As impressive as blockchains are, there is still work to be done if they’re to be accepted by businesses on a large scale. Today, the only blockchain that recognizes the importance of being robust – robust enough for corporations the size of IBM and Amazon – is Bitcoin SV (BSV) and the CEO of nChain, Jimmy Nguyen, recently sat down for an interview to discuss why BSV is leading the way and how it is the best solution for businesses as they transition to the blockchain.
One thing is clear to business minds. If they’re going to adopt any technology, it has to be stable, it has to be versatile and it has to be powerful. BSV makes all three possible, developing a platform that is capable of thousands of transactions per minute with aspirations of over seven billion transactions per minute. This type of scalability is only possible with BSV, as other blockchains, including Bitcoin Core (BTC) and Ethereum (ETH) have severely limited their capabilities by introducing unnecessary – and often unwanted – code limitations.
It’s important to point out that “transactions” does not necessarily refer only to financial transactions. A transaction can be any type of communication, including data transfer, contract assignations and even picture transmissions. The benefit is that all of the transactions become part of an immutable, permanent record that is available to relevant individuals at all times from anywhere.
In keeping with the model that a blockchain needs to be made for business activities, CoinGeek had recently held a contest to inspire the creation of a real-world use case that has practical benefits for businesses. That contest resulted in a prize of over $6 million awarded to Tokenized, an organization that was created to develop smart contracts for the BSV blockchain. These smart contracts can be issued for stocks, bonds, derivatives and even concert tickets and include a feature not available with any other smart contract system.