The Global IoT Summit in Dublin brought together tech experts in emerging technologies, including blockchain, IoT, IPv6, and 5G, from startup founders to thought leaders. National University of Ireland (NUI)’s Subhasis Thakur represented academia at the event, and as he told CoinGeek Backstage, the inability to scale has been the biggest hurdle towards blockchain adoption—a challenge that BSV’s infinite scaling seamlessly solves.
Thakur, a research fellow at NUI, has been working on blockchain technology for the past six years, including on finance and energy trading platforms. One of his key areas of interest is data verification for blockchain networks. While the blockchain’s immutability ensures that data can’t be altered or manipulated, there can be a loophole in the data that’s fed to the network. Incorrect or doctored data would still be useless even if recorded on an immutable blockchain.
NUI’s research has primarily focused on Layer 2 networks, and as Thakur revealed, it all has to do with scalability.
“BTC takes like 7 minutes to process a transaction and record it on the blockchain. If you want to develop something in real life, you have a few seconds to do that. So, we can’t use the [BTC] blockchain,” he told CoinGeek Backstage host Becky Liggero.
Thakur is one of many whose enthusiasm for blockchain technology was crushed after attempting to build on the expensive, slow, and inefficient BTC blockchain. Some who have tried Ethereum have also run into the same bottlenecks, with many migrating their applications after some time.
BSV’s infinite scaling solves this challenge, and with its fees staying consistently below $0.001, it’s the most cost-efficient blockchain with real-time transactions. Its stable protocol also gives developers and businesses the confidence that they won’t have to rebuild their applications in a few months.
Blockchain adoption in Ireland is on the rise, Thakur added, with many major companies and even the smaller enterprises, exploring the technology.
Watch: The Blockchain Beat Episode 4 – Global IoT Summit Dublin 2022: Why IPv6 is necessary for IoT world
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