Businesses are constantly seeking innovative solutions to enhance security, transparency, and efficiency in their operation – and are increasingly looking at blockchain as the answer.
Blockchain offers a wide array of applications across various sectors. From supply chain management to financial services, healthcare, and beyond, blockchain provides a decentralised, tamper-resistant ledger system that offers a myriad of opportunities for businesses to streamline their processes, reduce costs, and build trust with their stakeholders.
In this era of digital transformation, leveraging blockchain technology has emerged as a compelling strategy for forward-thinking organisations to gain a competitive edge and foster a more secure and efficient future. Leveraging blockchain in your business was expanded upon in more detail by Brendan Lee (Founder and CEO of Elas) at the recent London Blockchain Conference.
The confusion between Bitcoin and blockchain
Lee began his presentation by explaining how Bitcoin works as a peer-to-peer electronic cash system. He added that cash is a value transfer instrument., and that this could be described as a new form of cash, which can be transferred instantly between parties in any part of the world at a very low cost.
‘This cash can be broken down into minuscule amounts. Each of the 2.1 quadrillion base tokens can be used to represent something of higher value such as currency, vouchers, tickets, certificates,’ he said.
Using this understanding of electronic cash as a basis, he noted that the key to leveraging blockchain is understanding how it is applied. ‘The benefits of Bitcoin are realised more effectively as it is more deeply integrated into an application. You can start small but also think big.’
Lee pointed specifically to the security and privacy benefits which blockchain offers businesses and how it can replace processes currently handled by secure compute modules.
‘Most people think of Bitcoin as something you buy or sell. Start thinking of Bitcoin as something you use to add value to services.’
‘Your customers don’t need to buy, own, hold or touch Bitcoin if that’s not part of your business model. Think of Bitcoin as paper for receipts. $0.0000005 worth can be used to represent items worth any amount.’
Lee also gave businesses an overview of how to start working with Bitcoin. ‘The design strategy should be about looking to push functions down to the Bitcoin layer. The benefits become more apparent the more you push to the network,’ he said.
The BSV blockchain and businesses
The BSV blockchain is not like other public blockchains – it is by an order of magnitude the most scalable and efficient blockchain in the industry.
With its large block sizes and low transaction fees, it ensures that companies can handle a vast volume of transactions and data without worrying about network congestion. Additionally, its stable protocol and commitment to a fixed block size create a reliable and predictable environment, essential for enterprise-level applications
BSV’s focus on data management and security is another key advantage, enabling businesses to store, manage, and verify vast amounts of data in a transparent and immutable manner. Furthermore, its commitment to regulatory compliance and industry standards fosters trust and legal certainty.
