Although blockchain technology in general is being viewed favorably when it comes to innovation, adoption has mostly been focused within the private sector. Industries like gaming, supply chain, healthcare, banking and finance, sports, entertainment and construction are benefiting from blockchain solutions in recent years.
In fact, according to the International Data Corporation (IDC), global companies’ spending on blockchain solutions is expected to reach almost $19 billion by next year. This is just one proof that blockchain is increasingly being utilized as a viable technology that can increase the efficiency and profit of businesses worldwide.
Blockchain adoption is mostly viewed as advantageous to the private sector. However, the public sector is also now beginning to realize that it, too, can benefit greatly from blockchain. It also allows for the private and public sectors to come together to create more efficient platforms, helping bring the trust of the people back to governments.
And this is what developers and advocates of blockchain want to emphasize in the upcoming London Blockchain Conference. Entitled “Bringing Government and Enterprise onto the Blockchain,” the conference, which will be held on May 31 to June 2 at the Queen Elizabeth II Centre, aims to lead the next technological revolution through a scalable blockchain.
Many blockchain providers, such as Ethereum (ETH) and Bitcoin Core (BTC), have garnered an immense amount of attention to build platforms on. However, they cannot scale to meet global transaction needs. They rely on second-layer solutions to make up for the fact that their base layer—the blockchain—does not scale.
Scaling blockchain technology is necessary in order to accommodate the ever-growing demand for data storage and processing. This means that data blocks and throughput—measured by transactions per second (TPS)—can be increased according to demand without the network crashing or transaction fees soaring.
The BSV Blockchain, the first proponent and advocate of scaling blockchains, has already unlocked its capability to scale limitlessly by restoring the original Bitcoin protocol according to the Bitcoin white paper. The BSV Blockchain has already processed over 1 billion all-time transactions, and is completing 47.5% of all blockchain transactions at transaction fees that range from 1/20 to 1/100 of a cent.
At present, BSV is processing 4GB data blocks at a throughput of 50,000 to 100,000 TPS. These numbers can be increased on demand, which makes it the best candidate in handling the world’s data needs. And this is also the reason why the BSV Blockchain is being used as a foundation for a global healthcare database, blockchain-based government platforms, a national voting application and an international accounting system, among other things.
Although these figures should speak for themselves, many are still advocating for the more popular yet unscalable blockchains when developing blockchain solutions. And this is why there is a need to increase awareness for scalable blockchains as they are the only ones capable of revitalizing both the public and private sectors.
The London Blockchain Conference will not only help governments and enterprises develop proper blockchain solutions, but it will also guide them as to how to maximize their utility and efficiency. The conference will stage panels and keynote presentations from key figures in the blockchain space geared toward the business and technical aspects of blockchain development.
For those who cannot make it to the venue in London, the three-day event will also be livestreamed on its website. Reserve a spot and register now for the London Blockchain Conference to learn more about what blockchain can do for government and enterprise.
Disclaimer: This content is not a part of NFTgators’ editorial content and is not an investment advice. Do your due diligence before making any decision.
