The recorded history of human society is represented only by the documents we have and can read, which only go back a few thousand years.
Notably, in all cases where societies have endured and flourished it has been because of a central adherence to a system of record-keeping and documentation, says Brendan Lee, Chief Content Creator at Bitcoin Association and Founder & CEO of Elas.
The paper ceiling
The wide availability of access to paper and improvements in record-keeping has led to a tremendous advancement in infrastructure that most societies worldwide are still benefiting from. However, Lee noted that paper used in this way still has a ceiling.
‘The time it takes to find files in a large-scale paper-based system is a significant friction upon the economy and results in frustration and inefficiency and impedes economic growth.’
To address this issue, Lee noted that the world has moved to computer storage over the last 40 years, leading to a content explosion and the creation of entire industries to support it. However, it is still not without its problems.
‘Computer storage is dense, cheap and ubiquitous. Because of this many file-sharing methods such as email still typically result in the creation of multiple direct digital copies on each user’s device. This is inefficient and like paper, can create friction and opens opportunities for fraud and manipulation.’
Lee pointed to the fact that these issues mean that important legal documents are still largely signed with a pen.
An original source for documents
The solution proposed by Satoshi Nakamoto uses transactions captured by a timestamp server to track activities within a digital cash ledger. It is the nature of the cash created within this system that makes it ideal as a medium for the capture and recording of data for diverse systems and datasets.
Lee said that instead of thinking of Bitcoin as a token or cash, the blockchain can be thought of as a ledger where the cash is like a type of paper.
‘You can use it as a form of records, it can be passed from person to person, and you can break it into billions of tiny pieces and use them to represent a treasury of more valuable things. In this way, we can use this electronic cash as anything from a simple ticket to a bond, to a Constitution or a piece of legislation. This is a ledger for anyone from an individual up to a nation-state to record and manage a registry of their own assets and resources.’
A private ledger system on the public blockchain
‘At Elas we use our proprietary API layers to facilitate the creation of structured data and permission layers for the blockchain. This diverse array of tools allows unparalleled flexibility, scope and scalability of applications.
‘Property record and asset management databases are just one aspect of what is possible and can be implemented as functions of government or private infrastructure, depending on requirements.’
Lee noted that some projects are better off keeping a portion of all data public to offer a level of certainty, while some companies may want to use the blockchain for internal private use.
‘Our private ledger system allows you to create a tailored, exact system with a flexible structure which allows a more efficient breakdown and control of the ownership rights you are seeking to manage.
‘What we have built at Elas is a technology layer which provides you with all of the tools you need to create your own private ledger.’
No limits to BSV
Lee noted that there are no limits when using BSV blockchain and that users should design for this accordingly.
‘The scripting language offers tremendous flexibility and potential. It is already feasible to manage documents requiring thousands of separate signatures, large-scale content-sharing platforms, and cash systems with billions of daily transactions.
‘By using Elas with BSV you really are ensuring that your business, platform or service is being set up for scale. There is no other network that exists today that has so much potential to change the way we do business.’
