About six years ago, blockchain started infiltrating the enterprise world, grabbing the attention of major conglomerates and even the smaller firms. However, at the time, it was still mostly a buzzword that companies just put out to excite investors and shareholders. Blockchain was such a hype that one publicly traded company in the U.S. changed its name to become Riot Blockchain, and its shares soared almost immediately after.

Blockchain has greatly evolved since then. It’s now no longer a buzzword and has infiltrated the highest level of global giants such as Oracle, IBM, Intel, JPMorgan, Tencent, Samsung and more. The technology has become so sought after that you’ll be hard pressed to find an enterprise that’s not exploring it.

However, despite attracting interest from the enterprise world, blockchain technology has failed to live up to the promise. The Bitcoin SV Academy’s ebook on enterprise blockchain explores how the technology has failed enterprises and how Bitcoin SV remedies all the shortcomings of the other blockchain networks.

The failed promises of enterprise blockchain

For enterprises, blockchain technology promises two key benefits—optimized performance and reduced costs. These benefits result from the three important features that set blockchain technology apart: security, scalability and distribution.

This vision of a cost-efficient and optimally performing technology is within the reach of the enterprise world. However, a decade later, we have yet to see any tangible enterprise applications running on the blockchain.

“Enterprise blockchain has failed to deliver on its incentives, leaving many disillusioned by the benefits of blockchain for business.”

One of the key factors behind the failure of enterprise blockchain is the inability to eliminate a central point of failure. While a blockchain is, by nature, distributed, most of the so-called enterprise blockchain saturating the market today are mere private ledgers branded as “permissioned blockchains.” Having a blockchain network which is under the control of a central entity simply defeats the purpose of the blockchain.

This isn’t the only challenge hindering enterprise adoption of blockchain technology. High cost of developing the blockchain infrastructure, lack of interoperability (which the Bitcoin SV Technical Standards Committee is working to eliminate) and failing to balance transparency and privacy are some of the major challenges. These challenges, however, pale in comparison to the inability of most blockchains to scale—which is yet another challenge Bitcoin SV has solved by scaling unbounded.

Simply put, the scale, stability, security, and interoperability have all been compromised by all these challenges, and despite its promises, blockchain technology has failed to deliver the data economy it was meant to.

“This is where Bitcoin SV comes in. By returning to the original design and protocol of the Bitcoin blockchain, Bitcoin SV has solved these drawbacks and delivers on the promises of blockchain for business.”

Bitcoin SV – the global enterprise blockchain

Back in 2009, Satoshi Nakamoto had a vision—one of a single global blockchain that scales to serve an unlimited number of users and applications. BSV restores this original design and is bringing to reality Satoshi’s vision.

One of BSV’s biggest selling points is its unbounded block size and throughput capacity. To date, it’s the only blockchain that has scaled unbounded. In doing so, it supports greater data capacity, higher transaction volume, fast processing and very low transaction fees. This enables developers to build creative applications that rely on micropayments and which generate high transaction volume.

BSV has continued to prove that Satoshi intended for Bitcoin to scale, generating bigger and bigger blocks and shattering misconceptions about blockchain scalability. Most recently, the network set a new record by mining two 1 GB blocks—the largest ever mined on a public blockchain.

This unbounded block cap size allows the BSV network to provide the most cost-efficient transactions. In 2020, the median transaction fee on the BSV network was less than 1/100 of a U.S. cent.

Yet another challenge that faces enterprises is the instability that comes with most public blockchains. This goes against the tried-and-tested foundation the Internet was built on, in which the protocol never changes. This reliability allowed applications to surge on the Internet and led to the birth of the online world as we know it today.

BSV blockchain offers this same reliability to blockchain developers and allows enterprises to build on Bitcoin without having to worry about what tomorrow might bring.

“The network layer in Bitcoin is where many innovative and disruptive blockchain-based capabilities begin to empower an entirely new digital experience.”

In addition to these benefits, BSV assures its users of a secure protocol with 100% uptime. Since it’s distributed, BSV has no central point of failure. With an immutable ledger, any malicious actors have no way of erasing the logs that indicate there has been a breach. This allows quick detection of manipulated data and the consequent identification and isolation of infected nodes.

Bitcoin SV’s enterprise capabilities and use cases

While other blockchains promise that they will reinvent the Internet in the future, Bitcoin SV is writing this future today. With its enterprise-grade data monetization and management network, BSV is powering all manner of applications across retail, healthcare, finance, manufacturing and more.

In the healthcare industry, EHR Data and Veridat are leading the pack. The former was founded by the same leading minds behind PDX Inc., a U.S. medical data firm with 40 years of expertise working on the pharmacy tech solutions sector. Based in Texas, EHR Data is building the world’s first global electronic health record on Bitcoin. This will allow individuals to securely own, control and monetize their personal medical information, changing how we interact with our healthcare providers forever.

In supply chain management, Norwegian startup UNISOT is leveraging Bitcoin SV to record real-time data about a product’s origin and movement. Founded by industry veteran Stephan Nilsson, UNISOT’s flagship product SeafoodChain is changing the sea food industry, which is Norway’s second-largest export.

BitBoss, for its part, is leading the iGaming revolution, leveraging the capabilities of the Bitcoin SV blockchain that make it ideal for the in-dire-need-for-evolution industry. BitBoss provides provably fair gaming for both land and online casinos, relying on the transparency and immutability of the BSV blockchain.

Download Bitcoin SV Academy’s ebook, Bitcoin SV: What it is and how it restores the promise of enterprise blockchain.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.