Promises can be broken, including those that involve business matters. Case in point: enterprise blockchain.
The vision of using blockchain to advance the data-sharing economy for enterprises has failed to fully materialise. But all hope is not lost. The BSV blockchain is recalibrating the system by returning the original Bitcoin protocol.
Check out our infographic to get a clear picture of how we are restoring enterprise blockchain the BSV way. For a start, what went wrong?
What blockchain promised enterprises
As you probably know, blockchain—the technology behind Bitcoin—is a database containing blocks where data interactions (including financial transactions) are recorded to form an immutable ledger.
Given the blockchain’s public nature, its infrastructure is available for use by enterprises across the globe.
Blockchain usage for enterprises was supposed to deliver three major benefits:
- Decentralisation: A distributed network would enable businesses to maintain transparency and integrity of data since everyone had a copy of the ledger, making it easier to resolve inefficiencies immediately and prevent the manipulation of data.
- Security: Distributing the ledger among a network of computers was deemed effective at protecting the entire data chain from being manipulated.
- Scalability: The challenges of managing big data could be addressed in a blockchain framework, allowing businesses to be part of the data-sharing economy.
Given these promises, the adoption of enterprise blockchain branched out to major brands and technology companies such as IBM, Intel, Oracle, Wells Fargo, J.P. Morgan, and many others.
How enterprise blockchain is failing to deliver
Unfortunately, enterprise blockchain has failed to deliver:
1. Single point of failure
Private enterprise blockchains cannot eliminate a central point of failure as ledgers are controlled by a designated entity. Security breaches can happen as long as there is a single point of failure that hackers, fraudsters or corrupt officials can exploit.
2. High cost of ownership
By creating alternative blockchains, the resources to develop and maintain an enterprise blockchain infrastructure, from hardware to software and staffing requirements, are multiplied unnecessarily
3. Lack of standardised protocol to enable interoperability
Most enterprise blockchain ecosystems’ protocols are exclusive, so organisations outside the network can’t utilise them. That means if you need to switch providers, your existing business applications may not work until your applications are revised to suit the new blockchain environment.
4. Failure to balance transparency and privacy
Shared ledgers on a blockchain are meant to improve transparency while allowing permissioned-access. Problems arise when developers fail to understand how to apply the necessary privacy measures within a public blockchain system and hark back to a private blockchain that defeats the purpose of the technology.
5. Failure to scale
Tons of data are being generated digitally. And yet, private blockchains can scale data management without overcharging users in mining fees, and businesses have to contend with a low throughput capacity.
How the BSV blockchain is restoring the promise of enterprise blockchain
BSV is an interoperable system that stays true to Bitcoin’s original design and protocol. As such, you’ll enjoy features that deliver stability, security, and scale in the data economy business model.
1. Unbounded block size and throughput capacity
The scalability of the BSV network is evident in its transaction throughput of 5,124 transactions per second (tps), which keeps growing. At this rate, you should be able to verify and process up to approximately 40 million transactions daily. Despite a high transaction volume, greater data capacity remains intact while transaction fees are kept low.
2. Clearing and settlement of payments
The BSV blockchain can authorise transactions in as fast as 1 second, while clearing and settlement of payments reflect within 10 minutes. In contrast, it takes VISA 1-3 seconds and 2-3 business days and automated clearinghouses a few seconds and 3-5 business days to perform the same functions.
3. Providing safe instant microtransactions
Besides not having a data block cap that makes it ideal for micro and large data transactions, BSV’s network offers cost-efficiency with the lowest transaction fees. On average, transaction fees amount to less than $0.002 per kb*, versus Ethereum’s $194 per kb**.
4. Stable and secure with 100% uptime
The BSV network can support and sustain a wide range of business applications without ever compromising data integrity. Without a central point of failure existing within BSV’s ecosystem, ledgers remain immutable. Any attempt to manipulate network data will alert the system, tracking and isolating infected nodes.
5. A stable protocol for a global enterprise blockchain
Again, the original BSV protocols are designed to permit interoperability across projects, applications, companies, and industries. This makes it suitable to function as a global enterprise blockchain, that can be used independently or with other protocols to remove siloes in data management.
BSV enterprise blockchain capabilities and use cases
Enterprise blockchain use cases are becoming more common in major industries across the world. Here are top examples:
- Health services industry
BSV is powering the world’s first global electronic health record, an initiative from Texas-based company EHR Data. The company aims to tap the blockchain’s functionality of granting patients and healthcare providers access to real-time data to improve health services.
Meanwhile, Veridat’s BSV-enabled platform integrates timestamping to document and track the results of clinical trials in the pharmaceutical industry.
In Australia, startup Metastreme is focused on big data management using BSV tools that can be integrated into any system or application. As such, companies in need of data management services no longer have to build any proprietary system.
- Supply chain management
UNISOT, a Norwegian company, has developed a supply chain management platform to track a product’s origin, movement, and status using the BSV blockchain. To test the system, UNISOT launched a three-phase pilot project to represent the various supply chain stages in the seafood industry.
U.S. gaming technology company BitBoss utilises the BSV network to equip physical and virtual casinos with hardware and software that incentivise gamers and casino players through the easy transfer of tokens from mobile wallets to slot machines and table games.
Enterprise blockchain: take 2
BSV is committed to restoring the promise of a distributed, decentralised, secure, stable, and scalable blockchain for enterprise-level usage. It’s our way of honouring the original design of Bitcoin creator Satoshi Nakamoto. At the same time, we want to empower businesses in today’s data economy if only enterprise blockchain is done right.
To enable your business to stay updated on emerging blockchain applications, download our free eBook, BSV Blockchain: What it is and how it restores the promise of enterprise blockchain. You may also check Bitcoin SV Academy’s Bitcoin courses to learn more.