BSV blockchain and Bitcoin – helping to shape the future

The Global Forum in Muscat, Oman, intended to address how we can shape the future through cross-sector innovation across sustainable goals to highlight solutions and synergies worldwide.

Themes for the conference included digitization, humanity, water and energy – so Dr. Craig Wright was a natural fit to talk about how his vision for Bitcoin could improve the movement of digital cash around the world – while providing a fully traceable and auditable system.

Dr. Wright spoke about the key benefits of bitcoin at the event. He discussed how Bitcoin is not and was never designed to be an anarchic system – but there is a lot of misinformation about it.

Take digital goods for example. The transfer of an object from one owner to another – such as the gift of a bar of chocolate – represents the transfer of an item of value. This transfer ensures that the digital item is moved from one owner to another.

It takes a digital file or a broadcast – secured with encryption and gives it digitally to another person. Transferring the file deletes the previous file.

Top secret documents would be impossible to lose. The file can be secured with a key and the key can be split into 10 different keys. These keys can then be assigned to different levels of officers through, so all officers must sign the authority to access the file before the file can even be moved.

This type of immutable digital storage ensures that anyone in the government or private sector can demonstrate that a single copy of the file provably exists. The underlying blockchain is a demonstrable ledger that proves that the file can be securely moved from one device to another and guarantees that it will no longer exist elsewhere.

The BSV blockchain provides transactions now far more than the 7 transactions per second offered by the BTC blockchain. And BSV is moving towards 1 million transactions per second during the year and 1 billion transactions per second planned in the future. This ensures that the cost of each transaction is far cheaper than SWIFT, Amazon or Microsoft transactions. BSV transactions cost far less than a thousandth of a cent.

These transactions are significantly cheaper than anything else on earth with security built into each transaction and as such the BSV blockchain will change the nature of cyber security. Audit entries and existing double-entry accounting entries written on a paper ledger cannot be changed. You can get corrections to the existing written record attached to the paper ledger. The same applies to the digital blockchain.

In Enron’s financial collapse, Enron used a variety of deceptive and fraudulent tactics and accounting practices to cover up the fraud in reporting Enron’s financial information. This would not happen on the BSV blockchain. On the blockchain, the government would have transparent access to the accounts. There would be one set of accounts and one set of transactions. On the BSV blockchain, everything can be audited down to the consumer layer – you can follow ownership in a transparent system.

There is no need to roll back transaction records. There is no encryption in bitcoin, so all transactions are visible and traceable. Bitcoin provides a complete auditing and accounting system. If something happens like a government taking money from its citizens, because of its transparency, all money movements are completely traceable.

Terrorist financing and the transfer of funds secretly to crowdfunding can be stopped through this transparency – through law. The system will bring any lawlessness back to full accountability across the blockchain system. People who own goods can prove that they own them – that would be ownership so that any government or citizen can give a guarantee that what they own is theirs.

There is no such thing as a private blockchain. In the private blockchain, everything must be validated to fit the security model of the private blockchain. Across blockchains, IP security (IPSec) allows POST-based security models between two peers and a network address translator – a NAT. IPv6 will enable the infrastructure to get rid of firewalls, set policies between individuals – without going through a centralized server. They can operate at the edge of the network.

Many innovations are not new (smart concepts released since 1971) EDI – digital commerce and electronic contracts already exist – all major nations have already implemented the rules. And the blockchain protocol is set in stone by the white paper.

But there is hesitation from organizations that believe that a decentralized system cannot be controlled. However, you can legally control anything – even across a decentralized system. Anarchists say that it cannot be controlled – but this is possible through the law.

We should build products with a security model that works properly – not rely on an app-based model that is rolled out ultra-fast – jump in there and want to get rich. We should be building viable companies that deliver products to people – not buying a company with the intention of turning it around and offering it for sale with the intention of getting rich quick.

Technology can help us get closer to each other. But the people who can create stewardship or governance must be able to say that we are safe enough to believe in our views and to be able to have a debate. Having a social media argument or Twitter rant does not entitle you to debate. And following the crowd blindly takes away our need for independent thought.

We need independent thinking to innovate, and a truly decentralized blockchain – with no overall control – gives us the power to do just that.

See: BSV Global Blockchain Convention panel, The Future World with Blockchain

width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.