BSV blockchain technology is designed for scalability and enterprise-level use cases, according to a new report

The BSV blockchain is a “secure and stable” peer to peer technology, designed for scalability and enterprise-level use cases

The BSV blockchain is touted as a secure and stable peer to peer technology, designed for scalability and enterprise-level use cases, according to a new report by BSV’s Swiss-based custodian organization, the BSV Association, in collaboration with strategic management consulting firm Boston Consulting Group (titled “Navigating Digital Transformation: Building trust in an automated world”). The report outlines trust issues that the new digital age has created for businesses, how blockchain can address some of these issues, and real-world use cases that demonstrate the advantages of applying blockchain to the novel problems of life and enterprise in the age of artificial intelligence (AI), internet of things (IoT) and Web3.

In the last article in our series of deep dives into the report, we explore how and why the report posited BSV blockchain as the go-to technology to solve the trust problems of the new digital age whilst also looking at and hearing from a diverse range of businesses already utilizing the BSV blockchain.

Unique features

The report suggested that certain unique features of the BSV blockchain make it particularly well suited to the challenges of the new digital age and to adoption by enterprises. Specifically:

On this latter point, the report quoted Cozen O’Connor legal firm, who said: “The SEC has stated that Bitcoin is not a security under the federal securities laws in the United States due to its function as a substitute for fiat currency as a medium of exchange. The BSV Association maintains that BSV restored the Bitcoin protocol to its original design – and therefore its concept as a medium of exchange.”

The SEC comments were in reference to BTC. It has not commented on whether BSV is a security other than to suggest that all blockchains other than BTC are likely securities. However, considering what Cozen O’Connor pointed out, it may be fair to conclude that the SEC would not view BSV as a security.

As noted by the report, another key selling point of BSV is its scalability, and Teranode continues to up the stakes in this regard.

1 million transactions per second

Teranode, which began its initial six-month sustained test in January, is a major upgrade for BSV’s node software. It is designed to scale horizontally and provide new microservices for developers, applications, and users—while still following all the fundamental rules set forth in the Bitcoin white paper.

The Teranode upgrade, theoretically, allows the BSV blockchain to scale unboundedly, making it faster and cheaper for everyone to use.

“Teranode, a significant upgrade for BSV, supports 1 million transactions per second — more than 10 times the maximum theoretical transaction rate of Visa,” said the report.

“Uniquely, Teranode reduces transaction fees as usage increases, thanks to its ability to process more transactions in each block, efficiently spreading costs. This feature presents a clear economic advantage, particularly for high-volume businesses aiming to enhance efficiency and cut operational expenses.”

To show that such innovations as Teranode—as well as the various other unique features of BSV outlined—are not simply hypothetical, the report provided several examples and supporting testimonials from businesses currently employing the BSV blockchain.

8 companies explain why they use the BSV blockchain

Blockchain could provide innovative platforms for enterprises in every sector to support applications in AI, IoT, gaming, and more. In its report, the BSV Association made the case for how its namesake blockchain is already demonstrating this utility for a number of diverse enterprises.

Finance

Centi B2B Solutions uses the BSV blockchain to simplify stablecoin transactions. Companies such as online payment platform Payrexx trust Centi to handle the transactions of its 50,000 clients. In addition, Centi has enrolled more than 250 merchants and recently achieved a milestone by processing more than one million micropayments in just 24 hours, each transaction amounting to one cent.

“For Centi, scalability is the most crucial element. And yes, this may also be achieved with Proof of Stake (PoS) protocols like Solana. But besides scalability, it was crucial for us to build our services on a protocol that has a granted legal classification as currency since otherwise, Centi’s business cases might be at risk when the underlying token is classified as a security,” said Centi, in a statement quoted in the report.

The report further argued that BSV’s platform is uniquely suited to support financial applications, like Centi, that require scalability and compliance compatibility.

Internet of Things

Rekord IOT is a hardware monitoring and analytics solution for IoT infrastructure, which uses the BSV blockchain to streamline data management and security for IoT devices, addressing critical issues in scalability and interoperability. The project has attracted funding and interest from major clients, highlighting its potential to transform IoT infrastructure on a large scale.

One of its key benefits is the storage and encryption of data from IoT sensors, which increases the trust, integrity, and security of IoT-generated data.

Supply Chain

Gate

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