At the London Blockchain Conference, a presentation by Brendan Lee illustrated how the BSV blockchain could equip your business with the competitive edge of a lifetime.
While most people think of Bitcoin as something to buy and sell, “Bitcoin is an always-on infrastructure layer,” Lee explained. This infrastructure layer runs at a low cost and even works offline for a time.
Lee encouraged the audience to consider Bitcoin as paper for receipts, a new form of cash with 2.1 quadrillion base tokens. These base tokens can be integrated by businesses for various use cases—making everything data-driven more efficient and secure. For example, each token could represent something of higher value, such as currency, vouchers, tickets, or certificates.
“Cash is a value transfer instrument…We can break this cash down into minuscule amounts…We could tokenize every single piece of U.S. currency that is in circulation today, and it would need less than 1000 BSV…The key to understanding how to leverage Bitcoin in your business is understanding how it is applied,” Lee said.
Start thinking of Bitcoin as something you use to add value to services
If implemented correctly, Bitcoin can help businesses without customers needing to hold or touch the tokens. So, we are not talking about “something with crypto” here, where one would first need to have an account at an offshore digital asset exchange.
Lee’s presentation focused on using Bitcoin without having the hassle of so-called “cryptocurrencies.” Lee points out that Bitcoin is a distributed authority, and by using it, the business infrastructure on a software level no longer needs to validate actions on its own server. The blockchain is the server, so to speak.
“The benefits of Bitcoin are realized more effectively as it is more deeply integrated into your application (…). If you are starting with a piece of Bitcoin and using that to start to track your whole process, and then capture the result at the end, then the benefit of it will show through infrastructure and software,” Lee explained.
In other words: The more you use Bitcoin, the more you get from Bitcoin!
Lee showed that Bitcoin tokens are programmable. That means we have Bitcoin as cash, as well as Bitcoin as a tool at the same time. Lee explained how enterprises could trace and track everything in-house and regarding their customers and clients.
While this might sound astonishing to anyone who has not followed what is happening on the BSV blockchain in the past years, Lee tried to make it very simple. First, he recommended educational resources such as the Bitcoin SV Academy to understand the utility dimension of Bitcoin. Second, Lee invited the audience to understand Bitcoin as an informational commodity—a standardized, “rough material” to make something out of it.
“The blockchain is the timestamps, and the ledger is what the timestamps are indexing. Bitcoin is that unit of account that is used within that protocol on the network…That infrastructure layer is low-cost for you to use. You pay zero dollars to set it up, and you pay a thousandth of a cent every time you use it,” Lee said.
Besides being very affordable, the BSV Blockchain offers built-in security and privacy. Even though the transactions are published in the blocks, that does not mean anyone could simply track what you are doing with Bitcoin. Bitcoin at scale becomes more private.
That is another “miracle” that Lee hints at—the more we use Bitcoin, the better Bitcoin will protect our data and digital infrastructure. Imagine Bitcoin continuously upgrading your security and privacy almost for free.
Three examples from Brendan Lee’s Elas service where businesses are already using Bitcoin
Lee’s presentation was an educational course. However, Lee not only explains Bitcoin’s true capabilities, but also shows three cases of enterprise usage of Bitcoin, which is happening now.
- Manufact tracks and traces luxury consumables via the BSV Blockchain, assisted by Elas. Individual items are issued as Bitcoin tokens.
- Buzzmint tokenizes digital media, ticketing, and more. The users of Buzzmint never see Bitcoins being applied here.
- Tokenovate manages its derivatives trades through the BSV Blockchain, while as with Buzzmint, the users do not have to handle any Bitcoins. Bitcoin is simply an integral part of the infrastructure of Tokenovate.
Who is Brendan Lee, and how can Elas power your business?
Brendan Lee is the founder and CEO of Elas and has played an important and multifaceted role in the BSV blockchain space for years. For example, one of his projects is assisting The Tuvalu Government to become a paperless society by utilizing the BSV blockchain.
Lee is also organizing the Craig Wright philosophy course together with Joel Dalais from the MetaNet ICU. If you have the desire to join the upcoming classes, feel free to enroll or take a look at the previous episodes, which are publicly accessible on this YouTube playlist.
With his team at Elas, Lee is offering highly flexible solutions for applying the BSV blockchain in an enterprise—be it concerning the end users and clients, or for any in-house data management needs.
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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.