The BSV blockchain offers significant technological benefits over other blockchain protocols, including unbounded scaling, highly efficient micropayments, and long-lasting stability. However, these benefits mean little if the BSV blockchain didn’t also offer immense utility for developers, enterprises and governments.
This was the critical point of the discussion at the recent ‘BSV blockchain’s focus on utility’ panel at the Future Blockchain Summit held in Dubai. Muhammad Salman Anjum (Head of the BSV Blockchain Association Hub for the Middle East and South Asia) hosted the panel, which included:
- Jimmy Nguyen (CEO of Blockchain for All);
- Mohammed Ibrahim Jega (Co-Founder of Domineum Blockchain Solutions);
- Steve Smid (Project Manager of Gate2Chain);
- Pushkin Agha (CEO of Vertex Events).
Moving past the obsession with trading
The long-term goal is to see the entire industry move past its obsession with crypto-asset trading and make applications that use blockchain for something useful, said Nguyen.
‘(When selecting) the projects and companies that I work with, I always ask what they are going to do that is more useful than if they didn’t do it on the blockchain. Not everything needs a token, a new coin, and not all data needs to belong on the blockchain,’ he said.
‘I want to make blockchain useful in all countries and aspects. I am going for big scale – I am tired of coming to events and talking about what blockchain can do. Let’s make sure that seeing is believing.’
Using the BSV blockchain in government
Jega noted that the blockchain sector still faces a stigma and most governments are still ‘scared’ of the technology because of the association with the less savoury aspects of the crypto-asset industry.
‘They don’t know that blockchain has applications of which crypto is just one of them. The most important thing we do is education and engagement. We try as much as possible to put the business part aside and sharing insights about blockchain, its various use cases, and how if they don’t tap into blockchain they are going to lose out.
‘So we build up that appetite and make them feel comfortable – then you can bring in the different products.’
Jega said that this model has already been successfully used by his team in Africa, and had led to the establishment of the biggest blockchain conference in Africa – the Blockchain Developers Summit.
The summit allowed government officials to attend and listen to actual use cases and success stories and not just anecdotes. He added that one of the biggest fears is that blockchain will lead to workers losing their jobs and that initiatives such as the summit educated people that this blockchain is just a tool and not something to be fearful of.
Public ledger and other opportunities
One of the clearest use cases for the BSV blockchain right now is its use as a public ledger, said Smid. This allows enterprises and governments to record data immutably and offer services such as land deeds and know that people cannot tamper with it or change it.
‘If governments control those wallets, those wallets become certified and that data becomes certified. You then cannot corrupt that information.’
Nguyen added that many of the people who choose to work on the BSV blockchain were attracted to it because of its usability and scalability.
‘They are very focused on useful applications. Not that this doesn’t happen on other protocols, but it is something that is uniquely distinctive to BSV.’