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 IPv6, an Internet Layer protocol standard that provides each connected device with a unique 128-bit IP address.
This was the key panel discussion at the recent London Blockchain Conference, which featured:
- Latif Ladid (Founder & President at IPv6 Forum)
- Ralph Wallace (CEO of CyberSpatiale Inc)
- Jake Jones (Head of Infrastructure & Business Program Manager at BSV Association)
- Hugo Feiler (Co-Founder/CEO of Minima)
- Gregory Ward (Co-founder/Chief Development Officer at Smartledger Solutions)
A Brief History of IPv6
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.
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’s capacity for end-to-end networking is essential for leveraging the efficiencies and capabilities of an expansive blockchain protocol like the BSV blockchain.
The necessity of the BSV blockchain
Despite IPv6‘s clear advantages, its adoption has been slow due to the significant infrastructure changes required. The BSV blockchain stands out as the only public blockchain scalable enough to meet the demands of enterprise-scale applications. It is designed to function as an Internet extension, enabling peer-to-peer payments and complex data transfers without intermediaries.
The panel noted that blockchain requires stable routable IP address space provided only by IPv6, to identify the source and destination Internet protocol (IP) addresses for better traceability and peer-to-peer transparency, where needed.
The panel also discussed the different ways that regulators and governments can maximise the benefits of blockchain technology including encouraging innovation and experimentation and promoting standards and interoperability to ensure the long-term viability and success of blockchain initiatives.
Jones argues that individuals knowledgeable in IPv6 and blockchain must showcase the innovative business models these technologies enable. Once companies grasp the potential benefits, including new revenue streams from micropayments, they will adopt these technologies. We need to educate, be patient, and wait for the right decision-makers to act.
Wallace added that, based on his experience, the main challenge lies in conveying the necessity of IPv6. Having successfully pitched the concept to various US government departments, he understands this well. While improved security is a key advantage, there are numerous other benefits as well.
