Three months into 2024 and the global blockchain space could be in for a wild ride as developers double down on their efforts to showcase the utility of the emerging technology, one that nChain Executive Chairman and Co-founder Stefan Matthews has projected.
Speaking to CoinGeek Backstage on the sidelines of the Digital Pilipinas Festival, Matthews believes 2024 will be the year when blockchain developers will reap the rewards of what they’ve been sowing for years.
With the launch of the Teranode upgrade, made possible with efforts from Dr. Craig Wright, the man behind the network’s design and architecture, Matthews’ vision for 2024 is not far from being realized.
The Teranode upgrade pushes the BSV blockchain‘s capability to 1.572 million transactions per second, cementing the title as the only blockchain network that can actually scale unboundedly.
While utilizing the right blockchain is crucial in developing use cases that can achieve nChain’s ambition of creating a social impact, Matthews pointed out that strengthening and building more partnerships with industry leaders and entities is equally vital.
“I thought 2023 was gonna be a very special year, and it turned out to be a very special year in a lot of strange ways, but 2024, I think, is a year of real blockchain use case revenue generation through partnerships,” he said, noting that this area is what nChain is focusing on this 2024.
Juggling many projects, nChain has its commercial team to ensure that the company will be able to focus on expanding its partnerships with global leaders.
“The commercial team is focused on developing opportunities direct[ly],” said Matthews.
While nChain is working on its ongoing partnership with the Philippine national government and the administration of Bataan, Matthews said their time and effort will also be allocated to building relationships with organizations that have utilized nChain’s intellectual properties (IPs) in previous years—one of them is the Web3 supply chain sustainability platform as a service UNISOT.
This expanded collaboration will be centered on developing partners’ revenue streams.
“They’re using our intellectual property; it’s their obligation to work with their partners to help them build their businesses,” Matthews explained. “We need to bet and support them in any way we can to help their businesses grow.”
“Their business grows; the revenue that we drive through our licensing agreements grows for us,” he added.
Besides expanding and strengthening collaborations, Matthews said nChain will refocus its research activities on long-term blockchain use cases and set its priorities straight.
“Now, I’m challenging the research team not to think about what they want to create today as a product but what we should be aiming to have as a product suite in five years’ time,” said the nChain exec.
While blockchain is guaranteed to play a vital role in this development, Matthews said
artificial intelligence (AI) will also be a significant factor in the upcoming changes, adding that nChain will be teaming up with universities in research programs focused on integrating these two technologies.
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