IBM and SmartLedger’s Certihash are working together to develop a BSV blockchain-based product that will reduce the costs and time associated with cyberattacks.
Speaking on CoinGeek Conversations, Patryk Walaszczyk, a blockchain solution expert at IBM Consulting, says that most of IBM’s blockchain projects have until now been built on Hyperledger. Working on this project that uses a public blockchain like Bitcoin SV expands IBM’s knowledge.
“We are trying to experiment with a public infrastructure like Bitcoin SV, we see the potential of this information and the possibility to enter the web3 ecosystem.”
Patryk says IBM typically develops software using the so-called waterfall method, which means approaching a project stage by stage. Certihash, in contrast, practices agile development. He acknowledges IBM’s intent to learn from Certihash. “To learn to be agile, you have to cooperate with the companies who truly understand how agile works.”
IBM and Certihash are in the process of creating and developing the Sentinel Node, a suite of tools on the BSV blockchain that aims to improve cybersecurity. Patryk describes the Sentinel Node as “a product which could potentially be identified as a second layer security tool …dedicated to data breach detection.”
He alludes to ‘permissionless’ blockchain technology such as BSV, saying “we’ve been experimenting already with the public infrastructure, and we know how it works.” However, he says that verifications will be required to validate the efficacy of BSV at an enterprise level. “We’d like to test it and get knowledge whether it works similarly to what we have done on the permissioned ledgers.”
Patryk recognizes BSV’s potential in creating enterprise-grade solutions. After experimenting with Ethereum and BTC, he believes in BSV’s ability to deliver high quality performance with low transaction fees. And from a technical perspective, he says “we believe that the foundation is solid, the white paper is solid.”
Despite BSV’s capabilities, the question remains as to whether enterprises will consider using a public blockchain. According to Patryk, permissioned blockchain is viewed by many companies as a safe option. “You are in control of your data, you decide who will see it …a public blockchain is completely different because whatever you are going to put into a blockchain will be publicly available.” He says public blockchain solutions may always be a hard sell to companies in the financial and capital markets. “I don’t believe the public blockchain infrastructure will be utilized by all companies in the future.”
After attending the recent BSV Global Blockchain Convention, Patryk is convinced that BSV companies are focused on finding solutions to real business problems rather than using BSV for financial speculation. “I think that’s a good thing from a business perspective …to justify using this technology instead of focusing on which is going to be the best choice for future earnings.”
Patryk also expressed interest in working with other BSV companies saying, “if there would be any company interested in our services, we are keen to start cooperation.”
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