BSV Blockchain recently attended the Aerospike Summit 2024 in Paris where it shared insights on Teranode, and how to leverage BSV Blockchain to modernise applications.
The conference was aimed at database innovators, technologists, developers, engineers and architects who are looking to enhance their knowledge and skills in real-time data processing and building a sustainable future through real-time data.
One of the key panels at the conference focused on application modernisation and how data management impacts the customer journey. As part of the panel, Thomas Giacomo (Director of Utilisation at BSV Blockchain) explained how the BSV blockchain contributes to application modernisation in different organisations.
Key benefits for enterprises
‘By leveraging the BSV blockchain, organisations can ensure that their data is tamper-proof and secure, enhancing its integrity. This is particularly beneficial for applications in sectors like finance, healthcare, and supply chain management, where data integrity is crucial,’ said Giacomo.
He added that the BSV blockchain supports rule-based workflow orchestration (also known as smart contracts), which enables automated, self-executing programs with the terms directly written into code. ‘This allows organisations to streamline complex business processes, reduce the need for intermediaries, and enhance operational efficiency. Rule-based workflow orchestration can improve process efficiency of applications by automating workflows, from payments to compliance checks,’ he said.
Finally, he noted that the BSV blockchain is an immutable ledger, meaning that once data (or its hash proving that data existed at a given time) is written to the BSV distributed ledger, it cannot be altered or deleted. ‘This ensures that records of digital assets, their ownership, and their transfer history are permanent and tamper-proof, preventing duplication and forgery through its audit trail capabilities.’
Data management and the customer journey
Giacomo explained that the BSV blockchain offers several key benefits for data ownership and improving the customer journey. ‘BSV blockchain supports decentralised identity (DID) systems, where users have control over their digital identities without relying on central authorities. Users can create and manage their own identities, store them securely on the blockchain, and use them across multiple platforms,’ he said.
Giacomo added that the interoperability of the BSV blockchain with various applications and platforms ensures that users can easily transfer their data across services without losing control.
‘Users are now accessing an efficient Digital rights management system by tokenising their data, effectively creating digital assets that represent their information. This enables users to manage, trade, or monetise their data as they see fit, ensuring proper access control and licensing mechanisms.’
Promoting future growth
Giacomo also discussed how IoT and AI are some of the main drivers of data growth globally and how the BSV blockchain is uniquely positioned to help boost this growth. ‘The alignment of BSV blockchain with IPV6 will allow IP-to-IP communication between IoT devices leveraging blockchain-based identities and streamline IoT processes. It will improve data integrity for the IoT space, increase efficiency and device interoperability,’ he said.
‘With the redesign of the Internet by combining BSV blockchain at the base layer of the Internet protocol through its IPV6 iteration, users will be able to own their data and manage their access and monetisation to AI services providers. AI service providers can pay users for access to specific data points through micro-payment transactions, which is crucial to leverage AI capabilities through sustainable business models.’
Finally, Giacomo discussed the importance of sub-millisecond performance and low latency on the BSV blockchain and its impact on managing data for globally distributed applications.
‘We just announced our Mandala Upgrade two weeks ago during our DevCon in London with a new network topology allowing massive scaling. Our network topology is articulated through a mandala network with a core node network tested at one million transactions per second with 6 nodes, overlay services handling business logic and dedicated business environments and P2P communication at the edge of the network through SPV Wallets.
‘This network topology allows real-time data processing and accuracy with minimal resource requirements for applications leveraging unbounded scalability at the centre of the network. Industries like finance, gaming, and IoT can leverage these capabilities to provide efficient ownership and right management services, as well as rule-based workflow orchestration, immutable timestamp and digital cash services to users worldwide.’
