The recent CoinGeek Conference Seoul event saw participation from a range of industries and experts, all of which have come together to help drive further innovation and adoption of cryptocurrency and blockchain and, in particular, Bitcoin SV (BSV) as the original Bitcoin. The single thread found among all of the different segments is the cohesive understanding that a single direction of development is important to the growth of blockchain and, more and more, this is being seen with BSV.
Joshua Henslee, an ERP expert and business consultant, has become heavily involved in BSV, understanding the importance it has to all types of enterprise-level businesses. He was on hand for the conference, and shared his thoughts on what makes BSV stand out in an interview with CoinGeek’s Stephanie Tower.
Henslee highlights the fact that, among all the blockchains, BSV is the only one that simply makes sense from an enterprise perspective. Because of the network’s vast scaling capabilities, predictability, low costs and stability, enterprise operations can easily and confidently adopt the blockchain for its activities at a fraction of the cost currently spent and receive an enterprise-grade solution that is adaptable to their needs and which will be remain consistent for decades to come.
Incorporating the blockchain into an enterprise’s operations, especially for document storage and sharing and items such as purchase orders, makes maintaining data and conducting business lightyears ahead of what is currently possible. All of the data used to run the business can be stored permanent at no significant cost, and the blockchain allows for only certain pieces of the data to be distributed to those who need to see it—not all of the data has to be made available to everyone.
This can be managed through the use of different keys, similarly to how different passwords in a business environment allow for different levels of access to data. This adds a significant amount of value to the operations of the business, allowing for streamlined activity that requires a significantly lower amount of overhead and administration.
Henslee adds that there is at least one facet of the blockchain that needs to be improved, in particular for enterprise companies, and this is something that is already being worked on. Integrated professional grade encryption will help attract even more businesses to blockchain technology, as it will give them even greater confidence in the network’s ability to serve data while inherently protecting it at the same time. Combine this with the ability to instantly provide auditable data—something that every business has to be concerned with—and it becomes instantly obvious how powerful the Bitcoin blockchain can be to managing multiple business operations simultaneously.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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