Blockchain is undoubtedly the next major technology leap of our lifetimes, the most transformational development since the Internet. The power of blockchain lies in data, and the potential for applied data to create a better world.
Bitcoin Association Founding President Jimmy Nguyen delivered a keynote presentation at Sir Anthony Ritossa’s 13th Global Family Office Investment Summit Dubai, looking at the opportunities for investing in and benefiting from the blockchain revolution.
In his presentation, Nguyen set out how data is already an abundant by-product of modern life. He points to the example of traffic systems in Singapore, which already track road usage for reducing congestion, limiting emissions and implementing distance based road charging.
The system is already tracking 4 million trips every day, and as many as 1.4 billion per year. According to Nguyen this is not simply ‘big data’, but massive, extreme scale data. Pointing to Cambridge-based GeoSpock which has created a database solution for managing transport data on this scale, Nguyen said the company would be implementing blockchain tech in the near future, to allow better access to and utility from the data.
Crucially, blockchain also allows the data to be monetized, opening up a whole range of new possibilities, both technological and financial, for participants in the new data ecosystem. Notably, GeoSpock has chosen to use the Bitcoin SV blockchain for the project, the only blockchain capable of handling data on extreme scale effectively.
BSV understands that data is the most valuable commodity in the new economy. Blockchain means you can do more functionally with data, but also combine it with a native token to allow data monetisation. As a result, businesses and investors should consider supporting blockchain tech, because it allows incentives to be created that power a better, more fair, more honest world.
According to Nguyen, there are currently several problems with data which can be solved by blockchain tech. Firstly, intermediaries in current systems lead to inefficiencies—middlemen like transaction processors, credit card issuers and merchant acquirers mean payment flows attract unnecessary additional cost, as well as embedding an element of trust. Blockchain cuts out the middlemen and goes direct to source, leading to more efficient data transactions, as well as removing the trust component by providing easily verifiable data.
Data is currently held in silos, without comprehensive single source overviews or real-time access. Even within organizations, data is often held in different places—with blockchain technology, these artificial barriers can be broken, leading to more transparent data access and sharing.
Databases are typically private, and cannot be readily verified by external parties without permission. This means data discrepancies are commonplace and hard to rectify—again, problems solved by a single source of truth written to the blockchain ledger and accessible to multiple different parties at once.
There is currently no native way to transmit payment with data via the Internet, and no means for consumers to truly own or monetize the data they generate. Again, blockchain solves these problems with the help of native tokens such as BSV, which facilitates transactions of all sizes with ease.
These issues are all solved by Bitcoin BSV in particular, combining the transparency and access of a single, verifiably true data ledger with a payment protocol that opens up a multitude of opportunities for monetization. And due to the specific properties of BSV, such as its unbounded scale and support for microtransactions, Bitcoin SV is already emerging as the blockchain of choice for the new data economy.
Organizations across industries are already relying on the BSV ecosystem to develop applications to improve data collection, utility and monetization. As more learn of the benefits of the technology, Nguyen expects further rapid growth in Bitcoin BSV and blockchain technology, as it comes to increasingly power the world of tomorrow.
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