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How the BSV blockchain will transform electronic data exchange

BSV Blockchain logo on an electronic data concept background

Enterprise blockchain is touted as the key infrastructure to onboard businesses onto the digital economy.

But, how exactly do businesses apply blockchain technology to their benefit?

To understand the enterprise products that can be built using the BSV blockchain (BSV), we can abstract the idea of product category to provide a broader perspective for further enhancement and creativity. 

Products that are built or can be built using the BSV blockchain can be grouped based on the capabilities that are implicit or explicit. Let us look at it in a bit more detail, as described in the below table.

Product Category

Description

Properties

Industries

Implicit

Protocol native features that can be used in many domains and benefit enterprises straight-forwardly

Immutability, Privacy and Accountability

Triple accounting ledger, Healthcare, Banking Financial Service and Insurance, Supply chain management, Public Sector

Explicit

These products are not very apparent for businesses, but the benefits are game-changing

Microtransactions, Scalability

Social Media, Metanet, Decentralised autonomous corporations, Big Data and AI, Internet of Things

Capabilities gained by enterprises with the BSV blockchain

Utilising the BSV blockchain’s immutability, privacy and accountability to transform electronic data exchange (EDI)

A plethora of enterprise products can be envisioned using BSV. But for today we’ll focus on how BSV’s implicit properties of immutability, privacy and accountability affects electronic data interchange.

Electronic Data Interchange

EDI or Electronic data interchange is a fundamental technology that has existed since the 1970s and is at the heart of finance, commerce and supply chain. There are a large number of EDI standards and messages based on usage, jurisdiction and industry that are heavily used today in every transaction that happens. 

One problem with regards to security and privacy while using EDI is the usage of Interchange envelope/message, which is a trusted middleman in the exchange. BSV’s data transaction capability mimics EDI, but with all the benefits that the BSV protocol brings. Using BSV, the same EDI schema (X12, EDIFACT etc.) of a message can still be used by embedding it in a transaction and using hierarchical keys which firewalls the identity to exchange these messages. In a typical exchange, one entity can prepare the Group envelope and send that directly to the receiving entity without the usage of an Interchange envelope

Such implementations will transform the electronic message exchanges and hence the way trade is done as we know it, globally.

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