London Blockchain Conference Day 1: Why bigger is better
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On Day 1 of London Blockchain Conference (LBC)attendees heard from industry experts about why size and scalability matter in blockchain technology.
Size matters, and “bigger is better”, at least when it comes to blockchain technology.
The idea of ’bigger is better’ is a central theme of LBC 2023 and as Day 1 continued to deliver on this mantra, with a panel of big-brained experts extolling the virtues of scalability to a large crowd of attendees seated in the vast QEII Center – the size really matters.
The conference center sits in the shadow of Westminster Abbey, the imposing sight of which reinforces this message, while acting as a stark contrast to the very future-focused discussion that began just before midday.
“The biggest challenge is to make blockchain the next revolution, as big as the previous ones,” said Ralph Wallace, program director and IPv6 leader at Aptive Resources. He speaks from experience regarding size and scalability in technology projects, having worked on some frighteningly large projects, not least with the US Internal Revenue Service.
Wallace spoke to the busy conference room about the exciting possibilities of Internet Protocol version 6 (IPv6) to enable scalable peer-to-peer networks, which is where blockchain technology, specifically the BSV blockchain, comes into play.
“Blockchain is the killer application to show the value of IPv6,” Wallace noted. He explained that you can get the best out of both technologies if you understand their symbiotic relationship: “If you don’t have IPv6, blockchain can’t work as designed.”
The problem with the previous Internet protocol IPv4, which is currently still the most widely used, is that it has a limited number of addresses, so for P2P interactions you often have to go through an intermediary. With IPv6, Wallace suggested, you can have true P2P without intermediaries, and there is enough network space for everyone to have an individual address or even multiple addresses.
Fellow panelist and IPv6 expert Latif Ladid, chairman of the 5G World Alliance and founder and president of the IPv6 Forum (an organization to raise awareness of IPv6 deployment), also highlighted what he called the “scaling problem” that IPv4 has.
“The problem is a lack of address space, which is something IPv6 can solve,” Ladid said.
Multiple addresses would allow infinitely more P2P exchanges without intermediaries.
Music producer and CEO of Distro Mint, E.Smitty, explained how this improved scalability can help impact people in real terms.
“In the music business, you get paid for streams and plays, but that doesn’t mean if someone listens to your song for five seconds, the platform will count it as steam. You need 30 seconds or better for it to count as a stream on platforms like Spotify…This model doesn’t benefit the artists,” he explained.
E.Smitty went on to suggest that “BSV solves that problem of microtransactions, by being able to set a value in a single second.”
This is only possible because of the enormous scalability of the BSV blockchain and its ability to handle massive amounts of transactions. This view was supported by Michael Choi, director of Panda Angel and myFabula.
“A lot of people say size doesn’t matter [cue laughter from the crowd], but when it comes to the blockchain, this is not true. The ability to scale is critical,” he noted.
Choi suggested that while there are many other blockchains out there when it comes to scalability and “size”, the BSV blockchain was the only one that met all of the company’s needs.
See: Bringing government and business into the blockchain
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