Can Blockchain technology cater to both the public and private sectors?
Although blockchain technology is generally viewed positively when it comes to innovation, adoption has mostly been focused within the private sector. Industries such as 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 corporate spending on blockchain solutions is expected to reach nearly $19 billion by next year. This is just one proof that blockchain is increasingly being used as a viable technology that can increase the efficiency and profits of businesses worldwide.
Blockchain adoption is mostly seen as beneficial to the private sector. However, the public sector is also now starting to realize that it can also benefit greatly from blockchain. It also enables the private and public sectors to come together to create more effective platforms, helping to restore public trust in government.
And this is what blockchain developers and advocates want to emphasize in the upcoming London Blockchain Conference. The conference, titled “Bringing Government and Enterprise onto the Blockchain”, which will be held 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 received an enormous 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—doesn’t scale.
Scaling blockchain technology is necessary to meet the ever-increasing demand for data storage and processing. This means that data blocks and throughput – measured in transactions per second (TPS) – can be increased according to demand without the network crashing or transaction fees skyrocketing.
BSV Blockchain, the first advocate and champion of blockchain scaling, has already unlocked its ability to scale limitlessly by restoring the original Bitcoin protocol according to the Bitcoin White Paper. BSV Blockchain has already processed over 1 billion all-time transactions, completing 47.5% of all blockchain transactions at transaction fees ranging from 1/20 to 1/100 of a cent.
Currently, BSV processes 4 GB data blocks with a throughput of 50,000 to 100,000 TPS. These numbers can be increased as needed, making it the best candidate to handle the world’s data needs. And this is also the reason why the BSV Blockchain is used, among other things, as the basis for a global health database, blockchain-based government platforms, a national voting application and an international accounting system.
While these numbers should speak for themselves, many still advocate the more popular but unscalable blockchains when developing blockchain solutions. And this is why there is a need to raise awareness of 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 businesses develop proper blockchain solutions, but it will also guide them on how to maximize their utility and effectiveness. The conference will stage panels and keynote presentations from key figures in the blockchain space targeting the business and technical aspects of blockchain development.
For those unable to make it to the London venue, the three-day event will also be live-streamed on their website. Reserve a place and register now for the London Blockchain Conference to learn more about what blockchain can do for government and business.
Disclaimer: This content is not part of NFTgators editorial content and is not investment advice. Do your due diligence before making any decision.