How blockchain can increase transaction throughput

How blockchain can increase transaction throughput

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Blockchain technology has revolutionized many industries, from supply chain management to logistics and insurance. The possibilities are limitless with blockchain and this has seen many global tech giants invest in the technology. Bitcoin SV (BSV) has continued to be the trailblazer and by far the best enterprise blockchain, setting an example of how blockchain can increase transaction throughput beyond legacy technology systems.

Blockchain technology has quickly evolved, and, with it, the transactional speed has greatly improved, overtaking most legacy systems. While some blockchain platforms have continued to lag in outdated technology, BSV has improved on the transactional speed with constant upgrades. The most recent is the Quasar protocol upgrade which lifted the block size hard cap from 128MB to 2GB. This enabled the BSV blockchain to process 1,000+ transactions per second.

In comparison, legacy technology systems such as Visa, Mastercard, and Paypal have continued to lag behind BSV. PayPal, for instance, can only process 193 transactions per second. Other blockchain platforms have also failed to scale and meet user demands as BSV has done. SegWitCoin (BTC) only processes 7 transactions per second, while Ethereum, at 20 transactions per second, doesn’t do much better.

Bitcoin SV also has the lowest fees in the blockchain ecosystem and beyond. With PayPal, merchants are charged 2.9% of the payment amount while with Visa charges 1.51% interchange fee for consumer credit cards. In comparison, a Bitcoin SV transaction costs less than 1 cent. 

Bitcoin SV has managed to cement its position as the best enterprise blockchain platform by continuing to scale to meet consumer demand, proving that blockchain can increase transaction throughput. In addition to the recent Quasar protocol upgrade, Bitcoin SV is set to undergo the Genesis upgrade in February 2020 which will eliminate the block size altogether. 

And come October 1, the blockchain world will congregate in Seoul for the eagerly-anticipated CoinGeek Seoul conference. During the two-day event, the attendees get to learn about how blockchain can increase transaction throughput, reduce costs for enterprises, improve security, and much more. nChain chief scientists and the creator of Bitcoin Dr. Craig S. Wright headlines the list of distinguished speakers that also includes the Bitcoin Association President Jimmy Nguyen and nChain Chief Technology Officer Steve Shadders. Get your tickets today for this event that you can’t afford to miss.

Get 20% off the CoinGeek Seoul conference tickets when buying with BSV, plus conference attendees can also take advantage of exclusive discount to the Le Meridien Seoul. Check out this link, select “Group code” at the Special Rates tab and simply type the promo code RE1RE1A to receive the hotel discount.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.