bitcoin-sv/go-sdk" target="_blank" rel="noreferrer noopener nofollow">Golang SDK</a> and the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noreferrer noopener nofollow">TypeScript SDK</a>. The project team will soon release a comprehensive array of educational materials to help developers fully leverage the new SDKs,’ said <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noreferrer noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>.</p>



<p>‘The decision on which libraries to standardise stems from survey results aimed at aligning with ecosystem needs, further validated by an in-house analysis of popular programming languages and their potential to open new markets.’</p>



<p>‘The focus on standardisation goes beyond creating a consistent codebase; it aims to cultivate a dynamic community of innovators who work together competitively yet cooperatively to unlock the full potential of blockchain technology,’ he said.</p>



<p>By clarifying open-source governance and guidelines, BSV Blockchain is moving towards open innovation, engaging essential stakeholders for mutual advancement and achieving the flywheel effect.</p>


Release of the standardised Python SDK by BSV Blockchain – An illustration of the open-source contribution from the BSV ecosystem


<p>BSV Blockchain is pleased to announce that <a href="https://github.com/bitcoin-sv/py-sdk" target="_blank" rel="noreferrer noopener nofollow">the Software Development Kit (SDK) for Python is now available</a>. The Python SDK is designed to provide an updated and unified core library for developing scalable applications on the BSV blockchain. </p>



<p>The library enables developers to build applications with a peer-to-peer approach in mind. It makes <a href="https://docs.bsvblockchain.org/protocol/light-clients-and-spv-processes/simplified-payment-verification-spv">Simplified Payment Verification (SPV</a>) easy and enables privacy and scalability. It is also important for AI use cases to leverage the BSV blockchain’s inherent capabilities.&nbsp;</p>



<p>The launch of the new SDK forms part of the wider BSV Blockchain Libraries Project, which&nbsp;</p>



<p>aims to structure and maintain a middleware layer of the BSV blockchain technology stack. By facilitating the development and maintenance of core libraries, it serves as an essential toolkit for developers looking to build on the BSV blockchain.</p>



<p>Examples of how to use the Python SDK are available <a href="https://docs.bsvblockchain.org/guides/sdks/py">here</a>.</p>



<h2 class="wp-block-heading">The importance of open-source libraries&nbsp;</h2>



<p>A library is a collection of pre-written code that developers can use to perform common tasks or functions in their software projects. BSV libraries provide essential functions for building applications on the BSV blockchain.</p>



<p>‘The unification of BSV libraries into a single SDK will streamline development by consolidating useful functions and eliminating unnecessary elements. This will improve the developer experience, promote compatibility, and enhance the overall quality of the ecosystem,’ said <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noreferrer noopener nofollow">Thomas Giacomo (Director of Utilisation) at BSV Blockchain</a>. </p>



<p>‘By incorporating the best features from multiple libraries, the new SDK will provide a more reliable and comprehensive set of tools, saving developers time and effort,’ he said.&nbsp;</p>



<p><a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noreferrer noopener nofollow">Darren Kellenschwiler (Utilisation Technical Lead at BSV Blockchain)</a> added that standardised open-source libraries hold the promise of elevating product quality across the board. ‘As a result, contributing to these libraries is economically beneficial for companies, fostering a more skilled talent pool capable of developing scalable BSV blockchain applications,’ he said. </p>



<p>Kellenschwiler added that BSV Blockchain worked with sCrypt and other key developers on the standardisation of the Python SDK. ‘We would especially like to extend our thanks to <a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noreferrer noopener nofollow">Xiaohui Liu (Founder and CEO of sCrypt)</a> and his team for their combined efforts in developing and maintaining this new SDK. This collaboration highlights BSV Blockchain’s continued push for an open-source operating model.’ Other contributors included Ken Sato of Yen Point who provided initial feedback and testing while incorporating the SDK into an active project.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading">The BSV Blockchain Libraries Project&nbsp;</h2>



<p>The BSV Blockchain Libraries Project aims to structure and maintain a middleware layer of the BSV Blockchain technology stack. By facilitating the development and maintenance of core libraries, it serves as an essential toolkit for developers looking to build on the BSV Blockchain.</p>



<p>The launch of the Python SDK follows the recent launch of the <a href="https://github.com/bitcoin-sv/go-sdk" target="_blank" rel="noreferrer noopener nofollow">Golang SDK</a> and the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noreferrer noopener nofollow">TypeScript SDK</a>. The project team will soon release a comprehensive array of educational materials to help developers fully leverage the new SDKs. The decision on which libraries to standardise stems from survey results aimed at aligning with ecosystem needs, further validated by an in-house analysis of popular programming languages and their potential to open new markets.</p>



<p>The focus on standardisation goes beyond creating a consistent codebase; it aims to cultivate a dynamic community of innovators who work together competitively yet cooperatively to unlock the full potential of blockchain technology.</p>



<p>By clarifying open-source governance and guidelines, BSV Blockchain is moving towards open innovation, engaging essential stakeholders for mutual advancement and achieving the flywheel effect.</p>


BSV Blockchain launches Python SDK


<p>Web3 is a much-discussed term when it comes to blockchain technology. However, the time when start-ups used the term as a buzzword to draw attention to themselves is over. This is according to <a href="https://www.linkedin.com/in/lars-boe-a4a3a52b/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Lars Boe (Senior Partner at Bain &amp; Company)</a> who believes now is the time for Fortune 200 companies to adopt Web3 practices, <a href="https://www.youtube.com/watch?v=R5zwqhL2eaE" target="_blank" rel="noopener nofollow">as he pointed out at last year’s London Blockchain Conference</a>.</p>



<p>While Web2 enabled <a href="https://www.bsvblockchain.org/news/p2p-blockchain-blockchain-scaling-with-the-ipv6-based-new-internet" target="_blank" rel="noopener">Internet users to create their own content and allow more interaction instead of static websites,</a> Web3 went a step further. It allows users to act more autonomously and not only create their content but also own it. Additionally, it allows users to interact with each other peer-to-peer or at least more directly than currently, as apps and platforms dictate the conditions of exchanges, communication and interaction.</p>



<p>The basis for users&#8217; new relationship with content and other users is the blockchain, which enables the exchange and ownership of digital assets and tokens. These can represent not only digital content but also real existing objects and have a yet unexplored amount of possibilities for apps and services. As a result, not only can completely new business models be developed, but existing business practices can also be completely digitised.</p>



<p>However, a theoretical discussion can easily get lost in unrealistic speculation and idealisation. It therefore makes more sense to present companies that are working on Web3 solutions. But first, let’s introduce the requirements for Web3 solutions.</p>



<h2 class="wp-block-heading" id="h-what-is-required-to-realise-web3-solutions-blockchain">What is required to realise Web3 solutions &#8211; Blockchain</h2>



<p>If we divide the structure of Web3 into its essential components,<a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation"> the blockchain would be the foundation of Web3</a>, while connected APIs and wallets can be seen as the second layer, which in turn are connected to the third level, the apps and services.</p>



<p>For all processes to run smoothly, the blockchain must be scalable. With <a href="https://bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, the BSV blockchain can process more than one million transactions per second, with a single transaction costing only a fraction of a cent on average and is therefore the most scalable blockchain technology there is.</p>



<p>But other factors such as <a href="https://www.bsvblockchain.org/news/web3-and-its-impact-on-the-finance-sector" target="_blank" rel="noopener">security or compliance with regulations also need to be addressed</a>. Since BSV, unlike other blockchains, does not require an off-chain infrastructure to scale, there are virtually no attack vectors. In addition, the BSV blockchain is built to work within the legal system and is fully compliant with all current regulations.</p>



<h2 class="wp-block-heading" id="h-showcasing-the-power-of-web3-solutions-project-babbage">Showcasing the power of Web3 solutions &#8211; Project Babbage</h2>



<p>Many, but not all, projects that work with the blockchain can be labelled as Web3. Most companies and projects that offer blockchain- and token-based solutions are not keen to call themselves Web3. This includes <a href="https://www.projectbabbage.com/" target="_blank" rel="noopener nofollow">Project Babbage</a>, which can serve as a showcase for Web3 solutions in the BSV ecosystem.</p>



<p>Project Babbage has a strong vision to build a comprehensive infrastructure that emphasises user-centric practices, transparency, and collaboration. Exemplary for this vision is Babbage&#8217;s idea that users should not log into apps and websites, but rather that they should log into user accounts.</p>



<p></p>



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<p>Founder <a href="https://www.linkedin.com/in/ty-everett-61a29b327/" target="_blank" rel="noopener nofollow">Ty Everett</a> has worked on a couple of solutions that help to develop <a href="https://www.projectbabbage.com/sdk" target="_blank" rel="noopener nofollow">digital contracts</a>, <a href="https://www.projectbabbage.com/authrite" target="_blank" rel="noopener nofollow">identity management</a>, <a href="https://www.projectbabbage.com/packetpay" target="_blank" rel="noopener nofollow">secure payments</a>, and <a href="https://www.projectbabbage.com/docs/peerserv" target="_blank" rel="noopener nofollow">messaging systems</a>. His vision is to make users autonomous and independent of platforms.</p>



<p>By building a digital ecosystem where individuals own their digital identities, Project Babbage seeks to empower users in their online interactions, ensuring security and control over their information and is thus a good showcase for how Web3 as a concept could improve the current status of the internet.</p>


Web3 for a Better World


<p>Policymakers are looking at new regulations for the blockchain and crypto asset industry as it continues to grow. However, it is not enough to merely introduce new laws. Instead, regulations should ideally help keep out bad actors while giving honest people the opportunity to recover their lost or stolen digital assets.&nbsp;</p>



<p>This is the view of <a href="https://www.linkedin.com/in/bwdaugherty/" target="_blank" rel="noopener nofollow">Bryan Daugherty (BSV Blockchain Public Affairs Director &#8211; Americas)</a> who recently sat down to explain what lawmakers get wrong when it comes to regulating crypto assets and why Digital Asset Recovery (DAR) laws have become increasingly necessary.</p>



<p></p>



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<h2 class="wp-block-heading" id="h-we-can-t-look-away-from-the-burning-car">We can’t look away from the burning car</h2>



<p>‘Unfortunately, for so long, there&#8217;s been this conflation of cryptocurrency and blockchain where most of the policymakers receive their information from &#8211; the media,’ said Daugherty. He likened dodgy crypto exchanges and tokens to ‘burning cars’ which the media and regulators are unable to look away from.&nbsp;</p>



<p>‘And so my mission has been to provide some insight into how blockchain serves as an infrastructure rather than just a means to facilitate financial transfers,’ he said.</p>



<p>Daugherty noted that some sectors &#8211; particularly<a href="https://resources.bsvblockchain.org/lp-cybersecurity-ebook-bsvb#:~:text=The%20BSV%20blockchain%20as%20an%20enterprise%20cybersecurity%20framework&amp;text=BSV%20vs%20the%20CIA%20triad,categories%20of%20the%20NIST%20framework" target="_blank" rel="noopener"> agriculture and cybersecurity</a> &#8211; have been open to the idea of adoption, but that more needs to be done from a regulatory level to improve adoption across a wide audience. However, this also needs to be balanced so that policymakers don’t overreach and stifle adoption with too many regulations, he said.</p>



<p>‘Because of this misunderstanding of how the technology works, there seems to be an overreach by various organisations. So the Bank Secrecy Act is primarily one of the most prominent financial regulations that we deal with. They see where cryptocurrency is potentially untouchable as far as their ability to seize or freeze those tokens. So they&#8217;re seeking more powers.</p>



<p>And unfortunately, it puts our law enforcement in a precarious predicament where it forces them to utilise third parties like exchanges or other crypto-related entities that may be just as criminal as the criminals are going after.’</p>



<h2 class="wp-block-heading" id="h-digital-assets-are-property-and-need-to-be-recoverable">Digital assets are property &#8211; and need to be recoverable</h2>



<p>Daugherty noted that <a href="https://www.bsvblockchain.org/news/digital-asset-recovery-and-the-law" target="_blank" rel="noopener">digital assets are still assets </a>and that ultimately there needs to be regulations and systems in place where they are recoverable through the legal system.</p>



<p>‘If a terrorist group was using a telephone network, would the government come in and shut down that telephone network? Or would they potentially use the access of that network to understand and potentially prevent a horrible event in the future,’ he said.</p>



<p>Daugherty said that more needs to be done to protect consumers and businesses rather than just blocking things outright. ‘Regulation and policymaking going today is just kind of banning these things. That&#8217;s just due to this idea that they cannot facilitate the actual seizing and freezing of tokens.</p>



<p>‘Instead, we have these huge bills that they&#8217;re trying to push through that give more authoritative power when they could just write a simple bill that requires any protocol maintainer to facilitate some means of digital asset recovery.’</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-and-digital-asset-recovery">BSV Blockchain and Digital Asset Recovery</h2>



<p>Without effective mechanisms for the recovery of lost or stolen digital assets, the enforcement of property rights will remain elusive. <a href="https://www.bsvblockchain.org/news/bsv-association-announces-the-implementation-of-dynamic-security-enhancements" target="_blank" rel="noopener">Part of the BSV Blockchain’s stewardship delivers on the concept of Digital Asset Recovery</a>, a protocol that aligns blockchain technology with existing legal frameworks for asset protection.</p>



<p>This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>



<p>One company which specialises in the recovery of stolen digital assets is <a href="https://tokenrecovery.com/" target="_blank" rel="noopener nofollow">Token Recovery</a>. Token Recovery is committed to bringing compliance, accountability, and a solution to the industry for lost or stolen digital assets.</p>



<p>As a member of the Crypto Valley Association, one of the oldest and most mature organisations grouping companies in the blockchain and digital asset, and the Global Blockchain Business Council, the largest organisation in the field, Token Recovery will begin by providing its solutions for recovering lost/stolen digital assets to the association members.</p>


Why we need Digital Asset Recovery regulations


<p>A <a href="https://www.bsvblockchain.org/news/the-importance-of-a-true-enterprise-blockchain?utm_campaign=Enterprise%20%26%20Government%20Education%20-%20EGE&amp;utm_content=303813146&amp;utm_medium=social&amp;utm_source=facebook&amp;hss_channel=fbp-107999744951685" target="_blank" rel="noopener">recent report </a>found that the amount of crypto assets stolen in hacks more than doubled in the first six months of 2024 compared to the same period the previous year. Even after taking precautions, bad actors steal millions of dollars worth of assets a day meaning it is necessary to have a system in place to allow for asset recovery.</p>



<p>The BSV blockchain is the only blockchain that allows legal recourse for lost asset (token) recovery to legally rightful owners by design &#8211; a process known as <a href="https://docs.bsvblockchain.org/protocol/bsv-blockchain/digital-asset-recovery" target="_blank" rel="noopener">Digital Asset Recovery</a>. The same system can also freeze assets based on court injunctions and legal notices. This process enables the blockchain system to work under the same legal system that any financial system currently is subjected to in law. It also discourages any illegal activity that the open and public ledger can face by malicious actors.</p>



<p></p>



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<h2 class="wp-block-heading">Digital assets &#8211; real rights</h2>



<p>Being able to recover digital assets is an absolute necessity, says <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray (BSV Blockchain, Director of Stewardship)</a>. Speaking at the sidelines of the recent London Blockchain Conference, Murray noted that ‘Digital Asset Recovery aligns with existing rights and laws around any digital asset &#8211; including stocks, bonds, bank accounts.</p>



<p>‘If someone steals your funds there is a way to recover them,’ Murray said. ‘All Digital Asset Recovery does is apply what we do with every other asset and bring it to blockchain. For us, all blockchains must have some kind of (recovery) function. Otherwise, we run into this mantra of <em>not your keys, not your coins</em>, which means that the person who can perform the biggest cyber attack gets rewarded the most.’</p>



<p>By comparison, if a cyber attack occurs on the BSV blockchain there is a system in place to take the money back for the rightful owners, he said.</p>



<h2 class="wp-block-heading">The Digital Asset Recovery process&nbsp;</h2>



<p>Murray noted that there are effectively three parties in the Digital Asset Recovery process:&nbsp;</p>



<ul>
<li>The courts and legal system &#8211; This includes the regular court processes for establishing asset ownership.</li>
</ul>



<ul>
<li>Token Recovery &#8211; A partner company of the BSV Blockchain.</li>
</ul>



<ul>
<li>The BSV Blockchain &#8211; The association acts as a steward and ensures that Digital Asset Recovery is possible.</li>
</ul>



<p><a href="https://tokenrecovery.com/" target="_blank" rel="noopener nofollow">Token Recovery</a> is committed to bringing compliance, accountability, and a solution to the industry for lost or stolen digital assets.&nbsp;</p>



<p>As a member of the Crypto Valley Association, one of the oldest and most mature organisations grouping companies in the blockchain and digital asset, and the Global Blockchain Business Council, the largest organisation in the field, Token Recovery will begin facilitating the process aimed at recovering lost/stolen digital assets on BSV blockchain.</p>



<p>An affected party would typically approach Token recovery first if they have been a victim of a theft or hack. Token Recovery will assess the case, conduct necessary tracing and investigations and coordinate the legal strategy aimed at obtaining a necessary legal title to the stolen assets. It is also possible that the affected party obtains the required court order themselves or with the help of other lawyers or experts. The Token Recovery team will then ensure that the party has all of the necessary documents to initiate the Digital Asset Recovery process on the BSV blockchain. This court order will then be handed over to the BSV Blockchain which will follow the requirements of the court order. It is important to note that, according to the <a href="https://nar.bsvblockchain.org/" target="_blank" rel="noopener nofollow">Network Access Rules</a> on the BSV blockchain, the assets can be frozen or reassigned only based on a court order which is valid and enforceable in the UK or Switzerland. In case of foreign court orders, they need to be first recognised in the UK or Switzerland.</p>



<h2 class="wp-block-heading">Digital Asset Recovery &#8211; A Legal Necessity</h2>



<p>Without effective mechanisms for the recovery of lost or stolen digital assets, the enforcement of property rights will remain elusive. Part of the BSV Blockchain’s stewardship delivers on the concept of Digital Asset Recovery, a protocol that aligns blockchain technology with existing legal frameworks for asset protection.</p>



<p>This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>


The importance of Digital Asset Recovery 


<p>What will it take to go from proof-of-concept to scaled enterprise impact with blockchain technology? This was the topic of a keynote address given by <a href="https://www.linkedin.com/in/tibormerey/?originalSubdomain=at" target="_blank" rel="noopener nofollow">Tibor Mérey (Managing Director and Partner at Boston Consulting Group)</a> at the recent London Blockchain conference.&nbsp;</p>



<p>Mérey shared learnings from <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">150+ blockchain and Web3 projects</a> BCG has done in the enterprise space. He also gave concrete examples of scaled adoption and shared tangible life hacks for any blockchain player including a recipe for how to spot the right application, what it takes to scale, and which traps to avoid.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading">You need to create value&nbsp;</h2>



<p>One of the key messages from Mérey’s presentation is that it not enough to just have a good technology stack &#8211; blockchains need to offer genuine value to businesses and governments if they are ever going to see large-scale adoption. He noted that too much of the focus still seems to fall on the technical aspects of blockchains, customers are more concerned with the return on their investment.</p>



<p>Mérey noted that while blockchain has evolved through phases like digital currency, smart contracts, and digital ownership, we are now entering a new era:<a href="https://www.bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener"> blockchain as an embedded protocol layer</a> governing relationships between transactions in the augmented world.&nbsp;</p>



<p>The immutable, transparent, and decentralized nature of blockchain makes it ideal for establishing the trust required in Web3 products. Highlighting some of the most promising blockchain applications, Mérey pointed to payments, DePin, and tokenisation.</p>



<h2 class="wp-block-heading">Shifting with the times&nbsp;</h2>



<p>Mérey noted that while payments were the initial use case for blockchain-based digital currencies, most major payment companies are now planning to leverage the technology. Blockchain offers advantages such as reduced friction, lower costs, faster settlement, and peer-to-peer transactions.</p>



<p>However, it is not only legacy payment systems which stand to benefit from blockchain adoption. Mérey pointed to DePIN or for Decentralised Physical Infrastructure Networks. This refers to a new model of infrastructure where physical resources are shared, managed, and monetised through decentralised networks, often leveraging blockchain technology. DePIN projects aim to disrupt traditional industries by decentralising the ownership and management of physical assets, such as telecommunications, transportation, and energy, among others.</p>



<p>Mérey also noted that <a href="https://www.bsvblockchain.org/news/the-tokenisation-of-digital-assets-an-introduction" target="_blank" rel="noopener">Tokenisation, a major buzzword in the blockchain space, is gaining traction</a>. Unlike previous trends, this one is proving to be substantial, with financial giants like BlackRock deeply involved. Mérey anticipates that tokenisation will become a $16 trillion industry.</p>



<h2 class="wp-block-heading">4 key Questions for Blockchain Service Adoption</h2>



<p>Mérey left the audience with four critical questions to consider for developing blockchain apps and services that drive faster adoption:</p>



<ul>
<li>Does it solve a significant problem? It needs to address a pressing issue that compels customers to act and invest.</li>
</ul>



<ul>
<li>Will it work? Many ideas look promising on paper, but will they truly solve the intended problem?</li>
</ul>



<ul>
<li>Can you win? Is your product unique? What gives you a competitive edge?</li>
</ul>



<ul>
<li>Will it grow? Can you build a sustainable, scalable business around it? Will it disrupt the industry?</li>
</ul>



<h2 class="wp-block-heading">The BSV blockchain stands apart&nbsp;</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>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.<br>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">help your business here</a>.</p>


The best practices for enterprise blockchain adoption 


<p>The concept of privately issued money isn&#8217;t new to East Africa, and the idea has been promoted by telecom companies in the region for several years. However, these systems are naturally slow and cumbersome as they are built on legacy technology and still rely on traditional monetary systems.</p>



<p>Blockchain can process faster transactions and can offer <a href="https://www.bsvblockchain.org/news/how-blockchain-microtransactions-could-disrupt-enterprise-products" target="_blank" rel="noopener">microtransactions as low as a fraction of a cent</a>. Other benefits include offline payments that reconcile once you&#8217;re back online, and most importantly, a resilient infrastructure that is secure with no downtime.</p>



<p>This is what <a href="https://www.linkedin.com/in/reginald-tumusiime-96991634/" target="_blank" rel="noopener nofollow">Reginald Tumusiime (Chairman of the Blockchain Association of Uganda and Founder of CapitalSavvy)</a> hopes to offer through his privately issued Uganda Shilling project (UGXC) which is built on the BSV blockchain.</p>



<p></p>



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</div></figure>



<p>Tumusiime explained that the goal of the project was not to take the place of a central bank but to add value to a growing market. ‘Indeed it will be privately issued money, just like mobile money is. But the difference is that we hope to leverage blockchain capabilities in a solution, thereby making the process of moving money around faster, more affordable, very efficient, and with no downtime,’ he said.</p>



<p>Tumusiime added that the project will be based on privately issued money backed one-to-one by money with a bank or a trust account in one of the largest banks. ‘But leveraging Web3, specifically blockchain technology, <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">to make it faster and all these other advantages scalable, efficient, and with no downtime to accommodate broader financial inclusion</a>.</p>



<h2 class="wp-block-heading">Disrupting the disruptors</h2>



<p>Tumusiime noted that the minimum amount of money which can be sent in Uganda currently is around UGX500. ‘But with the kind of solution we are providing you will be able to go much lower than that, a fraction of a cent or so, in terms of fees and in terms of the minimum amount of money that you can send. ‘So it&#8217;s an opportunity for us to include everyone, who is otherwise left out, even with such a great story around mobile money, he said.</p>



<p>Tumusiime added that BSV Blockchain has been incredibly helpful in providing a framework for this project and allowing it to happen from a technical perspective. ‘We now have an opportunity to do very fast transactions, more transactions per second compared to any other blockchain.’</p>



<p><a href="https://www.linkedin.com/in/patrick-prinz-6b94a6b9/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ch" target="_blank" rel="noopener nofollow">Patrick Prinz (Founder of Kite Financial)</a>, who is partnering with Tumusiime on this launch, noted that a stable, permissionless project is key to this project&#8217;s existence. He added that he and his team also have new <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">technology offered by BSV Blockchain, including the SPV Wallet</a>, to help achieve this goal.</p>



<h2 class="wp-block-heading">Giving people the tools to succeed</h2>



<p>Prinz said that his team has also held discussions with officials from the Ugandan government about possibly launching a <a href="https://www.bsvblockchain.org/news/why-bsv-blockchain-is-the-blockchain-for-government-and-enterprise-projects" target="_blank" rel="noopener">Central Bank Digital Currency (CBDC) built</a> on the blockchain.</p>



<p>‘The pitch from us to them is you can build your internet. That&#8217;s okay. Allow us to build an Internet-compatible solution, already in parallel. And let&#8217;s share the learnings. And so we can expedite your journey in this space.’</p>



<p>‘The BSV Blockchain is interested in giving people businesses and builders and the owner&#8217;s easy access to the basic tools they need to get started. I&#8217;ve been long an advocate for open-source tools and for really allowing an ecosystem to emerge.’</p>


UGX: A privately–issued stablecoin on the BSV blockchain


<p>BSV Blockchain is pleased to announce that <a href="https://github.com/bitcoin-sv/overlay-example" target="_blank" rel="noopener nofollow">Overlay Services are now available in a public beta. </a>Overlay Services provides a powerful, scalable, and compliant solution for managing specific transaction types and data access within the BSV blockchain ecosystem. They empower developers.</p>



<p>Overlay Services are integral to the broader BSV ecosystem, which also features Teranode and the wider Mandala upgrade, said <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation at BSV Blockchain)</a>.</p>



<p>‘The success of Overlay Services is closely tied to <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">Teranode’s capabilities</a> and is necessary to prevent any problems from occurring once transaction volumes increase. As Teranode will rapidly increase transactions, moving from other less suitable software to an overlay architecture was necessary.&nbsp;</p>



<p><a href="https://github.com/bitcoin-sv/overlay-example" target="_blank" rel="noopener nofollow">The repo and relevant documentation can be found here.&nbsp;</a></p>



<h2 class="wp-block-heading" id="h-what-are-overlays">What are Overlays?&nbsp;</h2>



<p>‘In computer networking, the term <em>Overlay </em>usually refers to a virtual network built on top of an existing physical network. It can provide various services such as routing, peer-to-peer networking, or distributed computing,’ said <a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Utilisation Technical Lead at BSV Blockchain)</a><br><br>‘Some BSV blockchain apps are currently built with the expectation that they can read timestamped immutable data from the blockchain. This illusion is achieved by gathering all block data and filtering, indexing, and serving it to applications on demand &#8211; for free.’</p>



<p>‘The economic reality is that this cannot be done at one million transactions per second without SPV and the division of labour. As network traffic necessarily grows, filtering and indexing all block data quickly becomes untenable.’</p>



<p><a href="https://www.bsvblockchain.org/news/the-power-of-overlay-networks-tokenisation-and-beyond" target="_blank" rel="noopener">Overlays allow the distribution of that demand across many services as well as the empowerment of individuals having ownership and agency over their own identity and personal information. </a>&nbsp;This distribution of agency and demand with the ability to granularly purchase only what’s needed works together to minimise waste and provide superior service and superior quality products When you only pay for what you need, only what you need is manufactured and sold.</p>



<p>Overlays use SPV to ensure their data is valid, allowing applications to share a universal source of truth while limiting the cost of operation to a function of service use rather than total network volume.</p>



<h2 class="wp-block-heading" id="h-the-benefits-of-overlay-services">The Benefits of Overlay Services</h2>



<p>Overlay Services cater to a diverse range of users, including independent developers and companies building applications without their own infrastructure, businesses seeking secure and scalable transaction processing solutions, financial institutions exploring infrastructure for <a href="https://www.bsvblockchain.org/news/stablecoins-and-digital-currency" target="_blank" rel="noopener">digital currencies like CBDCs,</a> and entrepreneurs interested in creating open protocol overlays for experimental applications.</p>



<p>Notably, Overlay services on the BSV blockchain offer significant benefits and use cases, including:&nbsp;</p>



<ul>
<li><strong>Distributed Token management: </strong>Overlay Services facilitate efficient transaction propagation and synchronisation between multiple instances to form an Overlay environment. Simple submission and lookup endpoints allow for a broad range of use cases for a robust distributed system.&nbsp;&nbsp;</li>
</ul>



<ul>
<li><strong>Flexibility:</strong> They support a shared context across multiple applications and offer the flexibility to create private, public, or ring-fenced overlays tailored to specific use cases.</li>
</ul>



<ul>
<li><strong>Reduced operational cost: </strong>Overlay Services provide a much lower cost solution to tracking the state of your businesses’ transactions than running a full node. The service manages transactions you care about without having to process any extraneous ones.</li>
</ul>



<ul>
<li><strong>Seamless integration with BSV infrastructure:</strong> These services are fully integrated with BSV&#8217;s technical components. During the beta phase that means ARC for TX broadcast and Merkle path acquisition. All applications built with our SDKs can use BEEF transactions when submitting new transactions to Overlay Services.&nbsp;</li>
</ul>



<p><a href="https://resources.bsvblockchain.org/bsv-overlay-services" target="_blank" rel="noopener"><em>Request more information about BSV Blockchain’s Overlay services.</em></a></p>



<h2 class="wp-block-heading" id="h-overlay-services-a-key-part-of-the-mandala-upgrade">Overlay Services &#8211; A key part of the Mandala upgrade&nbsp;</h2>



<p>BSV Blockchain officially unveiled its new Mandala Upgrade at the BSV DevCon London at the end of May 2024 &#8211; with Teranode, Overlay services, and SPV wallets making up a core part of this upgrade.</p>



<p>The Mandala upgrade brings a fresh architectural approach to the BSV network, drawing inspiration from the intricate patterns of traditional Mandalas. This upgrade aims to boost availability, scalability, and operational efficiency by incorporating a Small World Network core encircled by specialised Overlay environments and SPV implementations.</p>



<p><br>The upgrade will fully unlock the BSV blockchain allowing it to dynamically scale at an exponential rate so it’s ready to meet the growing demand for trusted data. <a href="https://www.bsvblockchain.org/news/mandala-upgrade-faqs" target="_blank" rel="noopener">You can learn more about Teranode, SPV, Overlay services and the Mandala Upgrade here</a>.</p>


Overlay Services now available in public beta on the BSV blockchain


<p>It is vital to lean in and embrace new technologies &#8211; even if they might initially seem absurd. This is the view of Steven Bartlett, who gave a keynote presentation at the recent London Blockchain Conference.</p>



<p>As a <a href="https://www.linkedin.com/in/stevenbartlett-123/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">successful entrepreneur and host of <em>The Diary of a CEO</em> podcast, Bartlett</a> shared how he once viewed blockchain and digital currencies with scepticism, particularly after seeing the exorbitant prices of NFTs.</p>



<p>However, recalling how others had dismissed his early ventures into social media, he <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">decided to invest in an NFT</a>, despite losing $200,000. This experience taught him valuable lessons about the disruptive potential of blockchain technology.</p>



<p>Since then, Bartlett has deepened his involvement in blockchain, launching a Web 3.0 studio, ThirdWeb, to leverage innovative technology for creating value and driving change. He believes <a href="https://www.bsvblockchain.org/news/blockchain-in-the-gaming-industry-how-does-it-all-work" target="_blank" rel="noopener">blockchain gaming is a particularly promising area</a>, predicting it will revolutionise the industry by empowering players with ownership and the ability to earn as they play.</p>



<p>Bartlett suggests that <a href="https://www.bsvblockchain.org/news/bsv-blockchain-is-key-to-the-new-metaverse" target="_blank" rel="noopener">blockchain, like the Internet, will eventually become an invisible yet integral part of our lives</a>, emphasising the need for more user-friendly applications and better education for developers.</p>



<p>In his view, success in the blockchain space requires focusing on what’s <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">better, cheaper, and faster</a>, rather than being swayed by speculative token prices.</p>



<h2 class="wp-block-heading">BSV blockchain and the new Internet</h2>



<p>As Internet-based services and applications continue to expand rapidly, the standards that support the global network have evolved to accommodate billions of connected devices and users worldwide. A notable example of this evolution is the adoption of <a href="https://www.bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener">IPv6, an Internet Layer protocol standard</a> that provides each connected device with a unique 128-bit IP address.</p>



<p>Despite IPv6‘s clear advantages, its adoption has been slow due to the significant infrastructure changes required. <a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">The BSV blockchain stands out as the only public blockchain scalable enough to meet the demands of enterprise-scale applications</a>. It is designed to function as an Internet extension, enabling peer-to-peer payments and complex data transfers without intermediaries.</p>



<p>Furthermore, the BSV blockchain’s versatility allows it to integrate with a spectrum of advanced technologies to amplify their capabilities:</p>



<ul class="wp-block-list">
<li><strong>IoT with Blockchain:</strong> Connecting Internet of Things (IoT) devices with blockchain enables the creation of immutable records of data exchanges, enhancing trust and efficiency.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Combining AI with Blockchain:</strong> Integrating Artificial Intelligence with blockchain improves decision-making processes while ensuring data provenance and integrity.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Integrating Blockchain with Robotics and Drones:</strong> When robotics and drones are combined with blockchain, they can perform complex tasks with increased security and traceability.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Enabling Nanotechnology with Blockchain:</strong> Blockchain technology allows for secure recording and monitoring of precise nanotechnology applications in science and medicine.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Sensors and Cameras on a Blockchain Infrastructure:</strong> Linking sensors and cameras to blockchain networks ensures the data they capture is tamper-proof and reliable.</li>
</ul>


Steven Bartlett on the future of blockchain


<p>The BSV blockchain ecosystem is on the cusp of a significant transformation with the introduction of <a href="https://bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a>, a highly anticipated update that promises to revolutionise the network&#8217;s efficiency and scalability. As BSV has achieved a groundbreaking milestone of one million transactions per second, understanding how Teranode integrates with the SV Node network becomes crucial for developers and enthusiasts alike. The coexistence of these two systems will pave the way for a seamless transition, ensuring stability and compatibility while pushing the boundaries of blockchain technology. In this article, we will delve into the intricacies of Teranode joining the SV Node network, shedding light on how Teranode and SV Node will interact to elevate BSV transactions and network performance.</p>



<h2 class="wp-block-heading">Teranode Joining the Network</h2>



<h3 class="wp-block-heading">What is Teranode?</h3>



<p>Teranode is a new node software for the BSV blockchain, designed to significantly enhance the network&#8217;s efficiency and scalability. Unlike traditional nodes, Teranode operates using a microservices architecture, which allows it to parallelize processes and handle a much larger volume of transactions. By leveraging this architecture, Teranode aims to push the boundaries of blockchain scalability, targeting an unprecedented one million transactions per second. This update is not just about increasing capacity; it also focuses on improving the overall performance and reliability of the BSV network. With Teranode, BSV Blockchain aspires to meet the demands of enterprise-level applications and high-volume transaction environments, making it a robust solution for future blockchain applications.</p>



<h3 class="wp-block-heading">Understanding SV Node</h3>



<p>The SV Node is the current backbone of the BSV blockchain, providing the foundational infrastructure for transaction processing and block creation. It is designed to maintain network stability and ensure the integrity of the blockchain. SV Node follows a more traditional, monolithic architecture compared to Teranode, which means it handles transactions and blocks in a sequential manner. This design has proven effective for maintaining the network but has inherent limitations when it comes to scaling up to meet high transaction volumes. Despite these limitations, SV Node remains crucial for the BSV ecosystem, offering a stable and reliable environment for current applications. As the transition to Teranode progresses, SV Node will continue to play a vital role, ensuring a smooth and stable migration path while maintaining compatibility with existing network operations.</p>



<h3 class="wp-block-heading">Why both?</h3>



<p><a href="https://coingeek.com/what-is-going-on-with-teranode-video/">Running both Teranode and SV Node</a> simultaneously is designed to facilitate a smooth transition to the new infrastructure while preserving network stability. By running both systems in parallel, the BSV blockchain can ensure that existing applications and services continue to operate without disruption. This approach allows developers and node operators to gradually adapt to the new architecture, testing and validating their setups in a real-world environment. Additionally, having both nodes running helps identify and resolve any compatibility issues between the two nodes, ensuring a seamless coexistence. This phased transition strategy mitigates risks associated with major updates and provides a buffer period for the community to familiarise themselves with Teranode&#8217;s capabilities. Ultimately, running both systems aims to enhance network efficiency and scalability without compromising the reliability and security that the BSV blockchain is known for.</p>



<h2 class="wp-block-heading">Teranode&#8217;s Mainnet listener phase</h2>



<h3 class="wp-block-heading">Role of Mainnet listener</h3>



<p>The mainnet listener in Teranode plays an important role in monitoring the BSV network for new transactions and blocks as well as relaying blocks and transactions. Its primary function is to capture and process these events, ensuring that Teranode stays updated with the current state of the blockchain. This passive monitoring approach allows Teranode to integrate seamlessly with existing SV Nodes, ensuring compatibility and stability. By gathering real-time data, the mainnet listener helps identify any discrepancies or issues that need to be addressed, facilitating a smoother transition to the new architecture. Overall, the mainnet listener is a vital component in maintaining network integrity and preparing for the full deployment of Teranode.</p>



<h3 class="wp-block-heading">Interaction with SV nodes</h3>



<p>During the Mainnet Listener Phase, Teranode will interact with SV Nodes primarily in a passive mode besides its support of the network by relaying transactions and blocks. The goal of this interaction is to ensure compatibility and stability between the two systems. Teranode&#8217;s passive monitoring will capture real-time data from SV Nodes, allowing developers to assess its performance and identify any potential issues. This method also provides an opportunity to test and refine Teranode&#8217;s functionality in a live environment, ensuring it can handle the expected transaction volumes and network activities. By running in parallel with SV Nodes, Teranode can gradually integrate into the BSV network, minimising disruptions and maintaining the overall health of the blockchain ecosystem.</p>



<h3 class="wp-block-heading">Challenges and success metrics</h3>



<p>Implementing the Mainnet Listener Phase for Teranode comes with several challenges, but it also offers significant advantages. A key challenge is ensuring seamless p2p communication with existing SV Nodes to maintain network stability. However, due to Teranode&#8217;s more efficient internal design, it is expected to handle current network throughput more effectively than SV Node, even on standard commodity server hardware. This means that, at current transaction volumes, Teranode should be more efficient and less resource-intensive than SV Node. The focus will be on optimising hardware and network infrastructure to support higher data processing demands as transaction volumes increase. Success for this phase will be measured by stable operation without disrupting the existing network, demonstrating Teranode’s improved efficiency, and receiving positive feedback from early adopters and the community. Achieving these metrics is crucial for a smooth transition to Teranode and ensuring the future scalability of the BSV blockchain.</p>



<h2 class="wp-block-heading">Transition to Mainnet miner phase</h2>



<h3 class="wp-block-heading">Active participation in block creation</h3>



<p>In the Mainnet Miner Phase, Teranode will transition from listening and relaying to active participation in block creation. This marks a significant step forward as Teranode will start proposing and propagating new blocks in collaboration with SV Nodes. The interaction between Teranode and SV Nodes during this phase is crucial to maintain network synchronisation and avoid any potential splits. Teranode blocks will be structurally identical to those created by SV node with Teranode simply being built to optimise and parallelise processes of the same set in stone protocol as SV Node.</p>



<h3 class="wp-block-heading">Ensuring network compatibility</h3>



<p>Ensuring network compatibility between Teranode and SV Node is essential during the Mainnet Miner Phase. The primary focus is to maintain seamless interaction and synchronisation between these two systems to prevent any potential network splits or forks. Teranode&#8217;s design adheres to the same fundamental protocol as SV Node, which aids in preserving compatibility. Regular testing and updates will be conducted to identify and resolve any discrepancies between the nodes. Additionally, blockchain explorers and other network tools will be updated to support the new block sizes. By prioritising compatibility, the BSV Blockchain aims to ensure a stable and reliable network environment, allowing both Teranode and SV Node to coexist and facilitate a smooth transition for all stakeholders involved.</p>


Teranode and SV Node: Understanding BSV’s new node software


<p><a href="https://www.linkedin.com/in/naseemnaqvi/" target="_blank" rel="noopener nofollow">Prof. Naseem Naqvi (Founder and president of the British Blockchain Association)</a> introduced a panel of esteemed members to discuss the topic of making the UK a successful hub for blockchain technology and digital assets during the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference 2024</a>. The panel consisted of:</p>



<ul>
<li><a href="https://www.linkedin.com/in/dr-lisa-c-a8ba8a49/" target="_blank" rel="noopener nofollow">Dr Lisa Cameron</a>, Member of Parliament and chair of the <a href="https://www.linkedin.com/company/crypto-and-digital-assets-all-party-parliamentary-group-appg/" target="_blank" rel="noopener nofollow">All-Party Parliamentary Group for Digital Assets and Cryptocurrency</a>, introduced herself as the first psychologist elected to the UK Parliament;</li>



<li><a href="https://www.linkedin.com/in/sean-kiernan-5996241/" target="_blank" rel="noopener nofollow">Sean Kiernan</a>, founder of <a href="https://www.linkedin.com/company/greengageco/" target="_blank" rel="noopener nofollow">Greengage</a>, a B2B Web3 fintech, explained that his company provides banking services and lending to crypto companies and SMEs;</li>



<li><a href="https://www.linkedin.com/in/marcus-foster-85b85b97/" target="_blank" rel="noopener nofollow">Marcus Foster</a>, Head of Policy Campaigns for the <a href="https://www.linkedin.com/company/startup-coalition/" target="_blank" rel="noopener nofollow">Start-Up Coalition</a>, a lobby group for UK tech startups.</li>
</ul>



<p></p>



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<iframe loading="lazy" title="Charting the Future: The UK’s Path to Tech and Financial Leadership" width="500" height="281" src="https://www.youtube.com/embed/JGpiBsRv9Ao?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-solutions-and-use-cases">Solutions and use-cases</h2>



<p>Naqvi discussed the broader applications of digital assets beyond their monetary use and asked the panel about future solutions. Kiernan noted that the UK has a strong foundation to become a crypto hub, with London&#8217;s status as a financial and tech centre and its common law system. He stressed the importance of industry engagement, education, and setting standards for adopting blockchain technology.</p>



<p>He further highlighted stablecoins as a significant innovation for <a href="https://www.bsvblockchain.org/news/a-primer-to-cross-border-payments-with-blockchain" target="_blank" rel="noopener">cross-border transactions</a>, reducing costs and risks. He also noted that large-scale projects, like digitising the land registry, require high standards and collaboration to achieve meaningful efficiencies across various sectors.</p>



<h2 class="wp-block-heading" id="h-challenges-to-the-adoption-of-blockchain-and-digital-assets">Challenges to the adoption of blockchain and digital assets</h2>



<p>Naqvi initiated the discussion with barriers to digital asset adoption in the UK, aiming to identify challenges and potential solutions. Foster highlighted key issues, such as the difficulty crypto and Web3 startups face in accessing bank accounts and funding. He highlighted his personal experience as the leader of the Start-up Coalition:</p>



<p>‘We ran a survey of 50 blockchain and Web3 Start-Ups asking them about their issues with accessing banking. All of them had trouble. All of them were on, at least, a second bank account because one had been closed.’</p>



<p>Kiernan added that while blockchain technology is functional, broader adoption is hindered by the lack of involvement from large corporations and the absence of home-grown &#8220;unicorn&#8221; companies in the UK. He underlined Foster’s point and emphasised the need for better access to capital.</p>



<h2 class="wp-block-heading" id="h-regulatory-efforts">Regulatory efforts</h2>



<p>Dr Cameron highlighted the importance of ongoing parliamentary efforts to address industry challenges, noting that the UK government has a clear vision for becoming a leader in digital innovation. Cameron emphasised the need for industry collaboration with Parliament to ensure successful implementation and momentum. She also <a href="https://www.bsvblockchain.org/news/bsv-academy-taking-the-lead-on-blockchain-education" target="_blank" rel="noopener">stressed the importance of education and skills development to prepare for the future digital economy</a>, calling for collective efforts to build &#8220;Digital Britain.&#8221;</p>



<p>She emphasised that the All-Party Parliamentary Group (APPG) for Digital Assets and Cryptocurrency, which she chairs, is addressing key challenges like access to banking and streamlining the FCA registration process. Cameron highlighted that these issues are barriers to realising the UK’s vision as a blockchain and crypto hub and are priorities for the APPG&#8217;s efforts.</p>



<p>Naqvi raised concerns about <a href="https://www.bsvblockchain.org/news/regulation-of-digital-assets-and-the-future-of-finance" target="_blank" rel="noopener">a disconnect between the UK government&#8217;s goal of becoming a crypto hub and the actions of regulators</a>. Dr Cameron acknowledged this issue, noting strong political support from the Prime Minister for tech development, including crypto and AI.</p>



<p>Foster highlighted the lack of clarity around why banks refuse or close accounts for crypto businesses, suggesting the need for more transparency and data. He proposed adopting systems like those in France and Hong Kong, where banks are obligated to provide accounts to businesses.</p>



<p>Foster also emphasised the importance of ensuring that upcoming crypto regulations consider the diversity of business models in Web3, advocating for different regulatory processes for distributed protocols versus traditional entities.</p>


The UK’s path to tech and financial leadership for digital assets


<p>On 19 July 2024, a transaction was successfully spent using a zero-knowledge proof on the BSV blockchain (BSV) mainnet.</p>



<p>A <a href="https://www.bsvblockchain.org/news/zero-knowledge-proofs-and-the-applications-for-bitcoin" target="_blank" rel="noopener">Zero-Knowledge Proof</a> lets one party (a prover) who claims to know a secret, convince another party (a verifier) that the claim is valid, whilst not revealing the secret. Because of the hiding nature of ZKP, it can be used in many cases where privacy is desirable. More importantly, it can also be used as a building block to construct more sophisticated protocols.</p>



<p>In a <a href="https://medium.com/@w.zhang/snark-verification-on-a-bitcoin-mainnet-c467991d931c" target="_blank" rel="noopener nofollow">blog post published on Medium</a>, <a href="https://www.linkedin.com/in/dr-wei-zhang/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Wei Zhang (Research Director at nChain)</a> explained that the BSV network successfully verified a Groth16 proof as part of a transaction validation.</p>



<p>Notably, this is the first time that this has been achieved on the BSV blockchain or any of its competing chains. This is a significant milestone for Bitcoin node implementations as it paves the way for smart contracts on-chain. Bitcoin, perceived as lacking computation capability, can now verify proofs that computations are done correctly via the BSV blockchain implementation. This approach to smart contracts not only offers scalability but also addresses privacy concerns over a public blockchain.</p>



<p>‘We chose to implement Groth16 because its characteristics are well suited to optimising transaction size, and therefore transaction fees. Groth16 has the smallest proof size among all SNARKS with a very efficient verification algorithm,’ Zhang said.</p>



<p>‘Our smallest implementation to date is Groth16 for the curve BLS12–381, which achieves a locking script size of 480KB and an unlocking script of 40KB. We chose to implement it on BSV as it supports large number arithmetic and has a default script size limit of 500KB on its mainnet. Moreover, taking advantage of the low transaction fee rate on BSV, we only paid roughly USD 0.015 for creating and spending the transaction.’</p>



<p>Zhang added that he and his team are now refining and improving our implementation to deploy recursive Groth16 on-chain. <a href="https://github.com/nchain-innovation/zkscript_package" target="_blank" rel="noopener nofollow">You can follow their progress on GitHub</a>.</p>



<p>Recently, BitVM and StarkWare have made similar impressive announcements. StarkWare published a series of transactions that verified a <a href="https://www.theblock.co/post/305832/starkware-bitcoin-test-network-zk" target="_blank" rel="noopener nofollow">STARK proof</a>, while <a href="https://x.com/bitvmx/status/1816123923106259394?s=19" target="_blank" rel="noopener nofollow">BitVM verified a SNARK proof</a>.</p>



<p>The big difference is that all of these transactions were published on the BTC testnet (Signet) rather than the mainnet. They can be moved to the mainnet only if the network enables OP_CAT, an opcode that concatenates inputs. sCrypt was the first to implement Groth16 verification on the BSV testnet. Their 5MB verification script was improved by a hackathon entry ZkBaguette which reduced its size to 1.2 MB.</p>


The beginning of a new era for blockchain


<p>AI popularity and adoption have exploded in the last two years as everyone from Silicon Valley to governments look at different ways they can potentially harness emerging technology.</p>



<p>This focus on new and exciting technologies has understandably taken focus away from other emerging technologies such as blockchain and IoT, but in reality, all of these technologies are likely to rely on one another rather than compete against each other.</p>



<p>This is the view of <a href="https://www.linkedin.com/in/somiarian/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Somi Arian (Founder of InPeak)</a> who was speaking at the recent London Blockchain Conference. She opened her presentation with a simple question:</p>



<p><p style="padding-left: 60px;">‘Does blockchain need AI more than AI needs blockchain?’</p></p>



<h2 class="wp-block-heading">The clear benefits of using blockchain</h2>



<p>One of the main reasons blockchain complements AI so well is due to its built-in <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">transparency and immutability</a>. By using these features, AI algorithms can securely access and exchange data without relying on intermediaries, ensuring data integrity and transparency throughout the process. This method minimises the risk of data manipulation or tampering, which is essential for AI applications where maintaining data integrity is critical.</p>



<p>Blockchain boosts the trustworthiness of AI systems by offering a verifiable and auditable record of data transactions and model outputs. AI algorithms often depend on large datasets for training, and blockchain enables the secure and transparent exchange of this data among various parties, including individuals, organisations, and even devices <a href="https://www.bsvblockchain.org/news/unbounded-iot-opportunities-on-the-bsv-blockchain" target="_blank" rel="noopener">within the Internet of Things (IoT) ecosystem</a>.</p>



<p>Using blockchain, data provenance can be traced from its origin to its application, ensuring accountability and allowing stakeholders to verify the authenticity and quality of the data used by AI models.</p>



<h2 class="wp-block-heading">Distributed Autonomous Organisations</h2>



<p><a href="https://cloud-platform-e218f50a4812967ba1215eaecede923f.s3.amazonaws.com/uploads/sites/30/2024/07/DAOs-scoping-paper-110724.pdf" target="_blank" rel="noopener nofollow">Arian highlighted Distributed Autonomous Organisations (DAOs) as an example of how AI and blockchain can collaborate to empower individuals</a>. DAOs enable users and token holders to participate in decision-making, but this process can result in decision fatigue.</p>



<p>AI models could alleviate this by learning each user&#8217;s preferences and values, ultimately making decisions on their behalf. This has the potential to significantly impact areas ranging from democracy itself to simplifying the process of accepting or rejecting terms and conditions when using online services.</p>



<h2 class="wp-block-heading">Build your AI on the BSV blockchain</h2>



<p>While AI and blockchain may not be the solution for every application, even tracking the decision-making processes of <a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">highly complex AI models would require a scalability level that is only possible on the BSV blockchain</a>.</p>



<p>BSV blockchain’s scalability is a crucial factor when considering its compatibility with AI. AI algorithms often demand significant computational resources and generate vast amounts of data during training and inference processes.</p>



<p>The BSV blockchain’s large block size and high transaction throughput enable it to handle the immense volume of data transactions that AI systems require, ensuring smooth and uninterrupted operation even under heavy workloads.</p>



<p>Moreover, BSV’s stability and immutability make it an ideal platform for ensuring the integrity and security of AI-related data and transactions.</p>


Why AI needs blockchain


<p>The team at HandCash has actively been testing and providing feedback for the introduction of ARC, says <a href="https://www.linkedin.com/in/rafa-jim%C3%A9nez-3b46798a/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=es" target="_blank" rel="noopener nofollow">Rafa Jimenez (Chief Technical Officer and Co-Founder of HandCash)</a>. ARC is a multi-layer transaction processor that keeps track of the life cycle of a transaction as the BSV blockchain processes it.</p>



<p>‘In the BSV blockchain network there are many different layers. In particular, there is a Mining layer and on top there is a Service layer. You want the services to send transactions to miners so that they can be validated and eventually included in the block. So ARC is another tool to communicate between these two layers,’ explained Jimenez.</p>



<p>He noted that the process for <a href="https://www.bsvblockchain.org/technology/instant-transactions" target="_blank" rel="noopener">validating transactions</a> is not binary. ‘There are some steps in between &#8211; especially when it comes to instant confirmation of a transaction. What is nice about ARC is that it gives you much more information around the transition from not being included to being included, so you can evaluate the transaction risk assessment and make a decision on top of that. This is very important to us when it comes to achieving stability.’</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading">The importance of interoperability</h2>



<p>Jimenez said that <a href="https://www.bsvblockchain.org/news/solving-blockchain-interoperability-challenges" target="_blank" rel="noopener">the BSV blockchain is ultimately built on top of stability and interoperability</a> but noted that it can be daunting for developers and it can take them a lot of time to integrate the technology into existing processes.</p>



<p>‘When you are building a new product you want to make sure you are building the right product as soon as possible &#8211; which is where Handcash comes in very handy for them,’ he said.&nbsp;‘We are now in a position where we can say that we are very happy with the way ARC is coming along and it is very stable.’</p>



<h2 class="wp-block-heading">An introduction to ARC’s microservices</h2>



<p>Unlike other transaction processors, ARC broadcasts all transactions on the P2P network and does not rely on the RPC interface of a single node. This makes it possible for ARC to connect and broadcast to any number of nodes, as many as are desired.</p>



<p>In the future, ARC will be also able to send transactions using IPv6 multicast, which will make it possible to connect to a large number of nodes without incurring large bandwidth costs.</p>



<p><a href="https://www.bsvblockchain.org/news/understanding-arc-microservices" target="_blank" rel="noopener">ARC’s microservices include the API server, validator (with the ability to scale for increased workload), metamorph for managing changing transaction statuses, and a peer manager to handle connections</a>. Additionally, ARC stores a new format of blocks containing transaction IDs rather than full transaction data. This architecture aims to enhance transaction reliability and efficiency in the BSV blockchain network. ARC consists of four microservices: the API, Metamorph, BlockTX and Callbacker.</p>



<p><strong>The ARC API: </strong>The API serves as the interface for interacting with the ARC system, featuring several key endpoints. These include a policy endpoint for setting requirements like the mining fee in satoshis per byte and a transaction submission endpoint for processing transactions in parallel or serially. Transactions are submitted in an &#8220;extended format”, which includes additional information for script validation and fee checks, overcoming the limitations of using raw transaction data. This format requires a UTXO lookup service, currently under development, to verify transactions before broadcasting, enhancing reliability.</p>



<p><strong>Metamorph: </strong>Metamorph’s role is to place pre-validated transactions on the blockchain via the peer-to-peer network. It can connect to multiple instances to handle high transaction volumes using round-robin load balancing. Metamorph processes transactions from the API, monitors their status, and forwards updates as needed.</p>



<p><strong>BlockTx: </strong>BlockTx is a microservice that listens for peer-to-peer messages, especially block announcements. Upon detecting a block announcement, it retrieves and processes the necessary data, focusing on verifying that transaction IDs are part of the Merkle root in the block header. BlockTx hashes transactions to create a list of transaction IDs and calculates the Merkle path for relevant IDs, updating their status to &#8220;mined&#8221; and storing the paths according to BRC 71 standards.</p>



<p><strong>Callbacker: </strong>The Callbacker service enables users to monitor the status of their transactions. Through the API’s “get tx” endpoint, users can check transaction statuses and specify which updates they wish to receive. Users can provide a URL and token to receive notifications when transaction statuses change, including mining status and Merkle path data.</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-arc-v1" target="_blank" rel="noopener">You can read more about ARC here</a>.</p>


Making transactions simple with ARC


<p>The journey of the Bitcoin protocol has been a tumultuous one, marked by numerous changes, restrictions, and evolving rules. From its original release by Satoshi Nakamoto, Bitcoin has undergone various mutations that have altered its fundamental nature. These changes have included the scuttling of opcodes, reducing its functionality, and limiting the block size. For a system to be truly decentralised, it needs a set-in-stone protocol where no central group of decision-makers can exert influence and introduce breaking changes. The BSV Blockchain, as the stewards of the BSV protocol, will soon introduce what is intended to be the final restoration to the consensus system, aiming to restore the original functionality and provide a stable foundation for future development.</p>



<h2 class="wp-block-heading">The early days: flexibility and innovation</h2>



<p>Bitcoin&#8217;s initial release was a groundbreaking moment in the history of electronic cash systems. It introduced a distributed system that promised to revolutionise how we perceive and conduct financial transactions. The original protocol included a variety of opcodes—commands in the Bitcoin scripting language—that allowed for complex transaction logic. These opcodes enabled developers to experiment with different use cases, fostering an environment of innovation and creativity.</p>



<p>However, as Bitcoin gained popularity, concerns about security and scalability led to a series of changes that stripped the protocol of many of its original capabilities.</p>



<p>Opcodes were disabled or removed altogether, limiting the functionality of the scripting language. Block size limitations were imposed, capping the number of transactions that could be processed per block.</p>



<h3 class="wp-block-heading">The need for a stable protocol</h3>



<p>For Bitcoin to achieve its vision of a distributed electronic cash system, it is imperative that the protocol remains stable and unchanging. A constantly mutating protocol undermines the trust and confidence needed for widespread adoption. When a central group of decision-makers can introduce breaking changes, it creates uncertainty and risks invalidating previously valid transactions. This is particularly problematic for enterprises that require a reliable and predictable platform to build their digital transformation strategies.</p>



<p>A set-in-stone protocol ensures that no single entity has the power to alter the rules arbitrarily. It provides a solid foundation upon which developers and businesses can build, knowing that their applications and transactions will remain valid over time. This stability is crucial for long-term planning and investment, allowing enterprises to commit to multi-year projects without the fear of future disruptions.</p>



<p></p>



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</div></figure>



<h2 class="wp-block-heading">Restoring original functionality</h2>



<p>The BSV Blockchain has taken significant steps to restore the original functionality of the Bitcoin protocol while ensuring its stability. The <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-chronicle-release" target="_blank" rel="noopener">Chronicle Release</a> will represent a major milestone in this effort. By reintroducing key opcodes, removing restrictive rules, and reinstating capabilities like OP_VER, the update aims to restore the protocol to its original vision.</p>



<ul>
<li><strong>Opcodes in Unlock and Lock Scripts:</strong> The ability to include opcodes in both the unlockScript and lockScript enables more complex and versatile transaction logic. This change opens up a wide range of possibilities for developers, allowing them to create sophisticated applications that interact with the blockchain in novel ways.</li>



<li><strong>Removing the Clean Stack Rule:</strong> The clean stack rule, which required that only one item remains on the stack after script execution, has been removed. This allows developers to get even more creative with how data can flow between scripts.</li>



<li><strong>Reinstating OP_VER:</strong> OP_VER allows developers to access the transaction version field during script execution. This enables complex applications to be built that allows for conditional logic based on how and when the transaction is signed.</li>
</ul>



<h2 class="wp-block-heading">A stable foundation for Enterprise adoption</h2>



<p>With these changes, the BSV blockchain offers a fixed, stable protocol that enterprises can depend on. This stability is a game-changer for businesses considering digital transformation strategies that span multiple years. In the past, the constantly evolving protocol posed a significant barrier to long-term planning and investment. Enterprises could not risk building on a platform where the rules might change unpredictably, potentially rendering their applications and transactions invalid.</p>



<h3 class="wp-block-heading"><a href="https://www.bsvblockchain.org/news/chronicle-update-faq" target="_blank" rel="noopener">FAQ &#8211; Chronicle Update</a></h3>



<p>Now, with the upcoming Chronicle Release, enterprises will be able to confidently commit to the BSV blockchain as a reliable foundation for their digital initiatives. They can develop and deploy complex applications, knowing that the underlying protocol will remain consistent and dependable. This assurance enables businesses to innovate and transform without the fear of future disruptions.</p>



<h3 class="wp-block-heading">BSV as a stable informational commodity</h3>



<p>The BSV blockchain is positioned as a stable informational commodity, delivering predictable service as a piece of global financial and communication infrastructure. It addresses many of the problems of the internet, which lacks a native mechanism to transfer value below the threshold currently supported by credit card payments. This capability is essential for microtransactions and other small-scale financial interactions, enabling new business models and applications that were previously unfeasible.</p>



<p><h4 style="padding-left: 60px;"><a href="https://www.bsvblockchain.org/news/eli-5-chronicle-update" target="_blank" rel="noopener">ELI 5 – Chronicle Update</a></h4></p>



<h3 class="wp-block-heading">Restoring Bitcoin’s functionality while ensuring stability</h3>



<p>The journey of the Bitcoin protocol from its original release to the present day has been marked by significant changes and challenges. However, the introduction of the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-announces-chronicle-release" target="_blank" rel="noopener">Chronicle Release by the BSV Blockchain</a> signifies the culmination of efforts to restore the protocol&#8217;s original functionality and ensure its stability. By providing a set-in-stone protocol, the BSV blockchain offers a dependable platform for enterprise adoption, enabling businesses to embark on ambitious digital transformation projects with confidence. As we move forward, this stability will be crucial in realising the full potential of the BSV blockchain, driving innovation and growth in the distributed economy.</p>


The journey of Bitcoin: From mutation to stability


<p>BSV Blockchain is pleased to announce that it has successfully hit the milestone as part of its Teranode testing. The testing has achieved a sustained throughput of over a million transactions per second (TPS), enabling Teranode to support 100 billion global BSV blockchain transactions per day.</p>



<p>These results far outstrip the performance of traditional core banking infrastructure and payment systems. By comparison, Bitcoin (BTC) supports just seven transactions a second (605,000 a day).</p>



<h2 class="wp-block-heading">Unbounded scaling through Teranode</h2>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p><a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future. Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release planned for later in 2024.</p>



<p>This is a ground-up rewrite of the BSV blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users. During this period, <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">two tests were completed</a>. One with three nodes and a second test with six nodes, proving that the Teranode network also scales for more participants on the network.</p>



<p>As part of this process, protocol custodian BSV Blockchain revealed a more service-oriented approach to the network’s work. The new features include ‘modularised’ functions such as transaction and block validation, plus block assembly into services that run only when required. The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<h2 class="wp-block-heading">Partnership with Aerospike</h2>



<p>BSV Blockchain has partnered with web services company Aerospike as part of its Ternaode testing. <a href="https://www.bsvblockchain.org/news/aws-and-aerospike-help-bring-bsv-blockchain-mandala-upgrade-to-life" target="_blank" rel="noopener">The partnership enables Teranode and BSV Bblockchain to support an unlimited scale of digital asset transactions across a host of new categories</a>.</p>



<p>These include protecting intellectual property rights, enabling direct financial transactions between two parties with no intermediary, and Web3, which, when implemented, will allow millions of microtransactions to take place daily, supporting new granular payment models, such as pay-as-you-use data.</p>



<p>‘Aerospike has enabled us to achieve our goal of creating a platform that supports boundless transactions far beyond the financial, with unmatched performance. The Aerospike database enables low and sustainable implementation costs and will scale with ease as the BSV blockchain adds support for large-scale enterprise and governmental blockchain applications,’ said <a href="https://www.linkedin.com/in/siggioskarsson/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Siggi Óskarsson (Teranode Director at BSV Blockchain)</a>.</p>



<p>This was echoed by <a href="https://www.linkedin.com/in/behrad-babaee/" target="_blank" rel="noopener nofollow">Behrad Babaee (Principal Solutions Architect at Aerospike)</a>. ‘The potential for unboundedly scalable core systems could revolutionise financial infrastructure modernisation,’ he said.</p>



<p>‘This implementation of Aerospike demonstrates its ability to outperform traditional RDBMS banking systems, which are often unscalable and inefficient on every metric. Aerospike, as part of Teranode, is transformative for the BSV blockchain enabling it to easily scale, with no need for the complexity and risks associated with dedicated solutions to manage scaling.’</p>


BSV Blockchain hits 100 billion transactions per day on Teranode


<p>The European Union’s Corporate Sustainability Reporting Directive (CSRD) took effect on 5 January 2023 and affected businesses must adhere to the new regulations starting with the 2024 financial year &#8211; blockchain can help implement the new regulations.</p>



<p>According to <a href="https://kpmg.com/nl/en/home/topics/environmental-social-governance/corporate-sustainability-reporting-directive.html#:~:text=The%20Corporate%20Sustainability%20Reporting%20Directive%20(CSRD)%20requires%20companies%20to%20report,(assurance)%20of%20reported%20information." target="_blank" rel="noopener nofollow">KPMG</a>, the CSRD will amend the existing Non-Financial Reporting Directive (NFRD) and substantially increase reporting requirements on the companies falling within its scope in its efforts to expand the sustainability information for users.</p>



<p>The proposed directive will also entail a dramatic increase in the number of companies subject to the EU sustainability reporting requirements.</p>



<p>The NFRD, which is currently in place for reporting on sustainability information, covers approximately 11,700 companies and groups across the EU. The CSRD is expected to increase the number of firms subject to EU sustainability reporting requirements to approximately 49,000.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-and-mintblue-can-help">The BSV blockchain and mintBlue can help</h2>



<p>While these reporting requirements are onerous, help is at hand as software development company mintBlue provides blockchain-based solutions for accurate and transparent sustainability reporting.</p>



<p>Speaking to <a href="https://coingeek.com/tackling-csrd-with-mintblue-a-foundation-of-trust-accountability-and-transparency/" target="_blank" rel="noopener">CoinGeek</a>, <a href="https://www.linkedin.com/in/nielsvandenbergh/" target="_blank" rel="noopener nofollow">Niels van den Bergh (CEO of mintBlue)</a> said that mintBlue can assist companies with CSRD by providing blockchain-based solutions for accurate and transparent sustainability reporting.</p>



<p>‘Our technology <a href="https://www.bsvblockchain.org/news/mintblue-empowers-users-through-absolute-data-ownership" target="_blank" rel="noopener">tracks emissions in real-time, ensures data integrity, and verifies compliance with sustainability standards</a>. We enable companies to securely share and exchange information without losing control, this is key in creating interoperability in the supply chain and exchanging data required for reporting,’ he said.</p>



<p>‘For example, IKEA could use blockchain technology to track sustainability metrics across its supply chain, from raw materials to the final product. <a href="https://www.bsvblockchain.org/news/mintblue-smashes-proof-of-work-record-50-million-transactions" target="_blank" rel="noopener">Each step recorded on the blockchain would provide a transparent and unchangeable record</a>, simplifying compliance with CSRD.’</p>



<p>Van den Bergh added that businesses can use blockchain technology to meet CSRD requirements and enhance transparency and stakeholder trust. While it’s a big shift, the benefits of increased transparency and trust are substantial.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-in-its-own-class">The BSV blockchain &#8211; In its own class</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>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.</p>



<p>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">help your business here</a>.</p>


New regulations are an opportunity for blockchain adoption


<p>The panel discussion ‘Reimagining roles and how regulated industry leaders are shaping the future of finance’ at the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference</a> (May 21 – 23, 2024) aimed to explore how to bridge the gap between traditional finance and digital assets, with a focus on regulation and achieving a system as reliable as conventional finance.</p>



<p><a href="https://ch.linkedin.com/in/laurence-lewandowska" target="_blank" rel="noopener nofollow">Laurence Lewandowska (Operation and Finance Director at BSV Blockchain)</a> moderated the discussion, which featured:</p>



<ul>
<li><a href="https://www.linkedin.com/in/nestorpalao/" target="_blank" rel="noopener nofollow"><strong>Nestor Palao</strong> (Head DLT and Corporate Clients at Sygnum Bank)</a>;</li>



<li><a href="https://www.linkedin.com/in/wojciechkaszycki/" target="_blank" rel="noopener nofollow"><strong>Wojciech Kaszycki</strong> (Chairman and Founder of Mobilum)</a>;</li>



<li><a href="https://www.linkedin.com/in/hlynur-thor-bjornsson/" target="_blank" rel="noopener nofollow"><strong>Hlynur Thor Björnsson</strong> (CEO of Orange Gateway)</a>.</li>
</ul>



<h2 class="wp-block-heading" id="h-introducing-the-panellists-and-their-companies">Introducing the panellists and their companies</h2>



<p>The discussion started with the panellists presenting their companies and how these are facilitating the transition from traditional finance to digital assets, considering both technological and regulatory challenges.</p>



<p>Palao highlighted how Sygnum Bank is focused on onboarding traditional asset holders into the digital asset space with trust, leveraging their fully regulated status. They provide solutions that cater to the specific needs of the crypto industry, believing that more regulated entities are needed to facilitate broader adoption.</p>



<p>Orange Gateway, originally focused on the Icelandic market, is now expanding internationally, as Björnsson explained. They aim to simplify access to crypto for broader audiences, particularly through a fiat on/off-ramp for PSP (Payment Service Providers), making it easier for everyday users to buy crypto assets.</p>



<p>Mobilum, Kaszycki’s company, offers digital and prepaid cards linked to crypto wallets, allowing users to convert digital assets to fiat for everyday use. Their debit card program is globally accessible, while a more region-specific credit card program is developing where digital assets can be used as collateral for loans.</p>



<h2 class="wp-block-heading" id="h-current-challenges-in-regulation">Current challenges in regulation</h2>



<p>After this introduction, the panellists discussed the challenges in the regulatory landscape for digital assets.</p>



<p>Kaszycki highlighted the positive impact of recent developments like the BTC ETF and <a href="https://www.bsvblockchain.org/news/new-laws-for-digital-assets-in-europe-what-to-expect" target="_blank" rel="noopener">the MiCA (Markets in Crypto-Assets) regulation in the EU</a>. He pointed out that while banks are cautious about crypto due to their strict regulatory environment, these developments signal a growing acceptance of digital assets in traditional finance. The challenge lies in the need for clear regulations, which forces banks to tread carefully.</p>



<p>Björnsson emphasised the ongoing issue of fraud and market manipulation in the crypto space, which poses a significant challenge for regulators. He mentioned that as regulators aim to clean up the space, it will help legitimise and stabilise the market, benefiting consumers.</p>



<p>Palao noted that regulatory approaches vary regionally, with Switzerland, Abu Dhabi, Singapore, and others showing progressive attitudes towards digital assets. He pointed out that regulators often struggle to apply traditional rules to the innovative nature of digital assets. However, he acknowledged that some regions are making strides in creating clear, forward-thinking regulations that align with the needs of the digital asset market.</p>



<h2 class="wp-block-heading" id="h-perspectives-on-adoption">Perspectives on adoption</h2>



<p>The discussion then centred on the institutional adoption of digital assets, highlighting different strategies for aligning with regulatory frameworks and scalable blockchain solutions.</p>



<p>Björnsson emphasised their strategy to align with <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">the BSV blockchain, a scalable blockchain</a>, to meet the future demand for tokenised products and services. He believes that as digital assets evolve, scalability will be crucial for institutional adoption, and positioning their exchange to support this market is a long-term goal.</p>



<p>Kaszycki discussed the importance of regulatory compliance, especially with the upcoming Markets in Crypto-Assets (MiCA) regulation in the EU, which will introduce regulated stablecoins. He stresses the need for institutions to fit into the regulatory framework to enable seamless, fast, and secure digital transactions, contrasting it with the slower traditional banking system.</p>



<p>Palao highlighted the outdated nature of traditional payment protocols like SWIFT and the technical and regulatory challenges institutions face when entering the digital assets space. He argues that adopting blockchain technology can address these issues by providing a more efficient and trustworthy system.</p>


Regulation of digital assets and the future of finance


<p>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.</p>



<p>This was the key message from <a href="https://www.bcg.com/about/people/experts/tibor-merey" target="_blank" rel="noopener nofollow">Tibor Mérey (Managing Director and Partner of Boston Consulting Group)</a> 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.</p>



<p>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. <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">The immutability, transparency, and decentralisation of blockchains make them perfect for establishing the trust needed in Web 3.0 products</a>.</p>



<h2 class="wp-block-heading">Areas to look out for</h2>



<p>Mérey highlighted payments, DePin, and tokenisation as some of the most promising areas for blockchain utilisation.</p>



<ul>
<li><a href="https://www.bsvblockchain.org/case-studies/payments-on-blockchain/bsv-blockchain-payments-use-cases" target="_blank" rel="noopener">Payments</a>, 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.</li>
</ul>



<ul>
<li>DePin, or decentralised physical infrastructure, is a newer concept. For example, mobile routers <a href="https://www.bsvblockchain.org/news/micropayments-for-crowdsourced-funding-of-public-projects" target="_blank" rel="noopener">can receive micropayments</a>, enabling infrastructure distribution in areas where traditional payment models are not feasible. This could have a significant global impact.</li>
</ul>



<ul>
<li>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.</li>
</ul>



<p>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 <a href="https://www.bsvblockchain.org/news/how-teranode-delivers-blockchain-scaling-for-enterprise-use" target="_blank" rel="noopener">enterprise blockchain</a>.</p>



<ul>
<li>Does it solve a problem?</li>



<li>Will it actually work?</li>



<li>Does adopting this blockchain offer an advantage over competing enterprises?</li>



<li>Can you grow a business around it?</li>
</ul>



<h2 class="wp-block-heading">The BSV blockchain stands apart</h2>



<p>The <a href="https://www.bsvblockchain.org/news/enterprise-blockchain-the-perils-and-promises" target="_blank" rel="noopener">BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient</a>. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.</p>



<p>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.</p>



<p>Learn more about how the BSV blockchain can <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">help your business here</a>.</p>


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