CRYPTO SPECIAL REPORT: BSV - Business Use Cases of the Bitcoin SV Blockchain
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Bitcoin SV (BSV): Blockchain gets down for business by solving key challenges and enabling new opportunities. BSV envisions a world where all transactions, digital activity, and data exist on a single public blockchain that functions as a global electronic cash system and a commodity data ledger for enterprise applications. BSV believes that achieving their “Metanet” vision, where data and value interact seamlessly, requires a protocol designed with base layer stability that’s capable of enabling massive scaling. Eleven case studies in this report highlight how companies are deploying business applications leveraging BSV’s unique blockchain tech.
- Blockchains like BSV are enabling the next evolution of internet businesses. Platforms like BSV offer a solution to many internet issues. They challenge tech monopolies by replacing centralized infrastructure providers with decentralized networks and applications. They solve payment frictions using digital currency to seamlessly enable an internet of value. They reduce global business challenges by re-engineering the trust models underlying internet services using publicly verifiable, immutable, user-owned blockchain data and globally enforceable smart contracts. All these innovations open the door for next gen businesses.
- Bitcoin SV has a unique vision and differentiated blockchain technology approach. Blockchains come in many shapes and sizes. BSV’s February 2020 Genesis Upgrade laid the technical groundwork for advancing its Metanet vision. Genesis eliminated BSV’s software mandated default block size limit (2GB) and thus allowed for theoretically unbounded scaling. The upgrade also restored certain technical features to the Bitcoin protocol that allow for more complex smart contracting applications and unlock the potential of BSV’s blockchain for use cases beyond payments. BSV’s development team’s efforts remain laser focused on maintaining a platform for enterprise use that is stable, scalable, secure, and allows for safe instant transactions.
- Unlocking novel applications and enabling internet business model innovations. Companies are using BSV’s immutable data storage, micropayments, and smart contracting capabilities to redesign how value is delivered to customers across a range of industries. Monetization for much of the internet today relies on data intrusive advertising or wasteful bundled subscription models. BSV’s key features could unlock the potential for fundamental internet business model shifts to occur by replacing the current paradigms with new user permissioned data, streaming micropayments, and other unimagined monetization models.
- Bitcoin SV has a growing ecosystem of 320+ known companies & services. This report examines how nine companies are using BSV across several industries: Healthcare Records Management, Supply Chain, Big Data & IoT, Casinos & iGaming, eSports, Web Browsing, Advertising API Monetization and Fintech & Investments. It also looks at how BSV’s Research and Development arm, nChain, is partnering with enterprises to help re-engineer their business models through its enterprise blockchain services offerings and how the Blockchain Mining & Transaction Processing Company, TAAL (OTCQX:TAALF; CSE:TAAL), is professionalizing the way blockchain computing services are delivered to make BSV more amenable to enterprises.
- Network stats are validating BSV’s approach towards enabling high volume, low fee, data intensive applications. BSV’s daily transaction count now regularly surpasses BTC, while its average transaction fees are orders of magnitude lower. These low fees enable micropayments and low-cost data storage applications. Given these low fees, median transaction values on BSV have been able to reach as low 1/100th of 1 cent on certain days. During a stress test, BSV processed the largest block in history on a public network that confirmed 1.3M individual transactions. That translates to a throughput level of ~2,200 transactions per second, thus highlighting BSV’s unique ability to offer high throughput in a production environment.
Bottom line: Blockchain has moved from the idea phase to the implementation phase and businesses are now deploying novel applications. BSV’s technical decisions to date have positioned the platform with the scalability needed to service certain high throughput, enterprise applications. Growing PoCs and enterprise traction will offer signs of BSV’s potential.