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BSV blockchain’s association signs an R&D agreement with University of Sharjah to develop blockchain-based academic certification and accreditation platform 

Blockchain-based Academic Certification & Accreditation

VXPASS, the COVID-19 vaccine tracker built on the BSV blockchain, has given an update on the rollout of its digital vaccine monitoring programme in the African nation of Lesotho. In working towards the rollout of this programme, VXPASS has received support from the World Health Organisation (WHO), the State Department of the United States and the World Bank. 

BSV Blockchain Application to Track COVID-19 Vaccinations for Nation of Lesotho

The inhabitants of Tuvalu, a small island nation in the South Pacific, could become the world’s first blockchain citizens, whose identity, citizenship and financial data are secured on a public blockchain. In December 2020, the Tuvaluan government announced that it would embark on a massive digital migration project which would see it integrate its governance and financial systems with the BSV public ledger and become the world’s first paperless society. 

Tuvalu's National Digital Ledger

The BSV Blockchain for Government Initiative works with government bodies, NGOs and public sector agencies to offer education on blockchain technology. 

Blockchain for Government Initiative

UAE’s Ministry of Human Resources and Emiratisation has partnered with the BSV ecosystem to be its knowledge partner to educate hundreds of the Ministry’s employees and executive office about the transformational power of blockchain technology. 

UAE's Ministry of Human Resources & Emiratisation

In April 2021, the BSV Blockchain for Government Initiative completed a historic week-long official visit to Khartoum, Republic of the Sudan, at the invitation of and under the patronage of the Ministry of Telecommunication and Digital Transformation. The visit centred around Sudan’s first-ever Blockchain Summit & Workshop, a two-day event held April 8-9, 2021, and led by the BSV ecosystem. The conference and surrounding meetings explored how blockchain technology can advance digital transformation as the country rebuilds and re-emerges after 30 years of isolation from much of the world. 

BSV's Historic Official Visit to Sudan 

Explore

The Blockchain for Government

Marcin Zarakowski

Lise Li

Martin Coxall

Bryan Daugherty

Shawn Ryan

Marcin Rzetecki

Government

Use Cases

Blockchain Law & Policy

Who Supports BSV?

Blockchain Policy Matters: U.S. Congressman Bill Foster (D-IL-11) | Episode 4

Blockchain Policy Matters: Pēteris Zilgalvis - DG CONNECT, European Commission | Episode 3

Blockchain Policy Matters: SEC Commissioner Hester Peirce | Episode 2

Blockchain Policy Matters: U.S. Congressman Patrick McHenry (R-NC 10) | Episode 1

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Multiple outputs

Improved security against man-in-the-middle attacks

LiteClient

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Dependencies

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API | V1

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<p>In the ongoing discussion about blockchain and its foundational principles, the concept of a &#8220;node&#8221; demands a precise definition to navigate the complexities of decentralisation. In network theory, a node represents an entity within a network or graph, a definition that&#8217;s widely accepted across various domains of technology. This broad definition, however, requires specificity when applied to blockchain technology, particularly in the context of <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin as outlined in the seminal white paper</a>.</p>



<p>The white paper delineates the steps necessary to operate within the network, suggesting a distinction between different types of nodes based on their function and contribution to the network&#8217;s integrity and consensus mechanism. A machine hosting a full version of the blockchain does not qualify as a transaction processor unless it executes all six steps outlined in section 5 of the Bitcoin white paper.</p>



<h2 class="wp-block-heading" id="h-node-count-in-blockchain-networks">Node count in blockchain networks</h2>



<p>The common belief that adding more nodes inherently strengthens a network&#8217;s security and resilience is a misconception that merits scrutiny. Specifically, the effectiveness and robustness of the network are not simply functions of the number of nodes but are more accurately determined by the network&#8217;s topology and the roles played by these nodes. This discussion aims to dispel the myth that increasing the number of nodes universally confers advantages, by highlighting how non-mining nodes can, paradoxically, introduce inefficiencies and potential vulnerabilities.</p>



<h3 class="wp-block-heading" id="h-the-misconception-of-node-count-as-a-proxy-for-network-strength"><strong>The misconception of node count as a proxy for network strength</strong></h3>



<p>A prevalent assumption is that a higher node count equates to enhanced decentralisation and security. This belief stems from the notion that more nodes increase the network&#8217;s redundancy, making it more difficult for any single point of failure to disrupt the system. While superficially compelling, this view overlooks the critical distinction between different types of nodes and their respective contributions to the network&#8217;s functionality and security.</p>



<h3 class="wp-block-heading" id="h-network-topology-balancing-efficiency-and-resilience"><strong>Network topology: balancing efficiency and resilience</strong></h3>



<p>Network topology plays a critical role in evaluating both the efficiency and resilience of a blockchain network. While it might seem that fewer nodes could shorten the average path length, thereby enhancing efficiency, this configuration can reduce network resilience.</p>



<p>A network with minimal nodes, although potentially very efficient, becomes highly vulnerable to disruptions, as fewer nodes also mean fewer pathways for data recovery in the event of failures. Conversely, a robust network should not merely focus on the number of nodes but on how they are interconnected. This ensures short path lengths for efficient communication while maintaining enough redundancy and node diversity to safeguard against single points of failure.</p>



<p>A well-designed network topology, therefore, must strive for a balanced architecture that supports both rapid data propagation and strong resilience against disruptions and attacks.</p>



<p>Small world networks, characterised by their low average path length, exemplify how a well-structured network can achieve both efficiency and resilience. These networks maintain short path lengths through a highly interconnected topology, enabling rapid and reliable communication across the network.</p>



<p></p>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/v8cORocheBUHK3gcAiuUuTco9v_RrVpN2evxEpJb55dlT87i0BYubHuHD4ajTfR30mnbQa0OM7XErPlvOMLhtlgknaN9Us3ulIaxn1xN23wmYWX0pWLISOIZm1yap-bwP6fYRWKKXKxw9BAI1Yr_E_c" alt="Network topology"/></figure>



<h2 class="wp-block-heading" id="h-the-impact-of-non-mining-nodes-on-network-performance"> <strong>The Impact of non-mining “Nodes” on network performance</strong></h2>



<p>Non-mining “nodes” do not participate in the consensus mechanism or block validation process in proof-of-work blockchain systems like the BSV blockchain. Their proliferation can inadvertently introduce several issues:</p>



<h3 class="wp-block-heading" id="h-routing-inefficiencies">Routing inefficiencies</h3>



<p>Non-mining nodes increase the network&#8217;s complexity without correspondingly enhancing its transaction processing or consensus-building capacity. This can lead to suboptimal routing of information, as transactions and blocks must traverse a more convoluted path to reach mining nodes.</p>



<h3 class="wp-block-heading" id="h-bandwidth-allocation">Bandwidth allocation</h3>



<p>The addition of non-mining nodes consumes bandwidth, potentially diverting resources from critical network activities. This misallocation can slow down the propagation of new transactions and blocks, affecting the network&#8217;s overall responsiveness and efficiency.</p>



<h3 class="wp-block-heading" id="h-increased-network-length-and-security-vulnerabilities">Increased network length and security vulnerabilities</h3>



<p>A higher count of non-mining nodes can elongate the average path data must travel, increasing the opportunity for <a href="https://wiki.bitcoinsv.io/index.php/Man_In_The_Middle_Attack" target="_blank" rel="noopener">Man In The Middle</a> and <a href="https://www.imperva.com/learn/application-security/sybil-attack/" target="_blank" rel="noopener nofollow">Sybil attacks</a>. Longer path lengths provide more vectors for attackers to intercept or manipulate data, undermining the network&#8217;s integrity.</p>



<h2 class="wp-block-heading" id="h-rethinking-the-value-of-node-count"><strong>Rethinking the value of node count</strong></h2>



<p>Re-evaluating the significance of node count underscores that increasing the number of nodes does indeed contribute to a blockchain network&#8217;s security and efficiency, but only to a certain extent. Economic incentives and game theory suggest that there is an optimal number of nodes, which is determined by the potential profitability of participating in the network. Beyond this point, simply adding more nodes may not proportionately enhance the network&#8217;s capabilities and could even introduce inefficiencies. Therefore, the focus should be on refining the network&#8217;s architecture to foster efficient communication and robust security measures, rather than just increasing the node count indiscriminately.</p>



<p>Concluding this analysis, it&#8217;s crucial to steer the conversation towards the fundamental aspects of blockchain technology. The widespread application of the term &#8220;decentralisation&#8221; has, over time, obscured its meaning and importance.</p>



<p>Focusing on the specific operational roles, such as those of nodes, and how they contribute to the network&#8217;s security, efficiency, and sustainability becomes essential. This shift in dialogue promises not only to dispel the existing confusion around decentralisation but also to ensure discussions and developments in blockchain technology adhere to its essential principles of security, transparency, and direct interaction. This strategic redirection is key to nurturing a comprehensive understanding and driving the evolution of blockchain in alignment with its original goals.</p>


Node realities: dispelling misconceptions in blockchain security


<p>In recent times, supply chains have encountered various disruptions such as climate crises, geopolitical tensions, and economic uncertainties. These challenges persist in testing the transparency, adaptability, and resilience of supply chains.</p>



<p>Businesses equipped with comprehensive visibility into each facet of their supply chain can utilise this information to make more strategic decisions amidst disruptions. Such insights present opportunities to develop flexible manufacturing processes, which can facilitate the customisation of products on a large scale, offering tailored services to end-users.</p>



<p>Advancements in technologies like the <a href="https://www.bsvblockchain.org/news/omniscape-metaverse-blockchain-and-ai-applications-for-government-enterprise-and-brands" target="_blank" rel="noopener">Metaverse, Web3, and blockchain are driving initiatives towards sustainable supply chains</a>. For instance, the BSV blockchain enables the documentation of every transaction or movement of goods on an immutable and transparent ledger. This ensures that all participants in the supply chain can track the origin and journey of products, ensuring visibility throughout the entire supply chain lifecycle.</p>



<h2 class="wp-block-heading" id="h-the-challenges-of-supply-chain-management">The challenges of supply-chain management</h2>



<p><a href="https://www.bsvblockchain.org/news/the-role-of-blockchain-in-sustainable-supply-chains-and-management" target="_blank" rel="noopener">Supply Chain Management (SCM) systems</a> are widely utilised by firms engaged in sourcing and logistics. However, they face significant limitations, notably in achieving real-time global traceability. Existing traceability systems are characterised by being siloed, centralised, and expensive. Moreover, the reliability of the information they provide cannot be guaranteed, leading to tangible challenges, especially in complex supply scenarios.</p>



<p>The exchange of information between companies at different stages of the supply chain relies heavily on outdated technologies like Edifact and EDI. This results in minimal data sharing among companies and the majority of data being transmitted in an insecure or unencrypted manner.</p>



<p>Diverse internal systems employed by different companies create inaccessible information silos, leading to inefficiencies throughout the supply chain process. Due to the lack of incentives or secure infrastructure for data sharing, many companies opt not to share information, resulting in the underutilisation of assets such as vehicles, ships, production facilities, and personnel due to insufficient information.</p>



<p>Moreover, companies typically have access to only one tier up and down from their current position in the supply chain, limiting planning capabilities over a longer timeframe. Consequently, companies are compelled to build buffers and react to market developments, further exacerbating inefficiencies.</p>



<p>Under the current systems, cross-company automation is lacking, and inefficient customer feedback mechanisms contribute to the complexities of supply chain structures. Additionally, the absence of efficient payment technologies and trust mechanisms for provenance underscores the potential for technology to enhance existing supply chain frameworks.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-is-the-perfect-fit">The BSV blockchain is the perfect fit</h2>



<p><a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">The BSV blockchain is the only chain with the capacity at scale to meet the needs of the sector</a>, as well as offering a full complement of technical tools for automating and streamlining processes in the industry.</p>



<p>The public blockchain enables secure data storage in a distributed ledger, providing a guaranteed record of truth anyone can access. With a blockchain supply chain solution, data is controlled by its creator rather than a central ledger and therefore can be more easily and securely shared, stored and managed within the BSV environment.</p>



<p>Because data is written on the blockchain, it is a record of truth that can be shared across other companies, with 100% trust in the source. Especially when this process is automated with the help of smart contracts, data available from the blockchain becomes much more trustworthy and reliable than the current information available to parties up and down supply chains.</p>



<p>There is also now the ability to monetise the process of data exchange through microtransactions, as well as automatically processing transaction data onto the ledger. The result paves the way for more developed technological solutions to replace the supply chain management systems currently in use throughout the world.</p>



<p>Records are time-stamped as they are written to the immutable ledger, with real-time access to data for tracing origins and provenance.</p>


Building transparent, traceable and sustainable supply chains with the BSV blockchain


<p>Join the brightest minds pushing forward the boundaries of blockchain development at <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">BSV DevCon 2024</a>, the fastest-growing global blockchain developer conference. The developer conference will take place on 20 May at the London Excel and will allow attendees to learn about:</p>



<ul>
<li>Why BSV’s unbounded scalability is the only viable option for enterprise-grade applications.</li>
</ul>



<ul>
<li>How the BSV Network works.</li>
</ul>



<ul>
<li>The practical tools you need to start building them.</li>
</ul>



<p>As part of our ongoing partnership, when you book your complimentary ticket to BSV DevCon 2024, you will get access to the London Blockchain Conference on 21-23 May, which will also take place at the London Excel.</p>



<p>Topics which are set to be discussed at the Devcon include:</p>



<ul>
<li>Presentations from partners include sCrypt, Project Babbage, Gate2Chain, nChain Handcash, Jungle Bus, and Taal.</li>
</ul>



<ul>
<li>An Introduction to BSV Academy Courses.</li>
</ul>



<ul>
<li>A presentation by the BSV Technical Standards Committee.</li>
</ul>



<ul>
<li>The Network Fundamentals of the BSV blockchain.</li>
</ul>



<h2 class="wp-block-heading" id="h-who-should-attend">Who should attend?</h2>



<p><strong>Current BSV blockchain developers</strong></p>



<p>BSV DevCon 2024 is a great opportunity for developers already experienced on the BSV blockchain to stay ahead of this rapidly evolving environment. You’ll gain insights directly from the forefront of blockchain innovation and enhance your skills with the latest developments and practices.</p>



<p><strong>Developers on other blockchains</strong></p>



<p>However, Devcon is not only limited to BSV blockchain developers but is also open to those developing on Ethereum and other popular blockchains. Learn about the unique solutions BSV provides: how it surpasses Ethereum’s limitations through unbounded scalability; its advanced tokenisation protocols; and the developer tools tailored for migrating Ethereum-based projects.</p>



<p>BSV DevCon is the perfect event for you to gain insight into the BSV platform. You can discuss with members of the BSV community and witness the advantages of building on BSV’s limitless block cap.</p>



<p><strong>Non-blockchain developers</strong></p>



<p>If you’re curious about blockchain technology, BSV DevCon is the ideal entry point. It offers a pragmatic, hands-on approach to mastering blockchain, with learning and development sessions that utilise familiar toolkits to leverage your existing development skills in the blockchain sphere.</p>



<h2 class="wp-block-heading" id="h-get-your-tickets-now">Get your tickets now</h2>



<p>You can <a href="https://londonblockchain.net/en/devcon" target="_blank" rel="noopener">find out more about Devcon here including a full agenda for the day</a>. You can register for tickets <a href="https://reg.rainfocus.com/flow/lightningsharks/lbc2024/bsvdevconregistration/login" target="_blank" rel="noopener nofollow">here</a>.</p>


BSV Blockchain to Host Devcon 2024


<p>The COVID-19 pandemic propelled the global labour market into a realm of constant adaptation, from embracing remote work and virtual meetings to integrating automation. This rapid digital transformation necessitates organisations to anticipate and prepare for the evolving landscape of job roles.</p>



<p>To navigate this transition effectively, industrial sectors must assess their current talent pool and forecast future requirements. For instance, as the electric vehicle industry expands, there will be a surge in demand for workers skilled in installing and maintaining charging stations. Spatial technologies facilitate seamless knowledge dissemination, while blockchain ensures the validation of workers&#8217; credentials. Additionally, digital tools like visual guides and AI-powered assistants enhance efficiency and productivity in industrial settings.</p>



<p><a href="https://www.weforum.org/publications/the-future-of-jobs-report-2023/" target="_blank" rel="noopener nofollow">Harnessing insights from technologies such as digital twins, big data, and AI, organisations can leverage immersive simulations and collaborative learning via extended reality (XR)</a>. This collaborative approach enhances workforce capabilities and fosters ecosystem partnerships, driving value across operations.</p>



<h2 class="wp-block-heading" id="h-preparing-a-generation-of-digital-natives">Preparing a generation of digital natives</h2>



<p>As digital natives enter the workforce, proficiency with <a href="https://techhq.com/2023/10/learning-in-the-metaverse-industrial-vr-upskills-employees/" target="_blank" rel="noopener nofollow">emerging technologies like generative AI, spatial computing, Web3, and blockchain becomes essential</a>. Therefore, democratising access to training is crucial, enabling experienced professionals to impart their expertise remotely.</p>



<p>Despite technology&#8217;s omnipresence, organisations must strike a balance between leveraging its capabilities and preserving critical thinking skills among employees. Training initiatives should prioritise problem-solving and analytical reasoning to nurture higher-order thinking.</p>



<p>However, workforce transitions won&#8217;t be uniform across industries or roles. While science and advanced technology sectors are poised for growth, roles in customer service and office administration may decline. Hence, companies must invest in agile workforce strategies, emphasising skills mapping and both hard and soft skill development.</p>



<p>Adapting workspaces to optimise technological integration and accommodate augmented roles through spatial computing, AI, and blockchain will be essential. In the journey toward enterprise reinvention, businesses must adopt human-centric approaches to technology deployment. Moreover, the recalibration of roles, responsibilities, and functions of human workers demands meticulous attention throughout this transformative process.</p>



<h2 class="wp-block-heading" id="h-prepare-for-our-new-working-world-with-the-bsv-academy">Prepare for our new working world with the BSV Academy</h2>



<p>The BSV Blockchain has carefully assembled a selection of educational materials and assets to construct a comprehensive curriculum &#8211; <a href="https://academy.bsvblockchain.org/?__hstc=263735315.2d9a3b7165e5072ab2d0ae849b1aefdf.1659622204112.1712651558773.1712658057198.436&amp;__hssc=263735315.2.1712658057198&amp;__hsfp=2141725003" target="_blank" rel="noopener">the BSV Academy</a>. This curriculum has been used to develop training modules and courses covering Theory, Development, and Infrastructure &#8211; all tailored to meet the specific needs of the BSV community.</p>



<p>The BSV Academy is an online education platform which offers academia-quality, university-style courses and learning materials categorised under Law, Software Engineering, Software Development and Business in addition to several short courses covering specific concepts and content in more detail.</p>



<p>Learn more about <a href="https://academy.bsvblockchain.org/?__hstc=263735315.2d9a3b7165e5072ab2d0ae849b1aefdf.1659622204112.1712651558773.1712658057198.436&amp;__hssc=263735315.2.1712658057198&amp;__hsfp=2141725003" target="_blank" rel="noopener">the BSV blockchain, the white paper and other technical terminology here</a>.</p>



<h2 class="wp-block-heading" id="h-build-with-us">Build with us</h2>



<p>The BSV Blockchain’s infrastructure allows for unbounded scaling, exceptional performance, and immense interoperability, all while being easily implementable and manageable. BSV Blockchain aims to help developers:</p>



<ul>
<li>Build with confidence using robust tools and libraries;</li>



<li>Scale your applications without limits;</li>



<li>Create seamless user experiences with BSV&#8217;s innovative features;</li>



<li>Customise your application&#8217;s transaction processing with mAPI;</li>



<li>Join a vibrant community of like-minded developers.</li>
</ul>



<p>Key projects and tools which BSV blockchain developers can take advantage of include:</p>



<ul>
<li><a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener"><strong>SPV wallet</strong></a><strong>: </strong>BSV Blockchain’s SPV Wallet makes Simplified Payment Verification (SPV) communications faster and more secure, allowing for services to deal only with transactions deemed relevant for their activities, without the need to retain records for the entire network.</li>
</ul>



<ul>
<li><a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener"><strong>Teranode</strong></a>: Teranode is BSV Blockchain’s solution to the challenges of vertical scaling by instead spreading the workload across multiple machines. This horizontal scaling approach enables network capacity to grow with increasing demand through the addition of cluster nodes, allowing for BSV scaling to be truly unbounded.</li>
</ul>



<ul>
<li><a href="https://www.bsvblockchain.org/news/bsv-association-announces-the-implementation-of-dynamic-security-enhancements" target="_blank" rel="noopener"><strong>Digital Asset Recovery</strong></a><strong>:</strong> Participating in the digital asset recovery process ensures that processors comply with valid court orders to leverage the capabilities of the BSV blockchain’s public ledger to advance more honesty, transparency and accountability in the world.</li>
</ul>



<p>You can find the various tools on offer and associated documentation <a href="https://www.bsvblockchain.org/infrastructure" target="_blank" rel="noopener">here</a>.</p>


Getting a job with AI and blockchain


<p>BSV Blockchain recently had the opportunity to sit down with Jeffrey Golden to discuss the new <a href="https://www.bsvblockchain.org/news/your-questions-on-the-new-network-access-rules-and-alert-system-answered" target="_blank" rel="noopener">Network Access Rules (NAR)</a>.</p>



<p>The NAR is the set of rules regulating the relationship between the BSV Association and the nodes on the BSV Network. They are based on the original Bitcoin Protocol rules and those set out in the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf" target="_blank" rel="noopener">Bitcoin white paper</a>.</p>



<p><a href="https://www.3harecourt.com/barrister/jeffrey-golden-kc/" target="_blank" rel="noopener nofollow">Golden, who assisted in drafting the NAR, is a specialist arbitrator, mediator and expert with broad experience in a wide range of capital markets matters</a>, including swaps and derivatives, international equity and debt offerings, US private placements and listings, and mergers, acquisitions and joint ventures.</p>



<p>He has acted extensively for the International Swaps and Derivatives Association (ISDA), was a principal author of ISDA’s master agreements and has appeared as an arbitrator and as an expert witness in several high-profile derivatives cases.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSVA Network Access Rules | Law and History with Jeffrey Golden" width="500" height="281" src="https://www.youtube.com/embed/QQzdNoEiD00?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p><p style="padding-left: 80px;"><strong><em>1.</em></strong> <strong><em>Good morning, Jeffrey. As a starting point, could you please introduce yourself and explain your role in drafting the </em></strong><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener"><strong><em>Network Access Rules</em></strong></a><strong><em>?</em></strong></p></p>



<p><strong>JG: </strong>Thanks for having me here today. As you have indicated, my name is Jeffrey Golden. I am a lawyer, practising out of chambers at <a href="https://www.3harecourt.com/" target="_blank" rel="noopener nofollow">3 Hare Court</a>, where I previously served as joint Head of Chambers. I am now King&#8217;s Council (Honorary) and Honorary Bencher at Middle Temple, one of the ends of the court. And an honorary fellow at my alma mater, the London School of Economics, where I formerly taught in the law department as a visiting professor.</p>



<p>I sometimes worry that honorary is a euphemism for old. But coming back to your question about my role in the project. It was my privilege to be part of an interdisciplinary team that was assembled to draft the Network Access Rules.</p>



<p><p style="padding-left: 80px;"><strong><em>2.</em></strong> <strong><em>You touched on your legal history a little bit. Could you possibly go into your background in drafting some important financial documents?</em></strong></p></p>



<p><strong>JG: </strong>I began my legal career on Wall Street where as luck would have it, I was given the assignment to hold the pen. I think probably because, at that juncture in time, no one thought the project was important enough to give it to someone more senior.</p>



<p>But in any event, I held the pen for a small group of financial institutions, commercial and investment banks representing a then-fledgling derivatives industry &#8211; we call them swaps.</p>



<p>Back then, they had gathered to produce a standard contract rather than to continue to battle about which form each of them was presenting was the best. And again, it became my task over the next few decades, each time that contract was updated and revised again, it became my task to hold the pen.</p>



<p>I&#8217;m now advised that the<a href="https://www.isda.org/book/2002-isda-master-agreement-mylibrary/" target="_blank" rel="noopener nofollow"> ISDA master agreement</a> supports something in the order of $700 trillion in outstanding derivatives trading. So I hope we got it right. But I think it was that experience of being a principal drafter of the master agreement and other industry standard documentation, alongside other financial documents and considerable research that we thought would be relevant as we undertook the ambitious project of producing the Network Access Rules.</p>



<p>We were also able to offer a combination of legal expertise about long-term relational contracts, coupled with the legal tech and fintech expertise of the team from D2LT. It&#8217;s this collaboration that got the project over the line.</p>



<p><p style="padding-left: 80px;"><strong><em>3.</em></strong> <strong><em>Thanks, Jeffrey. Can you give us an overview of the new Network Access Rules and how they work?</em></strong></p></p>



<p><strong>JG: </strong>The Network Access Rules aim to provide a clear and reliable legal framework for the transaction processing on the BSV blockchain. To do this, they take effect as a multilateral contact between and among the <a href="https://www.bsvblockchain.org/news/unravelling-blockchain-governance-the-bsva-approach-to-network-stewardship" target="_blank" rel="noopener">BSV Association as the stewards for the network</a>, and all the participating miners as well.</p>



<p>The rules also enable the Association to take legal and technical actions such as <a href="https://www.bsvblockchain.org/news/protecting-assets-ensuring-justice-bsva-alert-system-and-dar-framework" target="_blank" rel="noopener">sending information messages such as alerting the mining nodes to breaches of the rules</a>. All of this is to ensure that the ecosystem is well-equipped when encountering unlawful and dishonest behaviour on the network.</p>



<p>It&#8217;s all about creating greater clarity, certainty and stability which ensures greater detail. Until that point, it may have been assumed, but in the largest part has just not been available in the digital asset space.</p>



<p><p style="padding-left: 80px;"><strong><em>4.</em></strong> <strong><em>Can you briefly explain why you decided to take on the NAR project and its historical importance?</em></strong></p></p>



<p>We took comfort when we found <a href="https://www.3harecourt.com/wp-content/uploads/2021/08/Articles.JIBFL_.Satanita.June_.2021.pdf" target="_blank" rel="noopener nofollow">an old 19th-century case where the court found a contract by performance</a>. It dealt with a yacht race where the participants were held to be bound by the rules of the race as declared by the yacht club. Akber Datoo and I more recently published an article where we posited that digital assets in blockchain called out for similar lateral thinking.</p>



<p>And those were all the reasons why I took on the project. I was excited about the project. No roadmaps, cutting edge, all that. But I have to say now, looking back, the experience of working with the BSV Association was both extremely pleasurable and extremely informative. I got an education from it and I could certainly say without qualification that I&#8217;m glad I did.</p>



<p><p style="padding-left: 80px;"><strong><em>5.</em></strong> <strong><em>Can you explain why the Network Access Rules are important from a regulatory standpoint?</em></strong></p></p>



<p>Many commentators have brought up the governance challenges of decentralised networks such as the difficulty of combating cross-border crypto fraud. The Network Access Rules include enforcement mechanisms and in-arbitral processes that taken together provide a pretty straightforward means of resolving disputes and enhancing legal compliance across the global network.</p>



<p>So the creation of the Network Access Rules will also allow the BSV blockchain to continue to grow and grow in a steady, more certain and transparent fashion. Those are absolute imperatives, in turn, to ensure wider adoption of blockchain technology.</p>



<h2 class="wp-block-heading" id="h-learn-more">Learn more</h2>



<h3 class="wp-block-heading" id="h-faq-network-access-rules"><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener">FAQ: Network Access Rules</a></h3>



<h3 class="wp-block-heading" id="h-eli5-bsv-network-access-rules"><a href="https://www.bsvblockchain.org/news/eli5-bsv-network-access-rules" target="_blank" rel="noopener">ELI5: BSV Network Access Rules</a></h3>



<h3 class="wp-block-heading" id="h-eli5-bsv-alert-system"><a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">ELI5: BSV Alert System</a></h3>


Interview: Jeffrey Golden on the new Network Access Rules


<p>BSV Association recently held a successful Demo Day on Capitol Hill in Washington DC, allowing <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">US lawmakers to engage directly with the blockchain industry</a>.</p>



<p>The occasion provided representatives from the blockchain industry with an exclusive platform to directly address policymakers at the highest echelons, delving into issues of utmost significance to both them and the broader public.</p>



<p>The Demo Day proved to be an enlightening encounter for participants from all perspectives, facilitating the identification of critical concerns and shared interests.</p>



<p>Hosted by the BSV Association, the BSV Blockchain Demo Day culminated from two years of extensive dialogues and collaborative efforts with legislators and their teams. The objective was to spotlight tangible uses of enterprise blockchain technology across pivotal industry domains such as agriculture, food safety, cybersecurity, and digital finance. Additionally, the event aimed to underscore critical themes like data integrity and privacy, digital identity, and market regulation.</p>



<p>Several BSV blockchain-based companies presented on the day including:</p>



<ul>
<li><a href="https://sentinelnode.online/" target="_blank" rel="noopener nofollow">CertiHash</a>;</li>



<li><a href="https://nchain.com/?utm_term=nchain&amp;utm_campaign=Search%20%7C%20Awareness&amp;utm_source=adwords&amp;utm_medium=ppc&amp;hsa_acc=2163692197&amp;hsa_cam=17478446826&amp;hsa_grp=138905702618&amp;hsa_ad=615775912460&amp;hsa_src=g&amp;hsa_tgt=kwd-364427900535&amp;hsa_kw=nchain&amp;hsa_mt=e&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAjw_LOwBhBFEiwAmSEQAWjG7FT7B5zu3YuvCq8oYGQnJi4ijFElO2pJcVOVwp9eX2EKuW206xoCV7QQAvD_BwE" target="_blank" rel="noopener">nChain</a>;</li>



<li><a href="https://www.smartgrowagritech.com/" target="_blank" rel="noopener nofollow">SmartGrow Agritech LLC</a>;</li>



<li><a href="https://www.tokenovate.com/" target="_blank" rel="noopener nofollow">Tokenovate</a>.</li>
</ul>



<p>‘The interest from policymakers was palpable,’ said <a href="https://www.linkedin.com/posts/bwdaugherty_publicaffairs-policymakers-government-activity-7128439904799223808-gcW5/" target="_blank" rel="noopener nofollow">Bryan Daugherty, Public Affairs Director Americas</a>. ‘(This was) reflected not only in the attendance, which surpassed expectations with over 80 attendees against 54 RSVPs but also in their keen inquiries about the strategic opportunities these technologies could unlock for the country and their constituents.’</p>



<h2 class="wp-block-heading" id="h-growing-blockchain-adoption">Growing blockchain adoption</h2>



<p>BSV Association is a Swiss-based non-profit organisation, guided by its membership body. Its mission is to engage governments and businesses around the world in open dialogues regarding the benefits of the BSV blockchain and provide education and information for regulatory-compliant pro-blockchain legislation.</p>



<p>By realising the promise of the original white paper, BSV Blockchain provides an open, neutral, and trusted space for businesses and governments to develop, manage, and scale open-source applications and ecosystems.</p>



<p>It aims to democratise and scale adoption by accelerating the growth of the BSV blockchain and removing technical barriers. This includes support for developers, business operations, training and certification, marketing and events, and membership development to help projects scale fast.</p>



<p>Our team includes experts in technology management, business, legal, community and developer marketing, and ecosystem development &#8211; all focused on blockchain technology. We are passionate about software, hardware, and standards development that unlocks the power of blockchain technology to drive shared innovation.</p>


BSV Blockchain hosts successful Demo Day on Capitol Hill


<p>Safeguarding technology and measures are needed to scale the adoption of emerging technologies securely and reliably. This was the key message of <a href="https://www.linkedin.com/in/sebastian-ploetzeneder/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Sebastian Ploetzeneder, Senior Strategy Manager at nChain</a>, who was speaking at the recent DATE conference in India.</p>



<p>Following the address of Shri Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, Ploetzeneder began his presentation by noting that those companies which embrace technology are leaving their competitors behind &#8211; creating a two-tier economy. He added that slower adoption in some sectors can be attributed to the nature of new technology, sluggish competition, and growing regulation.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
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</div></figure>



<h2 class="wp-block-heading" id="h-key-challenges-of-emerging-technologies">Key challenges of emerging technologies</h2>



<p>‘In 2020, 1.6% of American firms employed machine learning. 6.7% of manufacturing companies used 3D printing and 25% of business workflows were on the cloud,’ Ploetzeneder said. Alongside blockchain, he identified Artificial Intelligence (AI), supply-chain management, digital payments, and super apps as some of the emerging technologies which are likely to see significant adoption in the coming years.</p>



<p>Alongside these emerging technologies, Ploetzeneder also identified several key challenges and themes which are set to emerge over the coming years, including:</p>



<ul>
<li><strong>Data governance and identity management:</strong> Who controls and owns the data?</li>



<li><strong>Data integrity: </strong>How reliable or accurate is the data?</li>



<li><strong>Data provenance:</strong> Where does the data come from?</li>



<li><strong>User interface:</strong> How will we interact with these new technologies?</li>



<li><strong>Content creation and monetisation:</strong> Who gets rewarded?</li>
</ul>



<h2 class="wp-block-heading" id="h-blockchain-barometer-findings">Blockchain barometer findings</h2>



<p>The recently published <a href="https://resources.bsvblockchain.org/bsv-blockchain-barometer-report-2023" target="_blank" rel="noopener">Blockchain Barometer</a> sheds light on the general public’s view on emerging technologies and leaves the impression of a public that mistrusts emerging technologies, and blockchain technology in particular, due to being misinformed or lacking knowledge about these technologies.</p>



<p>The comprehensive survey brought to light a concerning lack of knowledge and understanding regarding crucial emerging technologies, such as AI, cryptocurrencies, ChatGPT, blockchain, metaverse, Web3, and IoT.</p>



<p>This knowledge gap is, in turn, directly impacting the rate of adoption and public trust in these innovative technologies. Some of the key findings from the Barometer include:</p>



<ul>
<li><strong>Widespread mistrust:</strong> 42% of respondents express distrust in all listed emerging technologies, including AI, Metaverse, ChatGPT, and more.</li>
</ul>



<ul>
<li><strong>Generational divide:</strong> Gen Z stands out as the most trusting generation, particularly in social media and AI with 38% believing they will become a part of their daily lives within the next five years.</li>
</ul>



<ul>
<li><strong>Brits least trusting: </strong>The United Kingdom ranks as the region with the least trust in emerging technologies, as only 15% indicated they trust and use AI in their daily lives.</li>
</ul>



<h2 class="wp-block-heading" id="h-learn-more-through-the-bsv-academy">Learn more through the BSV Academy</h2>



<p><a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">The BSV Academy is one such initiative aimed at tackling the knowledge gap</a>. Committed to delivering thorough blockchain education, this platform strives to furnish individuals with the necessary skills to navigate the swiftly evolving technological landscape.</p>



<p>Through a diverse range of courses tailored to different skill levels and interests, the Academy not only facilitates an understanding of the theoretical aspects but also emphasises the practical applications of blockchain technology.</p>



<p>The primary objectives of the BSV Academy encompass expanding knowledge reservoirs, cultivating a cadre of proficient individuals well-versed in BSV blockchain technology, and offering inclusive training programs. While predominantly accessible online, featuring a total of 18 courses across four streams, the Academy&#8217;s representatives also actively promote the adoption of the BSV blockchain at various events and contribute to local training initiatives.</p>


The challenges of emerging tech – and how to address them


<p>The World Economic Forum has cautioned governments and enterprises from trend-chasing and prioritising one technology over the other as we enter a new metaverse world. <a href="https://www3.weforum.org/docs/WEF_Navigating_the_Industrial_Metaverse_A_Blueprint_2024.pdf" target="_blank" rel="noopener nofollow">In a new report published in March 2024</a>, the group noted that metaverse technologies are innovating processes for consumers, the workforce and enterprises, helping to accelerate the evolution of the internet in experience and infrastructure.</p>



<p>The world is also entering a point of convergence, with huge opportunities lying at the confluence of these technologies which will help to realise the full potential of the industrial metaverse, the group said.</p>



<p>‘For example, <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">generative AI can accelerate the uptake of spatial learning experiences by making them more intuitive, conversational and context-aware</a>. Similarly, spatial computing can help generative AI assume a digital identity to embody its potential in an immersive, engaging and lifelike manner with humanoids and virtual avatars.</p>



<p>‘Early signs of industrial players combining these technologies are already evident, multiplying their impact and value creation. Companies that prioritise one over the other, such as moving investments away from spatial computing, Web3 and blockchain in favour of generative AI, risk losing out on the powerful value creation that their synergies have to offer in the long term, the WEF said.</p>



<p>Over time, the convergence of these technologies will create a seamless interface between the real and digital worlds, and the impact they could create is much larger than the sum of their parts. Companies stand to witness a multiplier effect if they can harness the combinations well.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-will-be-the-backbone-of-ai-and-the-metaverse">BSV blockchain will be the backbone of AI and the Metaverse</h2>



<p><a href="https://www.bsvblockchain.org/news/blockchain-and-ai-the-perfect-match" target="_blank" rel="noopener">The BSV blockchain bolsters the reliability of AI systems by furnishing a verifiable and auditable ledger of data transactions and model outcomes</a>. Given the substantial data requirements of AI algorithms for training, blockchain technology offers a secure and transparent platform for exchanging this data among various entities, spanning individuals, organisations, and even Internet of Things (IoT) devices.</p>



<p>By leveraging blockchain, the lineage of data can be meticulously traced from its origin to its utilisation, thereby ensuring accountability and empowering stakeholders to authenticate the genuineness and integrity of the data employed by AI models.</p>



<p>BSV blockchain’s scalability is a crucial factor when considering its compatibility with AI. AI algorithms often demand significant computational resources and generate vast amounts of data during training and inference processes. BSV’s large block size and high transaction throughput enable it to handle the immense volume of data transactions that AI systems require, ensuring smooth and uninterrupted operation even under heavy workloads.</p>



<p>Moreover, BSV’s stability and immutability make it an ideal platform for ensuring the integrity and security of AI-related data and transactions.</p>


The big mistake companies risk making with blockchain and AI


<p>On the March 16 – 17, 2024, the <a href="https://scrypt.io/" target="_blank" rel="noopener nofollow">sCrypt hackathon</a> took place at the Fairmont, San Francisco. Organised by <a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noopener nofollow">Xiaohui Liu, Founder and CEO of sCrypt</a>, the sCrypt team, Ty Everett and <a href="https://www.projectbabbage.com/" target="_blank" rel="noopener nofollow">Project Babbage</a>, the event served as a platform for innovators and enthusiasts to delve into the intricacies of BSV blockchain development. <a href="https://www.linkedin.com/in/yiqiang-wang-8132971a/" target="_blank" rel="noopener nofollow">Yiqiang Wang</a>, Co-Founder of sCrypt, shed light on 1Sat Ordinals and its groundbreaking implications for non-fungible and fungible Tokens.</p>



<p>Yiqiang Wang&#8217;s presentation on 1Sat Ordinals illuminated the path towards a future where NFTs are not only accessible but also seamlessly integrated into a robust blockchain ecosystem. As developers and innovators continue to leverage this protocol, the possibilities for creative expression and value creation are boundless.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon 2024 (16th March 2024, PM)" width="500" height="281" src="https://www.youtube.com/embed/nNVtcTdZLCg?start=407&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-understanding-the-ordinals-protocol">Understanding the ordinals protocol</h2>



<p>Wang commenced his presentation by reintroducing the Ordinals protocol, a framework designed specifically for NFTs. At its core, the protocol simplifies the process by assigning ordinal numbers to inputs and outputs of a transaction, essentially counting them sequentially. Through a lucid example transaction, Wang illustrated how each output receives an ordinal number based on its order of appearance. The simplicity of the process ensures efficiency and clarity within transactions.</p>



<h2 class="wp-block-heading" id="h-introducing-1sat-ordinals-a-game-changer">Introducing 1Sat Ordinals: A Game-Changer</h2>



<p>Building upon the foundation of the original Ordinals protocol, Wang introduced the 1Sat Ordinals protocol, which brings about significant enhancements. One of the standout features of 1Sat Ordinals is its cost-effectiveness, requiring only one Satoshi in output compared to the minimum of 546 Satoshis in the original protocol. Moreover, 1Sat Ordinals employs a more efficient indexing system, tracking the origin of single UTXOs rather than global numbers, thereby optimising performance.</p>



<h2 class="wp-block-heading" id="h-empowering-developers-with-scrypt-integration">Empowering Developers with sCrypt Integration</h2>



<p>Wang emphasised the seamless integration of 1Sat Ordinals into sCrypt, alongside the development of a Software Development Kit (SDK) tailored for developers. This integration not only enhances efficiency but also enables developers to leverage sCrypt&#8217;s layer one smart contract platform for advanced token management. By decoupling token representation from control logic, developers gain unparalleled flexibility, paving the way for innovation across diverse applications such as decentralised finance (DeFi) and gaming.</p>



<h2 class="wp-block-heading" id="h-streamlining-nft-transfers-and-fungible-tokens">Streamlining NFT Transfers and Fungible Tokens</h2>



<p>Demonstrating the practical applications of 1Sat Ordinals, Wang elucidated the process of transferring <a href="https://academy.bsvblockchain.org/blog/blockchain-nfts-properties-value-proposition-applications" target="_blank" rel="noopener">NFTs</a> between contracts with ease. Whether transferring between contracts of different types or the same type, the process remains straightforward, underscoring the protocol&#8217;s user-friendliness. Additionally, Wang delved into fungible tokens within the 1Sat Ordinals framework, particularly highlighting the <a href="https://docs.1satordinals.com/bsv20" target="_blank" rel="noopener nofollow">BSV20 protocol</a> and its versions, V1 and V2, shedding light on their respective features and functionalities.</p>



<h2 class="wp-block-heading" id="h-unlocking-endless-possibilities">Unlocking Endless Possibilities</h2>



<p>As Wang concluded his presentation, he extended an invitation to explore the <a href="http://inscribe.scrypt.io" target="_blank" rel="noopener nofollow">inscribe.scrypt.io</a> demo app, allowing users to inscribe images and text using both versions, v1 and v2. Furthermore, he spotlighted the <a href="https://whatsonchain.com" target="_blank" rel="noopener nofollow">WhatsOnChain</a> plugin, a valuable resource for developers interested in building on 1Sat Ordinals, providing comprehensive insights into BSV20 transactions.</p>


Unlocking the Potential of NFTs with 1Sat Ordinals and sCrypt


<p>Few sectors rival the vibrancy of real estate. Whether it&#8217;s the demand for commercial hubs or the quest for dream homes, the allure of property investment is undeniable. Amidst this dynamism lies a technology ripe for evolution.</p>



<p>Enter blockchain. Like with the finance and supply chain sectors, <a href="https://www.bsvblockchain.org/news/transforming-the-housing-market-with-revested" target="_blank" rel="noopener">real estate can benefit from the technology&#8217;s innovations</a>. Imagine simpler ownership, smoother transactions and more transparent processes.</p>



<p>This infographic explores blockchain benefits, applications and challenges in the real estate sector. With blockchain in the fold, you can <a href="https://www.bsvblockchain.org/news/6-great-companies-showing-the-utility-of-bsv-blockchain" target="_blank" rel="noopener">make buying, selling and owning real estate much more efficient</a>.</p>



<p></p>



<figure class="wp-block-image size-large"><img decoding="async" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/blockchain-real-estate-1.jpg" alt="Blockchain real estate" class="wp-image-31554"/></figure>



<h2 class="wp-block-heading" id="h-blockchain-in-real-estate-by-the-numbers">Blockchain in real estate: By the numbers</h2>



<p>While blockchain use in real estate is still relatively new, it shows great promise. Take a look at the numbers below.</p>



<p><p style="padding-left: 145px;">• <strong>As of February 2022, 93 blockchain companies are dedicated to real estate.</strong> This finding indicates a growing interest and investment in applying blockchain to the market. It may also encourage other non-digital sectors to explore the technology. (Source: <a href="https://zipdo.co/statistics/blockchain-in-real-estate/" target="_blank" rel="noopener nofollow">ZipDo</a>)</p></p>



<p><p style="padding-left: 145px;">• <strong>In 2020, the worldwide market for blockchain in real estate amounted to $328.3 million</strong>. With the technology establishing roots in other sectors like finance and healthcare, it comes as no surprise that it&#8217;s also making waves in real estate. There&#8217;s also the fact that blockchain presents opportunities for investors like yourself to diversify your portfolio. (Source: <a href="https://zipdo.co/statistics/blockchain-in-real-estate/" target="_blank" rel="noopener nofollow">ZipDo</a>)</p></p>



<p><p style="padding-left: 145px;">• <strong>The global market for blockchain in real estate may reach $3.8 billion by 2028</strong>. Considering the market&#8217;s current value, blockchain in real estate will likely continue to rise. This projected growth suggests a sustained expansion of blockchain applications within the real estate market. (Source: <a href="https://zipdo.co/statistics/blockchain-in-real-estate/" target="_blank" rel="noopener nofollow">ZipDo</a>)</p></p>



<p><p style="padding-left: 145px;">• <strong>About 86% of decision-makers in commercial real estate believe blockchain technology will affect the sector</strong>. This high level of confidence suggests that blockchain will play a significant role in reshaping future real estate operations and processes. (Source: <a href="https://zipdo.co/statistics/blockchain-in-real-estate/" target="_blank" rel="noopener nofollow">ZipDo</a>)</p></p>



<p><p style="padding-left: 145px;">• <strong>With blockchain, homebuyers and investors can save up to $30,000 in fees for properties with a median value of $429,000. These numbers</strong> highlight blockchain&#8217;s cost-saving benefits and efficiencies in real estate transactions. Eliminating intermediaries and streamlining processes can reduce transaction costs and make real estate transactions more accessible to more people. (Source: <a href="https://www.parcl.co/blog/digital-real-estate-statistics" target="_blank" rel="noopener nofollow">Parcl)</a></p></p>



<p><p style="padding-left: 145px;">• <strong>Propy, the marketplace that completed the world&#8217;s first real estate transaction on the blockchain, has handled $4 billion transactions for consumers and agents</strong>. This success proves the feasibility of using blockchain to facilitate secure and transparent real estate transactions, which can lead to further adoption of the technology. (Source: <a href="https://propy.com/home/#:~:text=Over%20%244%20billion%20in%20transactions%20processed%20with%20Propy%20partners%20across%20the%20USA" target="_blank" rel="noopener nofollow">Propy</a>)</p></p>



<h2 class="wp-block-heading" id="h-6-benefits-of-blockchain-integration-in-real-estate">6 benefits of blockchain integration in real estate</h2>



<p>Whether you&#8217;re an ordinary homebuyer, aspiring property investor or seasoned broker, the distributed network model of blockchain can offer real estate the following perks.&nbsp;</p>



<p><h3 style="padding-left: 50px;">1. Transparency</h3></p>



<p><p style="padding-left: 145px;">Blockchain maintains an immutable ledger of all transactions, ensuring data integrity and preventing unauthorised alterations without consensus from network participants. Using the technology in real estate ensures every transaction is securely recorded and easily accessible to property sellers and buyers, which can foster trust and reduce the risk of fraud or manipulation.</p></p>



<p><h3 style="padding-left: 50px;">2. Access to global and public assets</h3></p>



<p><p style="padding-left: 145px;">As an investor, you want to seek properties abroad that can <a href="https://www.forbes.com/sites/kathleenpeddicord/2022/10/31/7-reasons-to-buy-property-overseas-right-now/?sh=593102d65de1" target="_blank" rel="noopener nofollow">diversify your portfolio</a>, maximise low prices and even generate passive income. However, complex regulations and processes make it challenging to secure real estate.</p></p>



<p><p style="padding-left: 145px;">Blockchain&#8217;s transparent and secure platform is ideal for global real estate investment. Blockchain-enabled automation can speed up transactions and maintain secure ownership records, making acquisition faster and offering opportunities to invest in profitable markets.</p></p>



<p><p style="padding-left: 145px;">By means of smart contracts, regional legislation can be programmed into assets to ensure regulatory compliance up-front.</p></p>



<p><h3 style="padding-left: 50px;">3. Faster transactions</h3></p>



<p><p style="padding-left: 145px;"><a href="https://www.investopedia.com/articles/mortgages-real-estate/10/closing-home-process.asp" target="_blank" rel="noopener nofollow">Real estate deals</a> often span lengthy periods and involve many steps. It&#8217;s not as simple as paying cash and shaking hands with your broker. You may have to create an escrow account, search the title, negotiate offers and accomplish comprehensive paperwork.</p></p>



<p><p style="padding-left: 145px;">Blockchain can streamline the buying, selling and leasing processes. Smart contracts execute real estate transactions more efficiently and remove middlemen, shortening the time to acquire or sell a property.</p></p>



<p><p style="padding-left: 145px;">The technology also allows you to pay with digital assets. In the case of high throughput blockchains like BSV, settlement can be reduced to a shorter time than fiat transactions.</p></p>



<p><h3 style="padding-left: 50px;">4. Fraud detection and prevention</h3></p>



<p><p style="padding-left: 145px;">Fraud risk exists in the real estate market. A study in 2024 found that <a href="https://www.foxbusiness.com/lifestyle/real-estate-fraud-risk-on-rise-victims-sounding-alarm" target="_blank" rel="noopener nofollow">1 in 20 Americans</a> who bought or sold a home in the last three years lost $70,000 due to stolen down payments and net proceeds. Though this demographic is small, it validates the presence of malicious activity in the market.<br><br>Fortunately, blockchain&#8217;s immutable records and cryptographic security measures make it highly resistant to fraud. The technology provides a tamper-proof system for verifying property ownership and transaction histories, reducing the risk of scams and deceit.</p></p>



<p><h3 style="padding-left: 50px;">5. Reduced cost of automation</h3></p>



<p><p style="padding-left: 145px;">As mentioned, smart contracts automate tasks such as contract execution and document verification. They minimise the need for manual intervention and reduce administrative overhead. This efficiency saves time and lowers operational expenses, allowing brokers to allocate resources more effectively and focus on providing value-added services to clients.</p></p>



<p><p style="padding-left: 145px;">Plus, smart contracts reduce the need for extensive paperwork and manual processing. If you&#8217;re a homebuyer or investor, this means a streamlined and efficient purchasing experience. Blockchain allows you to rapidly secure desired properties with fewer administrative hassles.</p></p>



<p><h3 style="padding-left: 50px;">6. Improved liquidity</h3></p>



<p><p style="padding-left: 145px;">Tokenisation allows for fractional ownership of real estate assets, making properties more liquid and affordable for homebuyers and investors. Blockchain also supports your investment goals, as you can buy and sell smaller stakes in high-value properties more quickly while diversifying portfolios and mitigating risk.</p></p>



<p><p style="padding-left: 145px;">Simply put, you can sell tokens representing a part of your assets instead of selling your whole property, creating diverse investment chances for everyone. This approach can make it easier for fellow investors to own assets.</p></p>



<h2 class="wp-block-heading" id="h-blockchain-applications-in-real-estate">Blockchain applications in real estate</h2>



<p>How exactly can <a href="https://academy.bsvblockchain.org/blog/blockchain-applications-in-real-life" target="_blank" rel="noopener">blockchain support</a> the real estate market? Below are specific areas that can directly apply blockchain principles and processes.&nbsp;</p>



<p><h3 style="padding-left: 90px;">• Data management</h3></p>



<p><p style="padding-left: 145px;">Blockchain&#8217;s immutability guarantees secure and tamper-proof storage of real estate data, including property records, transactions and ownership details. The technology reduces the risk of data manipulation or loss while providing a transparent and accessible database.</p></p>



<p><h3 style="padding-left: 90px;">• Property management</h3></p>



<p><p style="padding-left: 145px;"><a href="https://www.investopedia.com/terms/p/property-management.asp" target="_blank" rel="noopener nofollow">Overseeing a property</a> is more than just ensuring tenants pay their dues on time. It also involves creating and renewing contracts, arranging repairs and complying with landlord-tenant laws.</p></p>



<p><p style="padding-left: 145px;">Blockchain technology improves efficiency and reduces administrative overhead. With smart contracts, you can automate rental agreements, maintenance requests and tenant communication.</p></p>



<p><h3 style="padding-left: 90px;">• Mortgage and loans</h3></p>



<p><p style="padding-left: 145px;">With blockchain, you can digitise documentation, verification and payment processes related to mortgages and loans. This way, you can minimise delays and avoid paying late payment fees.</p></p>



<p><h3 style="padding-left: 90px;">• Property tokenisation</h3></p>



<p><p style="padding-left: 145px;">Blockchain makes property tokenisation possible, making ownership shares easier to manage, trade and divide among investors. As a result, you can buy smaller stakes in properties and easily transfer them. Fractional ownership also allows you to diversify your investment portfolio, reducing the risk of massive losses.</p></p>



<p><h3 style="padding-left: 90px;">• Metaverse property</h3></p>



<p><p style="padding-left: 145px;">With the metaverse economy potentially reaching <a href="https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse" target="_blank" rel="noopener nofollow">$5 trillion</a> by 2030, it won&#8217;t come as a surprise if many people start investing in digital properties as well. <a href="https://www.bsvblockchain.org/news/creating-value-in-the-metaverse-omniscape-approach-to-connecting-the-virtual-and-real-worlds" target="_blank" rel="noopener">Blockchain can help in this regard, ensuring secure and provable ownership of virtual real estate assets</a>.</p></p>



<p><h3 style="padding-left: 90px;">• Land and property registries, sales and reassignment</h3></p>



<p><p style="padding-left: 145px;">Blockchain-based land and property registries provide a transparent and immutable record of real estate transactions. They facilitate efficient property sales and transfers while reducing the risk of fraud or disputes over property rights.</p></p>



<p><h3 style="padding-left: 90px;">• Urban planning</h3></p>



<p><p style="padding-left: 145px;">Traditional property development often overlooks valuable input from homebuyers and investors, leaving them feeling excluded from the planning process. With blockchain-based planning platforms, you can access educational resources and provide feedback to engage with real estate developers.<br><br>More broadly, blockchain can support <a href="https://www.bsvblockchain.org/news/how-the-bsv-blockchain-supercharges-the-public-sector" target="_blank" rel="noopener">public-private partnerships</a> regarding smart city management. Nokia made this possible in 2018 with <a href="https://www.nokia.com/about-us/news/releases/2018/02/20/nokia-introduces-services-technology-to-help-operators-address-needs-of-digital-cities/" target="_blank" rel="noopener nofollow">Sensing as a Service</a>, a blockchain-powered Internet of Things monitoring platform. It uses existing base station sites and sensors to detect unusual environmental activities such as illegal construction or air pollution.</p></p>



<p><h3 style="padding-left: 90px;">• Investor and tenant identity</h3></p>



<p><p style="padding-left: 145px;">Blockchain-based identity verification systems enhance security and privacy in real estate transactions. It&#8217;s easier and faster to check tenant and investor backgrounds, prove property ownership and share important documents like insurance proof and credit history as needed.</p></p>



<p><h3 style="padding-left: 90px;">• Payments and leasing</h3></p>



<p><p style="padding-left: 145px;">Tenants and property owners can sign agreements and pay dues directly on the blockchain, making the process smoother without needing manual checks. Additionally, smart contracts can automate payments and fees, minimising disputes between landlords and tenants.</p></p>



<p><h3 style="padding-left: 90px;">• Accounting</h3></p>



<p><p style="padding-left: 145px;">If you manage multiple properties, it can be difficult to track your cash flow. Fortunately, blockchain enhances transparency and accuracy in real estate accounting. The technology provides a tamper-proof audit trail of financial transactions, simplifying reconciliation and ensuring compliance with regulatory requirements.</p></p>



<h2 class="wp-block-heading" id="h-5-roadblocks-of-blockchain-implementation-in-real-estate">5 roadblocks of blockchain implementation in real estate</h2>



<p>Like other technologies, blockchain isn&#8217;t perfect. Its application in real estate is still in its infancy, so it&#8217;s crucial to know the challenges ahead.</p>



<p><h3 style="padding-left: 50px;">1. Regulation</h3></p>



<p><p style="padding-left: 145px;">The regulatory landscape surrounding <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain in real estate</a> is still evolving. Moreover, different countries have individual laws about technology and real estate. Clear rules and regulations are necessary to effectively manage digital property records and smart contracts.</p></p>



<p><p style="padding-left: 145px;">The <a href="https://www.bsvblockchain.org/#" target="_blank" rel="noopener">BSV blockchain</a> is designed to work within the legal system and is fully compliant with all current rules &amp; regulations, making it a good choice to ensure upfront compliance.</p></p>



<p><h3 style="padding-left: 50px;">2. Cost</h3></p>



<p><p style="padding-left: 145px;">Similar to adopting new and evolving technologies, using blockchain to buy, sell and trade properties can be expensive and complicated. For instance, converting physical property records to digital copies may take time.</p></p>



<p><p style="padding-left: 145px;">Additionally, implementing blockchain in real estate involves initial investment costs for development, integration and training. If you&#8217;re a budding property seller, this challenge may temporarily deter you from embracing the technology due to the upfront financial commitment.</p></p>



<p><p style="padding-left: 145px;">The alternative is to adopt a public blockchain infrastructure like the BSV blockchain, which provides the best of features (like smart contracts) without undertaking infrastructure costs.&nbsp;</p></p>



<p><h3 style="padding-left: 50px;">3. Security</h3></p>



<p><p style="padding-left: 145px;">While blockchain offers inherent security benefits, it&#8217;s not immune to vulnerabilities like smart contract bugs and insider threats. For this reason, robust security measures and continuous monitoring are essential to safeguard sensitive real estate data.</p></p>



<p><h3 style="padding-left: 50px;">4. Resistance to change</h3></p>



<p><p style="padding-left: 145px;">Traditional real estate stakeholders may question blockchain due to systemic inertia, scepticism or fear of disruption. Hence, it&#8217;s crucial to invest in education, advocacy and demonstration of the technology&#8217;s tangible benefits to overcome resistance and foster acceptance.</p></p>



<p><h3 style="padding-left: 50px;">5. Expertise</h3></p>



<p><p style="padding-left: 145px;">Building and managing blockchain solutions require specialised technical expertise in development, smart contract programming and <a href="https://resources.bsvblockchain.org/blockchain-enterprise-cybersecurity-ebook" target="_blank" rel="noopener">cybersecurity</a>.</p></p>



<p><p style="padding-left: 145px;">The problem is that these skills are sometimes scarce and expensive. Without adequate internal expertise or access to qualified professionals, it can be difficult to implement blockchain technology in real estate.</p></p>



<h2 class="wp-block-heading" id="h-decentralised-real-estate-is-the-future">Decentralised real estate is the future</h2>



<p>Blockchain in real estate holds immense promise. It can simplify processes, increase security measures and create new market opportunities for buyers and sellers. While it&#8217;s still evolving, it&#8217;s worth monitoring the technology&#8217;s progress in real estate.</p>



<p>The BSV blockchain is at the forefront of this progress, handling millions of transactions per second with top-notch efficiency and transparency. You can learn more about this infrastructure in our eBook, ‘<a href="https://resources.bsvblockchain.org/what-is-blockchain-ebook-for-enterprises-and-governments" target="_blank" rel="noopener">What is blockchain?</a>’</p>


A look into the impact of blockchain in real estate – 6 key things


<p>&#8220;If you want to debate me, first define terms.&#8221;</p>



<p>This succinct advice highlights a critical issue in the blockchain industry: the debate around decentralisation is often muddled because people aren&#8217;t talking about the same thing. The term &#8216;decentralisation&#8217; is thrown around liberally, yet it&#8217;s become a contentious buzzword that loses meaning without a shared definition. Decentralisation is hailed as the cornerstone of blockchain technology, promising security, transparency, and democratic governance. However, the wide array of interpretations complicates discussions, leading to confusion and miscommunication. This article aims to provide clarity by focusing specifically on structural decentralisation within blockchain technology, examining its implications, and exploring how it influences the design and resilience of networks like Bitcoin. By delving into the architectural and operational specifics of structural decentralisation, we hope to foster more informed and productive debates on the technological and strategic future of blockchain systems.</p>



<h2 class="wp-block-heading" id="h-structural-decentralisation"><strong>Structural decentralisation</strong></h2>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="630" height="396" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/asd-removebg-preview-1.png" alt="" class="wp-image-31578" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/asd-removebg-preview-1.png 630w, https://cms.bsvblockchain.org/wp-content/uploads/2024/04/asd-removebg-preview-1-300x189.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></figure>



<p>Structural decentralisation, as conceptualised by Paul Baran, refers to the architecture of a network that is designed to avoid single points of failure, thereby enhancing its resilience and robustness. In his seminal work on distributed communications, Baran (1964) introduced the idea of a network that could sustain operation even if parts of it were destroyed or incapacitated. This contrasted with centralised networks, where a single point of failure could bring down the entire system, and decentralised networks, which, while more resilient than centralised ones, still relied on several key nodes that, if compromised, could significantly impact the network&#8217;s functionality. Baran&#8217;s vision was for a distributed network, a structure with no central point of failure and with paths that could dynamically reroute around damaged or destroyed nodes.</p>



<h2 class="wp-block-heading" id="h-mandala-networks-and-their-efficiency"><strong>Mandala Networks and their efficiency</strong></h2>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="548" height="455" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Mandala_Networks.png" alt="Mandala Networks" class="wp-image-31584" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Mandala_Networks.png 548w, https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Mandala_Networks-300x249.png 300w" sizes="(max-width: 548px) 100vw, 548px" /></figure>



<p>Mandala (or Small World) networks, characterised by their high degree of interconnectivity and short path lengths between any two nodes, embody the essence of Baran&#8217;s decentralised networks. These networks manage to combine the efficiency found in centralised systems — through their highly connected centres — with the resilience and robustness of distributed systems. In a Mandala network, most nodes can be reached from each other by a small number of steps, despite the network&#8217;s large size. This structure facilitates efficient communication and data transfer across the network, mitigating some common drawbacks of distributed systems, such as increased routing complexity and latency issues.</p>



<h2 class="wp-block-heading" id="h-economic-incentives-in-bitcoin-mining"><strong>Economic incentives in Bitcoin mining</strong></h2>



<p></p>



<figure class="wp-block-image aligncenter size-full"><img loading="lazy" decoding="async" width="227" height="222" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Bitcoin_Mining.png" alt="Bitcoin Mining" class="wp-image-31586"/></figure>



<p>In the context of Bitcoin, the economic incentives for miners drive the formation of a Mandala network. Miners are motivated to maximise their profits by finding the most efficient connections to other miners, thereby minimising latency and the number of hops needed to propagate new transactions and blocks across the network. This optimization leads to the emergence of a highly interconnected network with attributes akin to a near-complete graph, where most miners have direct or near-direct connections to each other.</p>



<p>This network topology ensures that Bitcoin retains the beneficial attributes of a distributed system — particularly its resilience against attacks and failures — while also leveraging the efficiency of a centralised network in terms of communication and data transfer speed. By incentivizing miners to create optimal pathways for data to travel, Bitcoin naturally evolves into a structure that is robust against centralised control or failure, yet efficient enough to process transactions and blocks at a pace that supports its function as a global decentralised ledger.</p>



<p>Even with a relatively small number of miners, the inherent interconnectedness and geographical distribution of the Bitcoin network confer significant resilience. The economic drivers behind Bitcoin mining ensure that, despite the concentration of mining power, the network retains a robustness akin to a more evenly distributed system. This is because the strategic placement and high connectivity of miners across various locations globally create a mesh of redundancy and fault tolerance. Consequently, the network can withstand substantial adversities, including targeted attacks and local failures, without compromising its overall integrity and operational continuity.</p>



<h2 class="wp-block-heading" id="h-implications-for-structural-decentralisation"><strong>Implications for structural decentralisation</strong></h2>



<p>The structural decentralisation of Bitcoin, as informed by the principles of Mandala networks, accomplishes several key objectives:</p>



<p><h3 style="padding-left: 70px;"><strong>Resilience</strong>:</h3></p>



<p><p style="padding-left: 70px;">The network remains operational even if parts of it are attacked or fail, as the high degree of interconnectedness allows for the rapid rerouting of information.</p></p>



<p><h3 style="padding-left: 70px;"><strong>Efficiency</strong>:</h3></p>



<p><p style="padding-left: 80px;">Despite its distributed nature, the network achieves efficiency in communication and data transfer, rivalling more centralised systems in terms of latency and speed.</p></p>



<p><h3 style="padding-left: 70px;"><strong>Security</strong>:</h3></p>



<p><p style="padding-left: 80px;">The decentralised structure protects against attacks that would typically exploit central points of failure or control, thereby enhancing the overall security of the Bitcoin network.</p></p>



<p>In essence, the economic incentives within Bitcoin mining and the resulting Mandala network topology embody the principles of structural distribution outlined by Baran. This architecture not only ensures the resilience and security of the network but does so in a manner that maintains, and even enhances, its operational efficiency.</p>



<h3 class="wp-block-heading" id="h-key-takeaways">Key takeaways</h3>



<p>In conclusion, the concept of structural decentralisation, while foundational to blockchain&#8217;s architecture and resilience, has been clouded by the varied and often conflated interpretations within the broader discourse. The term &#8216;decentralisation&#8217; has evolved beyond its original technical implications, losing clarity and becoming a catch-all phrase that risks obscuring the specific mechanisms that ensure blockchain networks like Bitcoin operate securely and efficiently. Moving forward, it&#8217;s crucial to shift the focus from the broad, sometimes nebulous invocation of decentralisation to a more precise discussion of the specific architectural and economic principles that underpin the functionality and integrity of these systems. By grounding the conversation in clear, definable terms, we can better assess and advance the technology in a way that stays true to its core principles of security, transparency, and peer-to-peer interaction, without getting lost in the ambiguity that currently surrounds the concept of decentralisation.</p>


Defining decentralisation: Clarity for informed blockchain conversations


<p>The <a href="https://coingeek.com/crypto-is-dead-long-live-the-blockchain/" target="_blank" rel="noopener">crypto-asset industry is facing something of a frenzy</a> as <a href="https://www.nicehash.com/countdown/btc-halving-2024-05-10-12-00" target="_blank" rel="noopener nofollow">BTC approaches its fourth block reward halving</a>. This has led to increased discussions around scaling and economic sustainability.</p>



<p>BTC’s volatility is widely recognised, characterised by abrupt price spikes and rapid downturns capable of erasing millions of dollars in value within minutes. However, this frenzy is being driven by something altogether different &#8211; the upcoming halving.</p>



<h2 class="wp-block-heading" id="h-understanding-the-halving">Understanding the halving</h2>



<p>Put simply, the halving is a planned reduction in the block subsidy part of the block reward processors receive. Halvings occur every 210,000 blocks of transactions. As per its name, each halving event halves the amount of bitcoin processors received as the block subsidy part of the block reward.</p>



<p>At Bitcoin&#8217;s inception in 2009, processors were rewarded with 50 Bitcoin per block. However, this reward was halved to 25 in the first halving in 2012, further reduced to 12.5 in 2016, then to 6.25 tokens in 2020, and is slated to decrease to 3.125 coins in 2024.</p>



<p>Similarly, the BSV blockchain will have its block subsidy cut in half a little before BTC’s (because BSV is ahead in block publishing).</p>



<h2 class="wp-block-heading" id="h-the-problem-facing-btc-and-similar-blockchains">The problem facing BTC and similar blockchains</h2>



<p>With its 1MB block size limit, BTC either needs to significantly increase the coin price or undergo a protocol change to raise its block size limit (to increase the potential fees generated per block) &#8211; a significant undertaking which will have serious ramifications for the underlying blockchain and associated projects.</p>



<p>Another option which has been suggested by a few BTC core developers to solve this economic problem is for a protocol change to simply increase the total amount of BTC coins to higher than 21m while locking in the diminishing block subsidy at its current rate (3.125).</p>



<p>BTC imposes a 1MB size limit on blocks, with an average interval of approximately 10 minutes between blocks. This restriction on block size constrains the number of transactions that can be included, resulting in volatile fees and rendering the network less usable. Gradually, fees will have to escalate to fill the void left by the diminishing block subsidy.</p>



<p>However, the capped block size limits how many transactions can be included. If the transaction fee portion of the block reward is unable to rise to replace the lost revenue in the block subsidy, chain death could occur.</p>



<p>A <a href="https://www.bsvblockchain.org/news/the-bitcoin-halving-event-and-offsetting-transaction-fee-revenue" target="_blank" rel="noopener">chain death scenario</a> arises when the income from block rewards fails to cover the operational expenses of transaction processors. This situation becomes critical if <a href="https://www.bsvblockchain.org/news/the-bitcoin-halving-event-and-offsetting-transaction-fee-revenue" target="_blank" rel="noopener">transaction fees cannot compensate for the decreasing subsidy revenue</a>. Consequently, processors may withdraw support for the network, leading to a potential halt in block addition.</p>



<p>“Block reward is better understood as block subsidy, incentivising miners while transaction volumes and respective fees will increase with growing adoption,” said <a href="https://www.linkedin.com/in/frank-dickob-6764201/" target="_blank" rel="noopener nofollow">Frank Dickob, Provisioning Director at BSV Blockchain</a>.</p>



<p>“Should adoption and/or technical performance/scale not materialise, miners might have to increase fees, impeding large-scale adoption, or leave the network. Not scenarios we are considering as we have the best technology, ultra-low transaction fees and are on the path to unbounded scale.”</p>



<h2 class="wp-block-heading" id="h-teranode-and-scaling-on-the-bsv-blockchain">Teranode and scaling on the BSV blockchain</h2>



<p>BSV Blockchain is committed to ensuring the BSV network can meet the long-term demands of processors. This includes a long-term scaling strategy, which extends beyond merely enlarging block sizes to accommodate more transactions as it seeks to shift from block rewards to transaction fees as the primary processor incentive, all while avoiding imposing high transaction fees on consumers.</p>



<p>“Halving events ensure that we’ll ultimately reach the predetermined, inflation-free number of coins,” said Dickob.</p>



<p>“The BSV Blockchain ensures technology is built that is unbounded in scale. This includes Teranode, complemented by overlay services and robust SPV solutions resulting in a new performant network topology that will soon be able to process magnitudes more transactions.”</p>



<p>The BSV Blockchain is also proactively preparing its ecosystem partners for such a future through stress tests, on-chain tournaments driving significant transaction volumes, and multiple endeavours to break world records for on-chain activity by rigorously testing infrastructure and client software on the network.</p>



<p>In January, the BSV Blockchain R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future.</p>



<p>These technological advancements will facilitate widespread transactions on blockchain infrastructure, facilitating data processing at an unprecedented level and significantly reducing costs compared to traditional methods. This will also establish a more secure financial ecosystem.</p>



<p>Teranode addresses the challenges of processing massive transaction volumes enterprise-grade volumes faced by other blockchains by providing high-capacity transaction nodes tailored for enterprises and governments.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a ground-up rewrite of the BSV Blockchain architecture, combining horizontally scalable microservices into the full functionality set required to process transactions at magnitudes higher volumes.</p>



<p>The network topology upgrade including Teranode is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>


BSV and BTC Halving – How Teranode protects the future revenue of transaction processing


<p>Ordinals represent a promising leap forward in how blockchain can improve our lives by providing innovative solutions to the age-old challenges of data storage, integrity, and security.</p>



<p>They empower individuals to preserve their unique digital creations, assist businesses in creating distinctive products and maintaining key records, and enable governments to streamline operations with unparalleled efficiency. In his session at the recent <a href="https://www.bsvblockchain.org/news/win-great-prizes-registrations-are-now-open-for-the-2024-scrypt-hackathon" target="_blank" rel="noopener">sCrypt Hackathon 2024</a>, <a href="https://twitter.com/shruggr?lang=en" target="_blank" rel="noopener nofollow">1Sat Ordinals developer, David Case</a> explains how to inscribe single satoshi units with NFT data.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon 2024 (16th March 2024, AM)" width="500" height="281" src="https://www.youtube.com/embed/rogNgiRNZSo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-what-are-ordinals">What are ordinals?</h2>



<p>Ordinals stored on the BSV blockchain are designed to exist as long as anyone around the globe is willing to keep a copy of the blockchain. This creates a reliable backup and maintains the files’ integrity.</p>



<p>When an Ordinal is inscribed, the specifics of the date, time, and addresses involved are permanently recorded. This indelible timestamp is significant, especially in this age of AI and deep fakes, where verifying the authenticity of documents, images, and videos is paramount.</p>



<p>Ordinals on the BSV blockchain provide an accessible way to use <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-timestamp-server" target="_blank" rel="noopener">as a timestamp server or a public database</a>. It’s akin to having a global, ultra-secure hard drive at your disposal that you can access anytime, anywhere, through any device connected to the BSV blockchain. They offer problem-solving benefits for everyone—from individuals to businesses to governments. Individuals can use them to create, collect, and share unique digital art, music, and memories that will exist ‘forever.’</p>



<p>For businesses, ordinals present a chance to create and sell one-of-a-kind digital products or services, record vital information, and protect intellectual property rights. Governments can utilise ordinals to inscribe public data, coupled with secure and efficient access. In doing so, they can streamline operational processes and reduce costs.</p>



<h2 class="wp-block-heading" id="h-ordinals-and-1sat-ordinals-similar-but-different">Ordinals and 1Sat Ordinals: Similar but different</h2>



<p>Case explained that Ordinals were developed for the BTC blockchain. However, the limited capacity and high fees associated with that network make the process of converting individual satoshi units into <a href="https://bsvblockchain.org/news/how-nfts-can-transform-intellectual-property-rights-for-enterprises" target="_blank" rel="noopener">NFTs more cumbersome (and costly) than necessary</a>. 1Sat Ordinals, on the other hand, is the implementation tailored for the BSV blockchain, capitalising on the network&#8217;s advantages in terms of speed, capacity, and cost-efficiency. On the BSV blockchain, Ordinals are significantly easier to index and manage.</p>



<p>Case noted that Ordinals and <a href="https://1satordinals.com/" target="_blank" rel="noopener nofollow">1Sat Ordinals</a> share the same conceptual framework, and to the end user, any distinction between them would likely go unnoticed. However, Case explained the backend mechanics that differentiate the two in this presentation.</p>



<p>Describing the process of designating a Satoshi as an Ordinal as &#8220;inscribing,&#8221; Case highlights that these inscriptions essentially become files stored on the blockchain. However, tracing these inscriptions across numerous transactions involves more complexity than mere mapping of identifiers to inputs and outputs. With 1Sat Ordinals, each token is assigned an &#8220;origin&#8221; upon creation, a reference point invoked whenever its unique satoshi changes ownership.</p>



<p>The additional data that transforms a satoshi into a distinct token is encapsulated within an &#8220;inscription envelope,&#8221; which the 1Sat Ordinals protocol executes upon detection. This envelope may include sCrypt contract data, streamlining ownership and transfer procedures. Case illustrates various code examples for managing different token processes, likening the operation to the World Wide Web&#8217;s search for unique files.</p>


sCrypt hackathon: Understanding Ordinals


<p>On the March 16 &#8211; 17, 2024, the <a href="https://scrypt.io/" target="_blank" rel="noopener nofollow">sCrypt hackathon</a> took place at the historic Fairmont, San Francisco. Organised by <a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noopener nofollow">Xiaohui Liu, Founder and CEO of sCrypt</a>, the sCrypt team, Ty Everett and <a href="https://www.projectbabbage.com/" target="_blank" rel="noopener nofollow">Project Babbage</a>, the event served as a platform for innovators and enthusiasts to delve into the intricacies of BSV blockchain development.</p>



<p>The event featured a much anticipated talk about <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> by <a href="https://www.linkedin.com/in/jake-jones-a8720611a/" target="_blank" rel="noopener nofollow">Jake Jones, Head of Infrastructure and Business Program Manager at BSV Blockchain</a>, titled &#8220;Teranode, Overlays, and the Blockchain Mandala&#8221;.</p>



<p>Jones’ presentation introduced the concept of the “blockchain mandala”, which refers to the repeating pattern of P2P interaction at each level of the blockchain network.. This concept aligns with the blockchain thesis of decentralisation and peer-to-peer interactions as outlined in the Bitcoin white paper.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon 2024 (17th March 2024, AM)" width="500" height="281" src="https://www.youtube.com/embed/XEoU0pH20wY?start=480&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-micropayments-bsv-s-competitive-advantage">Micropayments &#8211; BSV’s competitive advantage</h2>



<p>Jones opened his talk with the question of what the competitive advantage of BSV is. He focused on micropayments as the key feature of Blockchain and the feature that BSV uniquely offers. Jones pointed out that three ingredients are necessary to ensure micropayments on a global scale &#8211; unbounded scaling, specialisation and peer-to-peer communication.</p>



<p>He explained how these ingredients combine to precipitate a mandala pattern and enable the core thesis of Blockchain: empowering individuals to act autonomously in the way that best suits them as superior to central planning and control. The mandala takes shape as each interaction can be viewed through this lens.</p>



<h2 class="wp-block-heading" id="h-explaining-the-blockchain-mandala">Explaining the blockchain mandala</h2>



<p>With the introduction of Teranode, the mandala has started to take shape and will fully form and grow as overlay services and SPV wallets are introduced and leveraged.</p>



<p>At the moment, the blockchain mandala is only in its proto form, as Jones explained. Only two layers of the blockchain mandala are enabled by the current <a href="https://www.bsvblockchain.org/node" target="_blank" rel="noopener">SV Node</a>: nodes (mining nodes) and wallets. As a result, nodes are being used as data stores and servers and companies are their own nodes with transaction processing features turned off in order to use them in this way which is both inefficient and expensive.</p>



<p>By pulling out everything except for transaction timestamping and blocks (what nodes are responsible for according to section 5 of the <a href="https://resources.bsvblockchain.org/hubfs/Bitcoin%20white%20paper.pdf">Bitcoin white paper</a>) using overlay services, businesses and developers no longer need to run their own node, and more importantly, they no longer need to depend on the main chain to serve their application data. Overlay services (along with SPV wallets) allow for true peer-to-peer communication and specialisation.</p>



<p>Thus, Jones outlined the vision for the BSV mandala network with <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> as the starting point: a truly scalable, peer-to-peer, distributed network:</p>



<p><em>‘This is what Teranode has started. Teranode is the nucleus. It&#8217;s modular and it&#8217;s the model for pushing out into overlays and SPV wallets and applications. So we&#8217;re trying to aim for a network that&#8217;s specialised and fully peer-to-peer. And it&#8217;s highly scalable, unbounded and performant.’</em></p>



<h2 class="wp-block-heading" id="h-overview-of-teranode">Overview of Teranode</h2>



<p>As Jones explained, Teranode&#8217;s responsibility is maintaining the blockchain by ordering and timestamping transactions into blocks and competing to add blocks to the chain. Its specialisation lies in these functions, focusing solely on blockchain maintenance. Teranode interacts with other Teranode nodes and uses a specialised P2P node service to ensure compatibility with SV nodes.</p>



<p>Jones outlined the architecture, starting with transactions entering through the propagation service and then being processed by the parallelised transaction validator service. Validated transactions are blessed, and only their IDs are needed going forward. These IDs are then passed to the block assembly, where they are included in a subtree and communicated to all network nodes until a block is found.</p>



<p>Jones provided a detailed view of the system components, including the propagation service, transaction validator, block assembly, and transaction store. While currently storing transactions is a requirement in the testing phase, in operational mode, nodes are unlikely to store transactions. In the future, this responsibility will&nbsp;fall on overlays and wallets with a business opportunity for a specialised archival node to provide transactions and transaction data at a premium.</p>



<h2 class="wp-block-heading" id="h-merkle-subtrees">Merkle subtrees</h2>



<p>A highlight of Jones&#8217;s presentation was the concept of Merkle subtrees, which facilitate parallel processing and contribute to Teranode&#8217;s scalability. These subtrees, derived from Merkle trees, are a key feature of Teranode&#8217;s architecture, enabling nodes to process tasks continuously and efficiently.</p>



<p>Subtrees consist of transaction IDs and their concatenated and hashed parents, ascending from the leaf nodes to the root hash. These subtrees are communicated regularly among nodes in the network. This proactive approach allows for continuous validation over the full roughly 10 minute block discovery period so that nodes have already performed almost all transaction validation before they receive a newly found block, enabling nodes to swiftly validate very large blocks.</p>



<h2 class="wp-block-heading" id="h-arc-and-overlays">ARC and overlays</h2>



<p>Jones provided an overview of <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC</a>, highlighting its use of extended format transactions and recommending its integration for future-proofing in anticipation of Teranode&#8217;s launch. He explained ARC&#8217;s architecture and its components, including the API for transaction submission, Metamorph for transaction management, and BlockTx for receiving data from the node.</p>



<p>Jones also discussed the block assembly service&#8217;s architecture, emphasising its integration with validators and the use of message buses for efficient communication, particularly in production settings.</p>



<p>Jones then discussed overlay services, which extend the capabilities of the node network by facilitating tasks such as transaction lookup and token management. He emphasised overlay services’ role in managing various transaction types and templates. Jones presented use cases for overlay services, including fungible and non-fungible tokens, open predicates, and data storage market predicates.</p>



<p>He outlined the current infrastructure for using overlays and proposed future integration with IPv6 multicast for efficient communication. Finally, Jones demonstrated how ARC&#8217;s architecture could be adapted for overlay structures, emphasising the transition from node-based to overlay-based information management.</p>


Teranode – Enabling the blockchain mandala


<p>BSV blockchain-based company <a href="https://rad.live/" target="_blank" rel="noopener nofollow">Rad has announced a new marketing collaboration with Sony Electronics</a> which will allow video creators and artists to publish and sell blockchain-based streaming content and video artwork through Rad.</p>



<p>The app will be featured on select BRAVIA TVs through the Rad TV application. This collaboration marks a deeper engagement with Sony Electronics, an existing investor in Rad through Sony Innovation Fund, evolving from Virtual Reality (VR) to more of an innovation collaborator across Sony devices.</p>



<p>Rad will provide some free video artwork and content to BRAVIA TV owners on the Rad TV app but also include all new premium content offerings. As a result, Rad will be showcasing a diverse new collection of premium AI-driven content, abstract artists, video creators in the NFT (non-fungible token) space, and any traditional and emerging video creators who were previously unable to distribute content to TVs easily. ‘We are excited about this offer which brings digital art to Sony TVs,’ said <a href="https://www.linkedin.com/in/colsey/" target="_blank" rel="noopener nofollow">Nick Colsey, VP of Business Development at Sony Electronics</a>.</p>



<p>‘Our collaboration with Sony Electronics completely changes how content is consumed and published by studios and creators on TVs. The emergence of generative AI video and NFT-based content creates an entirely new opportunity for art, storytelling, and fan engagement, and Rad&#8217;s next-generation platform embraces and reflects that evolution with BRAVIA,’ said <a href="https://www.linkedin.com/in/tonymugavero/" target="_blank" rel="noopener nofollow">Tony Mugavero, CEO of Rad</a>.</p>



<p>Rad has received funding and follow-on investment led by Ayre Ventures and has also received investment from many notable top-tier investors, like Sony Innovation Fund, Disney, The Tornante Company, VaynerRSE, Warner Music Group, A+E Networks, GFRFund, Scrum, Digital Garage, and more.</p>



<p>‘We believe the collaboration between Rad and Sony Electronics represents a pivotal moment in the evolution of digital media,’&nbsp;said Ayre Ventures founder Calvin Ayre.</p>



<p>‘By integrating the world&#8217;s only unboundedly scaling Enterprise Blockchain (BSV) technology into mainstream platforms, this collaboration not only enhances the user experience but also paves the way for a more transparent, secure, and user-centric digital content ecosystem.’</p>



<h2 class="wp-block-heading" id="h-what-is-rad">What is Rad?</h2>



<p>Rad is powering the next generation of video streaming. By giving creators the tools to distribute innovative content to major streaming devices, Rad takes traditional video streaming to the next level for viewers and storytelling, adding increased support for new formats like generative AI video, VR and Volumetric video, and blockchain-based content.</p>



<p>Not only can viewers subscribe to Rad&#8217;s large library of content, but fans can also purchase content directly from creators via blockchain for instant, direct, and transparent payments, and ownership. Rad also launched the world&#8217;s first subscription NFT, the Rad Stream Pass, that you can own and resell.</p>



<p>With unparalleled entertainment and immersive experiences from top-tier creators and studios, the Rad TV app is accessible on multiple devices, including PlayStation 4 and 5, PSVR, Apple TV, iOS, Android, Google TV, Meta Quest, and more coming soon.</p>



<p>Collaborating with independent studios and creators along with industry giants like Sony, Disney, Paramount, and NBCUniversal, Rad is reshaping streaming for the modern age.</p>



<p>Find out more about <a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener">powering a new world of streaming with NFTs and the BSV blockchain here</a>.</p>


BSV blockchain on your TV with Sony and Rad


<p>Emerging technologies like <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">AI and the BSV blockchain are now being used in various sectors including healthcare, finance, agriculture, and construction</a>. Historically, these technologies were primarily accessible to large corporations in big tech, limiting ordinary people&#8217;s direct access to them. However, the democratisation of AI and blockchain in recent years has begun to mitigate this exclusivity.</p>



<p>Nevertheless, <a href="https://www.bsvblockchain.org/news/using-micropayments-for-open-access-to-public-data" target="_blank" rel="noopener">this democratisation process is not complete</a>. Despite these positive trends, the digital economy remains predominantly in the hands of Silicon Valley and major financial players. Although consumer access to new technology benefits has improved, numerous barriers still hinder individuals from truly owning their data.</p>



<p>Despite the perception of empowerment, users encounter time-consuming tasks and technologies that manipulate their preferences, diminishing their autonomy in decision-making.</p>



<h2 class="wp-block-heading" id="h-removing-third-parties-and-intermediaries">Removing third parties and intermediaries</h2>



<p>In every scenario, these technologies can enhance efficiency and optimise results by granting access to superior data for both consumers and suppliers. They facilitate genuine peer-to-peer economic interactions.</p>



<p>By eliminating intermediaries and substituting them with a digital counterpart solely acting in the interests of the involved parties, direct peer engagement becomes unmediated and immune to manipulation. This ensures that the economic benefits accrue solely to the consumer and supplier.</p>



<p>With these advancements, everyday consumers now have access to cutting-edge technologies. AI and blockchain are shedding their exclusivity and offering tangible benefits to individuals, reducing time and costs while returning control to them.</p>



<h2 class="wp-block-heading" id="h-transparency-and-scaling">Transparency and scaling</h2>



<p>The synergy between the BSV blockchain and AI is <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">underscored by their shared traits of transparency and immutability</a>. Using the BSV blockchain&#8217;s innate features, AI algorithms gain secure access to data, enabling direct sharing without intermediaries. This ensures integrity and transparency in data handling.</p>



<p>The BSV blockchain strengthens the reliability of AI systems by furnishing a verifiable and auditable log of data transactions and model outputs. Given the extensive data needs for AI training, blockchain enables secure and transparent data exchange among diverse parties, spanning individuals, organisations, and IoT devices.</p>



<p>Through blockchain, the origin and utilisation of data can be traced, ensuring accountability and empowering stakeholders to authenticate the genuineness and calibre of data used by AI models.</p>


AI and the BSV blockchain will allow everyone to control their data – not just Silicon Valley


<p>One of the biggest challenges facing developing countries right now is trade. In today’s era, where the boundaries of trade are virtually non-existent, scaling beyond domestic confines is not just an option but a necessity for businesses aiming for substantial growth.</p>



<p>This has led governments and enterprises to increasingly turn to emerging technologies to meet their demands such as blockchain, digital twins, artificial intelligence (AI), and the Internet of Things (IoT).</p>



<p>These technologies will make global trade more efficient, inclusive and equitable. And revolutionise the way trade is conducted. These technologies will supplant yesteryear&#8217;s arduous and paper-intensive procedures with smooth, safeguarded, and proficient digital alternatives.</p>



<h2 class="wp-block-heading" id="h-meeting-demands-with-the-bsv-blockchain">Meeting demands with the BSV blockchain</h2>



<p>For example, blockchain technology introduces an innovative trade finance method, enabling global secure and transparent transactions, aided by smart contracts that automate and refine trade procedures.</p>



<p>Likewise, artificial intelligence (AI) and big data analytics assume crucial functions in augmenting trade efficacy, refining supply chains, and unveiling fresh market prospects via comprehensive analyses of customer behaviour and market dynamics.</p>



<p>The BSV blockchain offers significant technological benefits over other blockchain protocols, including unbounded scaling, highly efficient micropayments, and long-lasting stability. However, these benefits mean little if the BSV blockchain didn’t also offer immense utility for developers, enterprises and governments.</p>



<p>With <a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">Teranode, the BSV blockchain will be able to scale to any size required</a>, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market. Despite media and social hype claiming these alternative chains are the ‘money of the future,’ these networks cannot be used as money since they can only process limited transactions per second. This artificial limitation creates high fees and long waits.</p>



<p>The digital economy demands a network that can process big data at speed and securely. With Teranode, BSV Blockchain is simultaneously a global digital payments network that can handle any data requirements, from Internet of Things (IoT) applications and devices to enterprise or government contracts.</p>



<p>With its massive scaling, micropayments, greater data capacity and reliably low fees, the BSV blockchain is the best blockchain for enterprise-grade applications and services. BSV is already being used to build applications for diverse industry sectors.</p>



<p>You can find out more about some of the existing enterprise use cases <a href="https://www.bsvblockchain.org/enterprise" target="_blank" rel="noopener">here</a>.</p>


Countries around the world are looking to new tech to improve trade – blockchain can help


<p><a href="https://www.linkedin.com/in/rohan-sharan/?originalSubdomain=in" target="_blank" rel="noopener nofollow">BSV Blockchain Ambassador and Timechain Labs CEO Rohan Sharan</a> was recently invited to MIT World Peace University during the celebration of Basant Panchami to discuss the benefits of blockchain. As part of the event, Timechain Labs signed a Memorandum of Understanding (MoU) with the University to further advance academic initiatives around blockchain.</p>



<p>‘The workshop was organised for the students of the Master&#8217;s programme in blockchain at the MIT WPU computer science department, to have an introductory session for students to be in sync with the latest developments of the blockchain world with industry exposure and foresight,’ explained Sharan.</p>



<p>‘We have also embarked on a separate week-long faculty development programme for the professors of the university, scheduled for 6 May 2024. We are also in talks to inaugurate the blockchain innovation lab in the university at the end of the FDP programme. The innovation lab would have free access to blockchain tools, technologies, workshops, guest lectures and problem statements to carry out research and development.’</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-heads-to-date-expo-unveiling-the-future-of-tech-in-india" target="_blank" rel="noopener">As India’s digital economy is slated to reach $1 trillion</a>, emerging technology such as the BSV blockchain is becoming the bedrock for India’s economic vision. This transformation is not just about economic growth; it’s a pivotal enabler of improved governance across the nation.</p>



<p>The BSV blockchain will redefine how industries operate by optimising operations, enhancing efficiencies, and unlocking a world of new possibilities for the country. In this digital age, India’s forward-looking approach is propelling it to shape a connected and prosperous society.</p>



<h2 class="wp-block-heading" id="h-education-initiatives">Education initiatives</h2>



<p>Sharan noted that the MoU means that blockchain development will now be included in the University’s curriculum.</p>



<p>‘Students will learn about blockchain&#8217;s technical architecture from the first principles of network theory covering different types of networks and how mandala networks solve the blockchain trilemma as scale-free networks with economies of scale,’ said Sharan.</p>



<p>‘They will be developing a strong framework of understanding and navigating the landscape of blockchain applications, use cases, and solutions independently. They would be getting insights on the cutting-edge research opportunities available in the blockchain space to conduct research and publish papers on as part of their master&#8217;s programme.’</p>



<h2 class="wp-block-heading" id="h-learning-about-the-bsv-blockchain">Learning about the BSV blockchain</h2>



<p>‘Initiatives like these are crucial for the awareness and education about the strong technical underpinnings of blockchain, bringing clarity and direction, which is very much needed in a mystified space, leading to significant adoption among developers and builders in the youth of India,’ said Sharan.</p>



<p>Those interested in learning more about the fundamentals of blockchain and its history are encouraged to <a href="https://academy.bsvblockchain.org/?__hstc=263735315.2d9a3b7165e5072ab2d0ae849b1aefdf.1659622204112.1700059453870.1700064019390.275&amp;__hssc=263735315.2.1700064019390&amp;__hsfp=3528379781" target="_blank" rel="noopener">sign up for the BSV Academy’s courses</a>.</p>


BSV Blockchain sees continued growth in India with education push


<p>The Johan Cruyff Institute has announced a new partnership with Zetly.io and BSV Blockchain to introduce <a href="https://www.zetly.io/welcome-to-our-webinars/" target="_blank" rel="noopener nofollow">an innovative webinar series focusing on revolutionising football through blockchain and Web3 technologies</a>.</p>



<p>Tailored for students, alumni, clients, current staff, and aspiring individuals within the premier football clubs globally, these webinars seek to explore the transformative influence of web3 and blockchain on the sports sector.</p>



<p>The BSV blockchain allows football clubs to operate more efficiently and transform how they engage with their fans and stakeholders. This includes smart contracts for automated and trusted agreements, scalability for secure data management, and additional security for enhanced privacy and user control.</p>



<h2 class="wp-block-heading" id="h-enhanced-ticketing-systems">Enhanced ticketing systems</h2>



<p>Blockchain technology can streamline ticketing processes, making them more secure and transparent. By utilising BSV blockchain-based ticketing systems, clubs can combat issues like counterfeit tickets and unauthorised reselling. <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">Smart contracts can ensure that ticket sales adhere to predefined rules</a>, providing fans with a seamless and trustworthy purchasing experience.</p>



<h2 class="wp-block-heading" id="h-transparent-player-transfers">Transparent player transfers</h2>



<p>The transparency and immutability of blockchain can revolutionise player transfers. Smart contracts can automate transfer agreements, ensuring all parties adhere to the terms without the need for intermediaries. This not only reduces the risk of disputes but also <a href="https://bsvblockchain.org/news/the-trust-economy-and-blockchain-building-and-growing-customer-loyalty" target="_blank" rel="noopener">increases trust and efficiency</a> in the transfer market.</p>



<h2 class="wp-block-heading" id="h-fan-engagement-and-loyalty-programs">Fan engagement and loyalty programs</h2>



<p>Blockchain enables football clubs to create unique fan engagement platforms and loyalty programs. By <a href="https://bsvblockchain.org/news/the-future-of-blockchain-tokens" target="_blank" rel="noopener">tokenising fan experiences, such as matchday interactions, merchandise purchases, or voting for club decisions</a>, clubs can reward loyal supporters with digital assets that hold real value. This fosters a deeper connection between clubs and fans while providing additional revenue streams.</p>



<h2 class="wp-block-heading" id="h-secure-digital-collectibles">Secure digital collectibles</h2>



<p>The <a href="https://www.bsvblockchain.org/news/powering-a-new-world-of-streaming-with-nfts-and-the-bsv-blockchain" target="_blank" rel="noopener">rise of non-fungible tokens (NFTs) has opened up new avenues for football clubs to monetise digital collectables</a>. From iconic match moments to limited-edition merchandise, clubs can tokenise exclusive content and offer them to fans as digital collectables. These NFTs not only serve as memorabilia but also as tradable assets within the blockchain ecosystem.</p>



<h2 class="wp-block-heading" id="h-data-management-and-analysis">Data management and analysis</h2>



<p>The BSV blockchain can revolutionise the way football clubs manage and analyse player performance data. By storing data on the blockchain, clubs can ensure its integrity and security while facilitating data sharing among relevant stakeholders, such as coaches, scouts, and analysts. This streamlined approach to data management can lead to better insights and informed decision-making.</p>



<h2 class="wp-block-heading" id="h-partnerships-and-sponsorships">Partnerships and sponsorships</h2>



<p>Blockchain opens up new possibilities for partnerships and sponsorships within the football industry. Through blockchain-based sponsorship deals, clubs can track the performance and impact of sponsorships in real time, providing sponsors with valuable data and transparency. This can attract more sponsors and enhance the overall commercial appeal of the club.</p>


The marriage between blockchain and football


<p>The BSV Blockchain is pleased to announce that <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC v1 is now officially production-ready</a>. ARC is a transaction processing service which validates and stores your transactions before broadcasting them over the P2P network. Once mined, a Merkle Path is sent back to the originator as confirmation.</p>



<p>ARC was first developed in January 2023 as a proof of concept. It subsequently launched in public beta back in September 2023 and has gone through significant testing both in terms of developer experience, and production scaling and stability.</p>



<p>‘ARC is ready for business. Hardened by a year of testing, with stable performance at scale,’ said <a href="https://www.linkedin.com/in/deggen" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Technical Lead of Utilisation)</a>.</p>



<h2 class="wp-block-heading" id="h-who-is-arc-for">Who is ARC for?</h2>



<p>ARC is optimised for miners to run, and application developers to broadcast to, said Kellenschwiler. ‘The idea is that you can outsource the fuzziness of the p2p network for broadcasting transactions and retrieving Merkle paths. This is especially useful if you’re developing a mobile app where a steady p2p connection is infeasible.’</p>



<p>Kellenschwiler added that ARC is different from the prior mAPI service which used a JSON-RPC method into a single node to broadcast rather than the p2p network. ‘The original design was meant to be independent of a node entirely such that any business could run an instance. Over time we found that granular status and p2p stability were more important to users, so the release targets those who can pair with a node operator,’ he said.</p>



<p>Another key difference is EF or Extended Format transactions. This is a requirement when submitting transactions to ARC, said Kellenschwiler.</p>



<p>‘It allows swift transaction validation on receipt and <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">encourages the adoption of SPV</a>. The source transaction data which is available to any wallet when signing is included within EF transactions &#8211; this way a recipient can validate script execution and transaction fees. It takes us one step closer to SPV, which helps the whole ecosystem scale efficiently.’</p>



<h2 class="wp-block-heading" id="h-understanding-arc">Understanding ARC</h2>



<p>ARC consists of three microservices. All the microservices are designed to be horizontally scalable and can be deployed on a single machine or multiple machines.</p>



<p>‘API ingests transactions, runs EF validation, and sends them to Metamorph. Metamorph stores transactions, broadcasts them, and keeps track of their propagation status, calling back originators with status updates,’ said Kellenschwiler.</p>



<p>‘BlockTx listens on the p2p network for new blocks. When announced it processes the block data to get a list of txids, which it uses to calculate Merkle paths for each transaction stored in Metamorph.’</p>



<p>You can <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">read more about ARC and its different microservices here</a>.</p>



<h2 class="wp-block-heading" id="h-a-team-effort">A team effort</h2>



<p>While the BSV Blockchain is responsible for the ARC service, many partners and individuals helped get the project where it is today, said Kellenschwiler.</p>



<p>‘The team at <a href="https://platform.taal.com/" target="_blank" rel="noopener">TAAL</a> has been developing the open source code improving performance and resolving many bugs in an operational deployment.&nbsp;Gorilla Pool has also been very helpful and supportive from the start giving additional feedback and running as early adopters.</p>



<p>‘<a href="https://handcash.io/" target="_blank" rel="noopener nofollow">HandCash</a>, <a href="https://tokenized.com/" target="_blank" rel="noopener nofollow">Tokenized</a>, <a href="https://www.vaionex.com/" target="_blank" rel="noopener nofollow">Vaionex</a>, <a href="https://elas.co/" target="_blank" rel="noopener nofollow">Elas</a>, and many independent developers have all been extremely helpful in providing critical feedback which has gone on to improve functionality to meet the needs of application developers.’</p>


BSV Blockchain launches ARC v1


<p><strong><em>Editor’s note: </em></strong><em>This article focuses on the team at Timechain Labs (a key partner of BSV Blockchain) and their BSV applications. Please note that it is not necessarily representative of the viewpoints or terminology used by BSV Blockchain or its team members.</em></p>



<p>Just as the Internet led to an explosion of content, blockchain technology has the potential to revolutionise value exchange, making it as ubiquitous as sharing information online. This is the view of <a href="https://www.linkedin.com/in/rohan-sharan/" target="_blank" rel="noopener nofollow">Rohan Sharan, Founder &amp; Head of Product at Timechain Labs</a>, who was speaking at <a href="https://www.bsvblockchain.org/news/bsv-blockchain-heads-to-date-expo-unveiling-the-future-of-tech-in-india" target="_blank" rel="noopener">the recent DATE conference in India</a>.</p>



<p><a href="https://timechainlabs.io/#testimonials" target="_blank" rel="noopener nofollow">Timechain Labs is a company working on the BSV blockchain</a> which aims to build ‘the applications of the present with the help of the technology of the future’. It provides blockchain development, consultation, and contract management services.</p>



<p>Just as the Internet led to an explosion of content, blockchain technology has the potential for blockchain development, consultation, contract management, as well as full-service development options.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Timechain Labs on the future of finance" width="500" height="281" src="https://www.youtube.com/embed/2Vr3UoD78LA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-institutional-defi-a-new-class-of-innovation">Institutional DeFI: A new class of innovation</h2>



<p>Key to this revolution in value exchange is Institutional DeFI, said Sharan. Institutional DeFI refers to applying decentralised finance principles to real-world assets with a focus on compliance and security. ‘This innovation is reshaping how institutions interact with finance, he said. He broke down the benefits into five key points:</p>



<h3 class="wp-block-heading" id="h-accessibility-and-inclusivity">Accessibility and inclusivity</h3>



<ul>
<li><strong>24/7 availability: </strong>This includes continuous access to financial services, unlike traditional banking’s set hours.</li>
</ul>



<ul>
<li><strong>Permissionless access:</strong> Open participation without intermediaries, lengthy approvals or credit checks.</li>
</ul>



<ul>
<li><strong>Improved accessibility:</strong> Access to financial services for banked or unbanked populations.</li>
</ul>



<h3 class="wp-block-heading" id="h-efficiency-and-automation">Efficiency and Automation</h3>



<ul>
<li><strong>Programmable financial products:</strong> Using smart contracts to automate transactions and enforce contract terms.</li>
</ul>



<ul>
<li><strong>Interoperability: </strong>Easy integration and interaction with other blockchain systems.</li>
</ul>



<h3 class="wp-block-heading" id="h-financial-innovation">Financial innovation</h3>



<ul>
<li><strong>Innovation in financial products:</strong> Introduction of new financial products like yield farming and liquidity mining using AMMs.</li>
</ul>



<ul>
<li><strong>The tokenisation of assets:</strong> Making various assets more liquid and divestible through tokenisation.</li>
</ul>



<h3 class="wp-block-heading" id="h-transparency-and-openness">Transparency and openness</h3>



<ul>
<li><strong>Transparency:</strong> Complete transparency in transactions through public ledger records.</li>
</ul>



<h3 class="wp-block-heading" id="h-security-and-risk-management">Security and risk management</h3>



<ul>
<li><strong>Reduced counterparty risk: </strong>Direct transactions between parties, minimising the need for intermediaries.</li>
</ul>



<ul>
<li><strong>Enhanced security: </strong>A decentralised nature reduces the centralised points of failure.</li>
</ul>



<h2 class="wp-block-heading" id="h-the-future-of-banking">The future of banking</h2>



<p>Timechain&#8217;s programmable wrapper simplifies central bank digital currency (CBDC) integration, empowering commercial banks with easy access to CBDC possibilities. The platform facilitates deposit token issuance, offering digital asset choices.</p>



<p>Built on the BSV blockchain, Timechain uses low-code/no-code tools for programmable tokens and smart contracts. It seamlessly integrates with CBDC and UPI rails for domestic intra-bank settlements. Timechain presents a blockchain-enabled CBDC forex market for intermediary and wholesale banks, aiming for top-tier liquidity exchange rates and swift fund tracking for accelerated transactions.</p>


Timechain Labs on the future of finance


<p>Several of the world’s biggest banks, including Goldman and BNY Mellon, recently <a href="https://www.canton.network/pilot-press-release" target="_blank" rel="noopener nofollow">completed a new blockchain pilot</a>, a first-of-its-kind program demonstrating the interoperability of twenty-two independent distributed ledger applications in the capital markets domain.</p>



<p>The simulated transactions demonstrated that real-time settlement and immediate reconciliation across counterparty systems could be achieved while adhering to the regulatory asset control, security, and data privacy requirements to move assets safely.</p>



<p>The pilot brought together firms from every side of the market: with 15 asset managers, 13 banks, four custodians, three exchanges, and one financial market infrastructure provider participating in the simulated transactions and/or demonstrations.</p>



<p>However, if banks and traders want to truly take the next step they will need to adopt a technology <a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">which can scale at a significantly reduced cost &#8211; enter Teranode</a>.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-and-teranode-a-perfect-match">The BSV blockchain and Teranode &#8211; A perfect match</h2>



<p>The BSV blockchain is well-suited for traditional banking systems due to its secure nature and efficiency. It offers a transparent and secure ledger, enabling faster transactions and reducing the risk of fraud.</p>



<p>Additionally, the BSV blockchain’s transparency can enhance resilience in the financial system, while programmable features allow for innovative functionalities such as conditional payments and automated compliance.</p>



<p>Recent advancements in blockchain infrastructure, such as the testing of Teranode on the BSV blockchain, showcase the scalability and efficiency of the technology. <a href="https://www.google.com/search?q=testing+teranode+bsv+blockchain&amp;rlz=1C1ONGR_enGB1016GB1016&amp;oq=testing+teranode+bsv+blockchain+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIKCAEQABiABBiiBDIGCAIQRRg9MgYIAxBFGD3SAQg2NTI3ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener nofollow">In January, the BSV Association R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing BSV’s capabilities to one million transactions per second in the not-too-distant future.</p>



<p>Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a ground-up rewrite of the BSV Blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.</p>



<p>Protocol custodian BSV Association revealed a more service-oriented approach to the network’s work. The new features include ‘modularized’ functions such as transaction and block validation, plus block assembly into services that run only when required.</p>



<p>The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>


The world’s biggest banks and traders are betting big on blockchain – Teranode can help


<p>Crafting a stable and secure protocol capable of facilitating the transaction throughput of an entire economy represents a paramount challenge for policymakers worldwide. The convergence of technology and monetary policy necessitates meticulous planning, robust infrastructure, and a keen understanding of economic dynamics and cybersecurity imperatives.</p>



<p>One of the key technologies at the forefront of this transaction revolution is <a href="https://www.bsvblockchain.org/news/why-bsv-blockchain-is-the-blockchain-for-government-and-enterprise-projects" target="_blank" rel="noopener">the concept of a Central Bank Digital Currency (CBDC)</a>. CBDCs typically leverage emerging technologies like blockchain-based tokens to digitise a nation&#8217;s fiat currency &#8211; such as the British Pound or US Dollar. Unlike privately issued digital currencies, CBDCs are regulated and supervised by official monetary authorities &#8211; typically a central bank.</p>



<h2 class="wp-block-heading" id="h-the-problem-with-cbdcs-and-legacy-banking">The problem with CBDCs and legacy banking</h2>



<p>While central banks around the world are actively studying the possibility of introducing CBDCs, they face several criticisms. These include:</p>



<ul>
<li>Sluggish settlement times;</li>



<li>Potential risks of unknown policy implications and financial instability;</li>



<li>Competition with privately issued stablecoins;</li>



<li>Balancing privacy and traceability in digital currency transactions.</li>
</ul>



<p>‘While questions or challenges remain concerning the specific design of a potential digital pound, it is encouraging to see British authorities acknowledging the need to balance the protection of privacy through privacy safeguards with the necessity to tackle money laundering and terrorist financing,’ said <a href="https://www.linkedin.com/in/sebastian-ploetzeneder/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Sebastian Ploetzeneder, Senior Strategy Manager at nChain</a>.</p>



<p>Likewise, in pursuit of a potential digital currency, it is essential to tailor a CBDC system towards national needs, for example, to protect citizen data, increase cross-border payment efficiency, reduce corporate fraud and corruption, or attract foreign direct investment.</p>



<p>‘Whether the Bank of England is looking to implement a digital pound in the form of wholesale CBDC, retail CBDC or a form of privately issued digital money, it is important that the Bank of England take into account the drivers for change from all participants across the current payment ecosystem, including the goals they are looking to achieve, before deciding which digital payment solution is the most relevant for the UK,’ said <a href="https://www.linkedin.com/in/simitnaik/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Simit Naik, Director of Commercial &amp; Strategy at nChain</a>.</p>



<h2 class="wp-block-heading" id="h-the-bsv-blockchain-and-teranode-is-a-perfect-fit">The BSV blockchain and Teranode is a perfect fit</h2>



<p>The BSV blockchain is well-suited for CBDCs due to its secure nature and efficiency. It offers a transparent and secure ledger, enabling faster transactions and reducing the risk of fraud.</p>



<p>Additionally, the BSV blockchain’s transparency can enhance resilience in the financial system, while programmable features allow for innovative functionalities such as conditional payments and automated compliance.</p>



<p>Recent advancements in blockchain infrastructure, such as the testing of Teranode on the BSV blockchain, <a href="https://www.bsvblockchain.org/news/how-teranode-enables-unbounded-scaling" target="_blank" rel="noopener">showcase the scalability and efficiency of the technology</a>.</p>



<p>In January, the BSV Association R&amp;D team announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing BSV&#8217;s capabilities to 1 million transactions per second in the not-too-distant future.</p>



<p>Such technological leaps will enable mass transactions on blockchain-based infrastructure, supporting data processing on an unprecedented scale, at a fraction of traditional costs, while laying the foundation for a more secure financial ecosystem.</p>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">Teranode solves vertical scaling challenges on the BSV blockchain</a> by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a significant upgrade for the Bitcoin node software, and it is a ground-up rewrite of the BSV Blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.</p>



<p>Protocol custodian BSV Association revealed a more service-oriented approach to the network&#8217;s work. The new features include &#8216;modularized&#8217; functions such as transaction and block validation, plus block assembly into services that run only when required.</p>



<p>The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<h2 class="wp-block-heading" id="h-the-specialisation-of-nodes-and-functions">The specialisation of nodes and functions</h2>



<p>‘The BSV blockchain, with Teranode at its core, will serve as the foundational infrastructure for a global system of multiple specialised overlay networks. We expect specialised nodes to complement the core services provided by miners operating Teranode, ‘ said <a href="https://www.linkedin.com/in/siggioskarsson?originalSubdomain=nl" target="_blank" rel="noopener nofollow">Siggi Oskarsson, Director of Teranode at the BSV Association</a>.</p>



<p>‘Dedicated overlay networks operated by enterprise infrastructure providers will communicate with the network core. End-user applications will leverage SPV (Simplified Payment Verification) to interact within the Overlay Network.’</p>



<p>‘Teranode represents a breakthrough in the BSV Blockchain ecosystem, introducing the concept of unbounded-specialisation of nodes and functions. It enables specialized nodes, even at overlay levels like &#8220;bank nodes,&#8221; while ensuring edge-to-edge connectivity with SPV wallets. Teranode is pivotal in BSV&#8217;s evolution, empowering innovative blockchain applications.’</p>


Launching a digital dollar and digital pound on the BSV blockchain


<p>With the ever-expanding landscape of digital connectivity and the proliferation of Internet-enabled devices, the necessity for IPv6 adoption in shaping the foundation of the new Internet becomes increasingly apparent.</p>



<p><a href="https://www.bsvblockchain.org/news/the-intersection-of-ipv6-blockchain-and-iot" target="_blank" rel="noopener">IPv6, the successor to IPv4, offers an expansive address space</a> capable of accommodating the burgeoning number of devices seeking connection to the Internet.</p>



<p>As the exhaustion of IPv4 addresses looms and the demand for IP addresses continues to soar, transitioning to IPv6 is imperative for ensuring continued growth, scalability, and innovation in the digital realm.</p>



<p>By <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">leveraging the scalability and efficiency of Teranode</a>, the transition to IPv6 can be expedited, ensuring a seamless migration process and addressing the pressing need for an increased number of unique addresses to support the growing interconnectedness of devices in the digital age.</p>



<h2 class="wp-block-heading" id="h-where-we-are-now">Where we are now</h2>



<p>IPv4, originating in 1981, represents the fourth version of the Internet Protocol, characterised by a 32-bit address space, accommodating approximately 4.3 billion unique addresses. Initially, this capacity was deemed sufficient for the burgeoning Internet landscape.</p>



<p>Nevertheless, the burgeoning popularity of the Internet and the surge in connected devices revealed the looming issue of IPv4&#8217;s finite address pool. Consequently, <a href="https://www.ietf.org/blog/ipv6-internet-standard/" target="_blank" rel="noopener nofollow">the Internet Engineering Task Force (IETF) devised IPv6 as a successor</a>, introducing in 1998 a 128-bit address space capable of accommodating an essentially limitless number of unique addresses. IPv6 aimed to surmount the limitations of its predecessor and cater to the escalating demands of a connected world, notably in the realm of the Internet of Things.</p>



<p>Despite IPv6&#8217;s clear advantages over IPv4, its adoption has been sluggish, largely due to the substantial infrastructure adjustments necessitated by the new protocol. As of the start of 2024, IPv6 adoption remains modest, with IPv4 maintaining its dominance in Internet communication protocols.</p>



<h2 class="wp-block-heading" id="h-enter-teranode">Enter Teranode</h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">Teranode solves vertical scaling challenges on the BSV blockchain</a> by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>Teranode was recently extended and sustained testing on a Proof of Concept implementation began at the end of February, with a full node release later in 2024. This is a significant upgrade for the Bitcoin node software, and it is a ground-up rewrite of the BSV Blockchain architecture, designed to scale horizontally and provide new microservices for developers, applications, and users.</p>



<p>The Teranode upgrade is critical for the BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<h2 class="wp-block-heading" id="h-teranode-a-necessity-for-ipv6">Teranode a necessity for IPv6</h2>



<p>With Teranode, <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">the BSV blockchain will be able to scale to any size required</a>, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market.</p>



<p>Despite media and social hype claiming these alternative chains are the ‘money of the future,’ these networks cannot be used as money since they can only process limited transactions per second. This artificial limitation creates high fees and long waits.</p>



<p>An Internet built on IPv6 requires a network that can process big data at speed and securely. With Teranode, BSV blockchain is simultaneously a global digital payments network that can handle any data requirements, from Internet of Things (IoT) applications and devices to enterprise or government contracts.</p>


How Teranode can help deliver an IPv6-based Internet


<p>Challenges in patient records and care continue to persist in today’s healthcare landscape. Traditional systems constantly battle inefficiencies that could lead to lapses and life-threatening delays in patient care.</p>



<p>These inefficiencies can be detrimental during emergencies or when in need of seamless cross-border healthcare services. Due to the overloading of healthcare facilities in recent years, it’s been a challenge to maintain accuracy and sensitivity in dealing with medical records and cases.</p>



<p>Luckily, blockchain technology has made strides in the healthcare industry. Through innovative applications, this technology effectively addresses prevalent issues in medical records. Read on for more information on blockchain technology’s effects on healthcare.</p>



<p></p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="158" height="1024" src="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Blockchain-in-the-Healthcare-Industry-158x1024.jpg" alt="" class="wp-image-31559" srcset="https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Blockchain-in-the-Healthcare-Industry-158x1024.jpg 158w, https://cms.bsvblockchain.org/wp-content/uploads/2024/04/Blockchain-in-the-Healthcare-Industry-237x1536.jpg 237w" sizes="(max-width: 158px) 100vw, 158px" /></figure>



<h2 class="wp-block-heading" id="h-applications-of-blockchain-in-patient-records"><strong>Applications of Blockchain in Patient Records</strong></h2>



<p>The healthcare sector is one of those industries handling essential data. Proper data management is necessary for healthcare providers and institutions to serve patients better. Here’s how blockchain technology in healthcare contributes to that goal.</p>



<h3 class="wp-block-heading" id="h-1-immutable-and-secure-record-keeping"><strong>1. Immutable and secure record-keeping</strong></h3>



<p>Blockchain technology has an inherently tamper-resistant nature. Its digital ledgers shield against unauthorised access and data manipulation in healthcare records, wherein each entry becomes a permanent and unalterable part of the chain. This level of immutability ensures that patient data remains secure, enhancing credibility in healthcare companies.</p>



<p>For instance, medical records stored on a blockchain can help strengthen patient-provider relationships by fostering trust and transparency. Patients can rest assured that their records are confidential and safe from unauthorised parties.</p>



<h3 class="wp-block-heading" id="h-2-interoperability-and-data-sharing"><strong>2. Interoperability and data sharing</strong></h3>



<p>In the current healthcare landscape, <a href="https://www.frontiersin.org/journals/digital-health/articles/10.3389/fdgth.2020.612339/full" target="_blank" rel="noopener nofollow">challenges persist</a> in the seamless exchange of data among providers. For one, healthcare systems have disparate technologies and standards that don’t easily communicate with each other, making it difficult to share data across platforms and institutions.</p>



<p>Moreover, patient data is typically spread across multiple healthcare providers, departments and systems. This fragmentation hinders the creation of comprehensive and cohesive patient records, leading to incomplete insights that may compromise the quality of care.</p>



<p>Fortunately, storing electronic health records on the blockchain can address this issue through secure and interoperable data-sharing. Its decentralised and transparent network allows healthcare professionals to access patient records efficiently.</p>



<p>As a medical service provider, you can break down <a href="https://www.bsvblockchain.org/news/breaking-down-healthcare-data-silos-with-blockchain" target="_blank" rel="noopener">healthcare data silos</a> that hinder collaborative care. Not only does blockchain streamline processes, but it also enhances the overall quality and continuity of patient care.</p>



<h3 class="wp-block-heading" id="h-3-patient-controlled-access-and-consent"><strong>3. Patient-controlled access and consent</strong></h3>



<p>Besides interoperability, patients have <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8650083/" target="_blank" rel="noopener nofollow">security concerns</a> regarding data privacy. Many may hesitate to share their information since they’re unsure who will access it.</p>



<p>With blockchain, a decentralised solution enhances privacy and compliance with regulations such as <a href="https://www.cdc.gov/phlp/publications/topic/hipaa.html#:~:text=The%20Health%20Insurance%20Portability%20and,the%20patient's%20consent%20or%20knowledge." target="_blank" rel="noopener nofollow">HIPAA</a>. Implementing <a href="https://academy.bsvblockchain.org/blog/healthcare-businesses-developing-on-the-bsv-blockchain" target="_blank" rel="noopener">blockchain technology for healthcare</a> records lets patients securely manage and grant access to their records through <a href="https://academy.bsvblockchain.org/blog/which-companies-use-blockchain#:~:text=Users%20can%20store%20their%20personal%20information%20on%20the%20blockchain%20and%20control%20access%20to%20it%20using%20cryptographic%20keys" target="_blank" rel="noopener">cryptographic keys</a>.</p>



<p>On top of this feature, smart contracts can set specific conditions for authorised personnel when accessing someone’s health data. As a result, patients can have peace of mind with complete control over their information.</p>



<h3 class="wp-block-heading" id="h-4-verification-for-vaccines"><strong>4. Verification for vaccines</strong></h3>



<p>With new diseases cropping up, verifying <a href="https://www.bsvblockchain.org/news/how-blockchain-based-vxpass-is-reshaping-healthcare-records" target="_blank" rel="noopener">vaccination records</a> is more critical than ever. Take outbreaks or pandemics, for example. Quick and accurate vaccination verification enables health authorities to implement targeted interventions, such as quarantine measures or additional vaccination campaigns.</p>



<p>Additionally, understanding the vaccination status of populations aids in determining which areas have low immunisation rates. Health organisations can focus resources on these regions to prevent outbreaks and work towards disease eradication. Blockchain-based solutions can be a powerful tool in this department.</p>



<p>Each vaccination record, cryptographically secured on the blockchain, becomes instantly verifiable. Health organisations can then reduce the risk of fraud and ensure the accuracy of individuals’ vaccination status.</p>



<h2 class="wp-block-heading" id="h-impact-of-blockchain-on-patient-care"><strong>Impact of Blockchain on Patient Care</strong></h2>



<p>Aside from patient records, blockchain technology in healthcare can also help improve the quality of treatment and care.</p>



<h3 class="wp-block-heading" id="h-1-real-time-access-to-patient-data"><strong>1. Real-time access to patient data</strong></h3>



<p>As a healthcare professional, you know how fast-paced the work can be, especially in cases where you must make precise and quick decisions on patient care. Fortunately, blockchain technology lets you do so by giving you real-time access to updated patient records. This instant accessibility translates into improved diagnostic accuracy and informed treatment decisions.</p>



<p>In an emergency where every second counts, <a href="https://www.bsvblockchain.org/news/how-poland-is-using-blockchain-to-stay-at-the-forefront-of-healthcare" target="_blank" rel="noopener">using blockchain technology</a> for electronic health records can be life-saving since there is ready access to a patient’s complete medical history.</p>



<h3 class="wp-block-heading" id="h-2-streamlined-administrative-processes"><strong>2. Streamlined administrative processes</strong></h3>



<p>Blockchain use extends beyond clinical realms. Typically, administrative workflows involve multiple levels of approval, which can take up too much time and resources. Through smart contracts, blockchain can automate the progression of tasks, streamline approval processes, reduce delays and improve overall efficiency. This functionality speeds up the completion of each task from one step to the next.</p>



<p>For example, when a patient requests medical documents for insurance claims, blockchain for medical records can facilitate seamless interactions between insurers and patients, leading to a more agile and cost-effective healthcare system.</p>



<h3 class="wp-block-heading" id="h-3-transparent-supply-chain-management-in-healthcare"><strong>3. Transparent supply chain management in healthcare</strong></h3>



<p>Apart from administrative processes, pharmaceuticals and medical supplies can benefit from blockchain technology. Its decentralised and transparent nature is helpful in tracing the products’ journey at every step, from manufacturing to distribution and retail.</p>



<p>Plus, each pharmaceutical product has a unique identifier recorded on the blockchain, which includes details like manufacturing date, batch number and expiration. Manufacturers and consumers can verify the authenticity of a product by scanning its identifier, ensuring genuine and safe medications.</p>



<p>Pharmaceutical companies can utilise <a href="https://www.bsvblockchain.org/news/a-blockchain-solution-to-eroding-trust-in-the-pharmaceutical-model" target="_blank" rel="noopener">blockchain solutions</a> to check product authenticity, address concerns about counterfeit drugs and safeguard patients from harm.</p>



<h3 class="wp-block-heading" id="h-4-accurate-clinical-trials-and-research"><strong>4. Accurate clinical trials and research</strong></h3>



<p>Blockchain technology can help keep an accurate record of clinical trials and research. Its immutability and tamper-resistant nature protect research data from misinformation and errors. Blockchain’s secure and transparent ledgers give stakeholders clarity on trial results.</p>



<p>Ultimately, blockchain fosters trust in the research process and paves the way for more robust and reliable medical advancements.</p>



<h2 class="wp-block-heading" id="h-4-challenges-and-complications-of-blockchain-in-the-healthcare-industry"><strong>4 Challenges and Complications of Blockchain in the Healthcare Industry</strong></h2>



<p>While blockchain in healthcare offers many advantages, it doesn’t come without drawbacks. Consider the following challenges of implementing blockchain technology for electronic health records and other medical matters.</p>



<h3 class="wp-block-heading" id="h-1-regulatory-compliance"><strong>1. Regulatory compliance</strong></h3>



<p>Navigating regulatory frameworks and ensuring compliance can pose <a href="https://widgets.weforum.org/blockchain-toolkit/legal-and-regulatory-compliance/index.html" target="_blank" rel="noopener nofollow">significant challenges</a> in integrating blockchain. Healthcare is subject to a complex and evolving regulatory landscape. Different countries and regions typically have distinct regulations and compliance requirements.</p>



<p>Adopting blockchain solutions to meet diverse regulatory frameworks can be time-consuming. One must first acquire a deep understanding of these regulations to ensure compliance before utilising blockchain medical records.&nbsp;</p>



<h3 class="wp-block-heading" id="h-2-integration-with-existing-systems"><strong>2. Integration with existing systems</strong></h3>



<p>Implementing blockchain technology in healthcare requires a seamless integration with legacy IT systems. Achieving interoperability between blockchain and legacy systems is crucial to ensure data flow and functionality. However, legacy systems may not natively support the decentralised nature of blockchain, requiring careful consideration and adaptation.</p>



<p>A possible workaround is introducing blockchain functionalities in phases to minimise disruptions and allow integration without compromising existing workflows.</p>



<h3 class="wp-block-heading" id="h-3-preference-for-paper-records"><strong>3. Preference for paper records</strong></h3>



<p>Most healthcare professionals still use paper records instead of electronic ones. Shifting to blockchain-based electronic health records involves a major cultural shift, requiring understanding and collaboration among healthcare professionals. But, the reluctance of some can make the transition more challenging.</p>



<h3 class="wp-block-heading" id="h-4-operational-costs"><strong>4. Operational costs</strong></h3>



<p>Notably, transitioning from paper to electronic health records in the blockchain is not a fixed-cost endeavour. You may face operational costs associated with implementing blockchain technology in healthcare, such as hardware, software, technical expertise, and ongoing maintenance. Plus, continuous troubleshooting, upgrading, backup and reporting may also increase costs.</p>



<p>Identifying and acknowledging these constraints can help you strategically plan blockchain tech adoption with long-term sustainability and cost-effectiveness.</p>



<h2 class="wp-block-heading" id="h-build-the-future-of-healthcare-with-blockchain-technology"><strong>Build the Future of Healthcare with Blockchain Technology</strong></h2>



<p>The healthcare industry is experiencing a significant shift in handling patient data and records. Fortunately, blockchain technology can enhance patient treatment with its secure, transparent, seamless data-sharing nature.</p>



<p>Although adopting the technology may come with challenges, a strategic approach to these challenges makes <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain technology in healthcare</a> effective as transformative patient care that redefines the standards of healthcare excellence.</p>



<p>To help you understand the technology that powers modern healthcare, this eBook, ‘<a href="https://resources.bsvblockchain.org/enterprise-blockchain-products-using-the-bsv-blockchain-ebook">Enterprise blockchain products on the BSV blockchain</a>’ describes how BSV can serve as infrastructure to aid the healthcare industry in delivering top-notch patient care in today’s data-based economy.</p>


Blockchain in the Healthcare Industry: A different look at patient records


<p>In the dynamic realm of blockchain technology, the BSV Association (BSVA) plays a crucial role in ensuring the integrity and functionality of the BSV network. This stewardship is characterised by the implementation of <a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a>, the reimplementation of the Alert Key Mechanism, and a commitment to upholding the original vision of the Bitcoin White Paper. This guide provides an overview of the BSVA&#8217;s operational framework, highlighting key aspects of the <a href="https://www.bsvblockchain.org/news/your-questions-on-the-new-network-access-rules-and-alert-system-answered" target="_blank" rel="noopener">Alert System</a>, and the importance of these features for future blockchain applications.</p>



<h2 class="wp-block-heading" id="h-the-historical-context-of-unilateral-contracts">The historical context of unilateral contracts</h2>



<p>The BSVA&#8217;s approach to network governance and the implementation of NAR is deeply rooted in the historical evolution of unilateral contracts. The seminal 19<sup>th</sup> century case of <em>The Satanita</em> laid the groundwork for understanding how participants in a shared activity – be it a yacht race or a blockchain network – can implicitly agree to a set of governing rules.</p>



<p>The Satanita was a yacht competing in a race. Each competitor had knowledge that by entering the race they would be bound by the sailing rules of the Yacht Racing Association. Participation in the race indicated an agreement on the part of each participant to play by the rules and be bound by them. This was an agreement confirmed by performance and done by “sailing” into the race.</p>



<p>An ensuing claim against the owner of The Satanita for damages suffered by the owner of another yacht during the race was upheld by the court on the ground that each competitor was contracting to be bound by the same rules as all other competitors entered in the race, regardless of knowing their identity. By analogy to the BSV network, miners “sail” into the NAR by their mining activities – agreeing to abide by the published rules &#8212; akin to the yacht owners in <em>The Satanita</em> who were bound by the Yacht Racing Association&#8217;s regulations.</p>



<h3 class="wp-block-heading" id="h-the-relevance-of-isda-protocols">The relevance of ISDA protocols</h3>



<p>Inspiration for the effectiveness of the BSVA’s Alert System derives in part from the development and success in the financial sector of ISDA protocols, which also took comfort from <em>The Satanita </em>case. Here again an expanding universe of participating entities pre-agreed without knowledge at the time of the universe of identities of the other relevant participants, in this case to amendments to their bilateral trading arrangements.</p>



<p>Those agreements expanded to include any other market participant similarly agreeing to be so bound and joining in the process. These protocols allow for efficient and mass contractual amendments in response to changing market or regulatory events. In a similar vein, the Alert Key Mechanism serves as a dynamic tool for communicating critical updates or rule enforcement actions directly to network nodes with multi-party effect, streamlining the process of maintaining network integrity and compliance.</p>



<h2 class="wp-block-heading" id="h-network-access-rules-and-digital-asset-recovery">Network Access Rules and Digital Asset Recovery</h2>



<p>The <a href="https://nar.bsvblockchain.org" target="_blank" rel="noopener">Network Access Rules</a>, governed by English law for its global recognition and clarity, define the operational boundaries for nodes within the BSV Network. Additionally, as a Swiss based entity, the BSVA can undertake actions in its home jurisdiction to enforce compliance with the NAR. These rules, derived from the unilateral contract first established by the network&#8217;s launch in 2009, aim to ensure that nodes act in accordance with the Bitcoin Protocol and maintain the integrity of the network.</p>



<p>Part of the BSVA&#8217;s stewardship also revolves around the concept of Digital Asset Recovery (DAR), essential in establishing a regulatory compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>



<h3 class="wp-block-heading" id="h-alert-system-reinforcing-network-security">Alert System: reinforcing network security</h3>



<p>The <a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">Alert System</a>, originally part of Bitcoin&#8217;s design (as the Alert Key Mechanism), is being reintroduced by the BSVA. This mechanism is a direct communication tool for informing nodes about significant events, such as network attacks or software updates. More critically, it is used to enforce the NAR. When a node violates these rules, whether through malicious activity or neglect of protocol duties, the BSVA can issue alert messages to other nodes. These messages are either notifications or directives. Notifications might alert nodes of a software update, while directives might instruct nodes to disregard (orphan) the blocks mined by the violating node, effectively isolating it from the network.</p>



<h3 class="wp-block-heading" id="h-responsibility-and-legal-compliance">Responsibility and legal compliance</h3>



<p>As stewards of the network, the BSVA assumes responsibility for the appropriate application of the <a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener">Alert System</a>. This responsibility is significant, as any misapplication of alerts could impact network participants profoundly. The BSVA’s approach, mirroring traditional financial systems, underscores a dedication to legal compliance and responsible oversight.</p>



<h3 class="wp-block-heading" id="h-the-role-of-legal-expertise">The Role of Legal Expertise</h3>



<p>Care has been taken to involve legal experts in shaping the BSVA&#8217;s framework, all with the view of reinforcing the alignment of blockchain operations with established legal norms. Consulting legal experts from this niche domain of blockchain and unilateral agreements on NAR has been instrumental in integrating traditional contractual principles into the blockchain context, ensuring that the BSVA&#8217;s governance model remains legally sound and reflective of established legal practices.</p>



<h2 class="wp-block-heading" id="h-preserving-the-bitcoin-protocol">Preserving the Bitcoin Protocol</h2>



<p>The BSVA is committed to preserving the original Bitcoin protocol as outlined in the original Bitcoin White Paper, and will use best endeavours to ensure that only valid messages are broadcast via the Alert System. This commitment prevents fragmentation and upholds the network’s foundational stability.</p>



<h3 class="wp-block-heading" id="h-implications-for-future-blockchain-applications">Implications for future blockchain applications</h3>



<p>As blockchain technology becomes integral to national digital identity schemes and CBDCs, the legal robustness and operational efficiency of the BSVA&#8217;s framework are of paramount importance. The combination of historical legal principles with modern technological capabilities positions the BSVA as a pioneering entity in blockchain governance. This integration of legal insight and technological innovation aims to ensure that the BSV network remains a reliable and secure platform for significant digital advancements.</p>



<p>The BSVA&#8217;s operational framework reflects a commitment to securing a safe and lawful environment for digital asset transactions. As blockchain technology continues to evolve, the BSVA&#8217;s approach, grounded in legal expertise and a dedication to the original principles of the BSV network, establishes a paradigm of responsible stewardship in the digital age. The Association’s role in ensuring network integrity and compliance with legal standards is vital for the future of blockchain applications, all with the specific intention of making BSV a reliable and trustworthy platform for digital innovation.</p>



<h3 class="wp-block-heading" id="h-disclaimer">Disclaimer</h3>



<p><em>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</em></p>



<h2 class="wp-block-heading" id="h-learn-more-about-bsv-blockchain-governance">Learn more about BSV blockchain governance</h2>



<ul>
<li><a href="https://nar.bsvblockchain.org" target="_blank" rel="noopener">BSV Network Access Rules</a></li>



<li><a href="https://www.bsvblockchain.org/news/eli5-bsv-network-access-rules" target="_blank" rel="noopener">ELI5: Network Access Rules</a></li>



<li><a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">ELI5: BSV Alert System</a></li>



<li><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener">FAQ: Network Access Rules</a></li>



<li>Blog: <a href="https://www.bsvblockchain.org/news/protecting-assets-ensuring-justice-bsva-alert-system-and-dar-framework" target="_blank" rel="noopener">Protecting Assets, Ensuring Justice: BSVA&#8217;s Alert System and DAR Framework</a></li>



<li><a href="https://www.bsvblockchain.org/news/your-questions-on-the-new-network-access-rules-and-alert-system-answered" target="_blank" rel="noopener">Twitter (X) Space: Your questions on the new Network Access Rules and Alert System answered</a></li>
</ul>


Unravelling Blockchain Governance: The BSVA’s approach to Network Stewardship


<p>BSV Association respects the High Court judgement concerning Dr Craig Wright.</p>



<p>We value the contributions Dr Wright has previously made as a leading expert on blockchain technology.</p>



<p>Notwithstanding the judgement, our focus remains unchanged – the enterprise-grade evolution of the BSV blockchain.</p>


BSV Association notes UK High Court ruling on Dr Craig Wright


<p>BSV Blockchain is pleased to announce that the private beta of the <a href="https://www.bsvblockchain.org/spv-wallet" target="_blank" rel="noopener">SPV Wallet</a> is now available. To be part of the private beta users, please contact the team on the SPV <a href="https://discord.com/invite/XUQt5PJv" target="_blank" rel="noopener nofollow">wallet</a> discord channel. The SPV Wallet clarifies the state-of-the-art technical architecture of BSV Wallets through its open-source, non-custodial framework, enabling seamless transaction verification and management at significantly reduced costs.</p>



<p>Designed for exchanges, wallet providers and businesses running BSV applications, it offers a reference implementation of simplified payment verification (SPV, section 8 of the whitepaper) for enhanced efficiency and security.</p>



<h2 class="wp-block-heading" id="h-what-is-an-spv-wallet">What is an SPV wallet?</h2>



<p>SPV Wallet can be used in place of the BSV Blockchain node software to validate transactions and make outbound payments. Accepting payments in this way is better for compliance purposes because your server communicates directly with counterparties.</p>



<p>‘This allows KYC and AML data to be validated prior to any payment negotiations, domain-specific controls, and many configurable options to meet requirements in your jurisdiction,’ explains <a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler, Technical lead of Utilisation at BSV Blockchain</a>.</p>



<p>‘Running SPV Wallet in place of a full node leads to significant cost savings. This saving is due to the disparity between relevant transactions for the exchange, and overall network transaction volume,’ he said.</p>



<p>The average transactions per second settled on BSV Blockchain has been trending up rapidly for the last few years and is expected to skyrocket as we go forward. This will inevitably drive up costs for full node operators, and raise the corresponding demand for SPV Wallet solutions.</p>



<h2 class="wp-block-heading" id="h-key-features">Key features</h2>



<p>There are several key features of the SPV Wallet, including:</p>



<ul>
<li>Create accounts, sign transactions, and check balances;</li>



<li>Send transactions;</li>



<li>Receive and validate inbound transactions;</li>



<li>Store your transactions and corresponding metadata;</li>



<li>Confirm the presence of your transactions on the BSV blockchain;</li>



<li>CLI, JavaScript, and Go clients for the Wallet API.</li>
</ul>



<p>The planned roadmap includes a mobile wallet app, payment counterparty validation, and token support.</p>



<h2 class="wp-block-heading" id="h-understanding-the-components">Understanding the components</h2>



<p>Deploying the SPV Wallet will spin up several containerised services to create something which at a high level looks like the diagram below.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/qbkqFKBDgJnys2vpNVELh8HipGtUniRWqKLemloFE70TQu1U4kJ6I6PLsd2aJv7qJiGUjetIxivG3ATn_8NgIk4H4jipZwl2ycLacBSDCsp0-UQmkJgliXSwA8tTPwFFuGSb4VChqyW7shDra4bTAkU" alt="SPV Wallet"/></figure>



<p>There are two user interfaces, the Wallet App, and the Admin Console. These drive an API hosted by the SPV Wallet Server. This Wallet Server also accepts payments from Other Wallets, and Broadcasts Transactions to ARC. ARC returns Merkle Paths to confirm transactions, which are validated by checking Merkle roots stored by Blockheader Service.</p>



<p>The SPV Wallet combines the components to form a fully operational hosted non-custodial open-source reference wallet for the ecosystem.</p>



<h2 class="wp-block-heading" id="h-minimal-dependencies-and-easy-installation">Minimal dependencies and easy installation</h2>



<p>The new SPV Wallet requires minimal dependencies as it leverages lightweight SPV technology for efficient blockchain verification, says <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo, Director of Utilisation at BSV Blockchain</a>.</p>



<p>‘The wallet is easy to install and deployable via Docker or from source, catering to diverse user needs and technical environments. The system directly connects to the BSV network, synchronizing only essential data for streamlined operations.</p>



<p>‘The wallet also provides versatile API access through CLI, JavaScript, and Go clients, simplifying integration and automation,’ Giacomo said.</p>



<h2 class="wp-block-heading" id="h-upcoming-hackathon-to-feature-spv-wallet">Upcoming hackathon to feature SPV wallet</h2>



<p>The new SPV wallet will be a key focus of the upcoming <a href="https://www.bsvblockchain.org/news/win-great-prizes-registrations-are-now-open-for-the-2024-scrypt-hackathon" target="_blank" rel="noopener">sCrypt hackathon which is being held in conjunction with BSV Blockchain</a>.</p>



<p>The hackathon will take place virtually from March 16 to 17, 2024 with $5,000 prizes up for grabs!</p>



<p>Join us for an exciting hackathon where we’re unleashing the power of Ordinals support in the sCrypt development platform. Now equipped with Bitcoin smart contracts and Bitcoin tokens, developers have the tools necessary to create groundbreaking applications that were previously unimaginable.</p>



<p>Think trustless exchanges, atomic swaps, and the tokenisation of financial instruments. Our hackathon theme revolves around merging sCrypt (Bitcoin smart contracts) with Ordinals (Bitcoin tokens) to pioneer innovative solutions in the blockchain space.</p>



<p>You can <a href="https://www.bsvblockchain.org/news/win-great-prizes-registrations-are-now-open-for-the-2024-scrypt-hackathon" target="_blank" rel="noopener">find out more about the hackathon and the entry requirements here</a>.</p>


BSV Blockchain launches private beta of SPV Wallet – The BSV open-source wallet reference implementation


<p>BSV Blockchain recently announced the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">availability of the Standard Development Kit (SDK) for JavaScript and TypeScript</a>. This TypeScript SDK is designed to furnish developers with an advanced and consolidated core library tailored for crafting scalable applications on the BSV blockchain.</p>



<p>Serving as a successor to the previously favoured bsvjs library, which is now defunct, this SDK empowers developers to adopt a peer-to-peer approach in their application development endeavours. Notably, it streamlines <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-simplified-payment-verification" target="_blank" rel="noopener">Simplified Payment Verification (SPV), thereby promoting privacy and scalability</a>.</p>



<p>This SDK launch marks a pivotal milestone within the broader BSV Blockchain Libraries Project. This initiative is geared towards organising and sustaining a middleware layer within the BSV blockchain technology stack. By streamlining the development and upkeep of core libraries, it functions as an indispensable toolkit for developers seeking to harness the potential of the BSV blockchain.</p>



<p>The team at Project Babbage was key to this latest launch and is currently working alongside BSV Blockchain on future library releases. Below, <a href="https://projectbabbage.com/founder-profiles/ty-everett" target="_blank" rel="noopener nofollow">Ty Everett (CEO of Project Babbage)</a> gives an overview of the new SDK and what to expect going forward.</p>



<h2 class="wp-block-heading" id="h-can-you-give-a-brief-explanation-of-what-the-typescript-sdk-is-and-how-it-will-benefit-more-developers">Can you give a brief explanation of what the TypeScript SDK is and how it will benefit more developers?</h2>



<p>The TypeScript SDK project was started as an initiative to unify and consolidate the fragmented ecosystem of existing Bitcoin development libraries. It’s a fundamental building block that helps BSV developers with things like creating transactions, encrypting data, and using Simplified Payment Verification (SPV) for enhanced scalability.</p>



<p>It’s a massive upgrade over previous JavaScript and TypeScript libraries because it removes all external dependencies and enables features like tree shaking to reduce bundle sizes and increase page load times. The TypeScript library will help bring the next generation of developers into the BSV ecosystem by providing a single, unified, officially supported and well-documented way to get started in using Bitcoin.</p>



<h2 class="wp-block-heading" id="h-what-is-the-benefit-of-updating-these-libraries-and-giving-developers-more-options">What is the benefit of updating these libraries and giving developers more options?</h2>



<p>The ecosystem benefits when libraries are well-maintained and easy to integrate. By consolidating the most important and useful features of existing libraries from across the space into one unified offering, we reduce the friction and complexity associated with trying to pour through old, unmaintained and often broken code.</p>



<p>Often, this code was originally written to support unnecessary and overcomplicated use cases not applicable to the BSV blockchain, and we’ve managed to eliminate significant amounts of this bloat. This increases the performance and load times of every website and app that makes use of the new library.</p>



<h2 class="wp-block-heading" id="h-what-is-the-testing-process-like-for-the-typescript-sdk">What is the testing process like for the TypeScript SDK?</h2>



<p>Previously, different dependencies of various JavaScript and TypeScript Bitcoin libraries wrote their tests in different, incompatible testing frameworks. There were different coding standards across these projects, with some having little to no testing or quality assurance in place at all.</p>



<p>The TypeScript library has unified and consolidated all necessary code into one single place, while also bringing all testing under the Jest framework and ensuring a high degree of test coverage. All tests on the new code are kept passing, and any new changes to the library must also come with associated tests to ensure the highest code quality going forward.</p>



<h2 class="wp-block-heading" id="h-can-you-talk-about-some-of-the-accompanying-educational-materials-you-are-also-releasing">Can you talk about some of the accompanying educational materials you are also releasing?</h2>



<p>Educating developers and business leaders about the advantages of the new TypeScript library is the process that will ultimately lead to its adoption and use across the ecosystem. The team has produced over a dozen examples demonstrating everything from how to get started using the library, to secure message encryption, complex script templates like R-puzzles, and of course, simple concepts like creating and broadcasting transactions.</p>



<p>The <a href="https://github.com/bitcoin-sv/ts-sdk/tree/master/docs/examples" target="_blank" rel="noopener nofollow">examples are available on GitHub</a> and we are collaborating with the BSV Blockchain Education and Marketing teams to produce more interactive content. Over the coming months, we will also produce educational materials relating to the low-level building blocks, and higher-level conceptual understandings necessary to fully benefit from what the BSV SDK has to offer. Expect videos, articles and — later this year, perhaps even some refreshed BSV Academy courses showing people everything they need to get on their feet.</p>



<h2 class="wp-block-heading" id="h-can-you-talk-about-some-of-the-other-languages-libraries-you-are-working-on">Can you talk about some of the other languages/libraries you are working on?</h2>



<p>The BSV Blockchain is also working to develop a Go library, enabling more developers working across a broader spectrum of languages and use cases to benefit from what the BSV blockchain has to offer. Luke Rohenez and David Case are doing a fantastic job in their efforts to unify and consolidate BSV’s Go ecosystem in the same way the Babbage team has done with TypeScript.</p>



<p>We’re also likely to see a Python version of the SDK before too long. The TypeScript SDK is a fundamental building block for future projects, such as overlay networks and wallets, enabling a more scalable and interoperable BSV blockchain ecosystem.</p>


Updating BSV blockchain’s libraries – An interview with Project Babbage


<p>Bitcoin has had a long and storied history and many people have tried to twist and change the narrative to suit their ends. However, that is all changing as Bitcoin becomes what it was always meant to be &#8211; a building block on top of which we can build many different things.</p>



<p>This is the view of <a href="https://projectbabbage.com/founder-profiles/ty-everett" target="_blank" rel="noopener nofollow">Ty Everett (CEO of Project Babbage)</a> who notes that Bitcoin was always designed as a system where people can make transactions. ‘Those transactions contain outputs which are declarations of the terms under which somebody is willing to transact, or somebody is willing to exchange value, he said, ‘These transactions, exchanged peer to peer between parties within a communications network are then registered on the blockchain with miners.’</p>



<h2 class="wp-block-heading" id="h-no-limit-to-scalability">No limit to scalability</h2>



<p>Everett noted that there is no fundamental limit to the scalability of Bitcoin, and the reduced cost of transactions. ‘With an economy of scale created as transaction processors get better at their jobs. We can track the state of transactions on Bitcoin with things called overlay networks, and we can do this in a way that scales.</p>



<p>‘We can use these Bitcoin outputs, these UTXOs, these transactional building blocks within various applications,’ said Everett.</p>



<p>He added that it is possible to create identity systems using Bitcoin that put users in control over their personal information and allow them to transact and move across any number of applications with their same identity.</p>



<p>‘You could email any people now with Bitcoin with your same money, with your same digital identity, with your same assets, with the same rights that you have accrued over time as you have dealt with people, you can take those things and you can make them workable across any number of different applications.’ he said.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-and-teranode">BSV blockchain and Teranode</h2>



<p>The BSV Association R&amp;D team <a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">recently announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing the BSV blockchain’s capabilities to 1 million transactions per second in the not-too-distant future.</p>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>The Teranode upgrade is critical for BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<p>The BSV blockchain will be able to scale to any size required, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market. Despite media and social hype claiming these alternative chains are the ‘money of the future,’ these networks cannot be used as money since they can only process limited transactions per second. This artificial limitation creates high fees and long waits.</p>



<p>The digital economy demands a network that can process big data at speed and securely. With Teranode, the BSV blockchain is simultaneously a global digital payments network that can handle any data requirements, from Internet of Things (IoT) applications and devices to enterprise or government contracts.</p>



<h2 class="wp-block-heading" id="h-the-end-of-bitcoin-history">The end of Bitcoin history</h2>



<p>As this unbounded scaling comes into play, and it becomes clear how Bitcoin was always meant to be used, discussions around Bitcoin and its premise will effectively cease, said Everett.</p>



<p>‘The history of Bitcoin is one full of people struggling to understand these things. It&#8217;s a history full of people going in the wrong direction and realising that they&#8217;re the entire premise, on top of which they&#8217;ve they&#8217;ve predicated their Bitcoin business or their idea was wrong and was unscalable and wouldn&#8217;t work,’ he said.</p>



<p>Everett specifically referenced other altcoins and other competing blockchains which had been led down the ‘wrong path’.</p>



<p>The entire ecosystem of other attempts at creating things using Bitcoin technology is evidence of this. But now, at long last, I think we&#8217;ve gotten to a point where people have shed enough blood trying to fail at doing different things, trying to create different approaches to this technology where we&#8217;ve finally arrived at some lessons and some understandings about what Bitcoin is and what Bitcoin is for and how it can be used, and that stuff I&#8217;m excited about.’</p>


The end of Bitcoin as you know it


<p><a href="https://www.bsvblockchain.org/news/scrypt-exeter-opcodes-sighash-preimages-and-private-and-public-keys" target="_blank" rel="noopener">sCrypt recently held a hackathon at the University of Exeter</a> to educate students on how to develop blockchain applications leveraging the potential of the BSV blockchain. The hackathon included a panel discussion moderated by <a href="https://business-school.exeter.ac.uk/people/profile/index.php?web_id=Jack_Rogers" target="_blank" rel="noopener nofollow">Jack Rogers, Senior Lecturer at the University of Exeter</a>, was organised, which featured the main protagonists of the hackathon:</p>



<ul>
<li><a href="https://www.linkedin.com/in/todd-price-3181949a/?originalSubdomain=au" target="_blank" rel="noopener nofollow">Todd Price, Chief of Content at BSV Academy</a>;</li>



<li><a href="https://craigwright.net/about/biography/" target="_blank" rel="noopener">Dr Craig S. Wright, Technical Advisor at nChain</a>;</li>



<li><a href="https://www.linkedin.com/in/brendan-lee-8494b735/?originalSubdomain=au" target="_blank" rel="noopener nofollow">Brendan Lee, Co-Founder of Elas</a>;&nbsp;</li>



<li><a href="https://www.linkedin.com/in/xiaohuiliu/" target="_blank" rel="noopener nofollow">Xiaohui Liu, Founder and CEO of sCrypt</a>.</li>
</ul>



<p>The discussion served as an all-round discussion on the diverse topic of blockchain development and related topics such as regulation, entrepreneurship and finance. The conversation delved into various aspects of BSV development, its potential applications, and the importance of coding efficiency.</p>



<h2 class="wp-block-heading" id="h-exploring-the-bsv-blockchain-s-potential">Exploring the BSV blockchain’s potential</h2>



<p>The panel started with the topic of potential use cases and applications for the BSV blockchain. Rogers asked the panel which applications they would like to see built on the BSV blockchain.</p>



<p>Wright emphasised the robustness and security of BSV&#8217;s protocol, which stems from its transparency and openness to the public. Due to this, the BSV blockchain has the potential to innovate even high-security control systems, citing examples like managing nuclear power plants remotely, which are built on outdated systems due to security concerns.</p>



<p>Lee expressed anticipation for so-called <a href="https://www.bsvblockchain.org/use-cases?category=finance&amp;sub-category=asset-management" target="_blank" rel="noopener">killer applications leveraging the BSV blockchain’s properties in a novel way</a>. Price stressed the need for identity-based systems and privacy-enhancing technologies. Liu highlighted the gap between BSV’s potential and current usage, urging for accessible development tools to spur innovation, which was also the main goal of the sCrypt hackathon.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon: Panel discussion with Dr Craig Wright &amp; more" width="500" height="281" src="https://www.youtube.com/embed/lsImoO_gN-k?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-efficiency-and-optimisation-in-coding">Efficiency and optimisation in coding</h2>



<p>Coding efficiency emerged as a central theme in the conversation, with the panellists sharing insights and anecdotes on the importance of streamlining code and avoiding unnecessary lines. Wright recounted Steve Wozniak&#8217;s experience at Apple, emphasising the value of refactoring code for improved performance.</p>



<p>Lee underscored the financial implications of code optimisation, highlighting its direct impact on cost savings for businesses. Liu cautioned the audience against writing negative lines of code as Steve Wozniak did in Wright’s example. In his experience this can lead to negative perceptions during performance reviews.</p>



<p>In this context, also the <a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">educational efforts of BSV Blockchain were discussed</a>. Price highlighted the importance of standardising language and architecture in blockchain development. Collaboration and sharing of solutions among developers were emphasised as crucial for accelerating progress in the field. Price stressed the need for a mature repository of information to pass on to learners and encouraged collaboration to drive innovation forward.</p>



<h2 class="wp-block-heading" id="h-clarifying-misconceptions-and-emphasising-integrity">Clarifying misconceptions and emphasising integrity</h2>



<p>Wright clarified misconceptions surrounding BSV&#8217;s protocol, emphasising its fixed nature and <a href="https://www.bsvblockchain.org/news/telling-stories-with-data-using-blockchain-for-improved-data-integrity" target="_blank" rel="noopener">the importance of integrity in the blockchain network</a>. A common misunderstanding r is the concept of decentralisation, which for Wright primarily consists of the fixed protocol of BSV. He discussed practical considerations in achieving a fixed protocol, highlighting trade-offs in security and the enforcement of necessary rules.</p>



<p>Lee added that protocol changes can have devastating outcomes for businesses that build their products, contracts or applications on certain blockchains. A seemingly minor and insignificant change in the protocol can disable entire infrastructures.</p>



<h2 class="wp-block-heading" id="h-participate-in-the-next-scrypt-hackathon">Participate in the next sCrypt hackathon</h2>



<p>Anyone interested in another sCrypt hackathon shortly will soon have the chance to take part in one in the USA. The hackathon will take place in San Francisco on March 16-17. You can <a href="https://www.bsvblockchain.org/events/scrypt-hackathon-2024" target="_blank" rel="noopener">find more information here</a>.</p>


sCrypt Hackathon – discussing use cases and decentralisation


<p>Blockchain continues to make remarkable developments in the digital landscape since its inception. In 2022, the worldwide <a href="https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072" target="_blank" rel="noopener nofollow">market size</a> for blockchain technology reached $11.14 billion and may have a compound annual growth rate (CAGR) of 59.9% until 2030.</p>



<p>Part of this progression is the integration of blockchain within the established legal structure, which signifies the technology&#8217;s growth while introducing a new era of compliance and cooperation.</p>



<p>Discover the multifaceted advantages of adopting a blockchain framework into the existing legal system in this infographic. It explores how this move ensures regulatory compliance, fosters trust and facilitates effective decision-making within blockchain networks.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3334" height="15230" src="http://127.0.0.1:8080/wp-content/uploads/2024/03/Blockchain-built-framework.jpg" alt="Blockchain legal framework" class="wp-image-31321"/></figure>



<h2 class="wp-block-heading" id="h-5-ways-blockchain-can-help-the-existing-legal-framework"><strong>5 ways blockchain can help the existing legal framework</strong></h2>



<p>Harnessing <a href="https://www.bsvblockchain.org/news/why-blockchain-is-more-than-just-a-buzzword-for-your-business" target="_blank" rel="noopener">the power of blockchain</a> opens up innovative possibilities. Below are areas in which blockchain technology can improve the present legal framework.</p>



<h3 class="wp-block-heading" style="padding-left: 70px;"><strong>1. Provides more robust measures for digital identity verification</strong></h3>



<p>By providing a decentralised method for verifying individuals&#8217; identities, blockchain enhances security and reduces the risk of identity fraud. Blockchain-based identity solutions can be particularly valuable in legal contexts where robust identity verification is essential. As for financial transactions, blockchain&#8217;s decentralised identity verification can reduce the likelihood of unauthorised access or fraudulent activities.</p>



<p>Legal contracts that rely on the accurate identification of parties involved can benefit from blockchain&#8217;s identity solutions, as it ensures the authenticity of signatories. Likewise, blockchain can offer a reliable and transparent method for meeting these requirements in regulatory compliance, where adherence to strict identity verification standards is crucial.</p>



<h3 style="padding-left: 70px;"><strong>2. Safeguard intellectual property rights</strong></h3>



<p>Blockchain <a href="https://www.bsvblockchain.org/news/digital-asset-recovery-freezing-and-seizing-lost-and-stolen-assets" target="_blank" rel="noopener">has timestamping and verification capabilities to check the ownership of intellectual assets</a>, such as patents, copyrights and trademarks. It can also create a tamper-resistant record of relevant activities from creation to ownership.</p>



<p>This feature becomes instrumental in legal disputes involving intellectual property rights. It offers a transparent and indisputable trail of ownership, strengthening intellectual property protection&#8217;s legal foundations.</p>



<h3 style="padding-left: 70px;"><strong>3.</strong> <strong>Decrease instances of contractual problems with self-executing contracts</strong></h3>



<p>Smart contracts introduce a new dimension to legal agreements. These self-executing projects automate and enforce the terms of transactions through code. Besides expedited processes, there is a reduced risk of disputes arising from contract misinterpretations.</p>



<p>Plus, <a href="https://www.bsvblockchain.org/news/smart-contracts-and-record-keeping-for-enterprises-with-tokenized" target="_blank" rel="noopener">smart contracts</a> bring efficiency and precision to how parties in legal agreements manage and execute contractual relationships.</p>



<h3 style="padding-left: 70px;"><strong>4. Streamline ownership transfer with asset tokenisation</strong></h3>



<p>Blockchain facilitates the tokenisation of real-world assets, ranging from real estate, art and equity. This innovation streamlines the transfer of ownership and enhances asset liquidity.</p>



<p>It also reduces bureaucratic hurdles, eliminating the need for complex paperwork and improving overall efficiency in asset transactions. As legal frameworks recognise and regulate tokenised assets, your business or investment can be more efficient when acquiring assets.</p>



<h3 style="padding-left: 70px;"><strong>5. Ensure data integrity with auditing and records-keeping features</strong></h3>



<p>Immutable ledgers ensure the integrity and permanence of records, making blockchain a game-changer for auditing and records-keeping. Auditors can rely on the accuracy and completeness of data stored on the blockchain, simplifying checks and balances.</p>



<p>Since a blockchain framework is invaluable in regulatory audits, you won&#8217;t have trouble gaining the trust of regulators and stakeholders. Ultimately, data transparency and immutability can contribute to a robust legal system that promotes accountability and compliance.</p>



<h2 class="wp-block-heading" id="h-5-potential-challenges-of-incorporating-blockchain-into-the-existing-legal-framework"><strong>5 potential challenges of incorporating blockchain into the existing legal framework</strong></h2>



<p>Although the blockchain governance framework presents a promising frontier for innovation, it still comes with limitations. These would-be issues require thoughtful navigation to strike the right balance between technological progress and legal compliance.</p>



<p>Here are possible setbacks your organisation may encounter when adopting blockchain.</p>



<h3 style="padding-left: 70px;"><strong>1. Questions about legal recognition</strong></h3>



<p>The evolution of blockchain is outpacing how legal systems adapt to the technology. As a result, there is a lack of clarity regarding the application of existing laws to blockchain-related activities. Uncertainties about the legality of blockchain records and transactions present a significant challenge in establishing their enforceability.</p>



<p>Without clear guidelines or legal recognition, businesses and stakeholders may hesitate to embrace blockchain solutions fully. This scenario might hinder blockchain&#8217;s widespread adoption and integration into conventional legal processes.</p>



<p>Hopefully, governments start acknowledging blockchain activities to foster public confidence, enable enforceability and support the smooth integration of this technology into various sectors.</p>



<h3 style="padding-left: 70px;"><strong>2. Concerns with matters regarding data protection and privacy</strong></h3>



<p>Sometimes, blockchain&#8217;s transparency can present issues and even conflict with <a href="https://www.bsvblockchain.org/news/addressing-data-protection-like-gdpr-and-hipaa-with-blockchain" target="_blank" rel="noopener">data privacy regulations such as GDPR</a>, specifically their &#8220;right to be forgotten&#8221; and data deletion provisions. The concern lies in the immutable nature of blockchain, making it seemingly impossible to remove or alter personal data.</p>



<p>However, it is a misconception that blockchain inherently compromises data privacy.</p>



<p>Various privacy-preserving techniques <a href="https://www.bsvblockchain.org/news/private-use-of-a-public-blockchain" target="_blank" rel="noopener">protect sensitive information while still harnessing the benefits of blockchain&#8217;s transparency and security</a>. For instance, leveraging a public blockchain as an external timestamp server enhances the security and integrity of internally managed databases.</p>



<p>Another tactic is <a href="https://www.techtarget.com/searchsecurity/definition/data-masking" target="_blank" rel="noopener nofollow">masking</a>, which permits data entry alteration before publishing it to the blockchain. The mutation scheme secures details within the enterprise, with the data remaining easily and fully restorable to its original form during an audit.</p>



<h3 style="padding-left: 70px;"><strong>3. Lack of option to correct mistakes due to immutability</strong></h3>



<p>Unchangeability is a key feature of blockchain, yet it can be a double-edged sword. On the one hand, this trait guarantees data integrity and trust. Conversely, it can complicate rectifying errors or addressing fraudulent activities due to the irreversible nature of recorded information. Fortunately, <a href="https://www.bsvblockchain.org/news/dr-craig-wright-discusses-redactable-contracts-on-blockchain" target="_blank" rel="noopener">the BSV blockchain provides&nbsp;redactable contracts</a>.</p>



<p>These acknowledge the need for flexibility, allowing certain parts of the contract to be editable without compromising the entire document. The contract type can be beneficial when parties need to update terms, correct errors or accommodate changing circumstances without requiring a completely new agreement.</p>



<h3 style="padding-left: 70px;"><strong>4. Limited knowledge when it comes to interoperability</strong></h3>



<p>The <a href="https://www.bsvblockchain.org/news/interoperability-in-trade-and-commerce-with-the-bsv-blockchain" target="_blank" rel="noopener">challenge of interoperability</a> stems from the lack of seamless compatibility between blockchain platforms and networks. Consequently, it creates difficulties when networks within multiple blockchain ecosystems must interact with one another since establishing standards and protocols for cross-chain transactions and communication can be a complex task.</p>



<p>The BSV Blockchain prioritises standardisation via the Technical Standards Committee to promote interoperability among projects, companies and industries.</p>



<h3 style="padding-left: 70px;"><strong>5. Global regulatory uncertainty</strong></h3>



<p>Globally, there are different rules regarding <a href="https://www.bsvblockchain.org/news/regulations-in-the-blockchain-space-friend-or-foe" target="_blank" rel="noopener">blockchain technology regulation</a>. Blockchain networks must follow all relevant laws and regulations from country to country. This potential hurdle highlights the importance of a proactive and flexible approach to meet the <a href="https://www.bsvblockchain.org/news/bsv-wallet-centbee-wins-by-preempting-travel-rule-implementation" target="_blank" rel="noopener">legal requirements in various regions</a>.</p>



<p>Fortunately, one of the BSV Blockchain’s advocacies involves blockchain regulation, emphasising legal compliance across industries. The BSV blockchain&#8217;s proponents also collaborate with policymakers and regulatory agencies to foster clarity on obligations, <a href="https://www.bsvblockchain.org/news/liteclient-enabling-regulatory-compliant-exchanges" target="_blank" rel="noopener">encourage compliance</a>, strengthen governance and build trust while attracting investments.</p>



<h2 class="wp-block-heading" id="h-unveiling-the-power-of-the-bsv-blockchain"><strong>Unveiling the power of the BSV blockchain</strong></h2>



<p><a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">Blockchain in governance</a> can enhance transparency, security and efficiency within legal processes. However, challenges such as legal recognition, data privacy concerns and regulatory uncertainties demand thoughtful solutions. As the legal landscape evolves, harnessing the power of blockchain within established frameworks offers a transformative path forward.</p>



<p>BSV is the sole public blockchain offering scalable, stable, secure and instant transactions for enterprises and governments. BSV paves the way for a transformative era in enterprise blockchain technology by powering the core elements crucial for successful blockchain integration.</p>



<p>You can delve deeper into BSV&#8217;s capabilities and applications in this comprehensive eBook, <a href="https://resources.bsvblockchain.org/restoring-promise-enterprise-blockchain" target="_blank" rel="noopener"><em>BSV blockchain &#8211; Restoring the promise of enterprise blockchain</em></a><em>.</em></p>


Infographic – The advantages of using a blockchain built within the existing legal framework


<p>The BSV Association (BSVA) plays a pivotal role in professionalising the BSV blockchain, by fostering the transparency of its contractual and operational framework and aiming to align this infrastructure with existing legal regimes and property rights. Central to this mission is the introduction of comprehensive governance tools: the <a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a>, the secure Alert System, and a robust mechanism for Digital Asset Recovery (DAR). These elements synergize to help ensure the BSV blockchain&#8217;s operation as a secure, reliable and robust platform, fostering trust among its global user base.</p>



<h2 class="wp-block-heading" id="h-the-alert-system-a-multifaceted-security-tool">The Alert System: a multifaceted security tool</h2>



<p>The Alert System is more than a warning mechanism; it serves as a linchpin of network integrity and safety on the BSV blockchain. Its primary role is to disseminate critical information, alerting nodes about potential threats like network attacks or software vulnerabilities. This proactive approach empowers network participants by providing necessary knowledge to safeguard the network&#8217;s integrity.</p>



<p>Beyond information dissemination, the Alert System is also instrumental in enforcing the <a href="https://nar.bsvblockchain.org" target="_blank" rel="noopener">Network Access Rules</a>. It issues directives to miners, guiding them in actions such as invalidating blocks that contravene the NAR, or freezing and unfreezing digital assets as per directives specified in the NAR. This dynamic functionality of the Alert System not only maintains network security but also helps with fairness and compliance across the BSV blockchain.</p>



<h2 class="wp-block-heading" style="padding-left: 70px;"><strong>Learn more:</strong></h2>



<p><p style="padding-left: 120px;">● <span style="font-size: 16pt;"><a href="https://www.bsvblockchain.org/news/eli5-bsv-network-access-rules" target="_blank" rel="noopener">ELI5: Network Access Rules</a></span></p></p>



<p><p style="padding-left: 120px;">● <span style="font-size: 16pt;"><a href="https://nar.bsvblockchain.org/frequently-asked-questions" target="_blank" rel="noopener">FAQ: Network Access Rules</a></span></p></p>



<h2 class="wp-block-heading" id="h-digital-asset-recovery-restoring-rights-and-justice">Digital Asset Recovery: restoring rights and justice</h2>



<p>Digital Asset Recovery (DAR) represents a groundbreaking advancement in addressing critical challenges in the blockchain space, such as asset theft and loss. It shifts the narrative from the conventional notion of irrevocable loss of coins, tokens or other blockchain-based digital assets to a paradigm where appropriate recourse and recovery become possible.</p>



<p>In cases of asset theft or hacking, victims can now seek better redress to reclaim their digital properties. The process involves the BSVA and industry partners, which carefully validate the formal criteria for court orders and ensure these are met. Upon validation, the BSVA facilitates the forwarding of the recovery request. Acting as the steward of the BSV network, the BSVA then utilises the Alert System to issue directives for the reassignment of any misappropriated tokens. This process not only reinforces the security of digital assets on the blockchain but also embeds a layer of fairness, providing those affected a tangible solution in cases, for example, of digital asset theft.</p>



<h3 class="wp-block-heading" id="h-proceeds-of-crime-and-hidden-assets">Proceeds of crime and hidden assets</h3>



<p>In the blockchain ecosystem, the unfortunate reality is that assets linked to illicit activities appear to loom large. The BSVA&#8217;s Digital Asset Recovery mechanism addresses this challenge by enabling enforcement mechanisms that supplement and support forensic identification of such assets. Through legal channels, assets tied to activities like drug trafficking or other crimes can then be identified, seized, and redirected towards the appropriate entities, striking a blow for fairness and compliance.</p>



<h3 class="wp-block-heading" id="h-rescuing-lost-assets">Rescuing lost assets</h3>



<p>Beyond theft and crime, the blockchain world also grapples with the pain of irretrievable loss &#8211; stories of lost wallets or hard drives containing valuable digital assets. DAR offers a ray of hope in these situations, providing a helpful means for individuals to recover lost assets through documented evidence of ownership. This approach transforms despair into actionable recovery, reshaping the narrative around digital asset ownership and loss.</p>



<h2 class="wp-block-heading" id="h-navigating-complex-jurisdictions-and-sanctions">Navigating complex jurisdictions and sanctions</h2>



<p>The BSVA acknowledges the complexities of relevant domestic and private international law, especially when dealing with multiple jurisdictions and economic sanctions. The BSVA plans to conduct extensive simulations to better understand these dynamics. The BSVA does not intend to act as a judge in any way, and directives are only issued when there is an applicable court order recognised as valid and enforcable by Swiss or English law authorities. In practice, the BSVA’s role is that of an enforcer, upholding court decisions instead of making any determination.&nbsp;Despite the fact that the BSVA does not itself act as an arbitrator, it is extremely important to understand that these directives could place nodes in opposition to one another and, in fulfilling its role, the BSVA will need to take account of any effect its action may have on the small world network of miners.</p>



<h3 class="wp-block-heading" id="h-blockchain-s-role-in-international-law-and-sanctions">Blockchain&#8217;s role in international law and sanctions</h3>



<p>There is perhaps an underappreciation of the potential blockchain technology has to revolutionise the application of law and economic sanctions. By creating transparent, immutable records of sanctions, blockchain can hold nations accountable for their actions, ensuring that sanctions are applied justly and fairly. This transparency could lead to greater global cooperation and a more equitable application of law in the international sphere.</p>



<h2 class="wp-block-heading" id="h-the-bsva-s-pivotal-role">The BSVA&#8217;s pivotal role</h2>



<p>In this evolving landscape, the BSVA&#8217;s commitment to transparency, accountability, and fairness positions it as a key player in the blockchain community&#8217;s exploration of relevant international law and practice. The BSVA&#8217;s expertise in handling complex issues, such as asset recovery, makes it a valuable partner in efforts to reform global conduct and effectiveness of international sanctions.</p>



<h3 class="wp-block-heading" id="h-toward-a-fairer-and-more-transparent-world">Toward a fairer and more transparent world</h3>



<p>The BSVA&#8217;s initiatives in blockchain security and compliance are more than just technological advancements; they are catalysts for global change. Blockchain&#8217;s potential in reshaping international relations and diplomacy is immense, offering a path to a world where greater transparency and justice prevail.</p>



<p>As blockchain continues to mature, its role in fostering a more certain and fairer world, where nations are held accountable and sanctions are applied with equity, becomes increasingly vital. The BSVA&#8217;s pioneering work in this field should be viewed as a significant step toward this vision, leading us toward a future where fairness and justice have a greater likelihood to transcend borders and become universal values in our interconnected world.</p>



<p>The journey with blockchain technology is ongoing, filled with both challenges and opportunities. But the promise it holds for creating a more transparent and just global community is undeniable, with all the potential for heralding a new era where the blockchain is not just a technological marvel but a force for positive change in international relations.</p>



<p></p>



<h3 class="wp-block-heading" id="h-disclaimer"><em><strong>Disclaimer</strong></em></h3>



<p><em><strong>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</strong></em></p>


Protecting Assets, Ensuring Justice: BSVA’s Alert System and DAR Framework


<p>In an era of exponential data growth and the urgent need for efficient management systems, the BSV blockchain is a transformative force capable of revolutionising data management across diverse sectors.</p>



<p>From the fast-paced world of sports to the intricate logistics of transportation, the BSV blockchain presents a versatile solution that transcends traditional boundaries, offering unparalleled transparency, security, and scalability.</p>



<p>One company which is actively working with the BSV blockchain to manage data integrity is Gate2Chain.</p>



<p>The <a href="https://www.gate2chain.com/gate-2-chain-suite" target="_blank" rel="noopener nofollow">G2C Development Suite</a> allows you to connect new or existing apps, websites, games, or any other system to the BSV blockchain, explains <a href="https://www.gate2chain.com/" target="_blank" rel="noopener nofollow">Bart Olivares, CEO of Gate2Chain</a>.</p>



<p>Olivares pointed to <a href="https://www.bsvblockchain.org/news/building-digital-twins-with-trace-and-the-bsv-blockchain" target="_blank" rel="noopener">Trace – the brainchild of IBM and Gate2Chain</a> – a blockchain-powered platform that facilitates the creation and tracking of ‘digital twins’ across the entire supply and distribution chain. Gate2Chain is also working on a meta marketplace platform, offering white-label marketplace solutions for companies and institutions that want to monetise their audiences better, he said.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain Trailblazers: Gate2Chain - Managing a world of data" width="500" height="281" src="https://www.youtube.com/embed/81JVwRjBhWg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h2 class="wp-block-heading" id="h-building-a-global-distribution-network">Building a global distribution network</h2>



<p>Olivares said he and his team are working on a global distribution network, including a recent agreement with sports consulting company Studio Blues. ‘They are promoting our products, our solutions to their customers, with the main idea of increasing customer engagement to monetise their audiences better,’ he said. <a href="https://www.bsvblockchain.org/news/moving-towards-a-world-where-everything-is-tokenised" target="_blank" rel="noopener">This includes the tokenisation of certain products and collectables</a>.</p>



<p>‘Tokenisation is not just about collectables. You can tokenise products, services, tickets &#8211; you can tokenise just about everything. When you tokenise you increase the efficiency of the process and the velocity of commerce.</p>



<p>‘So that&#8217;s the main idea. Go much further than collectables and start to issue tokenised tickets, products, services and experiences so we can engage differently with our customers.’</p>



<p>However, Gate2Chain’s development suite is not just limited to sports, and Olivares noted that the tools can be used by just about any business. He pointed to a digital passport product which is currently being used by some train companies in Europe.</p>



<p>‘We realised that they can also manage certificates, invoices, diplomas, any kind of document that can be time stamped and you can ensure data integrity. And that&#8217;s what we are doing here to provide data integrity solutions,’ he said.</p>


Managing data from sports to transport with Gate2Chain and the BSV blockchain


<p>Swiss payments company Centi has achieved a <a href="https://centi.ch/blog/2024/02/28/stablecoin-record/" target="_blank" rel="noopener nofollow">groundbreaking milestone at FinovateEurope</a> by processing over one million micropayments in just 24 hours, with each transaction amounting to precisely one cent.</p>



<p><a href="https://centi.ch/" target="_blank" rel="noopener nofollow">Centi’s platform is engineered to support seamless, instant transactions of any size</a>, providing an extensive range of financial applications that span across banking, fintech, and beyond. Each stablecoin token, backed by a Swiss bank guarantee and valued at one cent, exemplifies Centi’s commitment to security and adherence to regulatory standards.</p>



<p>Using stablecoin tokens on the BSV blockchain, Centi has demonstrated unparalleled transaction speed and cost-efficiency capability. Centi’s technology ensures median processing times fall below three seconds, equaling the convenience of contactless credit card payments and outperforming the “instant payments” banks are offering.</p>



<p>The sum of just $5 covered transaction fees for processing over one million transactions, in stark contrast to traditional credit card networks which could incur over $100,000 for the same volume, or the Ethereum blockchain which might cost around $3 million.</p>



<p>With a vision to expand transaction processing capabilities to an impressive 20 million transactions daily by 2024, including sub-penny transaction capabilities, Centi is propelling the industry towards efficient micropayments and financial inclusivity, in line with the European Central Bank’s objectives.</p>



<p>‘Our showcase at FinovateEurope is not merely a display of technological prowess but a testament to our dedication to redefining the payments landscape, ‘ said <a href="https://www.linkedin.com/in/bernhard-m%C3%BCller-hug-6abb0992/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Bernhard Müller (Founder and CEO of Centi)</a>.</p>



<p>‘We are setting new precedents for speed, cost-efficiency, and security, thereby heralding an era of universally accessible and inclusive financial transactions’.</p>



<h2 class="wp-block-heading" id="h-unbounded-scaling-with-teranode">Unbounded scaling with Teranode</h2>



<p>The new world record comes as the BSV Association R&amp;D team <a href="https://www.bsvblockchain.org/news/bsv-blockchain-capabilities-set-to-break-boundaries-in-2024-with-latest-teranode-innovations" target="_blank" rel="noopener">recently announced groundbreaking features for Teranode that will significantly boost network efficiency and speed</a>, pushing the BSV blockchain’s capabilities to 1 million transactions per second in the not-too-distant future.</p>



<p>Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.</p>



<p>The Teranode upgrade is critical for BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.</p>



<p>The BSV blockchain will be able to scale to any size required, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market. Despite media and social hype claiming these alternative chains are the ‘money of the future,’ these networks cannot be used as money since they can only process limited transactions per second. This artificial limitation creates high fees and long waits.</p>



<p>The digital economy demands a network that can process big data at speed and securely. With Teranode, the BSV blockchain is simultaneously a global digital payments network that can handle any data requirements, from Internet of Things (IoT) applications and devices to enterprise or government contracts.</p>


New world record for Centi


<p>Interested in learning more about the BSV blockchain and how it can help your business or government agency? The team at BSV Blockchain is currently running a series of ‘Explain Like I’m Five’ (ELI5) sessions, which focus on sharing beginner-friendly information about the BSV blockchain.</p>



<p>The weekly sessions are hosted by <a href="https://www.linkedin.com/in/brettcbanfe/" target="_blank" rel="noopener nofollow">BSV Blockchain’s Head of Community Brett C. Banfe</a> on <a href="https://twitter.com/bsvblockchain?lang=en-GB" target="_blank" rel="noopener nofollow">BSV Blockchain’s official X (Twitter) channel</a> and include a range of experts and topics to provide bite-sized information for users learning about the network.</p>



<p>‘Unlocking the complexities of the BSV blockchain through ELI5 sessions is not just about simplification; it&#8217;s about empowering individuals with the knowledge to navigate the future of finance,’ said Banfe.</p>



<p>‘In these sessions, we don&#8217;t just break down concepts; we ignite a spark of understanding that fuels innovation and adoption, shaping a more inclusive and informed blockchain community.’</p>



<p></p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">You are invited. Set the reminder now! 📆<br><br>First of many X Spaces this year tailored for the BSV enthusiasts on all levels. You are all welcome! <br><br> <a href="https://t.co/JfyASOhNw1">https://t.co/JfyASOhNw1</a></p>&mdash; BSV Blockchain (@BSVBlockchain) <a href="https://twitter.com/BSVBlockchain/status/1752379853016576539?ref_src=twsrc%5Etfw">January 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="zxx" dir="ltr"><a href="https://t.co/kknjAsiNMi">https://t.co/kknjAsiNMi</a></p>&mdash; BSV Blockchain (@BSVBlockchain) <a href="https://twitter.com/BSVBlockchain/status/1761087542961811689?ref_src=twsrc%5Etfw">February 23, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="h-learn-more-about-our-ongoing-work-in-our-quarterly-town-hall">Learn more about our ongoing work in our quarterly town hall</h2>



<p><a href="https://www.bsvblockchain.org/news/bsv-blockchain-bsv-associations-blueprint-for-a-better-world" target="_blank" rel="noopener">The BSV Association is a non-profit association (Verein) in Switzerland</a>, created to bring together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the BSV Blockchain ecosystem.</p>



<p>But what exactly does it do daily and how does it assist those who are actively working with the technology? Those who are interested in our daily work are encouraged to tune into our quarterly town hall meetings. These meetings are part of BSV Blockchain’s goal of being more open and transparent stewards, said Banfe.</p>



<p>‘These town hall sessions serve as the cornerstone of transparency and engagement, offering a platform where the BSV Blockchain’s work is not just showcased but understood and embraced by the community,’ said Banfe.</p>



<p>‘These gatherings are more than just meetings; they&#8217;re bridges connecting the Association&#8217;s efforts with the aspirations of the broader ecosystem, fostering collaboration, trust, and collective progress towards a future built on blockchain,’ Banfe said.</p>



<p>The next town hall will take place on March 28 at 16h00 CET. More details about the agenda and gaining entrance will be posted closer to the date, so keep an eye on our social channels!</p>


Learn more about blockchain in our town hall and ELI5 sessions


<p>The blockchain landscape is ever-evolving, with new technologies and methodologies emerging at a rapid pace. In this dynamic environment, standardisation is not just a convenience—it&#8217;s a necessity for interoperability and the development of a robust, secure ecosystem. The BSV Blockchain Association (BSVA) is leading by example, <a href="https://www.bsvblockchain.org/news/bsv-blockchain-launches-typescript-sdk-with-more-languages-planned-in-the-future" target="_blank" rel="noopener">prioritising the unification of development libraries to streamline the creation of groundbreaking applications on the BSV blockchain</a>.</p>



<h2 class="wp-block-heading" id="h-the-call-for-standardisation">The call for standardisation</h2>



<p>The fragmentation of blockchain development tools and resources creates a cacophony of isolated efforts, leading to inefficiency and a disjointed developer experience. This lack of coordination stunts innovation and impedes the creation of universally applicable best practices. Standardised libraries promise a solution to this chaos, ensuring that all developers are on the same page and can build upon each other&#8217;s work with confidence.</p>



<h3 class="wp-block-heading" id="h-learning-from-the-past">Learning from the past</h3>



<p>The demise of MoneyButton served as a stark reminder of the risks associated with a lack of maintenance for essential developer tools. When this popular service became abandoned, developers scattered, pursuing different directions on multiple forks. This approach may have spurred innovation initially but ultimately led to divided efforts and progress on divergent paths, limiting the potential for collective advancement.</p>



<h3 class="wp-block-heading" id="h-the-importance-of-spv">The importance of SPV</h3>



<p>A proper implementation of Simplified Payment Verification (SPV) is critical for a blockchain-based application to achieve scale. SPV&#8217;s design allows users to transact without having to download the entire blockchain, fostering an efficient, scalable network. nChain and Handcash’s initial implementation, while groundbreaking, fell short in this respect, and subsequent best practices have since surpassed it. The BSVA recognizes the need to incorporate these advancements into the core &#8216;bsv&#8217; library to set a new industry standard.</p>



<h3 class="wp-block-heading" id="h-uniting-under-npm-a-strategic-move">Uniting under npm: A strategic move</h3>



<p>The &#8216;bsv&#8217; npm package initiative is a testament to the BSVA&#8217;s commitment to creating an open, interoperable development framework. By centralising the libraries used by BSV developers under the npm tag &#8216;bsv&#8217;, the BSVA provides a reliable foundation for app development and a focal point for community engagement. This action eliminates the risks associated with decentralisation post-MoneyButton and positions the BSVA as the steward of BSV&#8217;s digital infrastructure.</p>



<h3 class="wp-block-heading" id="h-the-not-for-profit-advantage">The Not-for-Profit advantage</h3>



<p>As a not-for-profit entity, the BSVA is ideally positioned to maintain the &#8216;bsv&#8217; library for the greater good. This organisational model allows the BSVA to operate as a public service, freeing the technology from proprietary constraints and ensuring it remains open and permissionless. By doing so, the BSVA empowers builders by providing a platform that values transparency and collaboration over competitive secrecy. Competition is fine, but the core functionality which is accessible at the base layer should be the same across competitors wherein there can be a gain of efficiency from reduction of repeated work to solve the same problem across many different companies.</p>



<h3 class="wp-block-heading" id="h-educational-outreach-and-global-impact">Educational outreach and global impact</h3>



<p>The BSVA&#8217;s mission extends beyond library maintenance. An ambitious plan to introduce educational initiatives will aim to equip tens of thousands of aspiring developers with the skills needed to innovate on the BSV blockchain. Starting with impactful locations like Nigeria, these programs will offer guidance and resources to those who stand to benefit most from blockchain technology&#8217;s transformative power.</p>



<h3 class="wp-block-heading" id="h-commitment-to-open-development">Commitment to open development</h3>



<p>The push for a standardised, open development environment comes with the promise of levelling the playing field. By empowering developers with high-quality tools and best practices, the BSVA is laying the groundwork for a future where anyone can contribute to the BSV ecosystem&#8217;s growth. The focus on standardisation is not just about creating a uniform codebase; it&#8217;s about cultivating an inclusive, global community of innovators who can help realise the full potential of blockchain technology. By clarifying the open-source governance and guidelines, the association is moving toward open innovation by leveraging the involvement of the community in a structured and entreprise-grade way.</p>



<p>The BSV Association&#8217;s stewardship of the &#8216;bsv&#8217; npm package marks a significant leap forward in building a sustainable, efficient, and unified BSV ecosystem. By providing a consistent and well-maintained code repository, the BSVA ensures that the technical backbone of BSV is strong and that the developers building upon it are well-supported. This dedication to excellence and open access is the cornerstone of a vibrant, innovative future for the BSV blockchain.</p>



<p>Businesses should spend more time developing their business and less time maintaining their own libraries. Ultimately, adopting well maintained libraries reduces costs for the business and allows for a more efficient allocation of resources towards their primary business activities.</p>



<h2 class="wp-block-heading" id="h-learn-more-about-bsv-blockchain-libraries">Learn more about BSV blockchain Libraries</h2>



<h3 class="wp-block-heading" id="h-faq-bsv-blockchain-libraries"><a href="https://www.bsvblockchain.org/news/faq-bsv-blockchain-libraries" target="_blank" rel="noopener">FAQ: BSV blockchain libraries</a></h3>



<h3 class="wp-block-heading" id="h-updating-bsv-blockchain-s-libraries-get-involved"><a href="https://www.bsvblockchain.org/news/updating-bsv-blockchain-libraries-get-involved" target="_blank" rel="noopener">Updating BSV blockchain’s libraries – get involved!</a></h3>


Fostering Innovation Through Standardisation: The Future of BSV Development


<p><strong><em>Editor’s note: </em></strong><em>This article focuses on the team at Project Babbage (a key partner of BSV Blockchain) and their BSV applications. Please note that it is not representative of the viewpoints or terminology used by BSV Blockchain or its team members.</em></p>



<p>Confederacy lookup services play a crucial role in overlay networks built on the BSV blockchain. These services enable users to locate and retrieve specific <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">Unspent Transaction Outputs (UTXOs)</a> within a given topic by handling queries based on certain search criteria. Let&#8217;s dive into the significance of Confederacy lookup services and how they enhance the functionality of overlay networks.</p>



<h2 class="wp-block-heading" id="h-dynamic-data-management">Dynamic data management</h2>



<p><a href="https://www.bsvblockchain.org/news/how-to-create-and-host-an-overlay-network" target="_blank" rel="noopener">Confederacy lookup services act as dynamic data management reservoirs</a> within overlay networks. They utilise the details of incoming UTXO events to build comprehensive data stores. These datastores store indexed UTXO data, allowing for efficient retrieval and parsing of UTXO information.</p>



<h2 class="wp-block-heading" id="h-indexing-and-parsing-utxo-data">Indexing and parsing UTXO data</h2>



<p>When a lookup service provider receives a search query, the service leverages its data store to perform a search based on the provided criteria. By applying custom algorithms and indexing methodologies, the lookup service can efficiently locate the relevant UTXOs within the specified topic. This ensures that users can find specific UTXOs with ease and precision.</p>



<h2 class="wp-block-heading" id="h-custom-datastore-organisation">Custom datastore organisation</h2>



<p>Each Confederacy lookup service has the freedom to decide how its data will be organised within the datastore. By tailoring the datastore organisation to the specific requirements of the overlay network, lookup services can optimise the efficiency and accuracy of search queries. This flexibility allows for a customised approach to data management within each overlay network.</p>



<h2 class="wp-block-heading" id="h-packetpay-monetisation">PacketPay monetisation</h2>



<p>Confederacy lookup services also provide an opportunity for node operators to monetise their services. Through the PacketPay system, operators can establish fee models for accessing their lookup services. This enables hosts to receive payments from users for the data services they provide. The PacketPay system promotes a sustainable and profitable ecosystem within overlay networks.</p>



<h2 class="wp-block-heading" id="h-enhancing-decentralisation-and-efficiency">Enhancing decentralisation and efficiency</h2>



<p>By enabling search and retrieval of specific UTXOs, Confederacy lookup services contribute to the decentralisation and efficiency of overlay networks. Users can access the data they need without relying on centralised authorities, ensuring a trustless and transparent environment. The efficient retrieval of UTXOs also improves the overall user experience within the overlay network.</p>



<p>In conclusion, Confederacy lookup services are integral components of overlay networks that enhance the functionality and accessibility of UTXOs. By building comprehensive data stores and implementing efficient indexing and parsing mechanisms, these services provide seamless search and retrieval capabilities.</p>



<p>The PacketPay monetisation system further incentivises node operators and promotes a sustainable ecosystem. With Confederacy lookup services, overlay networks on the BSV blockchain can thrive, facilitating decentralised and efficient data management and utilisation.</p>


Exploring the significance of Confederacy Lookup Services


<p>In Session 4 of the second day of the Bitcoin Masterclasses, which took place in May 2023 in London, the workshop led by <a href="https://craigwright.net/about/biography/" target="_blank" rel="noopener">Dr Craig S Wright (Technical Advisor, nChain)</a> concluded the topic of EDI Logistics and gave an overview of all the issues in this field.</p>



<p>The workshop explored the complexities of investment securities regulation, emphasising the need for robust frameworks to mitigate risks like money laundering. He also discussed <a href="https://www.bsvblockchain.org/news/stablecoins-and-digital-currency" target="_blank" rel="noopener">the potential of Central Bank Digital Currency systems</a>, addressed challenges in short selling, and envisioned a digitally integrated future with standardised data structures and digital certifications.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Bitcoin Masterclass (London) Day 2: Wrap Up" width="500" height="281" src="https://www.youtube.com/embed/jDs-e_x3skM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-complexity-of-regulation-investment-securities">Complexity of regulation: investment securities</h2>



<p>Wright delved into the intricacies of investment securities, shedding light on the diverse array of instruments such as bills of lading and letters of credit. He discussed the absence of regulation by the SEC in certain cases, highlighting the inherent complexities and loopholes within financial regulation.</p>



<p>Illustrating scenarios where the value of these securities fluctuates, he underscored the importance of understanding concepts like the one-day credit market and money laundering regulations. Furthermore, Wright emphasised the potential risks associated with stolen bearer bonds being sold at a discount to launder money, signalling the need for robust regulatory frameworks to mitigate such risks.</p>



<h2 class="wp-block-heading" id="h-central-bank-digital-currency-cbdc-and-digital-innovations">Central bank digital currency (CBDC) and digital innovations</h2>



<p>In contemplating the future of finance, Wright explored the potential for automating processes within a Central Bank Digital Currency (CBDC) system. He scrutinised issues like Know Your Customer (KYC) requirements and transaction monitoring, proposing the utilisation of smart contracts to prevent unauthorised transfers and ensure traceability.</p>



<p>From real-world examples like the <a href="https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2012/02/armstrong-v-winnington-taking-allowances-with-the-law.pdf" target="_blank" rel="noopener nofollow">Armstrong versus Winnington Networks case</a>, Wright underscored the importance of due diligence in financial transactions. Moreover, he distinguished between cryptocurrencies and distributed token systems, elucidating their legal implications within evolving regulatory landscapes.</p>



<h2 class="wp-block-heading" id="h-navigating-short-selling-and-regulatory-challenges">Navigating short selling and regulatory challenges</h2>



<p>During the workshop, one of the participants raised concerns about short selling in the context of the financial crisis in 2008, which Wright previously used as an example. Wright provided clarity on real short sales versus naked shorts, criticising the latter for causing market disruptions and being illegal in many jurisdictions.</p>



<p>Wright underscored the legal implications and risks associated with short selling, urging for a nuanced understanding of its impact on market dynamics.</p>



<p>In the main part of the session, the workshop discussed the integration of LDAP (Lightweight Directory Access Protocol) with security measures like X509 and keys. He prompted the participant to consider how LDAP can be linked securely to include fields such as Bitcoin addresses and facilitate authentication and rights allocation.</p>



<p>Dr. Wright emphasised the decentralisation possibilities within LDAP, suggesting that multiple entities can sign different areas, leading to a decentralised system. He discusses the potential for users to input their details into LDAP, updating information for everyone and simplifying processes for organisations. Another aspect of this discussion was the management of identity.</p>



<h2 class="wp-block-heading" id="h-identity-management-and-digital-certification">Identity management and digital certification</h2>



<p>Wright highlighted the challenges and importance of managing identity in a decentralised system. Certain immutable aspects such as age and qualifications provide a foundation for identity verification. Dr Wright suggested that rather than individuals deciding on identity parameters, these are already defined by legislation and need only to be captured securely.</p>



<p>He also discussed the relevance of the <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">UTXO model in detecting and preventing fraud</a>, drawing parallels to personal banking practices. Additionally, he explored the concept of certifying the identity of non-human entities like ships and proposed the use of digital certificates for streamlining registration processes, contrasting them with traditional paper-based methods.</p>



<h2 class="wp-block-heading" id="h-towards-a-digitally-integrated-future">Towards a digitally integrated future</h2>



<p>Wright envisioned a future where standardised data structures and digital certifications streamline processes, enhance privacy, and facilitate trade across industries. He advocated for the adoption of digital standards like LDAP and X509 to propel innovation and efficiency in financial transactions, identity management, and beyond. By embracing digital innovations and robust regulatory frameworks, Wright envisioned a more secure, transparent, and interconnected financial ecosystem.</p>


The Bitcoin Masterclass (London) Day 2: EDI Logistics – Wrap-up


<p>VX Technologies has introduced a new blockchain-based educational records system that revolutionises managing and storing educational records. By harnessing the power of blockchain technology, the <a href="https://www.alphadapp.com/" target="_blank" rel="noopener nofollow">AlphaDAPP platform</a> ensures the secure, immutable, and transparent recording of a wide array of academic credentials, including degrees, certifications, and micro-credentials such as grades, skills, projects, and achievements.</p>



<p>The inherent security, transparency, and integrity offered by blockchain make AlphaDAPP an invaluable tool for preserving the trustworthiness of academic records, explains <a href="https://www.linkedin.com/in/ryanhawkos/" target="_blank" rel="noopener nofollow">Ryan Hawkos, Director of Operations at VX Technologies</a>.</p>



<p>Furthermore, its global verification capability simplifies the process for students and professionals worldwide to prove their academic achievements, making this technology a cornerstone in the future of educational record management.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-secure-academic-records">The importance of secure academic records</h2>



<p>A consolidated, authoritative source for academic records for students and educational institutions is essential. For students, it streamlines the process of sharing academic achievements for further education or job applications, enhancing the credibility and trustworthiness of their credentials.</p>



<p>The ease of transferring academic achievements between institutions or potential employers also adds to the system&#8217;s value. For educational institutions, this technology maintains the credibility of their credentials, streamlines administrative processes, and significantly reduces the risk of fraudulent claims.</p>



<p>By providing a single, immutable source of academic records, VX Technologies&#8217; system ensures the integrity and verification of credentials, benefiting the educational ecosystem.</p>



<h2 class="wp-block-heading" id="h-built-on-the-bsv-blockchain">Built on the BSV blockchain</h2>



<p>The BSV blockchain stands out from traditional database systems by offering <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">provable immutability, digital signatures for authorship verification, immediate verification without needing to contact the issuing institution and peer verification mechanisms</a>.</p>



<p>These features ensure that once information is recorded on the blockchain, it remains unaltered, authentic, and easily verifiable by any party. Additionally, the ability to share digital versions of degrees and credentials further simplifies and secures the process of academic verification.</p>



<p>The BSV blockchain&#8217;s unique capabilities provide a more secure, efficient, and transparent approach to managing educational records. It is superior to traditional academic credential verification, non-blockchain digital credentials, and many management database systems.</p>



<p>You can find out more about <a href="https://www.alphadapp.com/" target="_blank" rel="noopener nofollow">VXTechnolgies and AlphaDAPP here</a>.</p>


You can now prove everything from your marks to your University degree – with blockchain


<p>BSV Blockchain in partnership with <a href="https://scrypt.io" target="_blank" rel="noopener nofollow">sCrypt</a>, is pleased to announce that applications are now open for the <a href="https://docs.google.com/forms/d/e/1FAIpQLSd8zPeOD4ZHk-ZtZnxe6CuePHKCldOa0fAYBevj1YZx-d5bDw/viewform" target="_blank" rel="noopener nofollow">sCrypt hackathon 2024</a>. The hackathon will take place virtually from March 16 to 17, 2024 with $5,000 prizes up for grabs!</p>



<p>Join us for an exciting hackathon where we&#8217;re unleashing the power of Ordinals support in the sCrypt development platform. Now equipped with <a href="https://www.bsvblockchain.org/features/smart-contracts" target="_blank" rel="noopener">Bitcoin smart contracts</a> and Bitcoin tokens, developers have the tools necessary to create groundbreaking applications that were previously unimaginable.</p>



<p>Think trustless exchanges, atomic swaps, and the tokenisation of financial instruments. Our hackathon theme revolves around merging sCrypt (Bitcoin smart contracts) with Ordinals (Bitcoin tokens) to pioneer innovative solutions in the blockchain space.</p>



<h2 class="wp-block-heading" id="h-requirements">Requirements</h2>



<p>Upon completion of your Hackathon project, applicants will be required to submit the following deliverables:</p>



<ul>
<li>Your code submission using a GitHub repository named after your team.</li>
</ul>



<ul>
<li>Ensure that all code is contained within a single Git repository. If external resources are necessary, include an install/setup script.</li>
</ul>



<ul>
<li>Supporting documentation may consist of photographs of whiteboards, diagrams, written notes, a brief business case, or any other relevant materials.</li>
</ul>



<ul>
<li>A five-minute (or shorter) video summarising your entry, such as a screencast demonstrating your product and providing a brief introduction to your team, vision, goals, and business proposition.</li>
</ul>



<p>Judges have limited time to review numerous entries, so ensure your submission materials are clear and concise. It may be challenging for judges to set up your application, especially if it has undocumented dependencies. To facilitate this process, consider dockerising your application.</p>



<p>If you opt not to host your application/service(s), provide documentation for running it locally using Docker. A Dockerfile in the repository or hosted publicly on Docker Hub is acceptable for a single image, while a docker-compose in the repository is acceptable for multiple images. You can <a href="https://docs.docker.com/get-started/overview/" target="_blank" rel="noopener nofollow">learn more about Docker here</a>.</p>



<h2 class="wp-block-heading" id="h-who-can-enter">Who can enter?</h2>



<p>The hackathon is open to all developers over the legal age of majority in all regions, excluding standard exceptions. We invite people meeting the following criteria to consider signing up:</p>



<ul>
<li>Developers who are already coding on the BSV blockchain;</li>



<li>Developers who are coding on a different blockchain;</li>



<li>Non-blockchain developers who have a keen interest in BSV.</li>
</ul>



<p>However, the hackathon is best suited for people looking to challenge themselves and use their skills towards a new application with the potential to grow and become a business case.</p>



<p>You can find out more about the rules and entry requirements <a href="https://docs.google.com/forms/d/e/1FAIpQLSd8zPeOD4ZHk-ZtZnxe6CuePHKCldOa0fAYBevj1YZx-d5bDw/viewform" target="_blank" rel="noopener nofollow">here</a>.</p>


Win great prizes – Registrations are now open for the 2024 sCrypt hackathon


<p>Artificial Intelligence (AI) boasts an unparalleled ability to swiftly and comprehensively analyse, interpret, and interconnect vast amounts of data with remarkable efficiency. This transformative capability heralds a new era of intelligence within blockchain-based business networks. <a href="https://www.bsvblockchain.org/news/why-blockchain-will-be-the-backbone-of-ai-and-iot" target="_blank" rel="noopener">By seamlessly integrating with blockchain technology, AI becomes empowered to access extensive datasets sourced both internally and externally</a>, exponentially enhancing its capacity to deliver actionable insights.</p>



<p>The synergy between AI and blockchain <a href="https://www.bsvblockchain.org/news/stability-and-scaling-on-the-bsv-blockchain" target="_blank" rel="noopener">facilitates the scalability of AI applications</a>, enabling them to process and derive value from immense volumes of data. This symbiotic relationship not only facilitates the seamless integration of diverse datasets but also ensures the responsible management of data usage and the facilitation of model sharing among stakeholders. Consequently, this fusion fosters the emergence of a data ecosystem characterised by trustworthiness and transparency.</p>



<p>Moreover, the integration of AI with blockchain augments the efficiency and effectiveness of decision-making processes within organisations. AI&#8217;s adeptness at processing complex datasets in real time empowers businesses to glean invaluable insights promptly, facilitating informed decision-making. Furthermore, by <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">leveraging blockchain&#8217;s immutable and transparent ledger</a>, organisations can ensure the integrity and authenticity of data, thereby enhancing trust among stakeholders.</p>



<p>In essence, the convergence of AI and blockchain represents a watershed moment, ushering in a new paradigm of intelligence and transparency within business networks. Through their collaborative synergy, these technologies pave the way for more efficient operations, enhanced decision-making capabilities, and the establishment of a robust and trustworthy data economy.</p>



<h2 class="wp-block-heading" id="h-automation-and-improvements">Automation and improvements</h2>



<p>The integration of AI, automation, and blockchain offers a transformative potential to revolutionise multi-party business processes, eliminating obstacles, accelerating operations, and bolstering efficiency. This convergence introduces a myriad of innovative functionalities, exemplified by AI-infused smart contracts executed on blockchain platforms, which can undertake a spectrum of tasks:</p>



<ul>
<li><strong>Proactive product management:</strong> By leveraging AI algorithms embedded within smart contracts, businesses can proactively identify and recommend the recall of expired products. These intelligent contracts continuously monitor relevant data streams and expiration dates, swiftly alerting stakeholders to potential issues, thereby mitigating risks and enhancing product safety standards.</li>
</ul>



<ul>
<li><strong>Automated transaction execution:</strong> AI-powered smart contracts streamline transactional processes by autonomously executing predefined actions based on predetermined thresholds and triggering events. Whether it involves re-orders, payments, or stock purchases, these contracts ensure seamless and timely execution, reducing manual intervention and accelerating transaction cycles.</li>
</ul>



<ul>
<li><strong>Dispute resolution: </strong>Integrating AI capabilities within smart contracts enables automated dispute-resolution mechanisms. Through sophisticated algorithms and predefined rules, these contracts can analyse dispute scenarios, evaluate evidence, and facilitate fair and impartial resolutions. This not only expedites dispute handling but also enhances transparency and trust among parties.</li>
</ul>



<ul>
<li><strong>Sustainable logistics optimisation:</strong> AI-driven smart contracts play a pivotal role in selecting the most sustainable shipping methods for logistics operations. By analysing environmental impact data, transportation routes, and carbon footprint metrics, these contracts optimise shipping decisions to minimise ecological footprint while meeting business objectives. This proactive approach not only fosters environmental stewardship but also enhances corporate social responsibility.</li>
</ul>



<p>The amalgamation of AI, automation, and blockchain technologies heralds a new era of efficiency, transparency, and innovation in multi-party business processes. Through the implementation of AI-powered smart contracts, organisations can streamline operations, mitigate risks, and unlock new value propositions, ultimately driving sustainable growth and competitive advantage in the digital economy.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-perfect-fit">BSV blockchain is the perfect fit</h2>



<p><a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">BSV blockchain’s scalability is a crucial factor when considering its compatibility with AI</a>. AI algorithms often demand significant computational resources and generate vast amounts of data during training and inference processes. The BSV blockchain’s large block size and high transaction throughput enable it to handle the immense volume of data transactions that AI systems require, ensuring smooth and uninterrupted operation even under heavy workloads.</p>



<p>Moreover, the BSV blockchain stability and immutability make it an ideal platform for ensuring the integrity and security of AI-related data and transactions.</p>


Using blockchain and AI together


<p>As a data-infrastructure with added benefits of monetisation, ownership attribution, traceability and a distributed security model, blockchain is among the most versatile in modern technology. Sectors worldwide are finding a way to use it, from <a href="https://www.bsvblockchain.org/use-cases/payments-on-blockchain/bsv-blockchain-payments-use-cases" target="_blank" rel="noopener">payments</a> to <a href="https://www.bsvblockchain.org/news/how-blockchain-can-revolutionise-the-construction-industry" target="_blank" rel="noopener">construction</a>.</p>



<p>Intelligent transportation systems are a growing space of innovation that many industry experts believe will be one to benefit from blockchain&#8217;s capabilities.</p>



<p>These systems allow cities to build safer roads, authorities to implement better traffic management schemes and businesses to enhance transportation operations. With blockchain enablement, these processes can significantly improve, creating a secure and efficient infrastructure that those involved can trust much more.</p>



<p>This infographic unpacks the major potential of <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">blockchain in transportation</a> to help you find opportunities as you begin investing in these technologies.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="660" height="4413" src="http://127.0.0.1:8080/wp-content/uploads/2024/02/Future-of-blockchain-based.jpg" alt="The future of blockchain-based intelligent transportation systems" class="wp-image-31223"/></figure>



<h2 class="wp-block-heading" id="h-what-is-an-intelligent-transportation-system-its">What is an intelligent transportation system (ITS)?</h2>



<p>Intelligent transportation systems (ITSs) allow traffic operators to monitor road conditions, track vehicles and communicate efficiently with other drivers on the road. These systems utilise multiple pieces of equipment when channeling information to the operator, including surveillance cameras, sensors, global positioning systems (GPSs) and traffic management software.</p>



<h2 class="wp-block-heading" id="h-what-role-can-blockchain-play-in-intelligent-transportation-systems">What role can blockchain play in intelligent transportation systems?</h2>



<p>Blockchain&#8217;s network qualities lend itself well to enhancing how businesses use ITSs. <a href="https://www.bsvblockchain.org/news/the-economy-of-things-what-it-takes-to-fuel-the-new-data-economy" target="_blank" rel="noopener">The most evident is how it can help manage data much better and more securely, especially given the growing industry economy</a>. For instance, a self-driving fleet can optimise its route based on traffic data from blockchain-enabled Internet of Things (IoT) devices as part of a robust ITS.</p>



<p><a href="https://newsroom.ibm.com/IBM-blockchain?item=30138" target="_blank" rel="noopener nofollow">IBM collaborated with ZF Friedrichshafen AG and UBS to develop a blockchain-based automotive transaction platform</a>. The project provided motorists with a more accessible and secure channel to pay fees they typically encounter on the road, such as tolls, parking and electronic charging stations.</p>



<p>This example only scratches the surface of the possibilities. Blockchain&#8217;s flexibility as a technology allows it to fit securely in plenty of different use cases involving ITSs.</p>



<h2 class="wp-block-heading" id="h-use-cases-of-blockchain-in-intelligent-transportation-systems">Use cases of blockchain in intelligent transportation systems</h2>



<p>Besides helping you appreciate the technology, exploring these applications may inspire you to discover new ways of implementing blockchain into transport operations.</p>



<h3 class="wp-block-heading" id="h-truck-transportation">Truck transportation</h3>



<p>The trucking industry is a cornerstone of the global market, with experts predicting it to reach <a href="https://www.researchandmarkets.com/report/trucking" target="_blank" rel="noopener nofollow">$3.4 trillion by 2030</a>. With the vast number of daily trucking operations, fleets and controllers require reliable ITSs to coordinate their efforts and deliver goods to clients promptly.</p>



<p>Blockchain-enabled ITSs can enhance tracking systems by providing a secure network where operators and fleets can communicate. <a href="https://www.bsvblockchain.org/features/smart-contracts" target="_blank" rel="noopener">With the help of smart contracts—self-executing agreements parties can enter into—businesses and trucking companies can hold each other accountable for completing shipments and payments</a>.</p>



<h3 class="wp-block-heading" id="h-public-transportation">Public transportation</h3>



<p>Blockchain networks enable passengers to pay fares digitally and securely, eliminating the need for a physical ticket while minimising the risk of fraud. Simultaneously, drivers can automate fare collection and payments for a much more efficient operation.</p>



<p>Likewise, urban planners overseeing these processes can leverage blockchain technology to provide accurate yet anonymised information about vehicles&#8217; locations. This data offers insights into which routes cause congestion or delays.</p>



<p>A study found that blockchain enablement can also benefit shared bus service schedules and <a href="https://www.mdpi.com/2071-1050/15/16/12516" target="_blank" rel="noopener nofollow">management</a> systems. For example, a city&#8217;s public transportation network can implement a blockchain-based ticketing system that ensures secure payments while providing operators and commuters with a comprehensive record of travel history.</p>



<p><a href="https://www.bsvblockchain.org/features/smart-contracts" target="_blank" rel="noopener">Bus and other public transport companies can reward commuters who contribute to developing shorter routes by paying them a certain amount automatically when vehicles drive through the paths</a>.</p>



<p>The blockchain-based intelligent system utilises predefined criteria and algorithms to assess and quantify their contributions. Once you meet these requirements, the smart contract is triggered to release a predetermined amount of reward automatically.</p>



<h3 class="wp-block-heading" id="h-non-emergency-medical-transport-nemt">Non-emergency medical transport (NEMT)</h3>



<p><a href="https://www.bsvblockchain.org/news/enterprises-that-use-blockchain-as-key-infrastructure" target="_blank" rel="noopener">The healthcare industry includes enterprises that use blockchain for enhanced operations, specifically in using non-emergency medical transport (NEMTs)</a>. NEMTs assist people who cannot drive to their intended destination but require more than a taxi can offer.</p>



<p>Potentially, patients can schedule NEMT using a blockchain-enabled platform. Here, the benefits of blockchain in transportation intersect with blockchain in healthcare: NEMT dispatchers access patients&#8217; health records and preferences—stored in the blockchain—to provide them with the required transport.</p>



<p>A smart contract can secure details such as pick-up, drop-off and any other medical assistance the patient requires on the road.</p>



<h3 class="wp-block-heading" id="h-logistics">Logistics</h3>



<p>ITSs allow businesses to manage the complexity of logistics effectively, making tracking delicate deliveries much easier and more secure.</p>



<p>For instance, DHL and Accenture partnered in 2018 to <a href="https://www.dhl.com/discover/en-sg/logistics-advice/logistics-insights/Blockchain-in-Logistics-The-Future-of-Supply-Chain-Management" target="_blank" rel="noopener nofollow">create</a> a blockchain-based serialisation prototype to track pharmaceutical products in transit from their origin until they reach the consumer. Stakeholders act as touchpoints with access to the ledger.</p>



<p>This project highlights how the technology streamlines the typically complicated process of global transport logistics. More specifically, it offers an easier way for businesses to accomplish tedious back-office tasks, such as invoice generation and reporting.</p>



<h3 class="wp-block-heading" id="h-food-supply-chain">Food supply chain</h3>



<p><a href="https://www.bsvblockchain.org/news/tracking-food-from-farm-to-table-with-gate2chain-and-trace" target="_blank" rel="noopener">Tracking your food’s journey allows you to mitigate safety risks and harmful pesticides, and it&#8217;s possible with blockchain</a>. The technology can store essential data on food items as a digital twin and interact with ITSs to ensure the right products come from the designated supplier and arrive at the agreed location.</p>



<p>It can also act as a theft-prevention tool. If you were to use ITSs that interacted with marked food products, you would be able to notice when fleets veer off track or take an unauthorised route. You can then deploy security measures quickly to prevent major losses.</p>



<h2 class="wp-block-heading" id="h-5-ways-blockchain-powers-the-future-of-intelligent-transportation-systems">5 ways blockchain powers the future of intelligent transportation systems</h2>



<p>The nature of blockchain creates numerous opportunities to develop a more data-driven transportation system.</p>



<h3 class="wp-block-heading" id="h-1-streamlines-payment-processes">1. Streamlines payment processes</h3>



<p>Traditional payment processes in the transportation industry involve intermediaries who oversee transactions and ensure their security. They verify payments and often undergo a lengthy billing procedure. While these roles are beneficial, third parties tend to delay processing and increase costs.</p>



<p>With blockchain-enabled payments, you or your business can enjoy a much more convenient and streamlined payment process. A popular means of smoothening payment processes is smart contracts or self-executing agreements among parties.</p>



<p>Say you operate a logistics company that contracts transportation services from multiple carriers for product deliveries to customers. Through a blockchain-enabled ITS with a smart contract, there&#8217;s no need tracking each carrier that made a successful delivery to pay them. The smart contract does it automatically, increasing your operation&#8217;s efficiency.</p>



<h3 class="wp-block-heading" id="h-2-reduces-expenses">2. Reduces expenses</h3>



<p>Typical transport expenses include vehicle maintenance, labour and cross-border transactions, to name a few. Blockchain-enabled ITSs enable you to reduce costs in these areas.</p>



<p>For instance, blockchains can maintain an immutable record of your vehicle&#8217;s maintenance history. Besides offering transparency, it can also help predict when the car may need another trip to the repair shop. This ability helps your organisation avoid the expensive situation of severe vehicle breakdowns.</p>



<p><a href="https://www.cairn.info/revue-journal-of-innovation-economics-2022-1-page-91.htm" target="_blank" rel="noopener nofollow">A study on international maritime trade highlights the opportunity for blockchain systems to reduce costs significantly because they can optimise transport schedules and stowage plans</a>. The technology can also streamline and automate processes, such as payments.</p>



<p>Similarly, blockchain-enabled systems can benefit land transport. You don&#8217;t have to hire additional staff to act as intermediaries in securing payments or negotiating deals since blockchain technology can handle the tasks efficiently, with less exposure to human error.</p>



<p>The security blockchain technology provides also reduces the potential cybersecurity expenses your business may spend without it. <a href="https://www.business.com/articles/smb-budget-for-cybersecurity/" target="_blank" rel="noopener nofollow">Cyber attacks can cost small businesses over $3 million, with larger organisations primed to lose more</a>. Blockchain&#8217;s tamper-proof and transparent network can prevent online criminals from getting away with theft or fraud.</p>



<h3 class="wp-block-heading" id="h-3-introduces-load-board-reliability-and-distributed-freight-tracking">3. Introduces load board reliability and distributed freight tracking</h3>



<p>Load boards are online platforms where shippers and freight brokers can find willing drivers to transport their loads. They allow the comparison of costs among different freights to understand what makes a good deal.</p>



<p>Security and trust are understandable concerns when it comes to using load boards. Fortunately, <a href="https://www.bsvblockchain.org/news/a-misconception-about-proof-of-work" target="_blank" rel="noopener">blockchains&#8217; proof-of-work mechanism provides security, decentralisation and scalability</a>.</p>



<p>In practise, no single entity controls the load board; instead, it becomes a network where other shippers, carriers and stakeholders hold each other accountable. It improves freight tracking processes, ensuring everyone receives the same updated information about transactions, locations and the condition of goods.</p>



<p>On top of that, blockchain technology also makes it easier for more people to participate, scaling the load board quickly and providing more opportunities for you to find trustworthy carriers.</p>



<h3 class="wp-block-heading" id="h-4-accelerates-carrier-onboarding-and-payment-execution">4. Accelerates carrier onboarding and payment execution</h3>



<p>The process of onboarding carriers has multiple hurdles that blockchain-enabled technologies can help solve. Carriers often use specialised technologies and systems that may not always integrate with ITSs effectively, potentially impacting how you exchange traffic data and complicating the system unnecessarily.</p>



<p>Fortunately, blockchain opens the door for you to use smart contracts. In the context of onboarding carriers, these blockchain-enabled, self-executing agreements can set data standards and enhance trust and security.</p>



<p>Since smart contracts are self-executing, you don&#8217;t need to oversee whether the parties involved meet the agreed terms formally. <a href="https://www.bsvblockchain.org/news/micropayments-paying-fines-made-easy" target="_blank" rel="noopener">This function makes payment execution, like paying fines for contract violations, much easier and more convenient</a>.</p>



<h3 class="wp-block-heading" id="h-5-fuels-sustainability-efforts">5. Fuels sustainability efforts</h3>



<p><a href="https://www.bsvblockchain.org/news/baiot-project-showcasing-how-blockchain-can-help-tackle-environmental-challenges" target="_blank" rel="noopener">Blockchain can do more than help your ITSs become more efficient. It can also support your business in tackling environmental challenges</a>. Studies support this fact, with researchers suggesting blockchain can contribute to environmentally sustainable development goals and <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/bse.2882" target="_blank" rel="noopener nofollow">create</a> a reliable and secure smart city.</p>



<p>Currently, transport businesses often lack accurate route information. Inaccurate course data potentially leads to operators consuming more fuel due to traversing inefficient routes or encountering unexpected traffic.</p>



<p>Blockchain-enabled ITSs can help optimise your travel paths, as you can network participants to share information about traffic conditions through the network. This model allows your business to gauge delivery times accurately and <a href="https://www.sae.org/publications/technical-papers/content/2019-01-1078/" target="_blank" rel="noopener nofollow">encourage</a> fuel economy performance.</p>



<h2 class="wp-block-heading" id="h-securing-road-networks-block-by-block">Securing road networks, block by block</h2>



<p>Blockchain can unlock much of the potential the evolving transportation industry holds. Blockchain in intelligent transport systems can enable local governments to streamline payment processes, expedite carrier onboarding, and ensure safe and secure user data.</p>



<p>If you&#8217;re looking for ways to explore the possibilities of blockchain in transportation, consider supporting your initiatives with BSV blockchain. We offer an infrastructure for a more data-based economy.</p>



<p>Eager to learn more? <a href="https://resources.bsvblockchain.org/bsv-blockchain-as-infrastructure-for-data-economy/" target="_blank" rel="noopener">Download our free eBook</a> for an essential guide on what BSV blockchain is, how it works and the opportunities it presents.</p>


The future of blockchain-based intelligent transportation systems – 5 things to look forward to


<p>BSV Blockchain is pleased to announce that the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">Software Development Kit (SDK) for JavaScript and TypeScript</a> is now available. The TypeScript SDK is designed to provide an updated and unified core library for developing scalable applications on the BSV blockchain.</p>



<p>This SDK replaces the previously popular bsvjs library, which is no longer maintained. The library enables developers to build applications with a peer-to-peer approach in mind. It makes <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-simplified-payment-verification" target="_blank" rel="noopener">Simplified Payment Verification (SPV)</a> easy, which enables privacy and scalability.</p>



<p>Alongside the updating of the TypeScript library, the Utilisation team is also working to update and standardise the other main libraries. Below we have detailed some of the Frequently Asked Questions (FAQs) surrounding these libraries &#8211; including some of the important terminology you should know.</p>



<p>To help decide on which library to work on next, the Utilisation team will hold regular public polls where members of the ecosystem can vote on which library to work on next. We encourage you to follow our <a href="https://twitter.com/BSVBlockchain" target="_blank" rel="noopener nofollow">social media channels to find out more</a>.</p>



<h2 class="wp-block-heading" id="h-bsv-libraries-faq">BSV libraries FAQ</h2>



<h3 class="wp-block-heading" id="h-what-is-npm-and-what-is-a-namespace"><strong>What is npm, and what is a namespace?</strong></h3>



<ul>
<li>npm is short for “node package manager”. It allows JavaScript developers to easily install libraries within their projects. A namespace is a method of grouping packages together on a registry using a shared identifier, which helps in distinguishing and organising them effectively. For example, to install the “something” package from the “bsv” namespace using npm, you would run the following command:<br><br>npm install @bsv/something</li>
</ul>



<h3 class="wp-block-heading" id="h-what-is-a-library-in-the-context-of-software-development"><strong>What is a library in the context of software development?</strong></h3>



<ul>
<li>A library is a collection of pre-written code that developers can use to perform common tasks or functions in their software projects. BSV libraries provide essential functions for building applications on the BSV blockchain.</li>
</ul>



<h3 class="wp-block-heading" id="h-how-will-unifying-the-bsv-libraries-into-a-single-sdk-help-developers"><strong>How will unifying the BSV libraries into a single SDK help developers?</strong></h3>



<ul>
<li>The unification of BSV libraries into a single SDK will streamline development by consolidating useful functions and eliminating unnecessary elements. This will improve the developer experience, promote compatibility, and enhance the overall quality of the ecosystem. By incorporating the best features from multiple libraries, the new SDK will provide a more reliable and comprehensive set of tools, saving developers time and effort.</li>
</ul>



<h3 class="wp-block-heading" id="h-will-this-change-affect-existing-bsv-projects-using-different-libraries"><strong>Will this change affect existing BSV projects using different libraries?</strong></h3>



<ul>
<li>While the unification process aims to improve library accessibility, it should not significantly impact existing projects. Developers can migrate to the unified SDK at their own pace.</li>
</ul>



<h3 class="wp-block-heading" id="h-where-can-i-find-comprehensive-documentation-and-additional-resources-for-the-bsv-sdk-npm-package-and-its-components"><strong>Where can I find comprehensive documentation and additional resources for the &#8216;@bsv/sdk&#8217; npm package and its components?</strong></h3>



<ul>
<li>You can access basic documentation within the README files in the source code on GitHub. Additional resources will be shared on the official BSV Association website. There will be tutorial material produced in the months post launch to educate developers on how best to use the SDK.</li>
</ul>



<h3 class="wp-block-heading" id="h-how-can-i-contribute-to-the-development-of-the-library-or-report-issues"><strong>How can I contribute to the development of the library or report issues?</strong></h3>



<ul>
<li>Developers and community members are encouraged to contribute to the open-source development efforts on GitHub. https://github.com/bitcoin-sv/ts-sdk</li>
</ul>



<h3 class="wp-block-heading" id="h-are-there-any-licensing-restrictions-associated-with-using-the-library"><strong>Are there any licensing restrictions associated with using the library?</strong></h3>



<ul>
<li>The library is released under the Open BSV licence, allowing developers to use it freely in their projects. This licence grants users the freedom to use, modify, and distribute the software. It is a modified MIT licence, limited for use in the BSV blockchain ecosystem only.</li>
</ul>



<h3 class="wp-block-heading" id="h-what-benefits-does-standardisation-bring-to-the-bsv-ecosystem"><strong>What benefits does standardisation bring to the BSV ecosystem?</strong></h3>



<ul>
<li>It makes it easier for developers to collaborate and innovate on the BSV blockchain. It also enhances compatibility and reduces fragmentation.</li>
</ul>



<h3 class="wp-block-heading" id="h-how-will-the-standardisation-and-centralisation-of-the-library-benefit-educational-outreach-and-global-impact-efforts"><strong>How will the standardisation and centralisation of the library benefit educational outreach and global impact efforts?</strong></h3>



<ul>
<li>By providing a stable and well-maintained foundation for educational materials and resources. This will enable the creation of high-quality educational content that can empower aspiring developers worldwide to innovate on the BSV blockchain.</li>
</ul>



<h3 class="wp-block-heading" id="h-are-there-plans-to-develop-libraries-for-other-programming-languages-to-further-enhance-accessibility-and-adoption"><strong>Are there plans to develop libraries for other programming languages to further enhance accessibility and adoption?</strong></h3>



<ul>
<li>While the primary focus is on JavaScript, due to its popularity and accessibility, Go, Rust, Java, and Python are considerations for the future which we will support based on developer demand.</li>
</ul>


FAQ: BSV blockchain libraries


<p>Agriculture forms the foundation of our society, embracing a variety of crops, livestock, and agricultural goods. It supports livelihoods, feeds communities, and propels economies forward. <a href="https://unisot.com/" target="_blank" rel="noopener nofollow">UNISOT&#8217;s AgriOnchain solution is designed to uphold these principles</a>, guaranteeing transparency and adherence to regulations throughout the agricultural supply chain.</p>



<p>UNISOT is a <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">Web3 supply-chain traceability platform which uses the BSV blockchain</a> to help global supply chains for everything from food to clothes, electronics and cars, says <a href="https://www.linkedin.com/in/stephannilsson?originalSubdomain=no" target="_blank" rel="noopener nofollow">Stephan Nilsson, Founder and CEO of UNISOT</a>.</p>



<p>UNISOT – which stands for ‘universal source of truth’ – provides global interoperability which means that all of the companies in the global supply chain can interact and send information to one another in a very secure and cost-efficient way.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Putting agriculture on the blockchain" width="500" height="281" src="https://www.youtube.com/embed/XsOxisJ1tDM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-data-capture-and-tracking">Data capture and tracking</h2>



<p>Speaking at the recent DATE conference in India, Nilsson explained that the agriculture industry faces unique challenges in ensuring the transparency and traceability of its products. UNISOT addresses this by recording and securely storing transactions on an <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">immutable blockchain ledger</a>. This creates a transparent, auditable, and tamper-proof trail, from the moment seeds are sown to the products’ arrival at the hands of consumers.</p>



<p>This includes end-to-end traceability and transparency within the agriculture supply chain. From the sourcing of raw materials to the final delivery of products, you can confidently highlight the journey of your agricultural goods, offering customers the peace of mind they deserve.</p>



<h2 class="wp-block-heading" id="h-automation-and-regulatory-compliance">Automation and regulatory compliance</h2>



<p>UNISOT simplifies the often-complex agriculture labelling process by integrating digital technologies and blockchain. Its solution ensures that accurate and up-to-date labelling information is easily accessible to farmers, manufacturers and retailers, promoting consistency and compliance.</p>



<p>UNISOT also enables secure data capture at every stage of the agriculture supply chain. By adopting a Universal Source of Truth approach, its platform consolidates information on a distributed global data layer, fostering trust-based collaborations among all stakeholders.</p>



<p>Its platform also automates documentation, streamlining the compliance process. With AgriOnChain, you can ensure that your products consistently meet the necessary industry standards, gaining credibility and trust from regulatory authorities and customers alike.</p>



<h2 class="wp-block-heading" id="h-unisot-s-digital-passports">UNISOT’s digital passports</h2>



<p>Nilsson explained that this is possible through UNISOT’s <a href="https://unisot.com/digital-product-passport/" target="_blank" rel="noopener nofollow">digital passport platform</a>. The digital product passport (DPP) supports the new EU proposal on Sustainable Product Regulation including the “EU Digital Product Passport”.</p>



<p>Under the new regulation, the DPP must ensure that all actors along the value chain, including consumers, economic operators and national authorities, can access product information relevant to them, as well as include the necessary data attributes to enable the tracking of all substances of concern throughout the life cycle of the product.</p>


Putting agriculture on blockchain


<p>On session three of the second day of the Bitcoin Masterclasses, which happened in May 2023 in London, <a href="https://nchain.com/" target="_blank" rel="noopener">Dr Craig S. Wright (Technical Advisor at nChain)</a> continued on the previous topic of Electronic Data Interchange (EDI). The session had the title ‘EDI and How It Evolved and Can Be Structured to Deliver Superior Logistics and Supply-Chain Results’.</p>



<p>The session <a href="https://www.bsvblockchain.org/news/bitcoin-masterclasses-london-edi-logistics-and-tracing-goods" target="_blank" rel="noopener">initially followed on from the previous session</a> before moving on to the topic of improving logistics and supply-chain results. Dr Wright highlighted the challenges in international shipping documentation, proposed leveraging technologies like databases and <a href="https://wiki.bitcoinsv.io/index.php/UTXO" target="_blank" rel="noopener">UTXOs</a> for streamlined processes, and emphasised the importance of preserving document integrity and human oversight in mitigating security breaches and fraud.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Bitcoin Masterclass (London) Day 2: Structuring EDI for Logistics" width="500" height="281" src="https://www.youtube.com/embed/Rr-Gfdtw_fI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-a-brief-overview-of-edi-in-international-shipping">A brief overview of EDI in international shipping</h2>



<p>Electronic Data Interchange (EDI) is a standardised protocol for data formatting that enhances communication efficiency between businesses, minimising the risk of human error in the process.</p>



<p>Before the advent of EDI, it was common practice to manually extract data from one system, transcribe it onto paper or spreadsheets, dispatch it to the appropriate recipient, and then manually input it into the recipient&#8217;s system. This approach not only consumed significant time but also faced challenges due to human errors.</p>



<p>The workshop commenced with an overview of international shipping documentation and the challenges associated with its accuracy and efficiency. Wright highlighted the variety of documents required for international shipping, such as bills of lading, with standard fields like product codes, weight, size, and declared value. These fields, though not fully automated, can be entered into databases.</p>



<p>Wright proposed leveraging technologies such as databases, <a href="https://www.bsvblockchain.org/news/understanding-utxos-the-fundamental-building-blocks-of-bitcoin" target="_blank" rel="noopener">Unspent Transaction Outputs (UTXOs)</a>, and Lightweight Directory Access Protocol (LDAP) servers to streamline processes and enhance traceability.</p>



<h2 class="wp-block-heading" id="h-how-edi-could-be-structured-with-bsv">How EDI could be structured with BSV</h2>



<p>Wright proposed using unique identifiers like UTXOs to ensure the uniqueness of document numbers, rather than relying on sequential numbering prone to duplication.</p>



<p>He emphasised the need for information like the shipper&#8217;s name and address, suggesting that the transaction ID itself can serve as a unique identifier. He advocated for the integration of Public Key Infrastructure (PKI) to facilitate automation while addressing potential privacy concerns through cryptographic techniques.</p>



<p>A key concept introduced by Wright was the implementation of a two-phase approach in Bitcoin transactions, enabling seamless collaboration and verification between parties. This concept, coupled with the integration of XML data and smart contracts, promises unprecedented levels of automation and accuracy in shipping documentation.</p>



<p>Furthermore, Wright emphasised <a href="https://academy.bsvblockchain.org/blog/the-iot-businesses-developing-bsv-blockchain-applications" target="_blank" rel="noopener">the complementary role of Internet of Things (IoT) devices</a> in monitoring and the necessity of arbitration clauses to mitigate contingencies and disputes. He cautioned against the overreliance on automated processes, advocating for human oversight in decision-making.</p>



<h2 class="wp-block-heading" id="h-enhanced-security-measures-and-fraud-prevention-strategies">Enhanced security measures and fraud prevention strategies</h2>



<p>During the workshop, Wright also discussed compromised company certificates and effective solutions for preventing or rectifying such incidents. He advocated for the adoption of digital signatures reminiscent of <a href="https://academy.bsvblockchain.org/blog/blockchain-nfts-properties-value-proposition-applications" target="_blank" rel="noopener">Non-Fungible Tokens (NFTs) to validate documents</a> like bills of exchange, streamlining the update and re-signing procedures.</p>



<p>In addressing the urgency of responding to security breaches, Dr Wright drew attention to the case of Diginotar, illustrating the need for quick issuance of new certificates and acknowledging the ensuing inconvenience in reissuing documents like bills of exchange. Dr Wright contrasted the decentralised nature of these processes with the inefficiencies of past centralised systems that allowed breaches to remain unnoticed for long periods.</p>



<p>Furthermore, Wright articulated the pivotal role of preserving document integrity in supply chain management, including but not limited to bills of lading, purchase orders, and invoices. He stressed the necessity for creating unique and verifiable records to combat fraud effectively. Proposing the integration of these records into a transparent chain of transactions, Dr Wright advocated for streamlining the complexities inherent in handling goods.</p>


Bitcoin Masterclasses: London – EDI and how it can deliver supply-chain results


<p>Since its establishment in 2016, <a href="https://www.centbeeholdings.com/" target="_blank" rel="noopener nofollow">Centbee has acted as a portal for millions of users to harness the capabilities of the BSV blockchain</a>. Through its accessible BSV wallet, Centbee empowered individuals to seamlessly send and utilise digital currency, facilitating transactions both domestically and globally.</p>



<p>However, Centbee has also continued to grow and evolve over this time and now offers far more than simple payment capabilities, says <a href="https://www.linkedin.com/in/gamaroff/?originalSubdomain=za" target="_blank" rel="noopener nofollow">Lorien Gamaroff (Co-Founder and CEO of Centbee)</a>. He noted that the latest version of Centbee has come with a visual refresh and users can now also top up their wallets with BSV directly in Nigeria.</p>



<p>‘We have improved the payment requests module so that when you send payment requests to other of your contacts, you&#8217;ll be able to see them. And then we have also added other usability features like being able to search and filter your transactions and your notifications as well. So lots of little tweaks here and there,’ he said.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="In the Spotlight: Lorien Gamaroff and Centbee" width="500" height="281" src="https://www.youtube.com/embed/CK26qXp4JqY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-expanding-into-nigeria-and-other-parts-of-africa">Expanding into Nigeria and other parts of Africa</h2>



<p>Gamaroff noted that a core part of Centbee’s strategy is continued growth and expansion into Nigeria and the rest of Africa. Key to this is building new partnerships with companies in the region, he said.</p>



<p>‘So one of the important partnerships we have is with a company called FusePay here in Nigeria. And, they&#8217;re the ones who allow us to perform the service of topping up your wallet. And, of course, we are always looking for other partners in different countries because, at the moment, what we have is a lot of ways that you can spend your BSV.</p>



<p>‘In most countries around the world, we&#8217;ve got quite an extensive catalogue of gift cards that you can spend your BSV on. You can recharge your phone. You can buy things like Uber and Steam and shop at McDonald&#8217;s. So we have covered a lot of that in terms of spending.</p>



<p>‘But, one of the things we need to still work on is ways that people can still top up their wallets in other countries. And this is going to be something that we, we constantly, work on, as we move along,’ he said.</p>



<h2 class="wp-block-heading" id="h-a-new-partnership-with-centi">A new partnership with Centi</h2>



<p>Centbee&#8217;s payment network is set to expand further through <a href="https://www.bsvblockchain.org/news/how-centi-stablecoin-can-lead-to-mass-blockchain-adoption" target="_blank" rel="noopener">a new strategic alliance with Centi</a>. In a bid to bolster its offerings and broaden its influence, Centbee has partnered with Centi, a web3 payment infrastructure startup.</p>



<p>This collaboration, with the Swiss-based Centi, paves the way for Swiss customers to utilise blockchain technology in sending funds to Africa and potentially Europe. This venture underscores blockchain&#8217;s capacity to provide innovative solutions to real-world challenges.</p>



<p>This partnership enriches Centbee&#8217;s diverse array of services, now spanning thousands of products across approximately 86 countries. The Swiss partnership further amplifies its global reach. Users can now leverage their Centbee wallets for various purposes, from remitting funds to family members to procuring essential digital commodities like airtime and electricity.</p>


Going beyond payments with Centbee


<p>The full agenda for the London Blockchain Conference has officially been published! This year’s event will take place at Excel, London from May 21-23, 2024.</p>



<p><a href="https://londonblockchain.net/en" target="_blank" rel="noopener">The London Blockchain Conference</a> is the premier event dedicated to exploring the transformative impact of blockchain technology in our world. Attendees and exhibitors can expect a space where innovation meets practical application, and where enterprises and governments can discover real-world solutions through blockchain.</p>



<p>Last year’s conference welcomed over 5,000 visits from the brightest minds in the blockchain ecosystem – including over 500 CEOs from around the world. This year’s conference is set to be even bigger and better, with a range of speakers carefully hand-picked to provide powerful and innovative ideas and groundbreaking insights.</p>



<h2 class="wp-block-heading" id="h-what-to-expect">What to expect</h2>



<p>Attendees can expect thought-provoking presentations and insight-driven panels from global experts. Rapidly changing environments mean you can’t afford to miss new insights, speaker presentations and networking with peers to stay successful.</p>



<p>Some of the hottest sessions include:</p>



<ul>
<li>The Blockchain-Powered Future of Finance</li>



<li>The Powerful Pairing of AI and Blockchain</li>



<li>Currency of Tomorrow: Navigating the Future of Money</li>



<li>Blockchain, Digital Identity, and Proof-of-Existence: The United Nations Joint Staff Pension Fund’s experience and solution</li>



<li>Why enterprises are moving from Private to Public Blockchain solutions</li>
</ul>



<p>The list of speakers includes:</p>



<ul>
<li><a href="https://www.linkedin.com/in/dinodellaccio/" target="_blank" rel="noopener nofollow"><strong>Dino Cataldo Dell&#8217;Accio</strong></a><strong>, United Nations Joint Staff Pension Fund (UNJSPF)</strong><br><em>Blockchain, Digital Identity, and Proof-of-Existence: The United Nations Joint Staff Pension Fund’s experience and solution.</em><br></li>



<li><a href="https://www.linkedin.com/in/dr-lisa-c-a8ba8a49/" target="_blank" rel="noopener nofollow"><strong>Dr Lisa Cameron</strong></a><strong>, Member of Parliament</strong><br><em>Breaking Barriers: Paving the Way for the UK to Emerge as a Global Crypto Asset Hub.<br></em></li>



<li><strong>Dr. Kary Oberbrunner, Blockchain Life</strong><br><em>IP Protection in the Creator’s Economy: Proposing another way of protecting intellectual property that&#8217;s faster, easier, and cheaper.</em><br></li>



<li><a href="https://www.linkedin.com/in/simon-s%C3%A4llstr%C3%B6m-3659b616b/" target="_blank" rel="noopener nofollow"><strong>Simon Sallstrom</strong></a><strong>, DirectEd Development Foundation</strong><br><em>Blockchain for Development: Learn how decentralised identifiers, stablecoins and smart contracts can reduce costs and increase transparency.</em><br></li>



<li><a href="https://www.linkedin.com/in/graham-rodford/" target="_blank" rel="noopener nofollow"><strong>Graham Rodford</strong></a><strong> (Founder &amp; CEO at Archax) and </strong><a href="https://www.linkedin.com/in/sarah-green-b0a75b39/" target="_blank" rel="noopener nofollow"><strong>Professor Sarah Green</strong></a><strong> (Law Commissioner for Commercial and Common Law at Law Commission of England and Wales)</strong><br><em>Navigating the Digital Horizon: Unveiling legal frameworks and real-world applications of digital assets and tokenisation.</em><br></li>



<li><strong>Lord Clement-Jones CBE (spokesman for the digital economy in the House of Lords) and </strong><a href="https://www.linkedin.com/in/ijeoma-e-7a9849b/" target="_blank" rel="noopener nofollow"><strong>Ijeoma Okoli</strong></a><strong> (Digital Economy Initiative)</strong><br><em>The Future of AI and Blockchain.</em></li>
</ul>



<p>You can find the <a href="https://londonblockchain.net/en/agenda?tab.day=20240521#/" target="_blank" rel="noopener">full agenda </a>over all three days as well as information about <a href="https://londonblockchain.net/en/registration" target="_blank" rel="noopener">registration and ticket pricing here</a>.</p>


Check out the full agenda for the London Blockchain Conference


<p>The BSV Blockchain Community team recently held a <a href="https://twitter.com/BSVBlockchain/status/1760000272561209691" target="_blank" rel="noopener nofollow">Twitter (X) Space</a> to discuss the launch of the BSV Association’s new Network Access Rules and Alert System.</p>



<p>The Space was hosted by <a href="https://www.linkedin.com/in/brettcbanfe" target="_blank" rel="noopener nofollow">BSV Blockchain’s Head of Community Brett Banfe </a>and allowed members of the community to better understand the new rules and alert system. <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">BSV Blockchain’s Director of Stewardship Connor Murray</a> was also present to answer some of the important questions that the community may have.</p>



<h2 class="wp-block-heading" id="h-a-brief-overview-of-the-network-access-rules-and-alert-system">A brief overview of the Network Access Rules and Alert System</h2>



<p>The <a href="https://nar.bsvblockchain.org/" target="_blank" rel="noopener">Network Access Rules (NAR) are rules regulating the relationship between the BSV Association and the nodes of BSV</a>. It details their duties and obligations to the network and their relationship with the Association. The rules are grounded in the principles of the Bitcoin Protocol and the Bitcoin White Paper, ensuring that all nodes contribute to a lawful and honest network environment, providing transparency and guidance for network participants. Network activities in this instance include collecting, validating, or accepting a block, collating transactions into a block, attempting to find a proof-of-work for a block, or broadcasting a block.</p>



<p>The <a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">Alert System (AS), managed by the BSV Association (BSVA)</a>, is a crucial component within the BSV network as a sophisticated system for publishing messages within the network. These messages, which carry significant weight due to their association with the Network Access Rules (NAR), can be either notifications (like software update announcements) or directives (such as freeze, unfreeze, or reassign commands for transaction outputs).</p>



<p></p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">📢Join us for another episode where <a href="https://twitter.com/Bitcoin_Beyond?ref_src=twsrc%5Etfw">@Bitcoin_Beyond</a>, Director of Stewardship, and <a href="https://twitter.com/Manifestable?ref_src=twsrc%5Etfw">@Manifestable</a>, Head of BSV Community, provide a simplified explanation of Network Access Rules (NAR) and the Alert System (AS).<br><br>Like, RT &amp; set reminder now!<a href="https://t.co/CyZ5zV6ZGm">https://t.co/CyZ5zV6ZGm</a></p>&mdash; BSV Blockchain (@BSVBlockchain) <a href="https://twitter.com/BSVBlockchain/status/1762183195490193418?ref_src=twsrc%5Etfw">February 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading" id="h-the-history-of-the-alert-system">The history of the Alert System</h2>



<p>As part of the Twitter Space, Murray answered several important questions relating to the Network Access Rules and the Alert System &#8211; including the history of the system, the rights and responsibilities of the BSV Association, and the importance of scaling.</p>



<p>Murray began the session by discussing the history of the Alert System which dated back to an overflow bug that caused an increase in the bitcoin supply which necessitated Satoshi to roll the chain back to fix the exploit. Satoshi was previously able to make definitive updates such as node software updates which were widely understood to be de facto because of his stature. But there is now a need for an easy way to send alerts. These alerts can be related not only to determinations of exploits or attackers but to simple updates such as ‘there is a new node software release’ with assurance of the receipt of these alerts.</p>



<p>Murray added that there are some unique changes to the alert system as originally set out by Satoshi and its modern version. Notably, this version is built to suit modern-day needs for compliance and regulation such as the ability to freeze funds as exploits of crime or to reassign funds through a valid court order.</p>



<h2 class="wp-block-heading" id="h-nar-and-codifying-expectations">NAR and codifying expectations</h2>



<p>Murray also discussed the importance of Satoshi’s vision of scaling the network to millions and billions of transactions which necessitates commercial partners who require defined rules. This necessitated the development of the NAR.</p>



<p>The purpose of the NAR is to codify the existing expectations of nodes within the white paper. Not to add any new rules or make any changes to an existing model. Murray also discussed the need for the protocol to be set in stone and to rely on a guiding north star for that definition as being:</p>



<p>“A transaction built today should be valid in 1,000 years. If it is invalid due to a change in the network protocol, then Bitcoin itself is broken,” he said.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-rules">The importance of rules</h2>



<p>The BSV Association adheres to the vision of a single global chain with no forks. As part of this vision, there are specific requirements for Nodes and clear definitions. These definitions have always existed, but now they are highlighted for their importance and indisputability.</p>



<p>The spelling out of the exact functions and expectations of a node now also allows for much clearer definitions of actions of honest vs dishonest nodes. This can be used to quickly and easily detect and combat attackers on the network.</p>



<p>Murray discussed how the NAR are not one-way but are two-way rules that spell out clear roles and guidelines not only of what the Association expects of Nodes but what Nodes can expect of the Association.</p>



<h2 class="wp-block-heading" id="h-community-q-a">Community Q&amp;A</h2>



<p>As part of the session, Murray also took questions directly from the audience about NAR and the Alert System. Some of the questions and answers have been summarised for conciseness.</p>



<p><strong>Q: How are the NAR rules decided? Do the impacted miners get a say?</strong></p>



<p><em>A</em>:<em> The NAR rules are a clarification of the rules of the white paper, and so they’ve always existed implicitly but now exist also explicitly. This is valuable to scaling up to large commercial partners which provide utility to the entire network as user fees lower and the network security increases through scaling.</em></p>



<p><strong>Q: Was the requirement to implement the NAR in any way connected with the antics of the Empty Block Miner?</strong></p>



<p><em>A: The rules were not a reaction to the empty block miner, but the empty block miner demonstrated the need for a clearer understanding of the implicit rules of the network.</em></p>



<p><strong>Q: Why are these rules being published now?</strong></p>



<p><em>A: The release was not coordinated around any specific timing needs, but simply was released once prepared for publication due to the dependencies that other developments have on the establishment of NAR and AS as well as DAR.</em></p>



<p><strong>Q: Is the BSV Association imposing their subjective moral interpretation of the White Paper through NAR?</strong></p>



<p><em>A: In some ways, the answer is yes because it is specifically intended to be compliant with both Swiss and UK law. </em><a href="https://www.3harecourt.com/wp-content/uploads/2021/08/Articles.JIBFL_.Satanita.June_.2021.pdf" target="_blank" rel="noopener nofollow"><em>For UK law there is a case of some precedent involving a unilateral contract offering similar to the model Bitcoin uses which involved sailboats</em></a><em>. The case (known as The Satanita [1897] AC 59) laid the foundation for efficient and easy amendments to</em> <em>hundreds and thousands of ISDA master trading agreements and should continue to play</em> <em>a role in shaping development and innovation in contracting through smart contracts. Using this case as a basis, posting the on-chain smart contract on the blockchain acts as an offer. Acceptance can be by performance, for example by transferring control of a digital asset to the smart contract (including a digital representation of an offline asset).</em></p>



<p><em>A full summary of the Satanita case and its importance can be found in a legal note authored by Akber Datoo and Jeffrey Golden </em><a href="https://www.3harecourt.com/wp-content/uploads/2021/08/Articles.JIBFL_.Satanita.June_.2021.pdf" target="_blank" rel="noopener nofollow"><em>here</em></a><em>.</em></p>



<p><em>Murray noted that in other respects, the idea that this is a moral interpretation is somewhat ambiguous because at the end of the day, this is just a clarification of existing rules that have existed in more of a background capacity and now are simply brought to the forefront for explicit confirmation.</em></p>



<p><em>It’s even possible that perhaps there is something key that was missed or something that wasn’t captured perfectly, and this is an opportunity to invite any persons, whether they be actively hashing and building blocks or are simply users of the network who are interested in contributing to reach out and add their perspective.</em></p>


Your questions on the new Network Access Rules and Alert System answered


<p class="has-text-align-center"><em>Teranode will allow BSV network to operate at speeds upwards of 1.1 million transactions per second, increasing blockchain use cases for enterprise and government customers.</em></p>



<p><strong>ZUG, Switzerland, February 22, 2024: </strong>The BSV Association (BSVA) is today announcing technical testing on Teranode, the watershed blockchain upgrade that will allow the BSV blockchain to operate at upwards of 1.1 million transactions per second (TPS).</p>



<p>Until now, even leading blockchains have only been able to guarantee stable service at TPS measured in the tens of thousands. These limits restrict blockchain use to sectors with slower transaction volumes such as identity and medical data management. High transaction costs have also prevented wider blockchain adoption by enterprise and government customers.</p>



<p>When Dr. Craig S. Wright launched Bitcoin in 2008, his vision was to have unbounded scale, with large transaction throughput. ‘The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale larger than that with existing hardware for a fraction of the cost. It never hits a scale ceiling’.</p>



<p>Teranode will realise this promise by enabling masses of transactions on Bitcoin’s original protocol—now known as BSV blockchain. Freed from transaction limits, the BSV network will be capable of stably maintaining never-before-seen transaction volumes. Teranode could support at least a 10x higher transaction volume than both Visa and MasterCard networks combined, while doing so at a fraction of the cost.</p>



<p>In addition to financial transactions, Teranode will enable the BSV blockchain to process vast amounts of data. This will underpin data indexing and broadcast services to power a more private and ownership-based internet experience based on the papers Dr. Craig Wright started publishing nearly twenty years ago. With that comes greater protection of private data, personal content and IP rights through timestamp verification.</p>



<p>Teranode will also ensure that AI (Artificial Intelligence) applications run properly with verifiable and auditable information, while seamlessly integrating with Web3.0 and the IPv6 upgrade.</p>



<p>The BSVA will be testing Teranode on a geographically distributed, two- and three-node cluster spread across North America, Europe and Asia over a period of two to six months. The goal is to push the network to achieve the maximum number of TPS without instability.</p>



<p>Teranode will ensure the BSV blockchain remains a stable and secure protocol, fit for purpose for the demands of modern enterprise use.</p>



<p><strong>Siggi Oskarsson, Teranode Director at BSV Association</strong> said, “<em>The testing of Teranode represents our commitment to unlocking the full potential of the BSV blockchain. With unparalleled scalability, stability, and support for safe and instant transactions, it has the potential to serve as the next-generation upgrade to a public blockchain that enables complete enterprise and governmental adoption.”</em></p>



<p>To deliver the test, BSVA has partnered with Aerospike, a recognised industry leader in real-time, high-performance NoSQL databases, to leverage its technology which has high read and write capabilities. Aerospike’s backend database infrastructure ensures real-time processing of petabytes of data, enabling organisations to cost-effectively make real-time decisions with unlimited scale.</p>



<p><strong>Ivan Maier, Regional Manager Central Europe at Aerospike said</strong><em>, “It’s exciting to be working with the BSV Blockchain to enable the Teranode platform with the built-in efficiency and scalability needed to truly adhere to the Bitcoin protocol, while supporting rapidly expanding enterprise blockchain use cases.</em></p>



<p><em>“We have every confidence that the performance we deliver will be consistently high, as the BSV platform scales from gigabytes to petabytes.”</em></p>



<p>With Teranode, BSV will be realising an enhancement it has been working towards since 2018. For further information about Teranode, please visit our <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">website</a>.</p>



<p>To access and monitor the analytics tool used in the testing phase, please follow it <a href="https://teranode.bsvblockchain.org/" target="_blank" rel="noopener">here</a>.</p>



<p><strong>Media Contact: </strong><a href="mailto:pr@lightningsharks.co.uk" target="_blank" rel="noopener nofollow">pr@lightningsharks.co.uk</a></p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Association leads the BSV Blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.</p>



<p><strong>About Aerospike:</strong></p>



<p>Aerospike is the real-time database built for infinite speed, scale, and savings. Cloud-first and AI-ready, it is the only database that delivers the lowest latency with the highest throughput — everywhere, all the time. Aerospike helps modernise applications at leading organizations like Adobe, Airtel, Criteo, DBS Bank, Experian, PayPal, Snap, and Sony Interactive Entertainment. Headquartered in Mountain View, California, Aerospike’s offices include London, Bangalore, and Tel Aviv. <a href="https://aerospike.com/" target="_blank" rel="noopener nofollow">aerospike.com</a></p>


BSV Association begins technical testing of Teranode


<p>Blockchain and Artificial Intelligence (AI) are <a href="https://www.bsvblockchain.org/news/ai-and-blockchain-to-transform-the-world-in-2024" target="_blank" rel="noopener">two cutting-edge technologies that hold immense potential on their own, but when combined, they can revolutionise various industries</a>.</p>



<p>One of the primary reasons why blockchain is a perfect match for AI is its inherent characteristics of transparency and immutability. By leveraging blockchain&#8217;s inherent capabilities, AI algorithms can securely access and share data without the need for intermediaries, ensuring data integrity and transparency throughout the process.</p>



<p>This approach reduces the risk of data manipulation or tampering, which is crucial in AI applications where data integrity is paramount.</p>



<h2 class="wp-block-heading" id="h-providing-verifiable-information-and-data-provenance">Providing verifiable information and data provenance</h2>



<p>Blockchain also enhances the trustworthiness of AI systems by <a href="https://www.bsvblockchain.org/news/publicly-verifiable-voting-on-the-blockchain" target="_blank" rel="noopener">providing a verifiable and auditable record of data transactions and model outputs</a>. AI algorithms often require vast amounts of data for training, and blockchain can facilitate the secure and transparent exchange of this data among different parties, including individuals, organisations, and even devices in the Internet of Things (IoT) ecosystem.</p>



<p>With blockchain, data provenance can be tracked from its source to its usage, ensuring accountability and enabling stakeholders to verify the authenticity and quality of the data being used by AI models.</p>



<h2 class="wp-block-heading" id="h-addressing-concerns-with-ai">Addressing concerns with AI</h2>



<p>Furthermore, blockchain technology can address some of the key challenges associated with AI, such as <a href="https://www.bsvblockchain.org/news/blockchain-barometer-highlighting-bsv-blockchain-educational-efforts" target="_blank" rel="noopener">privacy concerns and data ownership issues</a>. Through blockchain-based identity management and authentication mechanisms, individuals can retain ownership and control over their personal data while still allowing AI algorithms to access and analyse it securely.</p>



<p>This approach empowers users to selectively share their data with AI applications while maintaining privacy and control, fostering greater trust and collaboration between users and AI systems. Furthermore, blockchain allows users to potentially monetise their data through microtransactions so that they can be remunerated fairly.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-perfect-fit">BSV blockchain is the perfect fit</h2>



<p>BSV blockchain’s scalability is a crucial factor when considering its compatibility with AI. AI algorithms often demand significant computational resources and generate vast amounts of data during training and inference processes. BSV&#8217;s large block size and high transaction throughput enable it to handle the immense volume of data transactions that AI systems require, ensuring smooth and uninterrupted operation even under heavy workloads.</p>



<p>Moreover, BSV&#8217;s stability and immutability make it an ideal platform for ensuring the integrity and security of AI-related data and transactions.</p>


Blockchain and AI – The perfect match


<p><em>By Gregory Ward and Bryan W Daugherty. This article first appeared on SmartLedger’s website. You can find the original </em><a href="https://smartledger.solutions/blockchain-beyond-code-the-need-for-legal-compliance/" target="_blank" rel="noopener nofollow"><em>here</em></a><em>.</em></p>



<p>In the dynamic world of blockchain technology, legal compliance emerges not merely as a peripheral requirement but as a fundamental cornerstone that underpins the trust, legitimacy, and reliability essential for the technology’s acceptance and integration into the mainstream.</p>



<p>This article delves into the multifaceted role of legal compliance in the blockchain sphere, underscoring its significance as a strategic enabler rather than a constraint, drawing parallels with historical technological integrations, and highlighting the balance between blockchain’s inherent ethos and the broader legal frameworks.</p>



<h2 class="wp-block-heading" id="h-the-trust-and-legitimacy-nexus">The Trust and Legitimacy Nexus</h2>



<p>A crucial aspect of aligning blockchain technology with legal standards is the establishment of trust and legitimacy. Adherence to established legal norms transcends blockchain from being solely a technical innovation to a reliable and legitimate platform. Such conformity reassures stakeholders of the technology’s operation within societal norms and regulations, a prerequisite for its widespread acceptance. The integration of blockchain technology into various sectors hinges on this alignment, positioning it not as a disruptive force but as a reliable, accepted solution.</p>



<h2 class="wp-block-heading" id="h-consumer-protection-and-confidence">Consumer Protection and Confidence</h2>



<p>Legal compliance in blockchain plays a pivotal role in embedding layers of security and accountability, thereby safeguarding consumer interests. It encompasses measures that mitigate potential risks and malpractices in digital transactions, protecting investments, and consumer data, and prioritising rights. This framework of consumer protection is instrumental in building trust and confidence among users, a critical factor for the technology’s adoption and growth.</p>



<h2 class="wp-block-heading" id="h-ethical-and-social-considerations">Ethical and Social Considerations</h2>



<p>Beyond technical and legal aspects, integrating ethical and social considerations into blockchain operations is vital. Legal frameworks ensure that the benefits of blockchain extend holistically and ethically to society, promoting a responsible and socially conscious approach to innovation. This integration not only supports a more inclusive and equitable advancement within the blockchain space but also reflects the technology’s commitment to societal progress and ethical standards.</p>



<h2 class="wp-block-heading" id="h-historical-analogies-and-regulatory-navigation">Historical Analogies and Regulatory Navigation</h2>



<p>Drawing parallels with the integration of past technologies such as automobiles and the internet, the significance of legal and regulatory navigation is evident. These analogies underscore the crucial role that legal compliance plays in the acceptance and integration of these technologies into society. Similarly, for blockchain technology to gain acceptance and integration, navigating legal boundaries is indispensable.</p>



<h2 class="wp-block-heading" id="h-balancing-code-and-compliance">Balancing Code and Compliance</h2>



<p>A critical aspect of blockchain’s evolution involves striking a balance between its intrinsic “code is law” ethos and real-world legal compliance. While blockchain emphasises technological autonomy and self-governance, aligning with legal frameworks that reflect societal consensus and ethical standards is essential. This balance ensures that the technology remains innovative and efficient while operating responsibly within legal and moral frameworks.</p>



<h2 class="wp-block-heading" id="h-global-standardisation-and-scalability">Global Standardisation and Scalability</h2>



<p>Achieving global standardisation in blockchain technology is crucial for its scalability and interoperability. Uniform regulatory compliance serves as a unifying force, bridging disparate legal frameworks and enabling efficient operation across international borders. This standardisation is not just a logistical advantage but a strategic necessity, empowering blockchain to realise its full potential on a global scale.</p>



<p>In conclusion, legal compliance stands as a strategic enabler for blockchain technology, unlocking unprecedented opportunities and reshaping industries. It establishes trust, bolsters security measures, and upholds ethical standards. As blockchain continues to evolve, navigating the complex landscape of legal compliance will be paramount for its successful integration and widespread acceptance. The journey of blockchain technology is not just one of technological advancement but also legal acumen and ethical responsibility, ensuring its role as a transformative force in the modern digital landscape.</p>


Blockchain beyond code: The need for legal compliance


<p>BSV Blockchain is pleased to announce that the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">Software Development Kit (SDK) for JavaScript and TypeScript</a> is now available. The TypeScript SDK is designed to provide an updated and unified core library for developing scalable applications on the BSV blockchain. This SDK provides a replacement for the previously popular bsvjs library, which is no longer maintained. The library enables developers to build applications with a peer-to-peer approach in mind. It makes <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-simplified-payment-verification" target="_blank" rel="noopener">Simplified Payment Verification (SPV)</a> easy, which enables privacy and scalability.</p>



<p>The launch of the new SDK forms part of <a href="https://www.bsvblockchain.org/features/tools-libraries" target="_blank" rel="noopener">the wider BSV Blockchain Libraries Project</a>, which aims to structure and maintain a middleware layer of the BSV blockchain technology stack. By facilitating the development and maintenance of core libraries, it serves as an essential toolkit for developers looking to build on the BSV blockchain.</p>



<p>Below, <a href="https://www.linkedin.com/in/deggen" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Technical Lead of Utilisation)</a> gives an overview of the new SDK and what to expect from his team going forward.</p>



<h2 class="wp-block-heading" id="h-can-you-give-a-brief-explainer-on-what-the-typescript-sdk-is-and-how-it-will-benefit-more-developers">Can you give a brief explainer on what the TypeScript SDK is and how it will benefit more developers?</h2>



<p>‘It&#8217;s a core library for application development which provides a set of convenient and intuitive developer interfaces for building and validating transactions and related data structures you&#8217;ll need while building on the BSV blockchain,’ said Kellenschwiler.</p>



<h2 class="wp-block-heading" id="h-why-typescript-over-other-languages">Why TypeScript over other languages?</h2>



<p>‘JavaScript is among the most popular languages with developers building applications on BSV. TypeScript was chosen to gain the benefits of static types and interface abstractions while being able to compile down to JavaScript for browsers and backend projects alike. IDEs can better hint how you should use each function, what arguments it’s expecting and what may be causing an error when debugging. Coding AI assistants also have more context to go on, so auto-completions will be more likely to be accurate and helpful,’ said Kellenschwiler.</p>



<p>He added that the TypeScript SDK has been launched, with plans to launch both Go and Python SDKs within the year.</p>



<h2 class="wp-block-heading" id="h-what-is-the-testing-process-like-for-the-typescript-sdk">What is the testing process like for the TypeScript SDK?</h2>



<p>Kellenschwiler noted that automated testing is part of the library build process, with 88% test coverage thus far. ‘The test vectors were gathered from previous libraries and SVnode to ensure everything built by the library will function on-chain. He said efforts will continue towards 100% coverage and general maintenance in line with protocol stewardship.</p>



<h2 class="wp-block-heading" id="h-what-s-next">What’s next?</h2>



<p>The project team will release a wealth of associated educational materials in the coming weeks and months so that developers can take full advantage of the new SDK. He added that a Go SDK is already underway and that community feedback nominated Python as the one to tackle after that.</p>



<p>The Utilisation team are considering which languages ought to come next in this effort to facilitate a common understanding across programming languages and ensure there are well-maintained libraries for developers coming from a variety of professional backgrounds.</p>



<p>The push for standardised open-source libraries comes with the promise of higher-quality products across the ecosystem. The aim is to encourage businesses to move towards best practices by offering the solution without vendor lock-in. It then starts making economic sense for them to contribute to the libraries with their developers. This should also grow the overall talent pool capable of building scalable applications on the BSV blockchain.</p>



<p>The focus on standardisation is not just about creating a uniform codebase; it&#8217;s about cultivating a competitive yet cooperative array of innovators who can help realise the full potential of blockchain technology. By clarifying the open-source governance and guidelines, BSV Blockchain is moving toward open innovation by leveraging the involvement of key players acting for their mutual benefit.</p>



<p>Developers are encouraged to contribute to the open-source libraries and their feedback will be reviewed and accepted by those responsible for library repositories aligned with open-source guidelines and standards.</p>


BSV Blockchain launches TypeScript SDK – with more languages planned in the future


<p>Think about the BSV network as akin to a large public football (“soccer”) game in the park. It’s a friendly match, but with basic rules everyone understands and agrees to before playing. For instance, players aren&#8217;t allowed to handle the ball with their hands unless they’re the goalkeeper.</p>



<p>In this scenario, the BSV Association is like the group organising the game, making sure every player is aware of and follows these rules, which are written in the Bitcoin white paper. The white paper serves as the rule book for the game, focusing on keeping it consistent and fair for all participants.</p>



<p>Joining the football match means you&#8217;re accepting its rules. In the same way, miners on the BSV network agree to the rules of the game when they mine BSV. Although the game of football had been played for centuries without written rules, the main laws of the game were codified in 1863 by the Football Association and are still recognisable in the modern game.</p>



<p>Like the laws of football, the growth and maturity of the BSV network has led to the codification and publication of the <a href="https://www.bsvblockchain.org/network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a>, which miners agree to through a unilateral digital agreement when they start mining that is akin to clicking &#8220;I agree.&#8221; By starting their mining process, they&#8217;re effectively saying I agree to abide by the rules established in the Bitcoin white paper and by the BSV Association (BSVA) as the protocol stewards.</p>



<p>Now, imagine a scenario in a football game where a player blatantly ignores the rules, such as picking up the ball and running with it. In this instance, the referee would blow the whistle, signalling a foul and enforcing the game&#8217;s rules through appropriate action. Similarly, in the BSV network, the BSV Association acts akin to the football association, setting and maintaining the rule book – the <a href="https://www.bsvblockchain.org/news/bsv-association-launches-new-network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a> – based on the principles laid out in the Bitcoin white paper.</p>



<p><a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">The Alert System</a>, on the other hand, functions like the referee on the field. It actively monitors for rule violations and, upon detecting any breaches of the established rules, like a handball attempt to score a goal, it directs all network participants about the infringement and the necessary actions to stay compliant with the NAR.</p>



<p>Just as in football, where a referee&#8217;s decision, such as awarding a free kick, leads to collective action by the players (like forming a defensive wall), in the BSV network, it is the collective compliance with the Alert System&#8217;s message by the majority of the network that leads to the enforcement of rules, such as the invalidation of blocks or the freezing or reassignment of coins.</p>



<p>This distinct setup ensures that while the BSVA establishes and updates the rules, akin to a football association, the <a href="https://www.bsvblockchain.org/news/eli5-bsv-alert-system" target="_blank" rel="noopener">Alert System ensures their active enforcement and adherence</a>, much like a referee does in a football match.</p>



<p>This Alert System message serves as a directive for all miners to respect the rule book of the game or else risk becoming violators of the NAR themselves. As stewards of the network, the BSVA is responsible for these decisions.</p>



<p>To borrow a sentence from the International Football Association Board’s Laws of the Game: “Football, the world’s most popular sport, has one of sport’s smallest Law/rule books. However, like any rule book, the [International Football Association Board]’s official ‘Laws of the Game’ is very detailed and uses technical and sometimes complex language.” This quote illustrates the enduring nature of the rules of football, as the core rules of the game of football have not changed and the original rules are still applicable in the game today. This is akin to the Bitcoin Protocol and the NAR creating a transparent set of rules and procedures to follow that can be adopted anywhere in the world.</p>



<p>Amendments to the Rule Book are reserved for bug fixes or security enhancements, not convenience or arbitrary &#8216;improvements.&#8217; It&#8217;s about preserving the game&#8217;s integrity, not altering its essence. There have been technical developments such as the Video Assistant Referee and goal line technology introduced to the game of football, but the game’s core rules are immutable – two teams competing to score more goals. – Similarly, the NAR and BSV Association cannot alter the Bitcoin Protocol in ways that would prevent processing past transactions.</p>



<p>A key aspect of the BSV network is the 100-block maturity rule, like a period of deliberation after a goal in football. This rule allows time to confirm the validity of actions and ensure that no rules were broken in the process. In BSV mining, once a miner successfully creates a block, they must wait for 100 more blocks to be added to the chain before their reward is secure. This waiting period helps avoid disputes and ensures the network&#8217;s stability.</p>



<p>Miners breaking the NAR effectively play a different game, creating a separate blockchain state – effectively, a non-BSV blockchain. It&#8217;s analogous to someone choosing to play by that player’s own rules, which ultimately leads to isolation since no one wants to play with someone who is not abiding by the rules.</p>



<p>The BSV Association&#8217;s role is to ensure lawful play and honesty among network participants, utilising the Alert System to enforce adherence to the rules. Miners accept the NAR not through a click-through contract but through performance. By joining and participating in the network, they demonstrate their acceptance and adherence to its rules. They acknowledge their part in a larger ecosystem where honest play is paramount, and the rules are respected by all. This commitment strengthens the BSV network as a reliable and trustworthy environment for digital transactions.</p>



<h3 class="wp-block-heading" id="h-disclaimer">Disclaimer</h3>



<p><em>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</em></p>


ELI5: BSV Network Access Rules


<p>BSV Blockchain is pleased to announce that the <a href="https://github.com/bitcoin-sv/ts-sdk" target="_blank" rel="noopener nofollow">Standard Development Kit (SDK) for JavaScript and TypeScript</a> is now available. The TypeScript SDK is designed to provide an updated and unified core library for developing scalable applications on the BSV blockchain.</p>



<p>This SDK replaces the previously popular bsvjs library, which is no longer maintained. The library enables developers to build applications with a peer-to-peer approach in mind. It makes <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-simplified-payment-verification" target="_blank" rel="noopener">Simplified Payment Verification (SPV)</a> easy, which enables privacy and scalability.</p>



<p>Alongside the updating of the TypeScript library, the Utilisation team is also working to update and standardise the other main libraries, explained <a href="https://www.linkedin.com/in/thomasgiacomo/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Thomas Giacomo (Director of Utilisation) at BSV Blockchain</a>.</p>



<p>He explained that he and his team are working to standardise the main libraries to ensure the security and interoperability of application development. His team has also clarified the open-source governance to welcome contributions from the ecosystem to foster open innovation and the flywheel effect and increase developer experience maturity to develop on the BSV blockchain.</p>



<p>In addition to the work done by the Utilisation team, BSV Blockchain would also like to extend its thanks to <a href="https://projectbabbage.com/founder-profiles/ty-everett" target="_blank" rel="noopener nofollow">Ty Everett and the team at Project Babbage</a> who have also worked tirelessly on the updating of these libraries.</p>



<h2 class="wp-block-heading" id="h-involving-the-bsv-blockchain-ecosystem">Involving the BSV blockchain ecosystem</h2>



<p>Giacomo explained that it was vital that the broader BSV blockchain ecosystem is part of this process as they can guide his team on the libraries to focus on next based on their collective needs. Giacomo also encouraged the community to contribute to the open-source code to improve the libraries’ standards.</p>



<p>To help decide on which library to work on next, the Utilisation team will hold regular public polls where members of the ecosystem can vote on which library to work on next. We encourage you to follow our <a href="https://twitter.com/BSVBlockchain" target="_blank" rel="noopener nofollow">social media channels to find out more</a>.</p>



<p>Following the latest poll, the Utilisation team has decided to move forward with the standardisation of the Python library after the delivery of the standardised Typescript library in January and the ongoing standardisation of the Go-lang library.</p>



<p></p>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/UC_FWiDAh5vdk7Rj2og28Lyin9xBLhuU0HKz-NkF2axc31SGLFcew9Xipv6Hbc6XbzgyWDO4df9cVW2utzSKDzrdA3qVm6ZPDihiiO4qd0Bq9ktY-_Lfo6W2aSJFyBIr0_eLP_fXl4te8MKBpQCTpZ0" alt="BSVA Typescript SDK"/></figure>



<h2 class="wp-block-heading" id="h-the-importance-of-collaboration">The importance of collaboration</h2>



<p>The push for standardised open-source libraries comes with the promise of higher-quality products across the ecosystem, said <a href="https://www.linkedin.com/in/deggen" target="_blank" rel="noopener nofollow">Darren Kellenschwiler (Technical Lead of Utilisation)</a>. The aim is to encourage businesses to move towards best practices by offering the solution without vendor lock-in. It then starts making economic sense for them to contribute to the libraries with their developers. This should also grow the overall talent pool capable of building scalable applications on the BSV blockchain.</p>



<p>The focus on standardisation is not just about creating a uniform codebase; it&#8217;s about cultivating a competitive yet cooperative array of innovators who can help realise the full potential of blockchain technology. By clarifying the open-source governance and guidelines, BSV Blockchain is moving toward open innovation by leveraging the involvement of key players acting for their mutual benefit.</p>



<p>Developers are encouraged to contribute to the open-source libraries and their feedback will be reviewed and accepted by those responsible for library repositories aligned with open-source guidelines and standards.</p>


Updating BSV blockchain’s libraries – get involved!


<p>sCrypt recently hosted a four-day <a href="https://www.bsvblockchain.org/events/scrypt-bsv-hackathon-at-fudan-university" target="_blank" rel="noopener">BSV Blockchain Hackathon</a> at the University of Exeter. The workshop covered various topics, including envisioning Web3 on the blockchain, utilising technologies like XML and XBRL for extensible web pages, discussing the potential of monitoring global goods movements in logistics, and addressing challenges in ensuring privacy and confidentiality in online voting systems.</p>



<p>The hackathon also included a workshop on <em>Access Control and Selective Disclosure in Bitcoin-layered networks</em> led by Dr Craig S Wright, Technical Advisor at nChain.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="sCrypt Hackathon: Access control in Bitcoin-layered networks" width="500" height="281" src="https://www.youtube.com/embed/dYSwuodLh1Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-envisioning-web3-on-blockchain">Envisioning Web3 on Blockchain</h2>



<p>Wright introduced the workshop by asking participants what the difference is between web1 and Web2, which consists of the addition of databases for interaction. He hinted that blockchain could extend this capacity by using the blockchain for indexing. The transaction format of Bitcoin makes it natively fit into NoSQL, Aerospike and other similar systems. He also introduced the idea of redactable contracts, allowing selective disclosure of information while maintaining document integrity, which allows for a range of applications.</p>



<p>Wright discussed the utilisation of technologies like XML and XBRL to enable extensible web pages, allowing customisation based on user interaction and data retrieval from databases.</p>



<p>He introduced concepts like broadcast encryption and trader tracing, emphasising their potential applications in confidentiality and trade. He explained how transaction IDs in Bitcoin are unique and discussed the implications for storing confidential information, suggesting encryption technologies for GDPR compliance.</p>



<h2 class="wp-block-heading" id="h-goods-monitoring-in-logistics">Goods monitoring in logistics</h2>



<p>Wright also discussed the potential of monitoring global movements of goods and services, highlighting the significance of the supply chain industry. He envisions a future where every item has its unique identifier, revolutionising supply chains and property ownership.</p>



<p>Using examples like liquefied natural gas tankers, he illustrated how fluctuations in prices can impact trade deals and futures contracts, emphasising the need for delivery obligations in such contracts. Wright also shares a humorous anecdote about bankers&#8217; misunderstanding of cattle futures contracts.</p>



<p>Wright emphasised the importance of controlling exposure in buying and selling goods, suggesting the possibility of reselling shipments for better deals and tokenising ownership shares in assets like ships.</p>



<h2 class="wp-block-heading" id="h-ensuring-privacy-and-confidentiality-in-online-voting-systems">Ensuring privacy and confidentiality in online voting systems</h2>



<p>Wright discussed the challenges of ensuring confidentiality in online voting systems, drawing from his experience designing the ‘I vote system’ in New South Wales, Australia. He highlighted the complexity of maintaining voter privacy, referencing scenarios from examination proctoring and historical voting practices.</p>



<p>Wright explains the historical context behind voting privacy, citing examples of coercion and corruption. He emphasised the difficulty in ensuring anonymity in voting systems and acknowledged the need for robust safeguards against coercion and manipulation.</p>



<p>He discussed the potential for building a secure hybrid voting system that combines blockchain technology with traditional voting methods to ensure confidentiality while enabling provable auditing. He emphasised the need for a nuanced approach to blockchain integration, highlighting various overlay networks and databases that can enhance real-time data recording and storage on the blockchain.</p>


sCrypt Hackathon: Access Control and Selective Disclosure in Bitcoin-Layered Networks


<p>As the blockchain industry evolves, the demand for skilled professionals exponentially increases. Recent studies note the blockchain job market&#8217;s remarkable growth at a staggering <a href="https://devskiller.com/digital-it-skills-report-2023/?submissionGuid=36af25d1-1ace-44d9-9d60-c17ef407c11e" target="_blank" rel="noopener nofollow">552% in 2022</a>, emphasising the urgency for expertise in this field.</p>



<p>Discover the diverse career avenues within blockchain in this comprehensive infographic, as it discusses each role&#8217;s unique functions and purposes.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3334" height="22517" src="http://127.0.0.1:8080/wp-content/uploads/2024/02/Infographic-5-careers-in-blockchain-1.jpg" alt="5 careers in blockchain you can pursue" class="wp-image-31081"/></figure>



<h2 class="wp-block-heading" id="h-how-to-start-a-career-in-blockchain">How to start a career in blockchain</h2>



<p>Although a career in blockchain can be exhilarating and rewarding, beginners may find the initial steps daunting. For this reason, it would be best if you had practical insights and guidance on how to kickstart your blockchain career.</p>



<h3 class="wp-block-heading" id="h-1-learn-blockchain-fundamentals"><strong>1. Learn blockchain fundamentals</strong></h3>



<p>Knowing what the industry is about is the first thing to getting into that niche. Similarly, it helps to learn the fundamentals of blockchain and familiarise yourself with foundational concepts so you can understand the technology&#8217;s underlying mechanisms and decentralised nature. Blockchain basics include:</p>



<ul>
<li><strong>Bitcoin script</strong>: Bitcoin script is a language that defines how transactions may be spent.</li>



<li><strong>Hash functions</strong>: Learn what hash functions are, the hash functions used in Bitcoin, how hash functions are used in Bitcoin, why double hashing is used in Bitcoin, and the role hash functions play in Bitcoin&#8217;s security model.</li>



<li><strong>Merkle trees</strong>: Merkle trees serve to encode blockchain data more efficiently and securely.</li>



<li><strong>Digital Signatures</strong>: Digital signature schemes &#8211; ECDSA &#8211; are fundamental building blocks in the Bitcoin protocol.</li>



<li><strong>Protocol and Design</strong>: an introduction to the Bitcoin protocol, its method of operation and is intended for beginners to Bitcoin.</li>
</ul>



<p><a href="https://academy.bsvblockchain.org/bitcoin-essentials" target="_blank" rel="noopener">Enrol in free courses on Bitcoin primitives at the BSV Academy</a></p>



<h3 class="wp-block-heading"><strong>2. Determine what blockchain career to pursue</strong></h3>



<p>Whether your passion lies in blockchain development, cryptocurrency analysis, cybersecurity, project management or another specialised field, this step encourages you to identify the specific role that aligns with your professional goals.</p>



<p>Roles are abundant for every skill level. If you’ve been honing your skills for a long time, you may want to consider pursuing a career as a <a href="https://www.bsvblockchain.org/job/mintblue/senior-back-end-developer" target="_blank" rel="noopener">senior back-end developer</a> or <a href="https://www.bsvblockchain.org/job/bitcoin-suisse/senior-test-engineer" target="_blank" rel="noopener">senior test engineer</a>, granted you have the skill set to take on such a responsibility.</p>



<p>On the contrary, a junior designer may be fitting if you want to leap from beginner to proficient blockchain professional without the pressure of having the top position in your line of work. Regardless of what you pursue, <a href="https://www.bsvblockchain.org/blockchain-jobs" target="_blank" rel="noopener">there’s always a place for great minds in blockchain</a>.</p>



<h3 class="wp-block-heading" id="h-3-enrol-in-blockchain-courses-and-get-certified"><strong>3. Enrol in blockchain courses and get certified</strong></h3>



<p>When starting your blockchain career, it&#8217;s ideal to <a href="https://www.bsvblockchain.org/news/bsv-blockchain-resources-for-data-junkies" target="_blank" rel="noopener">enrol in courses that let you gain more knowledge about the industry</a>. Fortunately, BSV Academy has no shortage of programmes for different disciplines, offering courses that specifically tackle:</p>



<ul>
<li><a href="https://academy.bsvblockchain.org/course/bitcoin-infrastructure" target="_blank" rel="noopener"><strong>Bitcoin Infrastructure</strong></a></li>



<li><a href="https://academy.bsvblockchain.org/course/bitcoin-basics-protocol-and-design" target="_blank" rel="noopener"><strong>Bitcoin Basics: Protocol and Design</strong></a></li>



<li><a href="https://academy.bsvblockchain.org/course/bitcoin-development" target="_blank" rel="noopener"><strong>Bitcoin Development</strong></a></li>



<li><a href="https://academy.bsvblockchain.org/bitcoin-essentials" target="_blank" rel="noopener"><strong>Bitcoin Essentials</strong></a></li>
</ul>



<p>Apart from that, <a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">BSV Blockchain also offer courses relating to law, software engineering, development, business and more</a>. These courses provide a comprehensive overview of blockchain fundamentals and delve into the intricacies of the legal and technical aspects surrounding the industry.</p>



<p>Once you learn all the essential knowledge for your chosen expertise, the next step involves securing certification. The best certifications solidify your blockchain expertise because they validate your skills and prove your commitment to the field, boosting your credibility in the competitive job market.</p>



<h3 class="wp-block-heading" id="h-4-join-a-community"><strong>4. Join a community</strong></h3>



<p>Blockchain communities typically organise forums, events, workshops and online platforms where you can exchange ideas, gain more industry knowledge and seek advice regarding the right career path for you.<br><br>So, seek and become a part of vibrant and supportive communities when launching your blockchain career since your interactions with them can lead to knowledge-sharing and collaboration opportunities. Plus, engaging with like-minded individuals lets you stay updated on industry trends, gain valuable insights and potentially find mentors or collaborators.</p>



<p>If you’re looking to be a part of a community filled with like-minded people, BSV Blockchain has dedicated channels to get you in touch with some of the best minds the industry has to offer.</p>



<p>You may visit the following links and join the BSV Blockchain family today:</p>



<ul>
<li><a href="https://twitter.com/BSVBlockchain" target="_blank" rel="noopener nofollow">X (Twitter)</a></li>



<li><a href="https://discord.com/invite/bsv" target="_blank" rel="noopener nofollow">Discord</a></li>



<li><a href="https://forum.bitcoinsv.com/" target="_blank" rel="noopener">BSV (Forum)</a></li>
</ul>



<h3 class="wp-block-heading" id="h-5-attend-conferences-and-events"><strong>5. Attend conferences and events</strong></h3>



<p>Attending conferences and events, like <a href="https://hackathon.bsvblockchain.org/" target="_blank" rel="noopener">BSV Hackathons, is a powerful strategy for immersing yourself in the latest industry trends, innovations and emerging technologies</a>.</p>



<p>Apart from imparting knowledge, these gatherings offer invaluable networking opportunities. Building connections with professionals, enthusiasts and potential collaborators can open doors to mentorship, job opportunities and other partnerships. These events also enhance your understanding of the blockchain landscape and position you within a dynamic network to propel your career forward.</p>



<h3 class="wp-block-heading" id="h-6-apply-for-internships-or-apprenticeships"><strong>6. Apply for internships or apprenticeships</strong></h3>



<p>Internships or apprenticeships provide you with practical and hands-on learning. These opportunities allow you to apply theoretical knowledge in real-world scenarios, hone your skills and build a portfolio.</p>



<p>These training programmes also serve as a gateway to establishing industry connections, potentially leading to full-time positions and offering a unique perspective on the day-to-day of blockchain experts.</p>



<h2 class="wp-block-heading" id="h-6-top-skills-needed-for-a-career-in-blockchain"><strong>6 top skills needed for a career in blockchain</strong></h2>



<p>Your desire to enter this industry is a good first step. However, you also need the skills to thrive in the blockchain landscape. Here are some of the sought-after skills in the blockchain industry.</p>



<h3 class="wp-block-heading" id="h-1-web-application-development"><strong>1. Web application development</strong></h3>



<p>Web application development is the key to creating intuitive and functional interfaces for blockchain-based platforms. This skill encompasses the ability to design and implement user-friendly applications that seamlessly interact with blockchain technology.</p>



<p>For example, <a href="https://www.bsvblockchain.org/news/jamify-revolutionising-the-music-industry-with-blockchain-powered-nfts" target="_blank" rel="noopener">blockchain-based music player Jamify&#8217;s web application features a seamless and user-friendly interface</a>. The platform allows you to utilise NFTs, stream music and engage with blockchain enthusiasts.</p>



<h3 class="wp-block-heading" id="h-2-programming-languages"><strong>2. Programming languages</strong></h3>



<p>Proficiency in programming languages is necessary for creating, optimising and securing blockchain applications, implementing blockchain protocols, conducting security audits and enhancing the overall performance of decentralised and <a href="https://www.bsvblockchain.org/news/what-should-distributed-systems-look-like" target="_blank" rel="noopener">distributed systems</a>.</p>



<p>When it comes to digital currency development, you need to rely on programming languages when coding the logic governing tokens and similar assets.</p>



<h3 class="wp-block-heading" id="h-3-cryptography"><strong>3. Cryptography</strong></h3>



<p>One of the main facets of blockchain is security and data protection. Cryptography plays a crucial role in securing transactions, upholding integrity and ensuring privacy on blockchain networks.</p>



<p>A good understanding of cryptographic principles enables you to implement secure consensus mechanisms, create tamper-resistant digital signatures and establish secure communication channels within the blockchain.</p>



<h3 class="wp-block-heading" id="h-4-data-structure-knowledge"><strong>4. Data structure knowledge</strong></h3>



<p>This skill facilitates efficient storage, retrieval and information management. With this knowledge, you can optimise blockchain performance, ensure scalability and maintain the integrity of decentralised ledgers.</p>



<h3 class="wp-block-heading" id="h-5-blockchain-principles-and-practises"><strong>5. Blockchain principles and practises</strong></h3>



<p>Your know-how of the industry&#8217;s principles and best practises equips you with the necessary skills to manage blockchain architecture, consensus mechanisms and security protocols. Then, you can effectively design, implement and optimise blockchain solutions. Ultimately, you contribute to the industry by ensuring a tamper-resistant ledger for tracking and verifying payments, contracts and transactions.</p>



<h3 class="wp-block-heading" id="h-6-smart-contract-development"><strong>6. Smart contract development</strong></h3>



<p>Smart contracts automate and enforce agreements to reduce reliance on intermediaries. As a skilled developer, you design, implement and audit these self-executing contracts to make transactions transparent and efficient.</p>



<p>Your proficiency in this department aligns with industry demands for enhanced operational efficiency and accountability. For example, <a href="https://www.bsvblockchain.org/news/smart-contracts-and-record-keeping-for-enterprises-with-tokenized" target="_blank" rel="noopener">Tokenized utilises smart contracts for streamlined financial record-keeping on the BSV blockchain</a>.</p>



<h2 class="wp-block-heading" id="h-5-blockchain-careers-to-pursue"><strong>5 blockchain careers to pursue</strong></h2>



<p>A <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">career in blockchain</a> opens doors to a wide range of job opportunities. These positions play vital roles in shaping the future of this technological innovation.</p>



<h3 class="wp-block-heading" id="h-1-project-manager"><strong>1. Project manager</strong></h3>



<p>Project managers hold one of the top spots in the field whose jobs involve linking blockchain projects with industry experts. As a project manager, you need a specific skillset to determine which projects go with which solutions that companies offer. The required skills are akin to those of a conventional (cloud) project manager.</p>



<p>Your proficiency in traditional and technical project management is vital in comprehensively understanding the technology. So, if you&#8217;re well-versed in project management principles and excel in understanding the specific nuances of the blockchain industry, this is the ideal career path for you.</p>



<h3 class="wp-block-heading" id="h-2-developer"><strong>2. Developer</strong></h3>



<p>No technology is possible without the expertise of a developer. Today, there is a significant demand for skilled blockchain developers to assist companies in navigating various platforms. In fact, the growing global market size for blockchain may be <a href="https://www.forbesindia.com/article/cryptocurrency/demand-for-blockchain-developers-rising-fast-platforms-like-searchmyexpert-filling-in/89805/1" target="_blank" rel="noopener nofollow">worth</a> approximately $469.49 billion by 2030.</p>



<p>Currently, blockchain development stands out as a sought-after career that can harness the full potential of the technology. Blockchain developers are programmers with a background in languages such as C++, Python and JavaScript, usually gaining substantial experience before transitioning to blockchain development.</p>



<h3 class="wp-block-heading" id="h-3-solutions-architect"><strong>3. Solutions architect</strong></h3>



<p>The architect designs and coordinates the various components of a blockchain solution, collaborating with team experts like developers, network administrators, UX designers and IT operations. The role requires the successful development and implementation of the said solution.</p>



<h3 class="wp-block-heading" id="h-4-analyst"><strong>4. Analyst</strong></h3>



<p>You can become an analyst if you&#8217;re skilled in data analysis. As an analyst, you are responsible for examining and interpreting data within blockchain networks. Part of your work involves scrutinising and overseeing transactions, tracing the flow of digital assets and identifying patterns to ensure compliance, security and transparency.</p>



<p>Data analysis teams utilise forensic tools and blockchain analytics to detect fraudulent activities, investigate discrepancies and enhance the overall integrity of blockchain systems. If you belong to this team, expect your role to be crucial in maintaining the reliability and trustworthiness of decentralised ledgers. Be ready to uncover insights that contribute to effective decision-making and risk mitigation.</p>



<h3 class="wp-block-heading" id="h-5-researcher"><strong>5. Researcher</strong></h3>



<p>Blockchain continues to have use cases in different sectors. This kind of novelty propels industry leaders to explore its possibilities, which means blockchain needs the constant input of researchers to stay at the forefront of technological advancements and innovations.</p>



<p>Researchers explore new protocols, consensus mechanisms and applications to acquire insights that drive innovation. Continuous research ensures the development of robust solutions, enhances security and expands the potential applications of blockchain technology amid various challenges.</p>



<h2 class="wp-block-heading" id="h-embrace-the-future-of-blockchain-careers-today"><strong>Embrace the future of blockchain careers today</strong></h2>



<p>Many career avenues wait for you in the blockchain industry. The diverse skills and steps for starting a blockchain career emphasise the importance of the BSV blockchain, serving as the bedrock for a data-driven economy. Its scalability, transparency and innovative applions position it as a key player in the industry&#8217;s future.</p>



<p>Delve deeper into the potential of the BSV blockchain by downloading our ebook, <a href="https://resources.bsvblockchain.org/enterprise-blockchain-products-using-the-bsv-blockchain-ebook" target="_blank" rel="noopener">Enterprise blockchain products using the BSV blockchain</a>. Unlock the full potential of enterprise blockchain with our comprehensive guide on using the BSV blockchain. Discover the unique properties of BSV that set it apart from other enterprise-scale blockchains and learn about the wide range of applications and products that can be built using BSV, from healthcare to eSports and beyond.</p>


Blockchain of the future: 5 careers in blockchain you can pursue [Infographic]


<p>On session two of the second day of the Bitcoin Masterclasses, which happened in May 2023 in London, Dr Craig S Wright (Technical Advisor at nChain) discussed IoT applications and their potential to innovate business models.</p>



<p>During the workshop, participants proposed innovative business models that <a href="https://academy.bsvblockchain.org/blog/the-iot-businesses-developing-bsv-blockchain-applications" target="_blank" rel="noopener">integrate IoT technology</a>. Examples included an online marketplace for handmade goods utilising blockchain technology, an art marketplace with a bidding system, and a freelancing platform for specialised work.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Bitcoin Masterclass (London) Day 2: EDI logistics" width="500" height="281" src="https://www.youtube.com/embed/xB_IbtTJJbs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-discussing-how-iot-can-innovate-existing-business-models">Discussing how IoT can innovate existing business models</h2>



<p>To introduce the session, Wright discussed the potential applications of IoT devices, such as monitoring atmospheric conditions for agriculture, including wine production. He emphasised the importance of monitoring to maintain the quality and value of products like wine.</p>



<p>Other uses discussed included proximity tracking for <a href="https://www.bsvblockchain.org/news/modernising-business-processes-and-supply-chains-with-blockchain" target="_blank" rel="noopener">supply chain management and access control for security purposes</a>. This introductory phase of the workshop was followed by a brainstorming session, in which the workshop participants could discuss business models, in which IoT can help to innovate. The main part of the workshop was dedicated to the brainstorming session, which was followed by a discussion of the ideas of the participants.</p>



<h2 class="wp-block-heading" id="h-online-marketplace-for-handmade-products">Online marketplace for handmade products</h2>



<p>The first group proposed creating an online marketplace for unique artisanal products to support small businesses and promote handmade goods. They suggested using blockchain technology to tie sellers&#8217; identities to the marketplace, build reputation, and enable trusted feedback through review services.</p>



<p>The main idea involves <a href="https://academy.bsvblockchain.org/blog/blockchain-nfts-properties-value-proposition-applications" target="_blank" rel="noopener">NFT-ing the handmade goods</a> to preserve their uniqueness and tying the manufacturing process into the NFT through photo documentation. Additionally, they proposed tying supply chain information to the NFT, enabling easier reselling, providing utility, offering early access to future products, and authenticating reviews. Social engagement and contract bidding integration were also discussed as potential features of the marketplace.</p>



<h2 class="wp-block-heading" id="h-art-marketplace-with-bidding-system">Art marketplace with bidding system</h2>



<p>Another group suggested implementing a bidding system in three aspects of the art marketplace: initial funding for creators, purchasing existing art pieces, and delivery logistics. Producers can bid for funding to start their projects, buyers can bid for art pieces, and delivery providers can bid for logistics services. This system aims to promote competition and improve service quality.</p>



<h2 class="wp-block-heading" id="h-freelancing-platform-for-local-and-specialised-work">Freelancing platform for local and specialised work</h2>



<p>The following group discussed the concept of building a platform that connects freelancers and remote workers with businesses seeking specialised skills on a project basis. They envision a global JIRA board with a tender process where anyone can bid on specific jobs or certain microtasks.</p>



<p>In this future scenario, workers would have a dashboard displaying tasks they can choose based on their parameters and credentials, allowing for flexible work arrangements and payment on a gig economy basis. As an example, the group cited a restaurant that is looking for a chef for a short period. Through the platform, people who can prove they have experience as a chef could receive a notification that they have the opportunity to earn extra money at short notice.</p>



<p>Additionally, they suggested implementing identity and reputational systems, possibly using NFTs, to monetise reputation and create speculative markets based on individuals&#8217; skills and products.</p>



<h2 class="wp-block-heading" id="h-green-energy-consulting-tracking-and-monitoring-energy-consumption">Green energy consulting &#8211; tracking and monitoring energy consumption</h2>



<p>The following group discussed the establishment of a green energy consulting firm aimed at helping businesses transition to renewable energy sources and improve sustainability practices. They proposed <a href="https://www.bsvblockchain.org/news/contextualising-blockchain-energy-use-and-exploring-the-green-blockchain" target="_blank" rel="noopener">using IoT devices to monitor energy consumption from traditional sources</a>, which serves as a reference point for implementing renewable power sources like solar panels and IoT batteries.</p>



<p>The firm would also work with suppliers for green energy and products, potentially implementing identity verification systems using blockchain technology. Additionally, they mentioned using IoT devices to monitor various aspects of the company&#8217;s operations, possibly implementing control systems for access to energy sources.</p>



<p>Compliance and standards enforcement are also discussed, with a focus on leveraging IoT technology to achieve these goals effectively. Finally, they mentioned the potential for using emissions data as a basis for fines and credits, further emphasising the importance of IoT in their approach.</p>



<h2 class="wp-block-heading" id="h-e-learning-platform-specialised-skills-and-remote-learning">E-learning platform &#8211; specialised skills and remote learning</h2>



<p>The last group discussed the creation of an e-learning platform to meet the demand for remote learning, addressing various issues such as instructor credentials, course demand, resource planning, and security considerations. They proposed using blockchain technology in the context of social responsibility to track resource allocation, donations of educational devices, and certification issuance, ensuring transparency and accountability.</p>



<p>Additionally, they suggested utilising AI and machine learning to teach courses, classify materials accurately, and track student performance to personalise learning experiences. Security measures include linking blockchain-based wallets for student and teacher logins and monitoring performance to identify learning gaps.</p>



<p>Overall, they highlighted how blockchain technology can enhance the transparency, security, and accessibility of e-learning platforms, allowing learners to access educational materials conveniently and reliably from any device.</p>


Bitcoin Masterclasses: London – EDI logistics and tracing goods


<p>There is a mismatch between business use cases and the actual application of blockchain technology. Notably, enterprises should be driving the growth of the blockchain industry and not the other way around, says <a href="https://www.linkedin.com/in/evaporrasphd/recent-activity/all/" target="_blank" rel="noopener nofollow">Dr Eva Porras</a>.</p>



<p>Porras noted that this is problematic as the entire sector would be better funded if it were businesses that were demanding these developments. ‘This causes a delay and the sector is not as well funded (as other tech sectors)’, she said. ‘Small entrepreneurs can’t really stay in business.’</p>



<p>Eva Porras is the Founder and CEO of <a href="https://www.youtube.com/watch?v=hI3MKDGb0WQ" target="_blank" rel="noopener nofollow">Blockchain Smart Technologies</a>; Lead Researcher at <a href="https://smartledger.solutions/" target="_blank" rel="noopener nofollow">SmartLedger – a blockchain solutions provider</a>; and Honorary Collaborating Researcher at Universidad Rey Juan Carlos.</p>



<p></p>



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<iframe loading="lazy" title="In the Spotlight: Eva Porras and blockchain business use cases" width="500" height="281" src="https://www.youtube.com/embed/Goj6FWuv7Ww?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-blockchain-misinformation">Blockchain misinformation</h2>



<p>Another problem facing the sector is misinformation, said Porras. This includes the misrepresentation of certain technologies and people who deliberately start companies just to extract resources from individuals in an industry which they do not understand.</p>



<p>Porras added that governments also have a responsibility to ensure that the sector is appropriately regulated. This includes tackling exchanges which are not safe, transparent, or liquid.</p>



<h2 class="wp-block-heading" id="h-addressing-the-problem">Addressing the problem</h2>



<p>While this mismatch is evident, Porras noted that it can be addressed by developers who actively target needs in existing sectors, rather than coming up with solutions to non-existent problems. She highlighted tracking and tracing in <a href="https://www.bsvblockchain.org/news/logistics-supply-chain-management-and-stock-control" target="_blank" rel="noopener">the Logistics sector and customer identification in the Healthcare sector as areas which need addressing</a>.</p>



<p>‘I think specialisation is a very big opportunity because of the scale which will come. Legacy technology will have to give in little by little and then the scaling of what we are doing will be massive.’ Porras gave an example of a product developed by the team at SmartLedger, <a href="https://www.bsvblockchain.org/news/making-the-world-a-safer-place-with-certihash" target="_blank" rel="noopener">Certihash, which was specifically designed to address problems in the cybersecurity sector</a>.</p>



<p>SmartLedger crafted the Certihash suite exclusively for corporate clientele, presenting a tailored solution to mitigate the perils associated with data breaches. The inaugural component featured in Certihash, known as Sentinel Node, furnishes real-time notifications for network events.</p>



<p>This all-encompassing toolkit harnesses the BSV blockchain to guarantee the confidentiality, integrity, and accessibility of records, rendering them openly available on a permissionless blockchain.</p>



<p>Sentinel Node is the first Certihash module to be released, allowing for real-time notification of events that are occurring on a network. The toolset utilises the BSV blockchain to provide the confidentiality, integrity and availability of records to be distributed publicly across a permissionless blockchain.</p>



<p>Utilising time-stamped data attestation, it monitors selected logs and files for any unauthorised access or alterations, providing an immediate alert in case of a breach. To further bolster the system’s security, Sentinel Node requires administrators to sign these alerts with their private keys. This ensures the authenticity of alerts and adds another layer of protection against potential cyber threats, further enhancing the integrity and security of monitored data.</p>


The mismatch between blockchain and businesses – and how to fix it


<p><strong>ZUG, Switzerland, February 16, 2024: </strong>The BSV Association (BSVA), the steward of the BSV Blockchain protocol, announces the implementation of new security updates to its operational framework, including the Network Access Rules (NAR), Digital Asset Recovery (DAR) and the reimplementation of the Alert System. These strategic enhancements are designed to uphold the integrity, security, and functionality of the BSV network, in accordance with the original vision of the Bitcoin White Paper.</p>



<p><strong>Network Access Rules (NAR):</strong></p>



<p>The Network Access Rules is the set of rules regulating the relationship between the BSV Association and the nodes on BSV. It details their duties and obligations to the network and their relationship with the Association. The rules are grounded in the principles of the Bitcoin Protocol and the Bitcoin White Paper, ensuring that all nodes contribute to a lawful and honest network environment, providing transparency and guidance for network participants. Network activities in this instance include collecting, validating, or accepting a block, collating transactions into a block, attempting to find a proof-of-work for a block, or broadcasting a block.</p>



<p><strong>BSV Alert System (AS):</strong></p>



<p>The Alert System is a crucial component within the BSV network. It is a sophisticated system for publishing messages within the network. These messages can be either notifications (e.g., software update announcements) or directives (e.g., freeze, unfreeze, or reassign commands for transaction outputs). The AS operates in conjunction with the NAR to ensure that the BSV network remains honest, lawful and ensures the Bitcoin protocol is ‘set in stone’. The AS reflects the BSVA’s commitment to maintaining a transparent, orderly, and trustworthy blockchain environment.</p>



<p><strong>Digital Asset Recovery (DAR):</strong></p>



<p>In addition to these measures, part of the BSVA’s stewardship delivers on the concept of DAR, a protocol that aligns blockchain technology with existing legal frameworks for asset protection. This initiative enables the recovery or freezing of digital assets in cases of loss, theft, or if they require ownership or transfer. This is essential in establishing a regulatory-compliant network and framework for digital assets, as well as for enforcement and compliance with existing property laws.</p>



<p><strong>Connor Murray, Stewardship Director at BSVA</strong> said, <em>“These updates represent a significant milestone in our journey to stay true to the vision of BSV Blockchain. The Association’s role in ensuring network integrity and compliance with legal standards is vital for the future of blockchain applications, all with the specific intention of making BSV a reliable and trustworthy platform for digital innovation. Our commitment is to continue fostering a blockchain ecosystem that is secure, transparent, and aligns with the original Bitcoin vision.”</em></p>



<p><strong>Media Contact</strong><br><a href="mailto:pr@lightningsharks.co.uk" target="_blank" rel="noopener nofollow">pr@lightningsharks.co.uk</a></p>



<p><strong>About BSV Blockchain:</strong></p>



<p>One Blockchain for Everyone.</p>



<p>The BSV Association leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.</p>



<p>The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and it’s scripting language provide powerful technical capabilities that BSV has restored.</p>


BSV Association announces the implementation of dynamic security enhancements


<p>The Alert System (AS), managed by the BSV Association (BSVA), is a crucial component within the BSV network as a sophisticated system for publishing messages within the network. These messages, which carry significant weight due to their association with the <a href="https://www.bsvblockchain.org/network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a>, can be either notifications (like software update announcements) or directives (such as freeze, unfreeze, or reassign commands for transaction outputs).</p>



<h2 class="wp-block-heading" id="h-function-and-process-of-the-as">Function and Process of the AS</h2>



<ul>
<li>The AS operates through a group of five Alert Key Holders, each possessing a unique digital signature capability.</li>



<li>These key holders collectively validate and approve critical messages that are to be broadcast across the network.</li>



<li>The system ensures checks and balances, requiring a consensus among these key holders for an alert to be issued. This process prevents unilateral actions and maintains a fair governance system.</li>
</ul>



<h2 class="wp-block-heading" id="h-types-of-alerts-and-their-impact">Types of Alerts and Their Impact</h2>



<ul>
<li><strong>Notifications:</strong> Inform users about updates or general information regarding the network.</li>



<li><strong>Directives:</strong> Include operational commands such as freezing or unfreezing transaction outputs or reassigning them to new addresses. These directives play a crucial role in maintaining the integrity of the network.</li>
</ul>



<h2 class="wp-block-heading" id="h-as-and-network-access-rules-nar">AS and Network Access Rules (NAR)</h2>



<h3 class="wp-block-heading" id="h-use-of-as-with-nar">Use of AS with NAR</h3>



<p>While it does not, in and of itself, directly give rise to or enforce actions by network users, the AS operates in conjunction with the NAR. The BSVA, acting as stewards of the BSV network, assumes responsibility to ensure that all messages published through the AS are accurate so that network users, including nodes, will not incur damages from acting upon these messages. This structure ensures that directives from the AS are not just recommendations but carry a legal weight, compelling nodes to act in accordance with the messages.</p>



<h3 class="wp-block-heading" id="h-protection-and-compliance-for-nodes">Protection and compliance for Nodes</h3>



<p>Nodes that comply with directives issued through the AS are protected under the NAR. This compliance is crucial as it aligns with the legal framework set by the BSVA, ensuring that nodes operate within the boundaries of agreed-upon rules and regulations. Conversely, nodes that choose to disregard AS directives risk losing this protection. Non-compliant nodes face the consequence of being isolated and ignored by the honest actors in the network.</p>



<h3 class="wp-block-heading" id="h-clarifying-the-role-of-nodes"><strong>Clarifying the role of Nodes</strong></h3>



<p>Nakamoto Consensus is the process by which nodes come to an understanding of the current chain tip and is an innovative economic solution to the Byzantine Generals Problem. As outlined in the Bitcoin white paper, Nakamoto Consensus is used to enforce any needed rules in the system, and Nakamoto Consensus relies on honest participants not building on top of dishonest behaviour.</p>



<p>The Alert System is a mechanism by which the BSVA can help nodes identify dishonest behaviour and ensure that malicious actors cannot overpower the network.</p>



<p>The role of an honest node is clearly defined and limited to completing the six steps outlined in section 5 of the Bitcoin white paper, where the attempt is also made to clearly identify and distinguish honest and dishonest behaviour. Nodes are not vested with the authority to determine new rules or protocol changes, only to enforce rules as determined by the BSVA, an authority granted by BSVA&#8217;s stewardship of the original Bitcoin protocol.</p>



<h2 class="wp-block-heading" id="h-use-of-as-in-maintaining-network-integrity">Use of AS in Maintaining Network Integrity</h2>



<ul>
<li>The AS is used primarily to ensure that nodes operate honestly and adhere to the NAR and the &#8216;set in stone&#8217; Bitcoin protocol.</li>



<li>Actions are taken only in cases where nodes display dishonesty in following the NAR and the protocol. This underscores the system&#8217;s role in upholding network integrity and reliability.</li>
</ul>



<h2 class="wp-block-heading" id="h-conclusion"><strong>Conclusion</strong></h2>



<p>The Alert System within the BSV network, as overseen by the BSVA, plays a pivotal role in disseminating important notifications and directives. Its operation, deeply integrated with the Network Access Rules, ensures that the network remains honest, lawful, and aligned with its foundational principles. The AS, through its methodical and consensus-driven process, reflects the BSVA&#8217;s commitment to maintaining a transparent, orderly, and trustworthy blockchain environment.</p>



<h3 class="wp-block-heading" id="h-disclaimer"><em><strong>Disclaimer</strong></em></h3>



<p><em><strong>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</strong></em></p>


ELI5: BSV Alert System


<p>BSV Association is pleased to announce the launch of the new <a href="https://www.bsvblockchain.org/network-access-rules" target="_blank" rel="noopener">Network Access Rules (NAR)</a> for the BSV Blockchain.</p>



<p>The NAR is the set of rules regulating the relationship between the BSV Association and the nodes on the BSV Network. They are based on the original Bitcoin Protocol rules and those set out in the Bitcoin white paper.</p>



<p>In <a href="https://craigwright.net/bitcoin-white-paper.pdf" target="_blank" rel="noopener">the Bitcoin white paper</a>, the public was offered the opportunity to obtain up to 20,999,950 electronic coins in the aggregate if they abide by certain rules, including but not limited to the Bitcoin Protocol rules and those set out in the Bitcoin white paper. This offer is known as the Unilateral Contract.</p>



<h2 class="wp-block-heading" id="h-adhering-to-the-bitcoin-protocol">Adhering to the Bitcoin Protocol</h2>



<p>Participants in the BSV ecosystem support adherence to the Bitcoin Protocol and seek to maintain the vision in the Bitcoin white paper.&nbsp;It is the responsibility of those persons who conduct network activities on the BSV Network, from time to time, whether individually or collectively (each a Node), to promote and maintain honest and lawful behaviour in line with the Bitcoin white paper’s vision.</p>



<p>Network activities in this instance include collecting, validating, or accepting a block, collecting transactions into a block, attempting to find a proof-of-work for a block, or broadcasting a block.</p>



<p>To achieve this, a common framework with clear standards and practices for nodes is essential. This framework, embodied in the rules, enables legal recourse between nodes if a node has breached the rules.</p>



<p>The rules also enable the Association to take legal and technical actions, such as sending informational messages alerting nodes to breaches of the rules, to support the ecosystem in counteracting unlawful and dishonest behaviour on the network.</p>



<h2 class="wp-block-heading" id="h-the-role-of-the-bsv-association">The role of the BSV Association</h2>



<p>‘Our goal is to exercise all of our rights, powers, and discretions under the rules in a way that promotes the stability of the Bitcoin Protocol over time,’ said <a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray, Director of Stewardship at BSV Association</a>.</p>



<p>‘We have therefore published the rules, which are built upon the Unilateral Contract, to offer the nodes and users of the network increased legal certainty, confidence, and security and to protect the long-term growth and success of the network.’</p>



<p>A full copy of the rules and an explanation of the different terminology can be found <a href="https://www.bsvblockchain.org/network-access-rules" target="_blank" rel="noopener">here</a>.</p>



<h3 class="wp-block-heading">Disclaimer</h3>



<p>The content of this document is provided for informational purposes only and is not intended to modify or supersede the contractual rights or obligations of any party to the Network Access Rules. Parties are encouraged to carefully review the Network Access Rules to verify the accuracy of the information presented here. It is assumed that, where necessary, parties will seek guidance from their legal counsel and any other advisors they consider necessary.</p>


BSV Association launches new Network Access Rules


<p><a href="https://association.bsvblockchain.org/" target="_blank" rel="noopener">The BSV Association is a non-profit association (Verein) in Switzerland</a>, created to bring together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the BSV Blockchain ecosystem.</p>



<p>But what exactly does it do daily and how does it assist those who are actively working with the technology? These and other questions were answered by Martin Coxall (Director of Growth at BSV Association) who was speaking at the recent <a href="https://www.bsvblockchain.org/news/bsv-blockchain-heads-to-date-expo-unveiling-the-future-of-tech-in-india" target="_blank" rel="noopener">Digital Acceleration and Transformation Expo (DATE)</a> in India.</p>



<p></p>



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<h2 class="wp-block-heading" id="h-creating-a-better-world">Creating a better world</h2>



<p>Coxall began his presentation by noting that one of the ultimate goals of the Association is to create a better world for all by using the BSV blockchain to make it more:</p>



<ul>
<li>Free;</li>



<li>Fair;</li>



<li>Profitable;</li>



<li>Sustainable;</li>



<li>Trustworthy.</li>
</ul>



<p>He added that the volume of data and information created, captured, copied and consumed worldwide has grown exponentially over the last decade, with the big data industry expected to be valued at $229 billion by 2025. This is set to grow even further as the market increasingly pushes for more digitalisation, IoT and AI development.</p>



<p>While this monumental growth is impressive, Coxall notes that much of this is being done on the old Internet and ageing Web2 technology, leading to ‘pain and risk’ at every point of the value chain. By comparison, <a href="https://www.bsvblockchain.org/news/blockchain-the-keystone-of-web-3-0-transformation" target="_blank" rel="noopener">a new Web3-based Internet built on blockchain offers ease and security at every point of the value chain</a>, he said.</p>



<p>‘Just as there can be only one Internet, there can be only one blockchain. BSV blockchain is the only protocol that ensures control, provenance, and accuracy of all the world’s data.</p>



<h2 class="wp-block-heading" id="h-timestamping-and-records-of-truth">Timestamping and records of truth</h2>



<p>The BSV blockchain is an immutable ledger of transactions and data, <a href="https://academy.bsvblockchain.org/blog/the-bitcoin-white-paper-timestamp-server#:~:text=A%20timestamp%20server%20works%20by,to%20get%20into%20the%20hash." target="_blank" rel="noopener">with each block timestamped</a>. In mathematical terms, blockchain records permanent evidence that an event ‘e’ occurred in time ‘t’. BSV relies on two concepts to achieve immutability, one is a distributed timestamp server and the other is proof-of-work.</p>



<p>As a distributed timestamp server, the BSV blockchain hashes the transactions of the block and associates it in the block header along with a Unix time value of the formation of the block. This hash is unique to the block and since it is generated from the contents of the block, changing the contents would invalidate the hash stored in the block header at the time of block creation.</p>



<p>Generation of this hash requires miners to invest in CAPEX and spend considerable OPEX in the form of recurring electricity bills. For a miner to prove that it mined the block, it needs to exhibit proof-of-work, which is easily verifiable by other miners in the network.</p>



<p>Coxall explained that this timestamping system creates a universal source of truth. By design, it also empowers individuals (not big tech) and opens the door for all economies.</p>



<p>‘BSV Blockchain is the only protocol that enables a universal exchange of value by building a robust and sustainable record of truth for everyone and everything. Truth is the only way, he said.</p>


BSV Blockchain: BSV Association’s blueprint for a better world


<p>The Metaverse concept traces its origins back to the early 1990s, but it&#8217;s only in the past few years that technological advancements have made the idea more palpable. In early 2021, Mark Zuckerberg publicly announced the rebranding of the corporate entity overseeing Facebook, renaming it &#8216;Meta&#8217;, unveiling ambitious plans to actualise the Metaverse.</p>



<p>Over the years, Facebook has made substantial investments in virtual and augmented reality technology. It has also expanded its reach into various sectors, including the Facebook marketplace, app store, live-streaming, advertising, and analytics programs.</p>



<p>Other major players expressing a keen interest in the Metaverse include Epic Games, Microsoft, Apple, and Nvidia. These companies naturally align with the immersive virtual reality multimedia world. Epic Games, with support from Sony and Lego, is actively developing a family-friendly Metaverse.</p>



<h3 style="padding-left: 70px;"><a href="https://resources.bsvblockchain.org/introduction-to-metaverse-ebook" target="_blank" rel="noopener">Download eBook: Your Introduction to the Metaverse</a></h3>



<h2 class="wp-block-heading" id="h-building-the-metaverse-on-the-blockchain">Building the Metaverse on the blockchain</h2>



<p>By employing a unified protocol where network event code ultimately condenses into Bitcoin script, we can guarantee a certain level of functionality retention with considerably lower technical complexity compared to transitioning a backend infrastructure from Kubernetes clusters to a new database system, for instance.</p>



<p>Furthermore, the presence of a neutral monetary unit for value exchange could facilitate seamless fund transfers between different realms, eliminating the need to route them back to a central payment processor like PayPal or depend on the integration of PayPal accounts with separate accounts offered by various Metaverse proprietors.</p>



<p>Implementing this approach would lead to reduced fees for customers and establish a significantly more secure monetary exchange system. Even if the Meta Metaverse relies on PayPal for funding, it must still manage internal accounting for user exchanges and implement mechanisms to prevent double-spending, effectively acting as a mint.</p>



<p>Apple and Epic Games would follow suit, adding to the technical burden of interoperability and security. This arrangement is highly inefficient, as multiple providers independently tackle identical problems in isolated silos.</p>



<p>If these companies were willing to relinquish some control over user-generated content within their respective Metaverses and instead focus on competing to offer appealing services denominated in a token settled on a suitable blockchain, it would benefit all parties involved. While transitioning from a mentality of locking people into one of healthy competition might be daunting for these companies, it&#8217;s crucial to remember that a rising tide lifts all ships.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-perfect-fit">BSV blockchain is the perfect fit</h2>



<p>Without being underwritten by a stable career technology which allows for interoperability, immutable records, a robust suite of transactional capabilities, and <a href="https://www.bsvblockchain.org/news/the-future-of-micropayments-implications-for-government-funding-and-accountability" target="_blank" rel="noopener">micropayment capabilities with near-zero fees</a>, the idea of the Metaverse is dead in the water.</p>



<p>Regrettably, a significant portion of the established Silicon Valley and big tech industry has embraced a parasitic business model centred around confining users within walled gardens and maintaining extensive silos of user data. They exploit this access by selling the data to advertisers, thereby worsening the overall Internet experience.</p>



<p>Consequently, these industry incumbents perceive a threat in emerging technologies that have the potential to entirely undermine this exploitative business model.</p>


Building the Metaverse on the blockchain


<p>At the end of January, the <a href="https://www.bis.org/" target="_blank" rel="noopener nofollow">Bank for International Settlements (BIS)</a> announced the first batch of new projects in its 2024 Innovation Hub work programme, including experimentations on cyber security, fighting financial crime, <a href="https://www.bsvblockchain.org/news/panel-discussion-cbdcs-a-new-form-of-money" target="_blank" rel="noopener">central bank digital currencies (CBDCs)</a> and green finance.</p>



<p>Established in 1930, the BIS is owned by 63 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and Mexico City, as well as Innovation Hub Centres around the world.</p>



<p>‘As the financial industry adopts new technologies, we need to understand how they affect central banks&#8217; core work. Central banks are actively examining the potential for novel technologies to help deliver on their mandates,’ <a href="https://www.bis.org/about/bisih/about.htm" target="_blank" rel="noopener nofollow">said Cecilia Skingsley, Head of the BIS Innovation Hub</a>.</p>



<p>‘After completing 12 projects in 2023, we are looking forward to another busy year ahead, in collaboration with central banks, international organisations and other partners. Tokenisation is an important area where we have already launched one project and are planning more initiatives. Safety is another crucial area. We need to find ways to improve the efficiency of services like payments, without ever compromising on security, following the principle set by the G20 countries.’</p>



<p>Several of the projects are directly related to tokenisation, <a href="https://www.bsvblockchain.org/news/why-bsv-blockchain-is-the-blockchain-for-government-and-enterprise-projects" target="_blank" rel="noopener">Central Bank Digital Currencies (CBDCs)</a>, digital assets and other blockchain technologies, including:</p>



<ul>
<li><strong>Project Aurum</strong>, from the Hong Kong Centre, will study the privacy of payments in retail CBDCs. The goal is to leverage expertise from academia and privacy regulators to advance central banks&#8217; understanding of privacy in the design of CBDC systems.</li>
</ul>



<ul>
<li><strong>Project Promissa</strong>, tests the feasibility of tokenising promissory notes, financial instruments that help fund multilateral development banks and other international financial institutions. In many cases, these are still paper-based. The project will use distributed ledger technology to simplify their management and transparency. It is conducted jointly with the Swiss National Bank and the World Bank, with the International Monetary Fund as an observer.</li>
</ul>



<ul>
<li><strong>Project Hertha</strong>, launched by the London Centre, aims to test the use of network analytics to help identify financial crime patterns in payment systems. It will map current and emerging financial crime typologies in real-time payment systems, drawing upon lessons from instant payment systems and digital asset networks.</li>
</ul>



<ul>
<li><strong>Project Symbiosis</strong>, from the Hong Kong Centre, will test the use of artificial intelligence (AI) and big data technologies for supply chain disclosure and adaptation. The project will seek to improve the tracking of so-called Scope 3 emissions, which are less well-defined and harder to track. It will do this by working with the private sector and civil society organisations in creating AI-supported methodologies for emissions disclosures by small and medium-sized companies.</li>
</ul>



<h2 class="wp-block-heading" id="h-the-best-blockchain-for-governments-and-businesses">The best blockchain for governments and businesses</h2>



<p><a href="https://www.bsvblockchain.org/news/stablecoins-and-digital-currency" target="_blank" rel="noopener">Global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with blockchain technology</a>. To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, BSV Blockchain regularly engages with leading policymakers to raise awareness of legislative issues and advise on the development of positive policy.</p>



<p>With its massive scaling, micropayments, greater data capacity and reliably low fees, the BSV blockchain is the best blockchain for enterprise-grade applications and services. It is already being used to build applications for diverse industry sectors.</p>


The world’s biggest banks are betting big on this technology – what you should know


<p>BSV blockchain is set to see significant adoption in Nigeria and other developing nations in the coming years as more governmental bodies, enterprises and developers use the technology.</p>



<p>‘Nigeria has never shied away from dropping things that are not working and going full-on into new technologies,’ says <a href="https://www.linkedin.com/in/nicolas-wellinger-6a1969278/?originalSubdomain=ch" target="_blank" rel="noopener nofollow">Nicolas Wellinger, Global Public Sector Lead at BSV Blockchain</a>.</p>



<p>Speaking in a recent interview with <a href="https://coingeek.com/nigeria-wants-to-set-the-pace-in-africa-were-here-to-support-them-bsv-association-nicolas-wellinger-video/" target="_blank" rel="noopener">CoinGeek</a>, Wellinger noted that this is a very important mindset to be disruptive in the tech world. He added that many Nigerians are excited about new technology, including several new educational programmes which BSV Blockchain has rolled out in the region.</p>



<p>‘We need to take this momentum and work on it. They (Nigerians) want to leapfrog, and we’re here to support them,’ he said. ‘We also work closely with policymakers. We want to understand how regulations need to evolve over time to allow us to compete fairly while also giving security to our users.’</p>



<h2 class="wp-block-heading" id="h-education-initiatives-are-key">Education initiatives are key</h2>



<p>BSV Blockchain has been <a href="https://www.bsvblockchain.org/news/unveiling-africa-tech-revolution-digital-nigeria-international-conference-2023" target="_blank" rel="noopener">actively running educational and training programmes in Nigeria</a>, reflecting its unwavering commitment to the region’s development and the creation of education programmes for emerging markets.</p>



<p>The Nigerian government has shown a clear preference for the BSV blockchain over other alternatives and demonstrated its commitment to the blockchain sector by initiating the NITDA’s blockchain scholarship programme, aiming to train 30,000 developers.</p>



<p>With 12,248 graduates already completed and the third cohort beginning at the start of 2024, the programme is sponsored by the BSV Blockchain and remains ongoing.</p>



<h2 class="wp-block-heading" id="h-nigeria-is-a-key-region">Nigeria is a key region</h2>



<p>BSV Blockchain is committed to building the country’s future through BSV infrastructure. With more than 220 million inhabitants, Nigeria is the most populous country in Africa.</p>



<p>Rich in resources and with a developing industry, the country is considered an innovation engine for the region and the entire continent. As the country is still a developing nation and lacks infrastructure in many parts of the country, it presents a special opportunity for emerging tech companies.</p>



<p>The efficiencies that newer technologies can provide have a big impact on Africa. This applies above all to blockchain technology, which can make many processes not only cheaper but also more secure and transparent through micropayments.</p>



<h2 class="wp-block-heading" id="h-learn-more-with-the-bsv-academy">Learn more with the BSV Academy</h2>



<p><a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">The BSV Academy is an online education platform</a> focusing on blockchain and Bitcoin which offers academia-quality, university-style courses and learning materials categorised under Bitcoin Theory, Bitcoin Development, Bitcoin Infrastructure and Bitcoin Enterprise, in addition to several short courses covering specific concepts and content in more detail.</p>



<p>Developed and run by the global industry organisation supporting the BSV blockchain, BSV Academy has been created to make learning about the Bitcoin protocol – the way creator Satoshi Nakamoto designed it – accessible, accurate, and understandable.</p>


BSV blockchain set for significant adoption in Nigeria


<p>BSV Blockchain recently hosted the <a href="https://bitcoinassociation.mikecrm.com/nQM5sWS" target="_blank" rel="noopener nofollow">Data and Innovation Forum in Shanghai, China</a>. The forum, which took place on 21 January 2024, is an important event on the Chinese technology calendar and is set to cover several emerging and groundbreaking technologies including the BSV blockchain, Artificial Intelligence (AI), cloud computing, and data asset management.</p>



<p>The event was organised by BSV Blockchain’s Asia–Pacific (APAC) Hub and included a presentation by <a href="https://tsc.bsvblockchain.org/committee/lin-zheming/" target="_blank" rel="noopener">Lin Zheming (BSV Blockchain Ambassador in China)</a>. Several key partners were also in attendance, including:</p>



<ul>
<li>518 Blockchain Meetup;</li>



<li>Keyi Tech;</li>



<li>AI+ Web3 Convention;</li>



<li>BM Intelligence Group.</li>
</ul>



<p><a href="https://www.linkedin.com/in/lise-li-329112139/" target="_blank" rel="noopener nofollow">Lise Li, Head of the BSV Blockchain China Hub</a> and CEO of Keyi Tech kicked off the conference by emphasising the pivotal role of BSV blockchain technology in maximising the utility of data assets and highlighted its outstanding performance, along with features like unbounded scalability and extremely low fees, which provide sustainable solutions for enterprises.</p>



<p>‘The application of this technology is anticipated to effectively address the high-performance blockchain needs of enterprises, presenting abundant opportunities for innovative development,’ she said.</p>



<p>This was echoed by Zheming who believes that BSV blockchain technology is capable of adding new value to data, enabling the commodification of personal data. ‘Data can acquire exclusivity and competitiveness through the use of BSV blockchain, making it a tradable commodity,’ he said. ‘The introduction of this perspective is crucial for unlocking the value of data and driving innovation in digital economic development.’</p>



<h2 class="wp-block-heading" id="h-bitclass-showcase">BitClass showcase</h2>



<p>The forum is the latest in a series of outreach and education initiatives implemented by BSV Blockchain in the APAC region. <a href="https://www.bsvblockchain.org/news/bsv-association-launches-bitclass-a-new-education-platform-aimed-at-the-chinese-market" target="_blank" rel="noopener">In August 2023, BSV Blockchain launched its newest education platform – BitClass</a>.</p>



<p>Primarily aimed at the Chinese market, BitClass is a one-stop learning platform dedicated to the BSV blockchain, offering a series of scientifically designed and comprehensive learning resources suitable for people from all backgrounds.</p>



<p>The platform, which is open to users around the world, offers a range of different learning options, including text-based courses, video courses, technical documents and a BSV Wiki.</p>



<p>BitClass set up an exclusive booth at the Data and Innovation Forum, providing attendees with a window to understand BSV blockchain technology and attracting numerous new user registrations. In this way, BitClass is emerging as a forerunner in steering the direction of blockchain education.</p>


BSV Blockchain hosts successful Data and Innovation Forum in China


<p>For session 5 of the Bitcoin Masterclasses, which happened in May 2023 in London, the workshop led by Dr Craig S Wright (Technical Advisor, nChain) discussed real-time stock monitoring and the tracking of goods.</p>



<p>The workshop addressed various problems that companies encounter in real-time stock monitoring and goods tracking. Participants explored various solutions in different industries and learned more about how blockchain and tokenisation can solve potential issues in these industries.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Bitcoin Masterclass (London) Day 2: Real-Time Stock Monitoring" width="500" height="281" src="https://www.youtube.com/embed/8IVXt8qEEZE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-stock-monitoring-a-basic-task-with-many-problems-across-many-industries">Stock monitoring &#8211; a basic task with many problems across many industries</h2>



<p>Dr Craig S Wright started the discussion off by exploring various items considered as stock, ranging from long-life products such as wine to quickly perishable foods like oysters. They touch upon the importance of monitoring stock levels and reorder processes, emphasising the need for real-time updates to manage inventory efficiently. Other examples discussed were supermarkets and airlines.</p>



<p>Wright illustrated how even small instances of fraud or waste can significantly affect a company&#8217;s bottom line, citing a personal experience with fraud detection in a paint company. Better tracking systems could alleviate such issues and also lead to improved profitability and management of capital goods, as it helps to identify discrepancies and potential issues.</p>



<h2 class="wp-block-heading" id="h-tokenisation-and-blockchain-as-a-solution-in-stock-monitoring-and-tracking">Tokenisation and blockchain as a solution in stock monitoring and tracking</h2>



<p>As the workshop primarily discussed business use cases in the context of the BSV blockchain, Dr. Craig Wright suggested blockchain as a solution. He stressed the importance of ledger updates and proposes incorporating features like depreciation into tokenised assets for better tracking and valuation.</p>



<p>He advocated for an open exchange model where data can be shared and utilised across different applications, fostering competition and innovation in the market. Wright concluded by stressing the importance of creating user-friendly systems that provide alerts and insights without requiring complex technical knowledge, ultimately enhancing efficiency and productivity in various industries.</p>



<h2 class="wp-block-heading" id="h-brainstorming-session-exploring-use-cases">Brainstorming session &#8211; exploring use-cases</h2>



<p>Dr Craig Wright leads a brainstorming session where participants propose solutions for improving monitoring and tracing of goods across various industries. Here is a short summary of the ideas that the workshop participants came up with:</p>



<p><p style="padding-left: 60px;"><strong>1) Restaurant Inventory Management System:</strong></p></p>



<p><p style="padding-left: 100px;">● Automatically track food levels in restaurants to prevent shortages.<br>● Utilise a shopping list-based ordering system for efficient restocking.<br>● Focus on transparency and integration to optimise operations.</p></p>



<p><p style="padding-left: 60px;"><strong>2) Cost-Effective Travelling Application:</strong></p></p>



<p><p style="padding-left: 100px;">● Develop an app for travellers to connect with potential drivers for cost-effective journeys.<br>● Enable drivers to issue tokens on the blockchain for transparent trip offers.<br>● Facilitate multi-leg journeys to minimise travel costs for users.</p></p>



<p><p style="padding-left: 60px;"><strong>3) Efficient Supply Chain for Beer Production:</strong></p></p>



<p><p style="padding-left: 100px;">● Implement a comprehensive system to synchronise production, sales, and consumption of goods.<br>● Use blockchain and tokens to improve traceability and reduce wastage in the beer industry.</p></p>



<p><p style="padding-left: 60px;"><strong>4) Textiles Industry Supply Chain Transparency:</strong></p></p>



<p><p style="padding-left: 100px;">● Enable stakeholders to access a decentralised database for real-time monitoring of goods movement.<br>● Utilise RFID chips and QR codes to ensure accurate inventory records and prevent fraud.<br>● Improve product traceability to meet consumer demand for transparency.</p></p>



<p><p style="padding-left: 60px;"><strong>5) Hospital Inventory Management System:</strong></p></p>



<p><p style="padding-left: 100px;">● Implement a just-in-time system for hospitals to optimise stock levels and space utilisation.<br>● Utilise real-time monitoring of demand and supply with sensors and decentralised databases.<br>● Consider monitoring doctor availability to ensure timely response to urgent requests.</p></p>



<p><p style="padding-left: 60px;"><strong>6) Enhanced Supply Chain Collaboration:</strong></p></p>



<p><p style="padding-left: 100px;">● Enable real-time data sharing among different suppliers and manufacturers using open blockchain.<br>● Implement permissioned systems on top of blockchain for secure data access.<br>● Enhance transparency and efficiency in supply chain operations while protecting privacy.</p></p>



<p>To conclude the session, Dr Wright discussed some specific issues and problems, including supply bottlenecks for specialised technology such as chips and how companies with outdated software can easily make the transition to blockchain-based software.</p>


The Bitcoin Masterclass (London) Day 2: Real-time stock monitoring and tracking goods


<p>Blockchain is at the forefront of the technological evolution, promising to refine processes and revolutionise industries, making it an influential force on a global scale. One field that is increasingly taking notice and embracing the advancements of blockchain technology is the virtual reality development sector.</p>



<p>The integration of blockchain technology in virtual reality opens up a realm of possibilities, reshaping the way individuals and organisations build and experience virtual worlds. Let&#8217;s explore the synergy between the two, unravelling the layers of this powerful combination in this infographic.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="4750" src="http://127.0.0.1:8080/wp-content/uploads/2024/02/Blockchain-in-Virtual-Reality.jpg" alt="Infographic - Blockchain in Virtual Reality" class="wp-image-30981"/></figure>



<h2 class="wp-block-heading" id="h-the-role-of-blockchain-in-virtual-reality-world-building">The role of blockchain in virtual reality world building</h2>



<h3 style="padding-left: 70px;">1. Ownership and provenance</h3>



<p>The technology introduces ownership and provenance through <a href="https://www.bsvblockchain.org/news/how-nfts-can-transform-intellectual-property-rights-for-enterprises" target="_blank" rel="noopener">non-fungible tokens (NFTs)</a>, allowing you to <a href="https://www.bsvblockchain.org/news/omniscape-connecting-the-metaverse-to-the-real-world" target="_blank" rel="noopener">own virtual land and assets with immutable records on the blockchain</a>. It also integrates real-world elements, from digital asset transactions to property ownership records.</p>



<h3 style="padding-left: 70px;">2. Scarcity</h3>



<p>NFTs and blockchains play a pivotal role in building the virtual reality world by instilling a profound sense of exclusivity through their inherent scarcity. The limited availability of NFTs enhances the perceived value of unique assets, fostering a sense of rarity that is pivotal in shaping vibrant in-world economies.</p>



<p>This scarcity factor not only heightens the allure of digital possessions but also fuels a dynamic market where virtual assets transcend mere representation to become coveted commodities.</p>



<p>Blockchain&#8217;s role in creating scarcity emerges as a cornerstone in sculpting immersive virtual landscapes, where every digital entity holds not just intrinsic value but also the allure of rarity, driving unprecedented engagement and economic activity within these digital realms.</p>



<h3 style="padding-left: 70px;">3. Interoperability</h3>



<p>Interoperability is another key facet of VR blockchain. By integrating blockchain in VR, you can freely carry assets and identities across compatible virtual reality platforms. In fact, one of the most enticing benefits of <a href="https://www.bsvblockchain.org/news/revolutionising-content-monetisation-with-lamint" target="_blank" rel="noopener">blockchain in VR world-building is that it opens new monetisation avenues</a>, as content creators, world builders and end-users can earn digital currency for their contributions.</p>



<h3 style="padding-left: 70px;">4. Transparency</h3>



<p>Plus, blockchain&#8217;s immutable record-keeping ledger ensure transparency to pre-empt disputes. Meanwhile, smart contracts facilitate automation and promote trust in VR interactions.</p>



<h2 class="wp-block-heading" id="h-5-use-cases-of-blockchain-in-virtual-reality-world-building">5 use cases of blockchain in virtual reality world-building</h2>



<p>Blockchain technology is catalysing a revolution in VR world-building, offering diverse applications that enhance the user experience and the potential for creators. These use cases provide innovative solutions to challenges like fraud and data breaches. In addition, innovative applications of virtual reality blockchain create new possibilities for VR developers and enthusiasts.</p>



<h3 style="padding-left: 70px;">1. Data feedback</h3>



<p>Blockchain delivers a secure and transparent way to collect and store user data in VR. Information collected via blockchain is highly valuable for developers as it reveals how users behave, what they like and how they interact with the virtual world. The data collected allow developers to improve VR environments in real time based on user feedback.</p>



<p>Additionally, blockchain can establish digital feedback systems that guarantee trust, anonymity and immutability. This feature benefits various aspects of <a href="https://www.bsvblockchain.org/news/your-introduction-to-the-metaverse" target="_blank" rel="noopener">VR world-building based on blockchain</a>, such as gathering input for course evaluations and assessing customer satisfaction.</p>



<h3 style="padding-left: 70px;">2. Reinforced security</h3>



<p>Security is paramount in VR world-building, especially since users create and share digital assets. These in-world items can range from land, art, avatars and even character skins, all represented by NFTs. With a vast number of earnable rewards, security is necessary to ensure fair and legitimate transactions.</p>



<p>Fortunately, blockchain boasts <a href="https://www.bsvblockchain.org/news/making-the-world-a-safer-place-with-certihash" target="_blank" rel="noopener">robust encryption and a distributed infrastructure with extra layers of security. It safeguards the virtual world against unauthorised access, fraud and data breaches to maintain the integrity of users&#8217; assets</a>. Along with security, transparency in VR blockchain speeds up authenticity verification and other digital asset ownership checks.</p>



<h3 style="padding-left: 70px;">3. Real-world use of virtual objects</h3>



<p>Blockchain is the bridge for <a href="https://www.bsvblockchain.org/news/creating-value-in-the-metaverse-omniscapes-approach-to-connecting-the-virtual-and-real-worlds" target="_blank" rel="noopener">connecting the real world with the digital one</a>, with the crossover opening exciting possibilities for augmented reality (AR) and mixed reality experiences.</p>



<p>A prime example of blockchain being used to allow individuals to use virtual objects for real-world applications is when Transmira incorporated the BSV blockchain (BSV) to execute their Omniscape approach.</p>



<p>Transmira, an XR Metaverse platform, set out to bring the Metaverse and real-world together by creating ‘digital twins’ of real-life locations and tradable virtual assets for real-world benefits, which provides more interactive experiences for meaningful Metaverse engagement.</p>



<p>This approach overcame the hurdles they faced in their Metaverse creation, such as preventing digital objects from being copied and used for cybercriminal activities. Through the BSV blockchain, Transmira was able to transfer, store and keep these digital replicas intact without the dangers of duplication.</p>



<h3 style="padding-left: 70px;">4. Metaverse monetisation</h3>



<p>Monetising VR worlds is much more novel when incorporating blockchain into the equation. If you&#8217;re a content creator, you can tokenise your virtual assets or services as NFTs. With these tokens, you can purchase virtual goods, pay for experiences or trade with other users, creating new <a href="https://www.bsvblockchain.org/news/your-introduction-to-the-metaverse" target="_blank" rel="noopener">opportunities for monetisation in the Metaverse</a>.</p>



<p>Besides NFT monetisation, blockchain can facilitate seamless micropayments with Bitcoin and other digital currencies. This monetisation model incentivises developers and users to continuously cultivate vibrant and engaging economies within the Metaverse for a higher earning potential.</p>



<h3 style="padding-left: 70px;">5. Self-identity verification and preservation</h3>



<p>Digital identities are increasingly significant, especially in an age where it&#8217;s more common to interact using digital means rather than having real-world contact. Luckily, blockchain can provide a secure and immutable method to preserve your digital persona.</p>



<p>Blockchain technology helps manage and <a href="https://www.bsvblockchain.org/news/building-out-the-metaverse-on-the-bsv-blockchain" target="_blank" rel="noopener">protect user identities in virtual environments</a>, providing a more secure and trustworthy system for verification and authentication.</p>



<p>Simply put, you can <a href="https://www.bsvblockchain.org/news/creating-a-digital-identity-with-bsv" target="_blank" rel="noopener">control digital personas</a> and keep your identity intact across VR worlds. These functionalities foster trust and genuineness within virtual communities, enabling new forms of governance and collaboration.</p>



<p>Blockchain achieves secure and immutable digital identity management by leveraging its decentralised and cryptographic principles. In a blockchain system, user identities are stored in a tamper-resistant and transparent manner across a network of nodes.</p>



<p>Each user has a unique cryptographic key and transactions related to identity verification are recorded in a distributed ledger.The decentralised nature of blockchain ensures that there is no single point of failure or vulnerability, making it resistant to hacking and unauthorised access.</p>



<h2 class="wp-block-heading" id="h-5-challenges-of-vr-world-building-based-on-blockchain-technology">5 challenges of VR world-building based on blockchain technology</h2>



<p>VR blockchain raises the bar when it comes to digital experiences. However, the convergence of blockchain and VR presents a unique set of challenges for developers, users and the technology itself. From scalability and usability to security and environmental concerns, these hurdles demand innovative solutions to integrate these transformative technologies successfully.</p>



<h3 style="padding-left: 70px;">1. Scalability</h3>



<p>As <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">blockchain networks</a> grow, scalability can become a pressing issue. Confirming and recording transactions, often called processing or validation, can slow down as the network congests. This latency can be problematic for real-time VR experiences, where seamless interactions are critical.</p>



<p>Addressing this challenge requires choosing a network that has been proven to scale, like the <a href="https://www.bsvblockchain.org/news/blockchain-trailblazers-how-centbee-is-becoming-the-social-media-for-money#" target="_blank" rel="noopener">BSV blockchain that offers near-instant transactions</a> at a fraction of the price compared to other networks.</p>



<h3 style="padding-left: 70px;">2. Usability and onboarding</h3>



<p>The user experience in VR worlds must be intuitive and user-friendly. However, the complexity of blockchain technology can be a barrier to entry for many users. In particular, managing private keys and wallets while navigating VR applications with blockchain integration can be overwhelming.</p>



<p>To resolve this problem, developers could simplify onboarding and create seamless interfaces. These objectives are possible with solutions like integrating one-click blockchain wallet creation to streamline the user experience.</p>



<h3 style="padding-left: 70px;">3. Security and privacy</h3>



<p>While blockchain boasts excellent security features, it&#8217;s not immune to vulnerabilities. Smart contracts, integral to many blockchain-based VR applications, may contain coding errors or be subject to exploits. Data privacy is also a big point of contention, as more and more users expect companies to divulge how they process or store personal information.</p>



<p><a href="https://www.bsvblockchain.org/news/zero-knowledge-proofs-and-the-applications-for-bitcoin" target="_blank" rel="noopener">These issues are solvable through rigorous code auditing and implementing privacy solutions like zero-knowledge proofs</a>. Participants in the network can prove the authenticity of information without revealing the actual data to ensure that transactions and interactions remain confidential while still being verifiable on the blockchain.</p>



<h3 style="padding-left: 70px;">4. Interoperability and standards</h3>



<p>Achieving interoperability among diverse VR worlds and blockchain networks is vital for creating a seamless Metaverse. However, different VR platforms and blockchains may have distinct standards, which can hinder accessing assets and identities between them.</p>



<p>The creation of common standards and protocols is essential, which makes the BSV Blockchain stand out for its <a href="https://tsc.bsvblockchain.org" target="_blank" rel="noopener">Technical Standards Committee</a> &#8211; a one-of-a-kind in the blockchain space.</p>



<h3 style="padding-left: 70px;">5. Environmental sustainability</h3>



<p>As mentioned, energy consumption with blockchain networks that depend on proof-of-work consensus raises <a href="https://www.bsvblockchain.org/news/leveraging-enhanced-efficiency-for-environmental-sustainability-an-argument-for-embracing-larger-block-sizes" target="_blank" rel="noopener">concerns about their environmental impact</a>. VR experiences built on such networks may inevitably contribute to a higher carbon footprint.</p>



<p>There is a fundamental misunderstanding that <a href="https://www.bsvblockchain.org/news/blockchain-proof-of-work-vs-proof-of-stake-consensus-models" target="_blank" rel="noopener">proof-of-work consensus mechanisms are inherently computationally unscalable and excessively energy-consuming</a>.</p>



<p>The proof-of-work blockchain model as it was originally designed, and as implemented via the <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-takes-first-place-in-energy-efficiency" target="_blank" rel="noopener">BSV blockchain, is on a path to achieve scalability while ensuring security and interoperability within an energy-efficient system</a>.</p>



<h2 class="wp-block-heading" id="h-unlocking-the-future-where-blockchain-meets-virtual-reality">Unlocking the future: Where blockchain meets virtual reality</h2>



<p>Expect a transformative potential and an array of virtual reality blockchain applications. From enhancing data feedback mechanisms to securing user identities, blockchain drives innovation in VR world-building.</p>



<p>Although there are certain limitations, incorporating technological innovations can fix this. BSV blockchain stands out in this landscape, serving as a robust infrastructure for a data-based economy. Its scalability, transparency, and data management capabilities make it a compelling choice for building the Metaverse of the future.</p>



<p>Discover how blockchain can reshape virtual reality, empower creators and offer a glimpse of tomorrow&#8217;s immersive worlds. To learn more about this technological advancement, download our eBook, <a href="https://resources.bsvblockchain.org/introduction-to-metaverse-ebook" target="_blank" rel="noopener">Your introduction to the Metaverse</a><em>.</em></p>


A beginner’s guide to world-building using blockchain in virtual reality


<p>BSV blockchain has steadily gained traction in China as developers and enterprises adopt the technology due to its focus on scalability and security. This is the view of <a href="https://www.linkedin.com/in/lise-li-329112139/" target="_blank" rel="noopener nofollow">Lise Li, Head of BSV Blockchain APAC Hub and CEO of Shanghai Keyi Technology</a>.</p>



<p>Li, who has been working with BSV blockchain for over five years, explained that her role focuses on marketing, events and business outreach in China and the greater APAC region.</p>



<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/2rrAk2hMfcY?si=FMfWC1Ll0dun2UPd" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>



<h2 class="wp-block-heading" id="h-bitclass-a-new-education-platform-aimed-at-the-chinese-market">BitClass – A new education platform aimed at the Chinese market</h2>



<p>In August 2023 Li oversaw <a href="https://www.bsvblockchain.org/news/bsv-association-launches-bitclass-a-new-education-platform-aimed-at-the-chinese-market" target="_blank" rel="noopener">the launch of BitClass, a one-stop learning platform dedicated to the BSV blockchain</a>, offering a series of scientifically designed and comprehensive learning resources suitable for people from all backgrounds.</p>



<p>The platform, open to users worldwide, offers a range of different learning options, including text-based courses, video courses, technical documents and a BSV Wiki. The platform has specifically been designed in Chinese – while some courses are in both Chinese and English – so that learners can master the content in their native language and learn important blockchain terminology in English.</p>



<p>‘In just over three months we have had over 1,500 registrants. I have also started to go back to universities and give lectures to students directly,’ said Li. ‘They are all very interested in digital technology. Blockchain is one of (these digital technologies), but they are also interested in fintech and Web3.’</p>



<p>‘Our new education platform can help them learn quickly and efficiently. We also plan to <a href="https://academy.bsvblockchain.org/" target="_blank" rel="noopener">run more education programmes</a> collaborating with local colleges and universities in the future.’ Li added that her team is also looking to expand BitClass beyond China to other APAC regions and behind offering the courses with a multi-language option.</p>



<h2 class="wp-block-heading" id="h-educating-students-and-developers">Educating students and developers</h2>



<p>Beyond educating students, Li noted that her team has run a series of workshops aimed at developers. Most recently, <a href="https://www.bsvblockchain.org/news/building-smart-contracts-on-the-bsv-blockchain-with-scrypt" target="_blank" rel="noopener">the team from sCrypt held a conference at Fudan University to educate developers on how to build products</a>, applications and smart contracts on the BSV blockchain.</p>



<p>The team from <a href="https://www.bsvblockchain.org/news/how-unisot-is-turning-the-supply-chain-world-on-its-head" target="_blank" rel="noopener">UNISOT also recently held a series of meetups in China to discuss their offerings and how they could potentially benefit partners in the region</a>, said Li. ‘It&#8217;s a huge market in China. It&#8217;s not just doing something for a specific industry, but we are helping the ecosystem to build a larger developer base,’ she said.</p>



<p>However, Li acknowledged that blockchain adoption is not without its challenges and that many government agencies, enterprises and startups still don’t fully understand the technology and how it can benefit them. She reiterated the importance of educating people about the technology itself and moving the discussion away from a focus on tokens and get-rich-quick schemes.</p>


BSV blockchain sees great adoption in China


<p><strong>Hashing</strong> is a fundamental pillar in blockchain technology. It&#8217;s the backbone for the <a href="https://www.investopedia.com/terms/d/distributed-ledgers.asp" target="_blank" rel="noopener nofollow">secure</a> operation of distributed ledgers, making it an indispensable element in electronic money. Moreover, it&#8217;s a versatile tool reinforcing blockchain&#8217;s security, integrity and efficiency.</p>



<p>Understanding hashing in blockchain is crucial to unlocking the core mechanics that ensure data reliability and immutability within these networks. The following visual guide explores the intricacies of blockchain hashing, its impact on a network&#8217;s security and its role in the broader context of digital asset mining.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="4859" src="http://127.0.0.1:8080/wp-content/uploads/2024/02/Understanding-Mining-Power.jpg" alt="Infographic: Understanding the mining power" class="wp-image-30967"/></figure>



<h2 class="wp-block-heading" id="h-bitcoin-hash-rate-explained">Bitcoin hash rate explained</h2>



<p><strong>Bitcoin hash rate</strong>, or simply &#8216;hash rate&#8217;, is a metric quantifying a network&#8217;s computational power and efficiency. It represents the <a href="https://corporatefinanceinstitute.com/resources/cryptocurrency/hash-function/" target="_blank" rel="noopener nofollow">number</a> of hash functions a transaction processor&#8217;s hardware can compute within a second. A higher hash rate signifies that a processor can perform more computations within a given time.</p>



<p>The unit expressing hash rate is <strong>hash per second (H/s)</strong>. However, due to the immense scale of Bitcoin processing, it&#8217;s often measured using more significant units like <strong>gigahashes (GH/s)</strong> or <strong>terahashes (TH/s)</strong>. The formula to calculate hash rate is straightforward:</p>



<p class="has-text-align-center"><strong><em>H/s = Total hashes / Time</em></strong></p>



<p><strong>Total hashes </strong>represent the number of hashes a network computes, while <strong>Time </strong>denotes the period during which the calculation occurs. Suppose a processing rig <a href="https://navi.com/blog/crypto-mining-rig/" target="_blank" rel="noopener nofollow">processes</a> 1 billion hashes over one second. Based on the formula, the rig&#8217;s hash rate is <strong>1 billion H/s</strong> or <strong>1 GH/s</strong>.</p>



<p>Hash rate is a crucial factor in maintaining a network&#8217;s security. As it increases, it becomes more challenging for malicious actors to infiltrate. A blockchain with a high hash rate has vast computational power distributed across its network of processors. So, attackers would need immense processing capability to overpower the existing network, making it infeasible for most.</p>



<h2 class="wp-block-heading" id="h-what-is-hashing-in-blockchain">What is hashing in blockchain?</h2>



<p><strong>Blockchain hashing</strong> involves taking an input like a transaction, block or any information and subjecting it to a <strong>hash function</strong>, which generates a <strong>hash</strong> or a fixed-length alphanumeric string unique to that specific input. Any subsequent changes to the original data will result in a different hash, making it easier to detect manipulation or fraud.</p>



<p>A hash function must possess these properties to become an effective cryptographic tool:</p>



<p><h3 style="padding-left: 60px;">1.&nbsp;Fixed length hexadecimal string unique to that input</h3></p>



<p>No one should be able to reverse the hash function to determine the input from the given output. Regardless of whether it&#8217;s on the blockchain or not. The input maps the way to the output, but no one can ever determine the input when given the output.</p>



<p><h3 style="padding-left: 60px;">2. Collision-resistant</h3></p>



<p>It&#8217;s improbable for two different inputs to produce a similar hash length, albeit of varying patterns. This characteristic—collision resistance—ensures the blockchain accurately verifies data authenticity without the risk of duplicates. Otherwise, collisions would create ambiguities and open opportunities for attackers to manipulate the network by substituting data with similar hashes.</p>



<p>Two inputs can generate the same output since there are only 1.15*10^77 unique outputs when hashing with SHA-256. Since we’re dealing with a finite number, there is an infinite number of potential inputs, which will inevitably lead to collisions for some strings.</p>



<p>At the same time, we can operate safely with the assumption that it&#8217;s highly unlikely to produce a collision. Shorter output hash functions such as SHA-128 (128 bits) have significantly fewer potential outputs and are thus declared insecure as a collision can generate a few thousand dollars in processing costs.</p>



<p><h3 style="padding-left: 60px;">3. Deterministic</h3></p>



<p>The output hash will always be similar, given the same input data and hashing algorithm. This attribute is essential to ensuring network consistency and reliability, where any participant can independently verify data integrity by recreating the hash using a similar algorithm and comparing it to the recorded hash. A match confirms there’s no tampering of data.</p>



<p><h3 style="padding-left: 60px;">4. Computationally efficient</h3></p>



<p>Effective hashing enables quick computation without sacrificing high-level security. In other words, the hash function must process data quickly while the blockchain handles numerous transactions. This way, transaction processors can rapidly validate transactions and create new blocks without causing undue network delays, making hashing more practical for real-world applications.</p>



<p><h3 style="padding-left: 60px;">5. Randomised generated hashes for each input</h3></p>



<p>Any change in input data should produce a totally different hash value with no discernable relationship to the output from the previous input. While this phenomenon has nothing to do with collisions, it’s valuable to demonstrate data integrity; the data object is still in the same state as when it was published on the chain.</p>



<h2 class="wp-block-heading" id="h-6-applications-of-blockchain-hashing">6 applications of blockchain hashing</h2>



<p>Blockchain hashing <a href="https://www.bsvblockchain.org/news/the-bsv-blockchain-inherent-privacy-accountability-security-scalability" target="_blank" rel="noopener">leverages its properties to enhance security</a>, integrity and privacy within digital ledgers in the following applications.</p>



<p><h3 style="padding-left: 60px;">1. Information and message authentication</h3></p>



<p>A message or information subject to authentication undergoes a specific hashing algorithm. The resulting hash is unique to the input data transmitted to the network. When the recipient receives the data, they can independently hash it using the same algorithm to confirm its authenticity and rule out tampering.</p>



<p><h3 style="padding-left: 60px;">2. Data changes monitoring</h3></p>



<p>Blockchain hashing is instrumental in monitoring and detecting data changes, especially when multiple parties need to access and update shared information. Take the <a href="https://www.bsvblockchain.org/news/breaking-down-healthcare-data-silos-with-blockchain" target="_blank" rel="noopener">healthcare industry</a>, for instance. A single source of immutable medical data means providers can access a patient&#8217;s comprehensive health records and authenticate them independently, preventing misdiagnoses and other conflicts.</p>



<p><h3 style="padding-left: 60px;">3. Data privacy</h3></p>



<p>When hashing personal identifiers and other sensitive information, you, other users and businesses maintain privacy while allowing validation and verification processes through hashes.</p>



<p>Let&#8217;s look at <a href="https://www.bsvblockchain.org/news/certihash-is-the-perfect-match-between-blockchain-and-cybersecurity" target="_blank" rel="noopener">cybersecurity</a>, for example. SmartLedger, a blockchain solutions company, developed the Certihash suite to secure data from attackers by hashing information on the network, making it impractical to defraud data.</p>



<p><h3 style="padding-left: 60px;">4. Database management</h3></p>



<p>Databases must ensure consistency, integrity and authenticity. By incorporating hashing functions, you can utilise digital fingerprints to maintain an immutable log of changes.</p>



<p>The process is even integrable on a massive scale. The government of Tuvalu, a South Pacific island, is working to create the <a href="https://www.bsvblockchain.org/news/tuvalus-national-digital-ledger" target="_blank" rel="noopener">Tuvalu National Digital Ledger</a> and store identity, citizenship and financial data on a public blockchain. Of course, security is a primary concern, so hashing will play a crucial part in the revolutionary formation of the &#8216;world&#8217;s first blockchain citizens&#8217;.</p>



<p><h3 style="padding-left: 60px;">5. Encryption and decryption of digital signatures</h3></p>



<p>Creating digital signatures involves taking the hash of a transaction and encrypting it with a private key. If you&#8217;re the recipient, you may decrypt a signature using a corresponding public key to verify the sender&#8217;s identity and the transaction&#8217;s integrity.</p>



<p>Hashing is a crucial part of this <a href="https://bsvblockchain.org/news/how-public-and-private-blockchain-compete-on-data-privacy-and-throughput" target="_blank" rel="noopener">process&#8217;s encryption and decryption aspects</a>. It&#8217;s beneficial in pseudonymity, ensuring participant identities remain private in public transactions.</p>



<p><h3 style="padding-left: 60px;">6. Data extraction and retrieval</h3></p>



<p>Given the size and complexity of blockchain databases, efficiently locating and verifying specific pieces of information is crucial. In this case, hashes act as pointers to particular data entries.</p>



<p>When you search for a particular record on a blockchain, you won&#8217;t need to scan the entire ledger. Instead, you can search for the corresponding hash that acts as a unique identifier, significantly accelerating data retrieval and ensuring you access the information you want.</p>



<h2 class="wp-block-heading" id="h-elevate-data-management-and-processing-with-blockchain-hashing">Elevate data management and processing with blockchain hashing</h2>



<p>Hashing is the foundation of trust, efficiency and security in blockchain technology. It ensures data remains tamper-proof and instantly verifiable in an often trustless environment. As blockchain hashing continues to advance and permeate more industries, it&#8217;s essential to start understanding its potential and role in the future development of digital technology.</p>



<p>You can delve deeper into <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">hashing for blockchain</a> and other related topics via the Bitcoin SV blockchain, which provides a <a href="https://www.bsvblockchain.org/news/navigating-the-bsv-blockchain-ecosystem-the-confluence-of-hash-power-and-infrastructure" target="_blank" rel="noopener">primary infrastructure</a> that makes data-based economies more feasible.</p>



<p>Learn more about the subject by downloading <a href="https://resources.bsvblockchain.org/bsv-blockchain-as-infrastructure-for-data-economy/" target="_blank" rel="noopener">our eBook</a>, &#8216;What the BSV blockchain is and why it is the infrastructure for the data economy&#8217;. Visit <a href="https://www.bsvblockchain.org/use-cases" target="_blank" rel="noopener">BSV Blockchain&#8217;s</a> extensive library of articles to know everything about blockchain.</p>


Bitcoin hashrate explained: Understanding the mining power


<p>The recent BSV Blockchain Townhall was hosted on the 25th of January by <a href="https://www.linkedin.com/in/brettcbanfe/" target="_blank" rel="noopener nofollow">Brett Banfe, Head of Community</a>. The event is organised quarterly to review recent progress, showcase innovations and set future targets, as Banfe outlined.</p>



<p>The inaugural Town Hall featured presentations from <a href="https://www.linkedin.com/in/calb/" target="_blank" rel="noopener nofollow">Cyrille Albrecht</a>, Managing Director of BSV Blockchain, a guest presentation by <a href="https://www.linkedin.com/in/rafa-jim%C3%A9nez-3b46798a/" target="_blank" rel="noopener nofollow">Rafael Jimenez</a>, CTO at <a href="https://handcash.io/" target="_blank" rel="noopener nofollow">HandCash</a>, and further presentations from the team leads of the value streams at the Association:</p>



<p><a href="https://www.linkedin.com/in/jake-jones-a8720611a/" target="_blank" rel="noopener nofollow">Jake Jones</a>, Business Programme Manager;</p>



<p><a href="https://www.linkedin.com/in/thomasgiacomo/" target="_blank" rel="noopener nofollow">Thomas Giacomo</a>, Utilisation Lead;</p>



<p><a href="https://www.linkedin.com/in/deggen/" target="_blank" rel="noopener nofollow">Darren Kellenschwiler</a>, Utilisation Technical Team Lead;</p>



<p><a href="https://www.linkedin.com/in/nicolas-wellinger-6a1969278/" target="_blank" rel="noopener nofollow">Nicolas Wellinger</a>, Outreach: Public Sector Lead;</p>



<p><a href="https://www.linkedin.com/in/bwdaugherty/" target="_blank" rel="noopener nofollow">Bryan Daugherty</a>, Public Outreach;</p>



<p><a href="https://www.linkedin.com/in/siggioskarsson/" target="_blank" rel="noopener nofollow">Siggi Oskarsson,</a> Solution and Enterprise architecture;</p>



<p><a href="https://www.linkedin.com/in/mr-connor-murray/" target="_blank" rel="noopener nofollow">Connor Murray</a>, Head of Protocol Stability;</p>



<p><a href="https://www.linkedin.com/in/frank-dickob-6764201/" target="_blank" rel="noopener nofollow">Frank Dickob</a>, Provisioning Lead;</p>



<p><a href="https://www.linkedin.com/in/shawn-ryan-906a3429/" target="_blank" rel="noopener nofollow">Shawn Ryan</a>, Private Outreach Lead;</p>



<p><a href="https://www.linkedin.com/in/evan-freeman-profile/" target="_blank" rel="noopener nofollow">Evan Freeman</a>, Education Lead.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="BSV Webinar | BSV Quarterly Townhall (Q4 2023)" width="500" height="281" src="https://www.youtube.com/embed/q63AzK4pFgA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<p>The event also featured a short Q&amp;A session, so attendees could ask their questions via chat.</p>



<h2 class="wp-block-heading" id="h-overview-and-plans-for-2024-by-managing-director-cyrille-albrecht">Overview and plans for 2024 by Managing Director Cyrille Albrecht</h2>



<p>Cyrille began his presentation by reflecting on the achievements and challenges of 2023 and provided an overview of the upcoming plans for 2024.</p>



<p>He highlighted accomplishments such as progress in strategic projects like Teranode and Stewardship, the development of new products and services, integration into the ecosystem through initiatives like expert groups and slack channels, rebranding to BSV Blockchain, and outreach efforts including private and public sector engagement and education initiatives like courses on the <a href="https://academy.bsvblockchain.org" target="_blank" rel="noopener">BSV Academy</a>.</p>



<p>Cyrille also acknowledged network challenges and emphasises the importance of standardisation, education, and development tools for the upcoming year.</p>



<h2 class="wp-block-heading" id="h-guest-presentation-by-handcash-s-rafa-jimenez-on-building-bsv-wallets">Guest presentation by Handcash’s Rafa Jimenez on building BSV wallets</h2>



<p>Rafa discussed the challenges of building BSV Blockchain wallets at scale, emphasising the lack of clear guidelines or instructions in the Bitcoin white paper for wallet development. He highlighted the absence of detailed instructions beyond references to SPV, and mentions the initial wallet in Bitcoin as more of a proof of concept rather than suitable for production. However, he asserted that Bitcoin is fundamentally software and should be approached as such.</p>



<p>Rafa shared insights based on his team&#8217;s experience in developing wallets for over five years, serving over 100,000 users with a daily volume of $100,000. He highlighted the need for wallets to not run Bitcoin nodes due to cost and complexity and instead focus on storing UTXOs, transaction history, and block headers.</p>



<p>Rafa advocates for peer-to-peer communication between wallets to minimise reliance on indexers and outlines two main architectural approaches: client-only and client-server. He compared the two approaches across various factors, including reachability, key management, debuggability, and finding qualified professionals. Rafa concluded by urging adherence to software principles for creating robust and reliable systems.</p>



<h2 class="wp-block-heading" id="h-wallet-infrastructure-current-initiatives">Wallet infrastructure &#8211; current initiatives</h2>



<p>Jake Jones expanded on Rafa’s presentation, focusing on the big-picture perspective of wallet infrastructure and the Association&#8217;s current initiatives. He discussed the need to separate the functions of the BSV infrastructure, particularly the SV node and the wallet, to improve efficiency and streamline processes.</p>



<p>Jake explained that <a href="https://www.bsvblockchain.org/teranode" target="_blank" rel="noopener">Teranode</a> aims to split and specialise these functions, allowing different entities to contribute or participate in running them. He emphasised the goal of proving that small transactions with low fees are a viable alternative to larger transactions with high fees, highlighting the importance of <a href="https://www.bsvblockchain.org/news/understanding-bitcoin-overlay-networks-and-their-impact-on-industries" target="_blank" rel="noopener">overlay networks</a> in facilitating this.</p>



<p>Overlays act as a layer between the node and wallets, allowing for more control and customisation in transaction processing. Jake also touched on the significance of IPv6 in providing larger address spaces and enabling peer-to-peer and indirect communication. He briefly mentioned the use of multicast in reverse content delivery models and concludes by mentioning advancements in identity management through hierarchical key trees and shared secrets in the New Libraries project.</p>



<h2 class="wp-block-heading" id="h-utilisation-new-open-source-approach">Utilisation: new open source approach</h2>



<p>Thomas Giacomo discussed the shift from a monolithic node approach to a novel approach within the Association, emphasising the development of open-source reference implementation wallets aligned with BRC standards. He introduced the SPV wallet as one of the components of the new network topology, aiming to reduce costs for wallet providers by utilising shared open-source components.</p>



<p>Thomas mentioned highlighted the <a href="https://www.bsvblockchain.org/features/arc" target="_blank" rel="noopener">ARC architecture</a> as another key piece, which serves as a replacement for mAPI, with Handcash contributing valuable feedback. The goal is to finalise the beta phase of <a href="https://www.bsvblockchain.org/news/arc-and-providing-developers-with-the-tools-to-build-on-the-bsv-blockchain" target="_blank" rel="noopener">ARC</a> and release it soon. He also touched on the scope delivery network, starting a proof of concept in Uganda to test the overlay network&#8217;s reference implementation. Thomas highlighted the importance of community feedback and collaboration in building developer tools and encourages participation through surveys and communication channels like Discord and Twitter.</p>



<p>Darren Kellenschwiler (aka Deggen) followed up with technical updates on the reference library, focusing on TypeScript and Go implementations. He explained how the library prioritises SPV by allowing transactions to be constructed and validated client-side, enabling devices to verify transactions independently before interacting with the network. Darren mentioned ongoing work on the overlays project, which is still in its early stages but aims to be released in the future.</p>



<h2 class="wp-block-heading" id="h-public-affairs-recreating-strategy-and-success-from-the-us-in-the-eu-uk">Public Affairs: Recreating strategy and success from the US in the EU &amp; UK</h2>



<p>Nicolas Wellinger gave an overview of the public affairs initiatives, emphasising education and collaboration with the public. The Public Outreach Value Stream aims to expand the success Bryan Daugherty had in the US to other areas, particularly in the EU and in the UK.</p>



<p>He introduced key team members involved in these efforts, including Bryan Daugherty, Marcin Rzetecki, Patrick Prinz, and Sebastian Ploetzeneder, along with their respective support networks. Nicolas highlighted upcoming events like the <a href="https://londonblockchain.net/" target="_blank" rel="noopener">London Blockchain Conference</a> and partnerships with organisations like Wired for PR support.</p>



<p>Bryan followed up with highlights of the fourth quarter&#8217;s successes, focusing on the seven virtues that define the BSV blockchain&#8217;s advantages. He discussed market integrity, financial stability, tech efficiency, consumer protection, infrastructure resilience, data integrity, and energy efficiency. Bryan also mentioned upcoming events like Capitol Hill Demo day and the EU sustainability tender where proof-of-work was included, highlighting the importance of showcasing BSV&#8217;s capabilities to policymakers and stakeholders.</p>



<h2 class="wp-block-heading" id="h-teranode-project-progress-and-challenges">Teranode Project: Progress and challenges</h2>



<p>Siggi Oskarsson provided an update on the <a href="https://www.bsvblockchain.org/news/bsv-blockchain-to-break-boundaries-in-2024-with-new-teranode-innovations" target="_blank" rel="noopener">Teranode project</a>, highlighting recent progress and addressing some confusion stemming from a CoinDesk article. He explains that &#8220;UBSV&#8221; was an internal name for the project, not a final product name, and assured that no changes are being made to the Bitcoin protocol.</p>



<p>Siggi mentioned their successful implementation of a node capable of processing a million transactions per second and their ongoing efforts to test it, including some challenges with AWS infrastructure limitations. Despite these challenges, he expresses confidence in overcoming them and proving the viability of <a href="https://www.bsvblockchain.org/news/arc-and-teranode-a-symbiotic-relationship-in-bitcoins-evolution" target="_blank" rel="noopener">Teranode</a> in the coming weeks.</p>



<h2 class="wp-block-heading" id="h-stewardship-project-network-access-rules-alert-system-protocol-restoration">Stewardship Project: Network Access Rules, alert system &amp; protocol restoration</h2>



<p>Connor Murray discussed the establishment of a value stream within the Association, focusing on stewardship of the Bitcoin protocol. He outlined three key components:</p>



<ul>
<li><strong>Introduction of Network Access Rules</strong>: Formerly known as unilateral contracts, this concept outlines terms and conditions for nodes joining the network.</li>



<li><strong>Implementation of an alert system</strong>: Designed to enable direct communication with nodes for updates and safeguarding against malicious activities.</li>



<li><strong>Protocol restoration efforts</strong>: This includes documenting the Bitcoin protocol and planning changes yet to be executed.</li>
</ul>



<p>These efforts aim to provide clarity and structure to the Bitcoin ecosystem, ensuring its integrity and security. Connor anticipates the release of materials clarifying these initiatives in the near future.</p>



<h2 class="wp-block-heading" id="h-base-layer-provisioning-technical-updates">Base Layer Provisioning &amp; technical updates</h2>



<p>Frank Dickob provided updates on various technical aspects. He announced the appointment of another Oskarsson brother, <a href="https://www.linkedin.com/in/olioskarsson/overlay/about-this-profile/" target="_blank" rel="noopener nofollow">Oli Oskarsson</a>, as the Provisioning Value Stream’s new technical lead, emphasising the focus on implementing core network components and ensuring their proper functioning.</p>



<p>Frank mentioned upcoming releases focused on security enhancements and improvements to <a href="https://www.bsvblockchain.org/node" target="_blank" rel="noopener">node documentation</a>. Additionally, he discussed plans for protocol restoration and providing support to miners and other users through channels like Discord. Frank emphasised the importance of network health and outlined efforts to enhance monitoring and transparency regarding network status.</p>



<h2 class="wp-block-heading" id="h-public-outreach-value-stream-engagement-and-successes">Public Outreach Value Stream: Engagement and successes</h2>



<p>Shawn Ryan provided an update on the outreach team&#8217;s activities and initiatives. They have been actively participating in conferences and events to engage potential clients and partners. Key highlights included successful engagements at Gitex and a conference in India, where they made significant connections and signed agreements.</p>



<p>The outreach team consists of members covering various regions, with a focus on fostering partnerships and joint ventures. They have been working on restructuring their strategy to target specific industries for adoption and are in negotiations with a new market maker for exchanges. Shawn emphasised the importance of understanding businesses&#8217; requirements and encouraged all to reach out for collaboration opportunities.</p>



<h2 class="wp-block-heading" id="h-bsv-academy-upcoming-initiatives">BSV Academy: Upcoming initiatives</h2>



<p>Evan Freeman, Director of Education of the <a href="https://academy.bsvblockchain.org" target="_blank" rel="noopener">BSV Academy</a>, provided an overview of recent and upcoming educational initiatives. In Q4 2023, they published a Bitcoin Script course, delving into transaction spending concepts. They initiated university courses in the Philippines and a webinar series on Web3 in sports management.</p>



<p>For 2024, they plan to launch ten more courses, targeting developers, product releases, and decision-makers. Two courses include wallet development and Bitcoin application development. They aim for more collaboration with universities and global tech consulting firms, aiming to elevate BCA&#8217;s status and foster adoption.</p>



<h2 class="wp-block-heading">Request an invitation to the next BSV Townhall</h2>



<p>To participate in the next, exciting BSV Townhall event, you can join the <a href="https://discord.gg/BSV" target="_blank" rel="noopener nofollow">BSV Discord</a> or you can email Brett Banfe directly at Brett.Banfe@bsvblockchain.org. Thank you.</p>


Recap: BSV Quarterly Townhall (Q4 2023)


<p>In the tapestry of today&#8217;s digital age, the Internet is woven seamlessly into every facet of our lives, revolutionising how we communicate, engage in commerce, and access information. Serving as the bedrock of this expansive digital frontier is the unparalleled Transmission Control Protocol and Internet Protocol (TCP/IP). Yet, even with its groundbreaking contributions, the current Internet structure reveals distinct cracks in its foundation.</p>



<p>A primary concern is our escalating reliance on trusted third parties. This reliance doesn&#8217;t just centralise and monopolise data; it also crafts alluring &#8216;honeypots&#8217; of information, drawing the attention of cyber adversaries. Furthermore, the glaring lack of a native payment mechanism within the Internet&#8217;s architecture has inadvertently empowered these centralised behemoths, complicating and escalating the expenses of digital trade.</p>



<p>However, amid these challenges, a beacon of hope emerges in the form of Bitcoin, particularly its BSV blockchain implementation. By championing a decentralised approach to value exchange and ingrained trust, Bitcoin emerges as a formidable contender to redress these pressing issues. In this article, we will journey through the synergies between TCP/IP and Bitcoin, spotlighting how the latter holds the potential to mend the Internet&#8217;s intrinsic weak spots, setting the stage for a more secure and streamlined digital domain.</p>



<h2 class="wp-block-heading" id="h-tcp-ip-and-the-modern-internet-foundations-of-digital-communication">TCP/IP and the modern Internet: Foundations of digital communication</h2>



<p>Within the vast expanse of our digital realm, the underpinnings of our connected existence can be attributed to the pioneering Transmission Control Protocol and Internet Protocol (TCP/IP). This dynamic duo of communication protocols acts as the lifeblood of the Internet. Their intricate design and functionality empower the flawless integration of diverse network devices, ensuring that data flows effortlessly and reliably across every corner of the globe.</p>



<h2 class="wp-block-heading" id="h-the-layered-approach">The layered approach</h2>



<p>The brilliance of the TCP/IP model lies in its layered structure. Comprising four distinct layers—each with its unique responsibilities—it ensures efficient and reliable data exchange:</p>



<ul>
<li><strong>Application layer:</strong> This topmost layer provides the specific data intended for transmission, encompassing standardised data exchange protocols such as HTTP, FTP, SMTP, and SNMP.</li>
</ul>



<ul>
<li><strong>Transport layer: </strong>Crucial for establishing communication channels, this layer manages data segmentation, ensuring each packet is transmitted error-free and in the correct sequence.</li>
</ul>



<ul>
<li><strong>Network layer: </strong>Here, data is provided with a destination or address, utilising the Internet Protocol (IP) to assign unique IP addresses to every Internet-connected device.</li>
</ul>



<ul>
<li><strong>Data link layer: </strong>This foundational layer controls the physical transmission of data, ensuring seamless integration of all layers and secure communication.</li>
</ul>



<h2 class="wp-block-heading" id="h-a-public-legacy">A public legacy</h2>



<p>Initially developed to cater to the defence needs of the United States, the democratisation of the TCP/IP protocol led to an explosion of network software development. Today, its universal adoption makes it synonymous with the Internet itself.</p>



<p>Having understood the significance and operation of the TCP/IP model, it&#8217;s essential to see how Bitcoin and its implementation via the BSV blockchain parallels, diverge from and potentially enhance this framework.</p>


TCP/IP, the modern Internet and the BSV blockchain


<p>Enterprise blockchain is a beacon of growth and resilience. Despite a global health crisis in 2020, it thrived as an exciting industry for job seekers and enthusiasts. Consequently, demand for blockchain talent soars as more sectors adopt this promising technology.</p>



<p>If you want to make a career change or enter this industry, this infographic is for you. It highlights the state of blockchain jobs in 2024 and beyond, focusing on the roles and industries driving this growth. You can use these insights to jumpstart your career in the field.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="4177" src="http://127.0.0.1:8080/wp-content/uploads/2024/02/Blockchain-Jobs-2024.jpg" alt="Blockchain Jobs" class="wp-image-30948"/></figure>



<h2 class="wp-block-heading" id="h-blockchain-jobs-statistics-for-the-future">Blockchain jobs statistics for the future</h2>



<p>As you peer into the future of blockchain jobs, the statistics paint a compelling picture of a rapidly expanding and lucrative field. Here&#8217;s a roundup of numerical indicators about the state of the industry and its careers for the near future and beyond.</p>



<ul>
<li><h3>Globally, the blockchain technology market will likely grow from $17.57 billion in 2023 to $469.49 billion by 2030</h3></li>
</ul>



<p>The phenomenal growth projection for the global blockchain technology <a href="https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072" target="_blank" rel="noopener nofollow">market</a> signifies the industry&#8217;s potential for substantial economic impact and technological transformation. A potential factor contributing to market success is more entities discovering ways to use blockchain.</p>



<p>Industries like construction, banking, healthcare and more can greatly benefit from incorporating blockchain, as such adoption is more common nowadays than in the past.</p>



<ul>
<li><h3>Spending on blockchain solutions will continue to increase, possibly reaching almost $19 billion by 2024</h3></li>
</ul>



<p>Expenditure on blockchain solutions continues to expand as more industries embrace this technology. The anticipated spending for 2024 is <a href="https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/" target="_blank" rel="noopener nofollow">nearing</a> $19 billion. This financial commitment underscores the sustained demand for blockchain technologies, stemming from the <a href="https://www.bsvblockchain.org/news/the-philippines-set-to-become-a-global-leader-in-blockchain" target="_blank" rel="noopener">ardent support of countries like the Philippines</a>.</p>



<ul>
<li><h3>Blockchain is consistently one of the highest-paying programming fields. Employed developers earn between $150,000 and $175,000 on average yearly</h3></li>
</ul>



<p>Blockchain programming is a highly desirable specialisation for developers, largely due to the <a href="https://www.dappuniversity.com/articles/blockchain-developer-salary" target="_blank" rel="noopener nofollow">salary</a> they can earn. Their yearly earnings reflect the unique and highly specific skill set needed and the growing demand for blockchain expertise.</p>



<ul>
<li><h3>Blockchain-related freelancing enjoyed a staggering 6000% year-over-year growth in 2022</h3></li>
</ul>



<p>Millions of freelancers enter the industry. With more talent realising the industry&#8217;s potential, blockchain may see a <a href="https://www.linkedin.com/pulse/blockchain-technology-reshaping-job-market-what-you/" target="_blank" rel="noopener nofollow">surge</a> in freelance opportunities and demand for specialised blockchain skills.</p>



<p>Another reason for this increase in freelancing jobs is that professionals are discovering diverse avenues to contribute to blockchain projects, so there&#8217;s always an opening, regardless of one&#8217;s level of expertise.</p>



<ul>
<li><h3>42% of blockchain developer jobs are remote</h3></li>
</ul>



<p>The industry embraces modern work trends, including <a href="https://web3.career/web3-salaries/blockchain-developer" target="_blank" rel="noopener nofollow">remote work</a> options for developers. This flexibility caters to the evolving preferences of the workforce, allowing professionals to practice from virtually anywhere.</p>



<ul>
<li><h3>Blockchain will open 1 million new open-source software engineering jobs by 2030</h3></li>
</ul>



<p>This <a href="https://www.developerreport.com/developer-report-geography" target="_blank" rel="noopener nofollow">statistic</a> reflects the unprecedented growth of the blockchain sector and the pivotal role of open-source software in shaping the future of blockchain technology.</p>



<h2 class="wp-block-heading" id="h-6-high-demand-blockchain-careers-for-2024">6 high-demand blockchain careers for 2024</h2>



<p>Diverse, specialised roles are essential to driving innovation in blockchain systems. Here are six positions the industry can&#8217;t get enough of in 2024.</p>



<h3 class="wp-block-heading" id="h-1-developer">1. Developer</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-158-000">Estimated salary: <a href="https://www.dappuniversity.com/articles/blockchain-developer-salary" target="_blank" rel="noopener nofollow">$158,000</a></h4>



<p>As new ventures and industries adopt blockchain, the <a href="https://www.bsvblockchain.org/news/educating-the-next-generation-of-bsv-blockchain-developers" target="_blank" rel="noopener">demand for new developers</a> to create company applications and programmes also rises. Developers are the architects of all blockchain functions. They leverage programming know-how and developer tools to <a href="https://www.bsvblockchain.org/news/bitcoin-sv-resources-for-developers" target="_blank" rel="noopener">build secure and efficient apps</a>. They play a critical role in advancing the industry&#8217;s capabilities.</p>



<h3 class="wp-block-heading" id="h-2-project-manager">2. Project manager</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-122-000">Estimated salary: <a href="https://www.glassdoor.com/Salaries/senior-blockchain-project-manager-salary-SRCH_KO0,33.htm" target="_blank" rel="noopener nofollow">$122,000</a></h4>



<p>Many blockchain ventures are complex, requiring multiple cooperating members to function correctly. Project managers are like orchestrators who coordinate efforts, ensure timely deliveries and allocate resources efficiently. They guide diverse teams by deeply understanding project dynamics and leadership skills.</p>



<h3 class="wp-block-heading" id="h-3-solutions-architect">3. Solutions architect</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-131-000">Estimated salary: <a href="https://www.ziprecruiter.com/Salaries/Blockchain-Architect-Salary" target="_blank" rel="noopener nofollow">$131,000</a></h4>



<p>Solutions architects are like project managers, but they also boast a deeper understanding of the technical aspects of blockchain. They ensure the project aligns with the organisation&#8217;s needs while bridging management and development. For example, they can <a href="https://www.bsvblockchain.org/news/micropayments-for-crowdsourced-funding-of-public-projects" target="_blank" rel="noopener">settle funding disputes</a> by understanding and explaining both sides.</p>



<h3 class="wp-block-heading" id="h-4-ux-ui-designer">4. UX/UI designer</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-108-000">Estimated salary: <a href="https://cryptocurrencyjobs.co/salaries/ui-ux-designer/" target="_blank" rel="noopener nofollow">$108,000</a></h4>



<p>Clunky design can hamper even the most valuable tools. UI and UX designers ensure that blockchain applications are functional and user-friendly. They create the interfaces and overall flowchart for users to interact with the programme. Through their efforts, blockchain projects become seamless and intuitive.</p>



<h3 class="wp-block-heading" id="h-5-quality-assurance-engineer">5. Quality assurance engineer</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-93-000">Estimated salary: <a href="https://www.glassdoor.com/Salary/Blockchain-QA-Tester-Salaries-E1013721_D_KO11,20.htm" target="_blank" rel="noopener nofollow">$93,000</a></h4>



<p>Like any digital project, blockchain programmes require testing and constant iteration to remain updated and relevant. Quality assurance engineers meticulously test processes to identify friction points and vulnerabilities. Their work enables business applications to meet the highest standards of reliability and performance.</p>



<h3 class="wp-block-heading" id="h-6-data-analyst">6. Data analyst</h3>



<h4 class="wp-block-heading" id="h-estimated-salary-88-000">Estimated salary: <a href="https://www.glassdoor.com/Salaries/blockchain-analyst-salary-SRCH_KO0,18.htm" target="_blank" rel="noopener nofollow">$88,000</a></h4>



<p>Blockchains handle mountains of data, considering the complexities of the format and the transparent and immutable nature of ledgers. There&#8217;s so much information that businesses often need dedicated analysts to pull actionable insights for decision-making. Data analysts specialise in reading trends and patterns and looking at the bigger picture.</p>



<h2 class="wp-block-heading" id="h-9-companies-hiring-for-blockchain-technology-jobs-in-2024">9 companies hiring for blockchain technology jobs in 2024</h2>



<p>Opportunities abound for aspiring professionals and industry experts to make their mark in this transformative industry. Meanwhile, these forward-thinking companies actively seek skilled individuals to join their teams in 2024.</p>



<h3 class="wp-block-heading" id="h-1-deloitte">1. Deloitte</h3>



<p>As a global innovator and consulting giant, Deloitte <a href="https://www2.deloitte.com/us/en/pages/about-deloitte/articles/about-deloitte.html" target="_blank" rel="noopener nofollow">extends</a> diverse opportunities for professionals seeking impactful blockchain auditing and consulting roles. The company serves a myriad of industries.</p>



<p>For job seekers, Deloitte <a href="https://apply.deloitte.com/careers/" target="_blank" rel="noopener nofollow">offers</a> entry-level intern positions in financial advisory. Higher roles are available in the blockchain and digital assets department, including openings for auditors and asset managers.</p>



<h3 class="wp-block-heading" id="h-2-bitget">2. Bitget</h3>



<p>Bitget, a blockchain-based financial services <a href="https://www.bitget.com/aboutus" target="_blank" rel="noopener nofollow">platform</a>, is at the forefront of evolving digital finance, particularly digital asset trading and investment. It caters to a broad audience, serving individuals and institutions alike.</p>



<p>Job openings <a href="https://www.bitget.com/hire/details?id=6" target="_blank" rel="noopener nofollow">include</a> positions for project managers and solutions architects. The company also seeks developers specialising in Java and front-end systems, along with test engineers.</p>



<h3 class="wp-block-heading" id="h-3-anchorage-digital">3. Anchorage Digital</h3>



<p>Anchorage Digital is a <a href="https://www.anchorage.com/about" target="_blank" rel="noopener nofollow">leader</a> in digital asset custody. It integrates blockchain into traditional finance, and its secure and compliant digital asset storage solutions make it one of the most reliable organisations in the industry.</p>



<p>Opportunities at Anchorage Digital include <a href="https://jobs.lever.co/anchorage" target="_blank" rel="noopener nofollow">positions</a> for both front-end and back-end developers. If you&#8217;re looking to find a place in Anchorage Digital, remember that the company emphasises technical expertise to ensure the secure storage and management of clients&#8217; digital assets.</p>



<h3 class="wp-block-heading" id="h-4-bitcoin-suisse">4. Bitcoin Suisse</h3>



<p>Founded in 2013, <a href="https://bitcoinsuisse.com/" target="_blank" rel="noopener nofollow">Bitcoin Suisse</a> is the Swiss crypto-native pioneer and trusted gateway to invest in crypto, offering institutional-grade services at the forefront of technical innovation.</p>



<h3 class="wp-block-heading" id="h-5-nchain">5.&nbsp;nChain</h3>



<p><a href="https://nchain.com/" target="_blank" rel="noopener">nChain</a> is a global tech company offering software, IP Licensing &amp; consulting services. Providing Blockchain solutions and products on the BSV blockchain.</p>



<p>In 2023, the company recruited for positions such as <a href="https://www.bsvblockchain.org/job/nchain/it-support-and-infrastructure-analyst" target="_blank" rel="noopener">IT Support and Infrastructure Analyst</a>, <a href="https://www.bsvblockchain.org/job/nchain/product-manager" target="_blank" rel="noopener">Product Manager</a>, <a href="https://www.bsvblockchain.org/job/nchain/senior-devops-engineer" target="_blank" rel="noopener">Senior DevOps Engineer</a>, <a href="https://www.bsvblockchain.org/job/nchain/researcher" target="_blank" rel="noopener">Blockchain Researcher</a>, <a href="https://www.bsvblockchain.org/job/nchain/backend-developer-" target="_blank" rel="noopener">Backend Developer</a>, and <a href="https://www.bsvblockchain.org/job/nchain/go-developer-" target="_blank" rel="noopener">GO Developer</a>.</p>



<h3 class="wp-block-heading" id="h-6-blockchain-intelligence-group">6. Blockchain Intelligence group</h3>



<p><a href="https://blockchaingroup.io/" target="_blank" rel="noopener nofollow">Blockchain Intelligence Group</a> builds technology to power compliance and intelligence for the crypto future. Banks and crypto companies depend on our technology to monitor risk from crypto transactions. Investigators and law enforcement quickly identify and track illicit activity.</p>



<h3 class="wp-block-heading" id="h-7-chainlink">7. Chainlink</h3>



<p>Trailblazing the blockchain space, Chainlink <a href="https://chain.link/ecosystem" target="_blank" rel="noopener nofollow">connects</a> smart contracts with real-world data, creating a dynamic blockchain system. The company&#8217;s services have broad applications across industries, from finance to supply chain.</p>



<p>Chainlink <a href="https://consensys.io/open-roles">of</a><a href="https://consensys.io/open-roles" target="_blank" rel="noopener nofollow">f</a><a href="https://consensys.io/open-roles">ers</a> exciting opportunities for passionate and skilled smart contract engineers, emphasising innovation in developing and implementing the organisation&#8217;s services.</p>



<h3 class="wp-block-heading" id="h-8-chainalysis">8. Chainalysis</h3>



<p>With data analysis as its primary discipline, typically against illicit activities in digital currency, Chainalysis intersects blockchain, finance and cybersecurity. The <a href="https://www.chainalysis.com/company/" target="_blank" rel="noopener nofollow">company&#8217;s</a> services cater to government, financial institutions and businesses.</p>



<p>Career paths you can pursue at Chainalysis <a href="https://www.chainalysis.com/careers/job-openings/" target="_blank" rel="noopener nofollow">encompass</a> mainly developer roles. It also has openings for data analysts and design/UX developers.</p>



<h3 class="wp-block-heading" id="h-9-consensys">9. Consensys</h3>



<p>Consensys is one of the most prominent <a href="https://consensys.io/company" target="_blank" rel="noopener nofollow">players</a> in the Web3 ecosystem. The industry leader develops and runs a suite of applications spanning a myriad of uses. It also caters to several sectors, from healthcare to supply chain management.</p>



<p>With its array of services, Consensys has <a href="https://consensys.io/careers/" target="_blank" rel="noopener nofollow">many</a> job openings, including project manager and data analysis positions.</p>



<h2 class="wp-block-heading" id="h-crafting-blockchain-careers">Crafting blockchain careers</h2>



<p>The trajectory of blockchain careers in 2024 and beyond promises an industry of continuous learning, innovation and growth. As the industry rapidly expands, so do the vast opportunities awaiting professionals in today&#8217;s digital era.</p>



<p>To stay updated with newly listed blockchain jobs, <a href="https://www.bsvblockchain.org/blockchain-jobs" target="_blank" rel="noopener">keep an eye on our job board</a>.</p>


The state of blockchain jobs in 2024 and beyond


<p>The convergence of <a href="https://www.bsvblockchain.org/news/why-the-surge-in-ai-popularity-will-lead-to-increased-blockchain-adoption" target="_blank" rel="noopener">Artificial Intelligence (AI) and the Internet of Things (IoT)</a> promises a future where devices seamlessly communicate, analyse data, and make intelligent decisions.</p>



<p>As this synergy unfolds, the need for a robust and secure foundation becomes paramount, and blockchain emerges as the linchpin that holds the potential to revolutionise the way AI and IoT operate. Blockchain, with its decentralised and tamper-resistant ledger, not only addresses the critical issues of trust and security but also establishes a transparent and efficient framework for the vast network of interconnected devices.</p>



<p>This panel at the London Blockchain Conference 2023 led by <a href="https://www.linkedin.com/in/alessio-pagani/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Alessio Pagani (Research Director of nChain)</a> shed light on the exciting opportunities that the convergence of blockchain with AI and IoT poses, along with technology experts and entrepreneurs.</p>



<p>Watch and learn from:</p>



<ul>
<li><a href="https://www.linkedin.com/in/latifladid/?originalSubdomain=lu" target="_blank" rel="noopener nofollow">Prof Latif Ladid (Founder &amp; President of IPv6 Forum)</a>;</li>



<li><a href="https://www.diemers.net/" target="_blank" rel="noopener nofollow">Dr Daniel Diemers (Co-founder and Partner of SNGLR Group)</a>;</li>



<li><a href="https://www.linkedin.com/in/dr-satya-n-gupta-284264?originalSubdomain=in" target="_blank" rel="noopener nofollow">Dr. Satya N. Gupta (Chairman of the Blockchain for Productivity Forum)</a>;</li>



<li><a href="https://www.linkedin.com/in/michael-elliott-ba17a3?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Michael Elliott (CEO of Over-C)</a>,</li>



<li><a href="https://www.linkedin.com/in/ralphwallace/" target="_blank" rel="noopener nofollow">Ralph Wallace (Program Director &amp; IPv6 Lead at Aptive Resources)</a>.</li>
</ul>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain will be the Backbone of AI and IoT | Alessio Pagani | #LDNBlockchain23" width="500" height="281" src="https://www.youtube.com/embed/2e3YrQX9WEI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-blockchain-and-iot-to-work-hand-in-hand">Blockchain and IoT to work hand-in-hand</h2>



<p>Elliot began the discussion by pointing out that <a href="https://academy.bsvblockchain.org/blog/the-iot-businesses-developing-bsv-blockchain-application" target="_blank" rel="noopener">IoT has grown rapidly in recent years</a>, but that the underlying technology required to collect and record all of this data has not necessarily kept pace. He emphasised the lack of infrastructure to effectively leverage the abundance of data generated by these devices.</p>



<p>Elliott pointed to blockchain as the missing piece that can fill this crucial gap, providing a decentralised and secure foundation for building upon the vast amounts of data. Using the insurance industry as an example, he explained that the integration of IoT and blockchain could lead to seismic changes, particularly in addressing dynamic risks that traditional models often overlook, such as the pricing risk associated with utilising contractors.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-data-integrity">The importance of data integrity</h2>



<p>This was echoed by Wallace, who noted that the biggest challenge facing both blockchain and AI right now is data integrity and ensuring that users and customers can trust the data &#8211; pointing to the <a href="https://www.bsvblockchain.org/news/security-accounting-and-product-identity-on-the-blockchain" target="_blank" rel="noopener">adage of ‘garbage in, garbage out’</a>.</p>



<p>By establishing an authoritative data source through blockchain, AI systems can access more authentic and dependable data, mitigating the risk of producing suboptimal results. The critical importance of data integrity for both IoT and AI was emphasised, with Wallace noting that inaccurate data could lead to what he referred to as ‘artificial stupidity’.</p>



<p>Gupta echoed these sentiments, emphasising blockchain&#8217;s suitability for addressing issues of privacy and trust, which are crucial for fostering business and consumer confidence. ‘Blockchain is on the way to larger scale deployment, so we need to standardise it and get best practices, then we can combine these three monsters: IPv6, AI, and blockchain,’ added Ladid.</p>


Why blockchain will be the backbone of AI and IoT


<p>The blockchain industry has witnessed a peculiar shift in attention, as the focus on crypto investigations and criminal activities has, to some extent, overshadowed the vast potential of blockchain venture capital investing.</p>



<p>While the emergence of crypto assets brought about revolutionary advancements in financial technology, it also drew regulatory scrutiny and law enforcement attention due to concerns surrounding illicit activities. This intensified focus on combating crypto-related crimes has inadvertently diverted attention from the transformative power of blockchain technology itself and its applications in various industries</p>



<p>This was a key panel discussion at the recent London Blockchain Conference, which was hosted by <a href="https://www.linkedin.com/in/paul-rajchgod/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Paul Rajchgod, Managing Director of Ayre Ventures</a>. The other panellists included:</p>



<ul>
<li><a href="https://www.linkedin.com/in/raysharma/?originalSubdomain=ca" target="_blank" rel="noopener nofollow">Ray Sharma (Founder of Extreme Venture Partners)</a>;</li>



<li><a href="https://haqueandcompany.com/" target="_blank" rel="noopener nofollow">Farid Haque (General Partner of Systema Nova)</a>;</li>



<li><a href="https://www.linkedin.com/in/mona-tiesler/?originalSubdomain=uk" target="_blank" rel="noopener nofollow">Mona Tiesler (Investor at Tokentus Investment AG</a>);</li>



<li><a href="https://www.linkedin.com/in/zach-resnick-2aa196a4/?originalSubdomain=pt" target="_blank" rel="noopener nofollow">Zach Resnick (Co-Founder of Unbounded Capital)</a>;</li>



<li><a href="https://www.snglr.vc/" target="_blank" rel="noopener nofollow">Dr Patrick Sutter (Co-Founder of SNGLR)</a>.</li>
</ul>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain Venture Capital - Investing in volatile Times | Paul Rajchgod | #LDNBlockchain23" width="500" height="281" src="https://www.youtube.com/embed/LVt2a9iI0YI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-different-perspectives-on-investing">Different perspectives on investing</h2>



<p>Tiesler began the discussion by noting that Tokentus Investment’s shares are publicly traded in Germany, allowing individuals to purchase them. She added that the company strives to foster symbiosis throughout its entire stakeholder network.</p>



<p>One investment she highlighted was Transak, a portfolio company of Tokentus. Transak serves as a fiat on-/off-ramp, facilitating transactions with over 160 tokens and 75+ blockchains. It plays a crucial role in assisting customers from over 150 countries in transitioning from Web2 to Web3. Tiesler emphasised Transak as a tangible real-world use case that contributes to onboarding individuals into the space, fostering the growth of the industry.</p>



<p>By comparison, Haque, emphasises his team’s focus on <a href="https://www.bsvblockchain.org/news/venture-capital-and-bsv-blockchain-with-ayre-ventures" target="_blank" rel="noopener">B2B applications, specifically targeting solutions that enhance business efficiency, speed, and cost-effectiveness</a>. Haque advised founders to emphasise these advantages in their pitch deck, considering it a compelling &#8220;call to action&#8221; for any venture capitalist intrigued by the potential of achieving 10x cost savings and 20x faster operations.</p>



<p>Haque&#8217;s firm adopts a market-first approach, inspired by the strategy of the renowned tech VC figure Don Valentine, who prioritised investments in very large markets. According to Haque, market size is a significant factor influencing their decisions.</p>



<h2 class="wp-block-heading" id="h-an-increased-focus-on-developing-markets">An increased focus on developing markets</h2>



<p>Sharma discussed his company&#8217;s <a href="https://www.bsvblockchain.org/news/micropayments-as-a-catalyst-for-economic-growth-in-developing-economies" target="_blank" rel="noopener">keen interest in Africa, particularly in Nigeria, with future expansion plans in Egypt, Kenya, and South Africa</a>. He highlighted that approximately 80% of startup activity in Africa is in fintech, driven by the fact that 50% of mobile transactions on the planet happen on the continent.</p>



<p>He drew a parallel between Africa&#8217;s innovation trend and China&#8217;s evolution in messaging apps, emphasising the continent&#8217;s potential for rapid advancement. However, he cautioned against overselling blockchain&#8217;s transformative potential, noting that while it offers undeniable benefits, it&#8217;s just one aspect among many in the checklist of solutions companies consider, perhaps one of 10, rather than a magic bullet for all challenges.</p>


Blockchain investing in volatile times


<p><a href="https://www.bitlipa.com/" target="_blank" rel="noopener nofollow">Bitlipa</a> is a service provider for digital payments and settlements co-founded by <a href="https://www.linkedin.com/in/apollo-eric-24abb6247/" target="_blank" rel="noopener nofollow">Apollo Eric</a>, who also acts as the CEO of the company. For this episode of In the Spotlight, we spoke to Eric about Bitlipa&#8217;s mission and the transformative power of blockchain technology in driving financial inclusion across Africa.</p>



<p>Bitlipa changes how businesses manage their finances. By leveraging blockchain technology, Bitlipa aims to revolutionise the payment cycle, from sourcing to merchant payments, for SMEs. Through the utilisation of crypto stablecoins for settlement and fiat processing on the backend, Bitlipa offers a seamless solution that bridges the gap between traditional finance and the burgeoning digital economy.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="In the Spotlight: Apollo Eric and Bitlipa" width="500" height="281" src="https://www.youtube.com/embed/WkuGeOwXMts?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-bitlipa-enables-access-to-capital-to-smes">Bitlipa enables access to capital to SMEs</h2>



<p>Central to Bitlipa&#8217;s business is its commitment to providing access to capital for SMEs. In Africa in particular, they do not have sufficient access to capital that traditional financial institutions could offer.</p>



<p>By recording transaction data on the blockchain, Bitlipa offers proof of business existence, enabling liquidity providers to support businesses based on verifiable information rather than stringent requirements. This democratisation of access to capital is essential for empowering SMEs to thrive and expand, ultimately driving economic growth across the continent. As Eric points out, Africa’s economy is mainly driven by SMEs:</p>



<p>‘Small and medium sized enterprises actually form the backbone of the African economy. So they employ most of the people, they provide almost all the e-commerce or commerce in the region. And I think they need support in terms of small, working capital and based on this data, we are able to provide that.’</p>



<p>Moreover, Apollo Eric highlights the cost-saving potential of blockchain technology, in particular the BSV blockchain with its miniscule fee structure, in streamlining transactions and eliminating intermediaries. With traditional payment systems incurring significant transactional costs and frictions, blockchain offers a paradigm shift by establishing trust among participants without the need for costly verification processes.</p>



<p>For SMEs operating on narrow margins, the ability to reduce transaction costs to almost negligible levels is a game-changer, enabling them to allocate resources more efficiently and reinvest in their businesses.</p>



<h2 class="wp-block-heading" id="h-digital-inclusion-and-impact-on-the-youth">Digital inclusion and impact on the youth</h2>



<p>Beyond financial transactions, Apollo Eric emphasises the broader impact of blockchain in fostering digital inclusion, particularly among Africa&#8217;s youth population. With a <a href="https://www.worldeconomics.com/Demographics/Median-Age/Nigeria.aspx" target="_blank" rel="noopener nofollow">median age of 17</a>, Nigeria boasts a burgeoning cohort of tech-savvy individuals eager to harness technology for economic empowerment.</p>



<p>Blockchain, with its open-source nature and potential for direct peer-to-peer transactions, offers participation in the digital economy, ensuring that young people have access to opportunities. In the interview, Eric highlights this aspect as an important mission for the future:</p>



<p>‘Young people want an opportunity and access. And I think blockchain has the playing ground for all of us to be able to join in the digital economy and participate effectively. I think this is a very, very big value that needs to be harnessed because young people, if you don&#8217;t engage them meaningfully, it&#8217;s a ticking time bomb. And I think we need to find a way to really bring them into this digital economy and meaningfully participate.’</p>



<h2 class="wp-block-heading" id="h-use-cases-beyond-finance">Use-cases beyond finance</h2>



<p>Bitlipa&#8217;s vision extends beyond financial transactions to encompass data ownership and content distribution. By making data user-centric and eliminating intermediaries, blockchain enables content creators to directly monetise their work and connect with their audience, bypassing traditional gatekeepers.</p>



<p>This shift not only empowers content creators but also fosters creativity and innovation across various industries, from music to film. Eric points out that this is particularly relevant for Nigeria, where the creative industry is an important part of the economy.</p>



<p>Bitlipa exemplifies the transformative potential of blockchain technology in driving financial inclusion and empowering African businesses. By providing access to capital, reducing transaction costs, and fostering digital inclusion, Bitlipa is paving the way for a more equitable and prosperous future for SMEs across the continent.</p>


Bitlipa is empowering businesses in Africa


<p>The Metaverse concept traces its origins back to the early 1990s, but it&#8217;s only in the past few years, technological advancements have made the idea more palpable. In early 2021, Mark Zuckerberg publicly announced the rebranding of the corporate entity overseeing Facebook, renaming it &#8216;Meta&#8217;, unveiling ambitious plans to actualise the Metaverse.</p>



<p>Over the years, Facebook has made substantial investments in virtual and augmented reality technology. It has also expanded its reach into various sectors, including the Facebook marketplace, app store, live-streaming, advertising, and analytics programs.</p>



<p>Other major players expressing a keen interest in the Metaverse include Epic Games, Microsoft, Apple, and NVidia. These companies naturally align with the immersive virtual reality multimedia world. Epic Games, with support from Sony and Lego, is actively developing a family-friendly Metaverse.</p>



<h4 style="padding-left: 60px;"><a href="https://resources.bsvblockchain.org/introduction-to-metaverse-ebook" target="_blank" rel="noopener">Download eBook: Your introduction to the Metaverse</a></h4>



<p>Their project builds upon the groundwork laid by Roblox, allowing users to create virtual worlds from scratch. These worlds can be shared with others, offering diverse activities ranging from hosting virtual parties and engaging in shower simulators to chasing werewolves.</p>



<h2 class="wp-block-heading" id="h-building-the-metaverse-on-the-blockchain">Building the Metaverse on the blockchain</h2>



<p>By employing a common protocol, it becomes possible to maintain a certain level of functionality with significantly reduced technical complexities.</p>



<p>Furthermore, the existence of a native monetary unit for value exchange can facilitate users in transferring funds seamlessly between different realms. A native value system eliminates the need to route funds back through a central payment processor like PayPal or depend on the integration of PayPal accounts with distinct accounts offered by various Metaverse proprietors.</p>



<p>This would lead to a reduction in fees for customers and establish a more secure monetary exchange system. If the Meta Metaverse relies on PayPal for funding, it still has to manage internal accounting for user transactions and implement safeguards against double-spending, effectively acting as a mint.</p>



<p>Apple and Epic Games would face similar challenges. Apart from the technical complexities of interoperability and security, this approach is highly inefficient, as multiple providers independently address the same issues within isolated environments.</p>



<p>A more effective and mutually beneficial solution would be for these companies to relinquish some control over user-generated content in their respective Metaverses. Instead, they could compete by offering appealing services denominated in a token settled on a suitable blockchain. This arrangement would streamline operations and benefit all parties involved.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-is-the-perfect-fit">BSV blockchain is the perfect fit</h2>



<p>Without being underwritten by a stable carrier technology which allows for interoperability,&nbsp;immutable records, a robust suite of transactional capabilities, and <a href="https://www.bsvblockchain.org/news/the-future-of-micropayments-implications-for-government-funding-and-accountability" target="_blank" rel="noopener">micropayment capabilities with near-zero fees</a>, the idea of the Metaverse is dead in the water.</p>



<p>Regrettably, a significant portion of the established Silicon Valley and big tech industry has embraced a parasitic business model centred around confining users within walled gardens and maintaining extensive silos of user data. They exploit this access by selling the data to advertisers, thereby worsening the overall Internet experience. Consequently, these industry incumbents perceive a threat in emerging technologies that have the potential to entirely undermine this exploitative business model.</p>


An Introduction to the Metaverse


<p>The World Economic Forum (WEF) has published its <a href="https://www3.weforum.org/docs/WEF_The_Global_Risks_Report_2024.pdf" target="_blank" rel="noopener nofollow">Global Risks Report for 2024</a>, detailing some of the most severe risks the world may face over the next decade, against a backdrop of rapid technological change, economic uncertainty, a warming planet and conflict.</p>



<p>The report explores the global risk landscape in this phase of transition and governance systems being stretched beyond their limit. It analyses the most severe perceived risks to economies and societies over two and 10 years, in the context of these influential forces.</p>



<p>Notably, many of these changes &#8211; including a rise in false information and growing economic uncertainty &#8211; can be actively addressed <a href="https://www.bsvblockchain.org/" target="_blank" rel="noopener">through the widespread adoption of blockchain technology</a>.</p>



<h2 class="wp-block-heading" id="h-a-rise-in-false-information">A rise in false information</h2>



<p>The report notes that the disruptive capabilities of manipulated information are rapidly accelerating, as open access to increasingly sophisticated technologies proliferates and trust in information and institutions deteriorates.</p>



<p>‘In the next two years, a wide set of actors will capitalise on the boom in synthetic content, amplifying societal divisions, ideological violence and political repression – ramifications that will persist far beyond the short term,’ the WEF said.</p>



<p>‘No longer requiring a niche skill set, easy-to-use interfaces to large-scale artificial intelligence (AI) models have already enabled an explosion in falsified information and so-called synthetic content, from sophisticated voice cloning to counterfeit websites.’</p>



<p>While the report notes that governments are beginning to roll out new and evolving regulations to target both hosts and creators of online disinformation and illegal content, the speed and effectiveness of regulation are unlikely to match the pace of development, the WEF said.</p>



<p>The <a href="https://coingeek.com/the-intersection-of-ai-deepfakes-and-bitcoin-sv-building-trust-in-a-world-of-misinformation/" target="_blank" rel="noopener">BSV blockchain has the potential to play a crucial role in mitigating the spread of misinformation originating from AI-generated content</a>. One of the key challenges in addressing misinformation lies in establishing the authenticity and provenance of the information. The BSV Blockchain, with its secure and transparent nature, can provide a tamper-resistant and immutable ledger that tracks the creation, modification, and distribution of content.</p>



<p>By <a href="https://www.bsvblockchain.org/news/omniscape-metaverse-blockchain-and-ai-applications-for-government-enterprise-and-brands" target="_blank" rel="noopener">anchoring AI-generated content on a blockchain</a>, it becomes possible to trace its origin, ensuring that the information has not been manipulated or altered maliciously. This transparency allows users to verify the authenticity of content and builds a trust layer that can act as a deterrent to those attempting to spread false information through AI-generated means.</p>



<p>Furthermore, blockchain can facilitate a secure ‘reputation system’ for AI models and content creators. Each AI-generated piece of content can be associated with a unique identifier on the blockchain, creating a reputation score based on the accuracy and reliability of the information it produces. Users can rely on this reputation system to gauge the trustworthiness of AI-generated content, making informed decisions about the reliability of the information they consume.</p>



<p>By leveraging <a href="https://www.bsvblockchain.org/news/unlocking-transparency-and-accountability-nfts-in-government" target="_blank" rel="noopener">the BSV blockchain&#8217;s inherent security and transparency</a>, we can establish a more trustworthy and accountable environment in the digital space, ultimately curbing the propagation of misinformation from AI-generated sources.</p>



<h2 class="wp-block-heading" id="h-growing-economic-uncertainty">Growing economic uncertainty</h2>



<p>The report notes that persistently elevated inflation in many countries and high-interest rates are weighing heavily on economic growth, particularly in export- and manufacturing-led markets.</p>



<p>‘An already visible economic downturn is likely to spread, with a risk that new economic shocks would be unmanageable in such fragility and debt passes the tipping point of sustainability,’ the WEF said.</p>



<p>‘With contrasting views about the future, the risk of miscalibration by central banks, governments and companies will rise accordingly, potentially deepening and prolonging economic risks. Additionally, continued trade conflicts and geo-economic rifts between the United States, European Union and China add to the significant economic uncertainty ahead.’ it said.</p>



<p>The <a href="https://www.bsvblockchain.org/news/blockchain-banks-and-the-future-of-money" target="_blank" rel="noopener">BSV blockchain has the potential to act as a stabilising force in preventing economic downturns by addressing various inefficiencies and vulnerabilities within traditional financial systems</a>. One key aspect is the transparency and immutability offered by blockchain. By recording financial transactions on a decentralised and secure ledger, blockchain ensures that all participants in the economy have access to a real-time, transparent view of financial activities.</p>



<p>This <a href="https://www.bsvblockchain.org/news/benford-transactions-for-fraud-detection" target="_blank" rel="noopener">transparency can reduce the likelihood of fraudulent activities and provide regulators with better tools for monitoring and enforcing compliance</a>, contributing to the overall integrity of the financial system. The immutable nature of blockchain records also enhances accountability, making it more difficult for bad actors to manipulate financial data for their gain.</p>



<p>Additionally, the <a href="https://www.bsvblockchain.org/features/smart-contracts" target="_blank" rel="noopener">BSV blockchain&#8217;s smart contract capabilities</a> can streamline and automate complex financial processes, reducing the risk of errors and fraud associated with manual intervention. Smart contracts execute predefined rules automatically, ensuring that transactions are conducted securely and efficiently. This automation not only increases the speed of financial transactions but also minimises the potential for human error. By incorporating the BSV blockchain in financial operations, such as trade finance, <a href="https://www.bsvblockchain.org/news/the-role-of-blockchain-in-sustainable-supply-chains-and-management" target="_blank" rel="noopener">supply chain financing</a>, and <a href="https://www.bsvblockchain.org/news/a-primer-to-cross-border-payments-with-blockchain" target="_blank" rel="noopener">cross-border transactions</a>, economies can achieve greater efficiency and resilience, mitigating the impact of external shocks and contributing to the prevention of economic downturns.</p>



<h2 class="wp-block-heading" id="h-bsv-blockchain-offers-stability-in-a-time-of-instability">BSV blockchain offers stability in a time of instability</h2>



<p>As constant upheaval becomes the norm, decades of investment in human development – and human resilience – are slowly being chipped away, potentially leaving even comparatively strong states and individuals vulnerable to rapid shocks from novel and resurgent sources, the WEF said.</p>



<p>‘The impacts of extreme weather may deplete available economic resources to mitigate and adapt to climate change. Increasing vulnerabilities, brought about by resource stress, conflict and increasing polarisation could expose societies and whole economies to crime and corruption. Exponential technology growth may leave the next generation without a clear path to improve human potential, security and wellbeing.’</p>



<p>While this loss of stability is concerning, blockchain has the potential to act as a stabilising force in preventing economic downturns by addressing various inefficiencies and vulnerabilities within traditional financial systems &#8211; particularly when it comes to transparency and immutability.</p>



<p>This transparency can reduce the likelihood of fraudulent activities and provide regulators with better tools for monitoring and enforcing compliance, contributing to the overall integrity of the financial system. The immutable nature of blockchain records also enhances accountability, making it more difficult for bad actors to manipulate financial data for their gain.</p>


These are the biggest risks facing the world right now – and how blockchain can help


<p>Inventory management is an important business aspect that entails overseeing and controlling a company&#8217;s supply of products and materials. Regardless of your industry, effective handling of goods throughout their lifecycle is essential to maintain business efficiency. However, given the intricacies of supply chain management, you might struggle with timely restocking and other relevant tasks.</p>



<p>Fortunately, the emergence of blockchain technology makes workflows easier. In particular, blockchain addresses various inventory management challenges in the supply chain. Read on to learn more about how blockchain can optimise inventory management.</p>



<p></p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1668" height="13122" src="http://127.0.0.1:8080/wp-content/uploads/2024/01/Inventory-Management.jpg" alt="Inventory Management" class="wp-image-30866"/></figure>



<h2 class="wp-block-heading" id="h-what-is-blockchain-inventory-management">What is blockchain inventory management?</h2>



<p>Blockchain inventory management is a system that utilises blockchain technology to track and oversee inventory. It records every product&#8217;s journey—from production to the hands of the end consumer. Likewise, this system leverages the underlying technology for inventory management transparency, security and immutability.</p>



<p>With blockchain inventory management, the degree of precision and security is superior to what traditional systems offer. Blockchain in inventory management not only streamlines your operations but also minimises the risk of errors and fraud to <a href="https://www.bsvblockchain.org/news/optimising-supply-chains-with-blockchain-challenges-and-solutions" target="_blank" rel="noopener">optimise your supply chain&#8217;s efficiency</a>.</p>



<h2 class="wp-block-heading" id="h-how-blockchain-inventory-works">How blockchain inventory works</h2>



<p>The process begins with the creation of a digital block per product. Each block contains essential data such as the item&#8217;s origin, production date and various touchpoints throughout the supply chain. These individual blocks are linked to form an immutable ledger that tracks and verifies the entire product journey from production to delivery.</p>



<p>Unlike traditional methods, this system has no central authority. You and relevant parties in the supply chain have access to the records and must have a consensus to <a href="https://www.bsvblockchain.org/news/logistics-supply-chain-management-and-stock-control" target="_blank" rel="noopener">verify every entry added to the block</a>. This decentralised approach <a href="https://www.bsvblockchain.org/news/security-accounting-and-product-identity-on-the-blockchain" target="_blank" rel="noopener">enhances transparency and trust</a> among stakeholders.</p>



<p>Then, all the parties update the digital ledger in real time with details like shipping status, quality inspections and storage conditions. With these measures, you have accurate and timely information about the product&#8217;s location and condition. Additionally, you can identify and resolve an issue arising from a particular source.</p>



<h2 class="wp-block-heading" id="h-how-to-implement-blockchain-inventory-management">How to implement blockchain inventory management</h2>



<p>Knowledge regarding the proper steps to implement blockchain inventory management can help you utilise the technology better and <a href="https://www.bsvblockchain.org/news/using-nfts-to-improve-supply-chain-integrity-for-enterprises" target="_blank" rel="noopener">improve your supply chain</a>. Here are the steps to fully leverage this system in your operations.</p>



<h3 class="wp-block-heading" id="h-1-select-a-platform-that-addresses-your-needs">1. Select a platform that addresses your needs</h3>



<p>Your choice of platform should align with your business&#8217;s unique requirements. For a more straightforward implementation, you must consider its capabilities regarding scalability, data security and compatibility with your existing infrastructure. Also, select a blockchain that seamlessly integrates with your inventory management processes for a smooth transition to blockchain-based solutions.</p>



<h3 class="wp-block-heading" id="h-2-construct-a-network-infrastructure">2. Construct a network infrastructure</h3>



<p>This step involves configuring the network&#8217;s transmitter nodes for inventory management. The configuration settings should include communication protocols and data-sharing agreements with relevant parties in the supply chain.</p>



<h3 class="wp-block-heading" id="h-3-adopt-the-process-and-train-staff">3. Adopt the process and train staff</h3>



<p>At this stage, you must acquaint your team with the new system through training sessions focusing on using blockchain inventory management system (IMS) effectively. In a blockchain-based IMS, data management is vital for accurate and real-time information relevant to your inventory.</p>



<p>So, consider training your employees on proper data entry and validation as well as protocol sharing to achieve accuracy and avoid costly mistakes.</p>



<h3 class="wp-block-heading" id="h-4-constantly-update-and-maintain-the-system">4. Constantly update and maintain the system</h3>



<p>The successful implementation of blockchain inventory management requires regular updates and maintenance to keep the system running smoothly. Routine maintenance may include patching vulnerabilities, upgrading the network and ensuring data integrity. Continuous improvement ensures that the blockchain-based IMS remains efficient and secure.</p>



<h2 class="wp-block-heading" id="h-alternative-use-a-blockchain-service-provider">Alternative: Use a blockchain service provider</h2>



<h3 class="wp-block-heading" id="h-unisot-a-web3-supply-chain-traceability-platform">UNISOT &#8211; a Web3 supply-chain traceability platform</h3>



<p>Watch Stephan Nilsson (CEO and Co-Founder of UNISOT) detailing how his company offers a true <a href="https://www.bsvblockchain.org/news/blockchain-trailblazers-where-does-your-food-come-from" target="_blank" rel="noopener">web3 supply-chain traceability and sustainability platform</a>.</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain Trailblazers: Supply chains and sustainability with UNISOT" width="500" height="281" src="https://www.youtube.com/embed/aKaUDD9vAKE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading" id="h-smartledger-for-reliable-data-authentication-on-blockchain">SmartLedger for reliable data authentication on blockchain</h3>



<p>While the BSV blockchain is often associated with electronic cash and dealing with large amounts of financial data, its capabilities and benefits extend far beyond this. SmartLedger is one such company that uses the technology uniquely through its new <a href="https://www.bsvblockchain.org/news/how-cannatrack-is-using-blockchain-to-make-cannabis-more-transparent#" target="_blank" rel="noopener">CannaTrack platform</a>.</p>



<p></p>



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<iframe loading="lazy" title="Design This: Beyond the Dieline - SmartLedger With Gregory Ward" width="500" height="281" src="https://www.youtube.com/embed/7fMac6uWi14?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<h3 class="wp-block-heading" id="h-gate2chain">Gate2Chain</h3>



<p>With their <a href="https://www.bsvblockchain.org/news/tracking-food-from-farm-to-table-with-gate2chain-and-trace#" target="_blank" rel="noopener">Trace application (developed in collaboration with IBM), Gate2Chain</a> addresses the tracking process which can be difficult and costly. With Trace, consumers can tell exactly where their produce is from and whether it has been exposed to any contaminants as part of the transportation chain.</p>



<h3 class="wp-block-heading" id="h-elas-blockchain-as-a-service-solutions-and-bespoke-blockchain-solutions-to-businesses">Elas blockchain-as-a-service solutions and bespoke blockchain solutions to businesses</h3>



<p><a href="https://www.bsvblockchain.org/news/blockchain-trailblazers-providing-blockchain-as-a-service-with-elas" target="_blank" rel="noopener">Elas offers blockchain-as-a-service solutions and bespoke solutions</a> to businesses so that they may leverage the true powers of the BSV blockchain.</p>



<p>A key benefit offered by Elas is that businesses and users don’t need to know anything about the underlying blockchain technology to benefit from the service, says Elas co-founder, Brendan Lee.</p>



<p>‘Most of our customers know very little about the underlying blockchain. They obviously know that the blockchain makes blocks, does transactions, that it’s immutable, etc. But in terms of the nitty-gritty, the in-depth protocol like how are we doing things, they don’t need to know any of that.’</p>



<p></p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Blockchain Trailblazers: Demonstrating the true power of blockchain with Elas" width="500" height="281" src="https://www.youtube.com/embed/mjVeiI8q-Rc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="h-what-to-look-for-in-a-blockchain-for-inventory-management">What to look for in a blockchain for inventory management</h2>



<p>Understanding the proper steps to implement blockchain for inventory management is just one part of optimising its potential. It&#8217;s best to consider other vital factors during your selection process. Below are some of these considerations.</p>



<h3 class="wp-block-heading" id="h-1-scalability">1. Scalability</h3>



<p>As your business grows, the right blockchain can accommodate a vast range of initiatives, including evolving inventory management needs. The system should handle constantly increasing transactions and data without compromising accuracy and security.</p>



<h3 class="wp-block-heading" id="h-2-cost-effectiveness">2. Cost-effectiveness</h3>



<p>Every activity on the blockchain has a transaction (TX) cost. However, unreasonable fees can erode the benefits of blockchain technology. Additionally, the infrastructure cost for hardware and software requirements shouldn&#8217;t take up too many resources. An ideal blockchain should balance providing valuable features and maintaining affordability.</p>



<h3 class="wp-block-heading" id="h-3-interoperability">3. Interoperability</h3>



<p>Blockchain&#8217;s real-time updates facilitate efficient inventory management, even in the face of challenges like raw material shortages. This is possible through blockchain&#8217;s seamless integration with essential systems like ERP software and payment gateways.<br><br>ERP software centralises sales-related data, procurement and inventory levels, enabling quick adjustments in response to inventory issues and supply chain delays.</p>



<p>Meanwhile, payment gateways enhance the security and transparency of financial transactions. The goal is to synchronise inventory and financial data for improved financial control and inventory management.<br><br>Ultimately, using blockchain lets data and processes flow smoothly between the inventory management system and other third-party applications.</p>



<h3 class="wp-block-heading" id="h-4-transparency">4. Transparency</h3>



<p>Transparency is a fundamental characteristic of an effective blockchain for inventory management. For this reason, every transaction and change in the inventory must be visible to all stakeholders.<br><br>Take public blockchains, for example. A public blockchain, such as from BSV Association (BSVA), is open to anyone and lets stakeholders validate transactions in the blockchain.</p>



<p>This form of real-time viewing of inventory data reduces the risks of discrepancies. Because of the transparency in records, blockchain not only enhances trust but also aids in tracking the movement of goods for <a href="https://www.bsvblockchain.org/news/how-unisot-is-turning-the-supply-chain-world-on-its-head" target="_blank" rel="noopener">reduced errors and fraud</a>.</p>



<p>Since not all blockchains possess these characteristics, it&#8217;s best to look for one that matches your organisational requirements. Luckily, BSV Blockchain offers a solution for critical inventory management functions.</p>



<h2 class="wp-block-heading" id="h-6-advantages-of-blockchain-inventory-management">6 advantages of blockchain inventory management</h2>



<p>Incorporating blockchain into inventory management processes <a href="https://www.bsvblockchain.org/news/using-nfts-to-improve-supply-chain-integrity-for-enterprises" target="_blank" rel="noopener">offers numerous advantages</a> to improve your supply chain and its various aspects.</p>



<h3 class="wp-block-heading" id="h-1-reduced-costs-in-inventory-tracking">1. Reduced costs in inventory tracking</h3>



<p>Traditional inventory tracking methods often involve labour-intensive processes susceptible to human error. However, automating these tasks using blockchain technology can significantly reduce costs. Not only does it save you labour expenses, but it also minimises the risk of costly mistakes, such as miscalculations or discrepancies in stock levels.</p>



<p>This efficiency in tracking and managing inventory effectively contributes to cost savings across the entire supply chain.</p>



<h3 class="wp-block-heading" id="h-2-enhanced-trust-and-collaboration">2. Enhanced trust and collaboration</h3>



<p>In a blockchain-based system, everyone has access to the same data. So, you can reduce misunderstandings and disputes, which can be costly in terms of time and resources.</p>



<p>Blockchain&#8217;s transparency and immutability create a secure environment you and your stakeholders can trust when sharing information and coordinating activities. As a result, you can improve collaboration among all parties involved.</p>



<h3 class="wp-block-heading" id="h-3-faster-response-times-and-better-tracking">3. Faster response times and better tracking</h3>



<p>Through real-time updates, blockchain-based inventory management systems let you immediately identify and address critical issues like raw materials shortages.</p>



<p>Since the system instantly records each interaction, from raw material procurement to manufacturing and distribution, you can pinpoint the exact location and status of materials, identify potential bottlenecks or delays and quickly mobilise resources to mitigate the shortage.</p>



<p>Swiftly responding to these issues can enhance overall efficiency and customer satisfaction, which are among the benefits you can gain from an effective blockchain-based inventory management system</p>



<h3 class="wp-block-heading" id="h-4-significant-improvements-in-accountability-and-transparency">4. Significant improvements in accountability and transparency</h3>



<p>As mentioned, every transaction has a corresponding record on the blockchain, making it easily traceable and attributable to the responsible party. In addition, blockchain allows stakeholders access to the same information, promoting clear communication and trustworthiness. This level of accountability and clarity reduces the likelihood of disputes and lets you immediately identify the root cause of the issue.</p>



<h3 class="wp-block-heading" id="h-5-robust-inventory-security">5. Robust inventory security</h3>



<p>High-level security is essential today, where data breaches and cybersecurity threats are <a href="https://aag-it.com/the-latest-cyber-crime-statistics/" target="_blank" rel="noopener nofollow">rampant</a>. Fortunately, blockchain-based systems can protect your data.</p>



<p>The decentralised nature of blockchain requires a consensus from the transmitter nodes before confirming inventory transactions, which means it&#8217;s near impossible to tamper with records. Likewise, blockchain eliminates the risks of a single point of failure inherent in traditional centralised systems.</p>



<p>Blockchain-based systems also use encryption techniques to protect vital inventory data from unauthorised access and cyberattacks.</p>



<h3 class="wp-block-heading" id="h-6-reduced-operational-downtime">6. Reduced operational downtime</h3>



<p>Unlike traditional systems relying on a central authority, blockchain operates on a network of nodes. This decentralised approach makes the system more resilient and reliable. Regardless of whether one part of the network experiences issues or downtime, the rest of the system remains operational with minimal disruptions in inventory management operations to achieve continuity in supply chain processes.</p>



<h2 class="wp-block-heading" id="h-revolutionising-inventory-management-with-blockchain">Revolutionising inventory management with blockchain</h2>



<p>Effective inventory management is a common challenge for businesses across industries. However, the rise of blockchain technology paves the way for a streamlined process of overseeing inventory. By understanding how to incorporate this technology into your inventory management, you can optimise your supply chain journey for a better and smoother flow of products.</p>



<p>In turn, you can improve customer satisfaction as your products reach end-users promptly. That said, choosing the right platform for your business needs is essential—and BSV blockchain can help. BSV blockchain is a robust infrastructure for a data-based economy that can streamline your supply chain. Download this <a href="https://resources.bsvblockchain.org/bsv-blockchain-as-infrastructure-for-data-economy/" target="_blank" rel="noopener">eBook</a> to learn more about it.</p>


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