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Challenges of Connecting the World to the Net at the Blockchain in Business Event

Blockchain in Business event in Sydney

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What services and efficiency can blockchain provide to businesses? This was the top question answered by various Bitcoin SV (BSV) academics and entrepreneurs at today’s Blockchain in Business event in Sydney, Australia. Speakers agreed that the most important issues involved storing verifiable records in a permanent and secure ledger that should be able to scale to meet the world’s big data needs.

The concept of a “universal book of truth” is familiar to the BSV blockchain industry. Using the world’s first blockchain, Bitcoin, its developers have proven that it is capable of recording and processing as much data as its network can generate. As the company continues to scale and absorb more applications, BSV will increase efficiency by automating data collection, creating a new economy through micropayments, monetizing data, and enabling easy auditing.

If any of the presentations are of particular interest, a recording of the entire one-day event is available here.

How to bring business on board

The challenges facing the industry include convincing the (non-blockchain) business world of its benefits and creating simple experiences for enterprise and consumer users that do not require technical expertise or costly integration processes. It also needs to demonstrate that the technology is secure and show why an open and public blockchain network is superior to any “private blockchains” that have attracted newbies in the past.

“The business will run on the blockchain,” host Eli Aphram said in his opening lines. This is a logical conclusion based on almost 100% blockchain uptime and the guarantee that timestamped information cannot be deleted once written. Errors can be corrected with new information, but BSV applications will always keep an auditable record of who changed what and when.

Afram is also the founder of AnonSurvey, a user-friendly interface for creating surveys with applications for both business and government. He described it as something like a transparent ballot box in which one could see all the votes, including one’s own, and prove their authenticity without necessarily knowing the final result or who voted for what. The results of such a poll/election can be counted within seconds of the close of the poll, and the results can be verified and analyzed years later.

The ability to keep data secure while maintaining privacy when needed is a major challenge in the world of big data. BSV does this through its ability to encrypt and decrypt data based on permission levels, and more recently through advanced zero-knowledge proof (ZKP) protocols. This eliminates a major problem that users of large amounts of data may encounter when using public/open blockchains.

Other speakers demonstrated various applications that meet the data needs mentioned above. Some of them will be attractive to data and evidence collectors, while others have a more social media-friendly face and are aimed at ordinary people. In a refreshing break from most “crypto” conferences, most of the speakers focused on big data applications and left out the speculative trading of digital assets, which has created excessive hype and scandals throughout the industry for years.

Business processes and metanet

James Belding of Tokenized showed how the various allowed business functions can be integrated into a single interface. His company’s “tokens” are not something you should or even could trade in the markets – they are things like voting rights, property records and due diligence requirements.

“We can bring true automation across the board,” Belding said, as well as eliminate data warehouses and reduce fraud.

James Belding of Tokenized

His very detailed presentation covered many topics, showing how parties to contracts can sign a “master agreement” defining components and inputs. It will set rules for managing, freezing, confiscating or deleting digitized assets, set up oracles to determine automatic results, and set permission levels. The main benefit of Tokenized is to simplify (and “template”) these processes and make them accessible to everyone while maintaining levels of legality and security that would satisfy both regulators and courts.

Elas founder Brendan Lee continued in the same vein by talking about BSV’s Metanet protocol, a data structure protocol that provides new ways for information to interact with a transaction-based data entry model on the blockchain. He mentioned DAGDA Tools, also known as the Directed Acyclic Graph Data API that turns batches of raw data into transactions, a “second-level DAG overlay” that anyone can use to build Metanet-based applications, some of which Elas is already deploying today.

Big data applications

Metastreme’s Paul Chiari and PredictEcology’s Daniel Keen have introduced the big side of big data using Internet of Things (IoT) data capture devices that record hundreds of thousands (and many more) of new data records in the form of microtransactions. in a day. Chiari described some of the hurdles and bottlenecks he encountered while working with Metastreme and applications such as WeatherSV and highlighted the need for scaling that remains fast and cost effective.

According to Chiari, the BSV blockchain can be used for any product or service. Its records ensure the validity of the data and provide an audit trail, creating new markets for the data economy through the “fusion of money and data.” He noted that the key to this is SPV to ensure that all transactions remain verifiable and each user does not need to keep a record of the entire bitcoin chain.

Keane talked about PredictEcology’s efforts to turn all of this into data records that bring real value to humanity. While “protecting the environment” has become a buzzword, all actions have the potential to have serious future health and economic implications that cannot be understood without full and large-scale data records.

Daniel Keane of PredictEcology

“Every person’s life is affected by environmental data,” Keane said, “and ecology is complex. According to him, the preparation of environmental impact reports (EIS) for specific projects requires a huge amount of work. But once completed, the data is often “isolated” or locked up in places where potentially useful data remains inaccessible to others. Blockchain entry means data collectors can retain ownership and even monetize the data they collect, creating new industries.

The value of data and for consumers

Morgan Coleman of LaMint also talked about data monetization, albeit in a different way. LaMint is more of a social network designed to create new revenue streams for social media creators. Using his wife’s career as a social media influencer as an example, he noted that while the “creator economy” is worth $104 billion and growing, most of that money goes to platform providers (like Facebook or Instagram), while while hardworking creators are fighting for free. build an audience in hopes of advertising to them. He noted that less than 1% of creators have ever been able to make a living this way.

Morgan Coleman of LaMint

LaMint provides creators with nine streams of income and is working on new ones. Coleman showed a bell curve for social content monetization, stating that LaMint is targeting the top 20%, not just the top 1%. Another benefit is making small/micro transactions and sending instant payouts. Soon, users will be able to instantly exchange them for cash using a LaMint BSV debit card.

There is also some data value that is not monetary. Michael Choi of MyFabula described how his app records all of the user stories available for your survivors and descendants to explore. The idea came about, he says, when he visited cemeteries in outlying towns and noticed that the tombstones had become smaller and less detailed over the years. It’s like your whole life turns into a simple sign and a couple of dates as soon as you’re gone, he said.

MyFabula (based on the Latin word for “saga” or “story”) gives everyone the opportunity to tell their entire life story or as much as they want to tell, after all, it’s your life. They can use multimedia materials such as video, audio and text to record them and decide who sees what. According to him, some may have secrets or confidential information about themselves, which they still would like to limit for a certain period. For this reason, MyFabula has sections such as ‘auditorium’, ‘library’ and ‘memorial hall’, as well as ‘vault’.

Michael Choi of MyFabula described how his app records all of the user stories available for your survivors and descendants to explore.

Blockchain in general for agnostics

Other speakers and session participants looked at blockchain technology and how it can be applied in business, as well as looked at some of the current business issues.

Tim Do from Realbox.io (who actually runs Binance Smart Chain) talked about applications in the real estate world, while Dr. Cynthia Kai from Macquarie University introduced the concept of triple entry accounting in business. Dr. Sushmita Rouge and Eric Lim from the University of New South Wales (UNSW) talked about the importance of data verification both in general and in the world of tokenized assets as non-fungible tokens (NFTs). The audience continued to show great interest in the digital asset trading markets and Anna Clive of BTC Markets (one of Australia’s oldest and largest exchanges) answered a few questions about compliance, taxation and regulation and how the recent collapse of FTX could impact for activity. .

Anna Clive, COO of BTC Markets
Anna Clive, COO of BTC Markets

Some noted that the business world and its needs remain conservative, with Macquarie’s Dr. Kai describing her work as “very conservative” involving “very traditional capital market research.” She noted that while many are working on triple-entry accounting systems, some are trying to create entire ecosystems from scratch, and “without users, they are useless.” Claudel Taylor of CIMIC represented the construction industry at the panel, stating that industries with high volumes and profitability need to see real bottom line results and efficiency gains before joining the blockchain world. Brendan Lee urged those in the blockchain industry to avoid public rhetoric related to bitcoin and speculative digital asset trading, stating that “it’s really a side show, something like a carnival.”

Dr. Cynthia Kai of Macquarie University
Dr. Cynthia Kai of Macquarie University

Overall, the event described a cautious but optimistic business environment for blockchain, in which ordinary users are keen to learn more but are still not sure how best to join. Events like this, which the Australian BSV intends to host on a regular basis, to new users, showcasing the benefits and how they are becoming more user-friendly.

Watch: BSV Global Blockchain Convention Panel, Rethinking Business with Blockchain

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New to Bitcoin? Check CoinGeek Bitcoin for Beginners section, a complete guide to resources, to learn more about bitcoin as Satoshi Nakamoto originally envisioned and the blockchain.

Written by khirou

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