Enterprises can adopt scalable and fast blockchain technology using the BSV blockchain platform to best solve their business challenges.
As blockchain technology scales to cope with potentially unlimited transactions per second, it could be time for businesses to start to consider solving their existing commercial challenges using the BSV blockchain. Yet some turnkey solutions built for the blockchain may not match the issues that businesses actually want to solve, namely, ‘How can we solve our customer’s pain points?’
Working out what your customer issues are and how BSV technology can solve these challenges is the first step in being able to understand your customers’ business motivations, solve these issues and overcome performance bottlenecks.
Enterprises are often wary of the latest new feature-rich product, or app. The C-suite wants to have stable proven technology with guaranteed uptime, fast performance, and reliable outcomes. Organisations want to host their Line of Business applications (LoB) onto trusted cloud infrastructure providers offering a Service Level Agreement (SLA) delivering more than five nines uptime and eliminating any single points of failure in the infrastructure.
Single points of failure could be catastrophic to a business such as Amazon who depends on global availability for its business continuity. Even dominant social media platforms such as Facebook had a global outage in October 2021, which crippled its entire business for seven hours.
Enterprises want to ensure that each part of their business operations or service is safe, reliable, and operated in a secure well managed infrastructure. The performance offered by BSV blockchain technology has this security and management built in by default into its fail-safe infrastructure.
Enterprises do not really care about the underlying technology that is used to provide the service they need. They want to be assured that their chosen technology is safe, confidential, and secure, available always, with full data integrity, and to be certain that the technology cannot be tampered with by bad actors. Fortunately, the BSV blockchain has been built with these factors inherent in its design.
Data is stored in the BSV blockchain which is copied to nodes throughout the network. Miners around the world have used Proof-of-Work (PoW) to validate each new completed block, give it a unique timestamp and hash, and broadcast the updated copy of the blockchain to all other nodes in the network. The identical copies of the blockchains at each node in the network means that rogue blocks cannot appear to be valid on the network and are discarded by the miners.
As BSV Bitcoin transactions occur on chain in a peer-to peer network, there is no need to depend on a third-party authentication system for authentication or clearance which could be compromised if accessed. Information is securely stored, encrypted, and timestamped on the global blockchain and cannot be modified or adjusted once committed.
This immutability means that the data ledger is a true record of all activities stored on the blockchain as each block added to the chain refers to the previous block.
This immutable ledger could open use cases for organisations that require an unmodifiable record of activities and transactions showing the record of each action that is placed onto the chain.
Furthermore, like cloud computing models, users only pay for the transactions that are placed on the blockchain—like any metered service. There is no need for companies to ‘own’ their own blockchain with all its inherent hardware and management costs. Each on-premises transaction is, by its nature, ‘off-chain.’ This means that the other network nodes have no visibility as to transactions that may have occurred off-chain and have no guarantee of validation for the new blocks on the chain. If these off-chain activities are compromised by bad actors, then the entire chain could be at risk—a huge issue for any company that requires transparency and authenticity in its activities.
Most importantly, businesses want to make any transactions on the blockchain frictionless for their staff. Workers do not care about transaction costs, or Bitcoin prices. Workers want to be able to do their jobs efficiently with technology that eliminates delays and enables them to be the most productive. They need their LoB apps to be able to scale, and they need speed and data integrity for any entries they put onto the ledger via the front-end apps. So, any blockchain solution for enterprise, must be able to abstract the financial transactions from the front-facing business, and deal with the transaction fees centrally at the organisation.
There is a plethora of opportunities for the use of BSV blockchain in the enterprise. From financial trading, to healthcare, Internet of Things (IoT) scenarios to eCommerce, the possibilities offered by using the BSV blockchain could become the de-facto technology that powers transactions at scale on chain.
BSV enterprise blockchain can offer the security, integrity, scale, and performance that businesses demand—whilst minimising the actual cost of doing business. Build your solution on BSV blockchain for scale and watch it fly.
Watch: CoinGeek New York panel, Where does Bitcoin’s real value come from?
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
