Blockchain is expected to grow into a giant $163.9 billion industry in six years, accumulating at least $20 billion by 2024, according to a recent TechJury study. Global businesses, as well as startups, are taking advantage of this and building industry-specific solutions on blockchain. But how does a business develop efficient and economical blockchain platforms?
This is what the London Blockchain Conference aims to answer with its inaugural event from 31 May to 2 June at the Queen Elizabeth II Centre. The conference will feature enterprise-grade technologies built on BSV Blockchain, the largest public blockchain in the world. Not only will it guide businesses on how to properly develop blockchain solutions, but it will also show how private businesses can partner with government to achieve larger goals.
The London Blockchain Conference aims to address the steep learning curve of blockchain by focusing on achieving environmental, social and governance (ESG) goals. The current state of investor preferences for tailoring investments to sustainability indicates that organizations’ ESG performance may ultimately be as important as their financial success.
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The digital asset industry has been maligned over its notoriously high energy consumption, with the White House issuing a scathing report on proof-of-work (PoW) blockchain mining – ranking it after fridges, lights, TVs and computer use.
In a recent statement, the Biden administration expressed concern that PoW mining is inefficient, dangerous, and of little profit or benefit to anyone other than the operators. PoW mining’s deteriorating public image led to proposals for a total ban on its use or for blockchain protocols to process transactions using proof-of-stake (PoS) as an alternative.
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Although supposedly less energy intensive, PoS itself is compromised since large stakeholders can take full control of the blockchain. The setup would allow stakers to accumulate significant amounts of tokens in multiple wallets while pretending to represent other parties and vote as they wish. This is possible because PoS does not require participants to identify themselves.
These limits arise because PoS networks deviate from the original Bitcoin protocol, and therefore reach a scale cap that PoW does not. The Bitcoin SV (BSV) Blockchain has recreated the original Bitcoin protocol, making it capable of unlimited scaling. BSV has already scaled to 4 GB blocks with a throughput of 50,000 to 100,000 transactions per second (TPS).
Compared to unscalable networks such as Bitcoin Core (BTC), which has a maximum throughput of only seven TPS and a block size of 1MB, BSV can be seen as energy efficient as measured by energy consumption per transaction. The BSV blockchain’s liberal block sizes demonstrate its decarbonization method by drastically reducing energy consumption per transaction as network traffic increases on the network.
“If you remove the one-megabyte limit and have an unlimited block size every ten minutes, you can now actually have scalable proof of work like BSV, that is, less than 2 kg of CO2 per transaction, even today. That’s because of the unlimited amount of transactions that can be included in a block,” Bryan Daugherty, director of global public policy at the BSV Blockchain Association, testified at the New York Senate Standing Committee on Banking hearing.
The eco-friendly aspect of PoW mining is just one aspect of ESG compliance that digital asset companies must consider. The question of reconciling profit and social responsibility with ESG legislation is something that has not yet found a solution.
“They should be allowed to maximize profits, and that’s what a business should do. It would be quite difficult to make commitments under ESG or even CSR [corporate social responsibility] standard into law that we force businesses to consider the interests of the wider community,” said Dr Lerong Lu, Senior Lecturer in Law at King’s College London.
How a scalable blockchain can provide the most effective solutions to ESG compliance issues is just one topic that the London Blockchain Conference will discuss in depth. Titled “Bringing Government and Enterprise onto the Blockchain”, the conference is sure to provide invaluable knowledge and experience to the audience. Register now to learn more about how blockchain can bring together the public and private sectors.
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This post was written by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and is not intended to be investment advice.