London Blockchain Conference Day 1: Scaling, legal blockchain key to solving computing problems

The Internet has irrevocably changed the world from analog to digital systems. It has created new types of experiences, which have been seen as necessities, driving the innovation of many devices, such as the computer and mobile phone. And now the world is, once again, on the brink of a revolutionary change.

This much-needed change is brought about by the increasing number of people using the Internet. A study conducted by IoT Analytics showed that the number of 14.3 billion devices and gadgets connected to the Internet in 2022, and it is expected to increase to 16.7 billion this year. These numbers are proof of how much data is generated by Internet users.

According to Statista, new data creation is estimated to be 180 zettabytes over the next three years. This is a global problem that needs to be solved urgently, especially when it comes to data processing, administration and storage. For the Internet to function properly and effectively meet growing demand, the world must upgrade its digital systems and shift to more sustainable technologies. Otherwise, the Internet may collapse.

When it comes to digital technologies, people are usually only concerned about the latest gadgets and the speed of their Internet connection. They don’t realize that there are many underlying issues that need to be addressed in order for them to continue enjoying the Internet; and central to these are data processing, management and storage.

When developed and used correctly, blockchain, an emerging technology better known for its use in digital currencies, has the ability to solve these computing problems. And while global technology firms are aware of this fact, the question remains of how to properly innovate blockchain to maximize its benefits.

This is why global blockchain conventions were organized in recent years. And they continue to be held to spread awareness and educate people about what blockchain is and how it can be used to solve real-world problems.

These events are aimed at creating a social movement that will not only increase blockchain adoption in the public and private sectors, but also allow individuals to realize the importance of this disruptive technology. The London Blockchain Conference, the first of what will become an annual event, is also aimed at promoting this movement by educating people and spreading awareness about the power of blockchain.

With the theme “Bringing Government and Enterprise onto the Blockchain,” the London Blockchain Conference also aims to dispel any misconceptions about this new technology. The fact that blockchain adoption is mostly happening in the private sector doesn’t mean that governments can’t benefit. Indeed, blockchain can bring trust back to governments by improving their digital systems and the services they provide to citizens.

It is in this light that the London Blockchain Conference also advocates for an ecosystem that operates within the rule of law. However controversial recent laws and regulations surrounding digital assets and blockchain are, there is no reason to circumvent or change them. Calvin Ayre, London Blockchain Conference producer and founder of CoinGeek Media and Ayre Group, emphasized this during the opening speech.

“This event is open to any blockchain platform that can scale to enterprise and government level, and is willing and able to work within all existing laws. There is nothing about blockchains that makes them need their own regulations. All existing laws already apply to all tokens on all platforms – property law, security law and of course criminal law,” said Ayre.

Another point that Ayre emphasized is the importance of blockchains being able to scale without limits to meet global demand. What this means is that data blocks and throughput, measured in transactions per second (TPS), can be increased according to demand, while fees are reduced to almost nothing. Unlimited scaling not only makes the technology more efficient, but also allows practical widespread use.

“Despite advertising other platforms, this year we have not been able to find another platform, apart from the original Bitcoin, launched in 2009, which is committed to unlimited scaling, nanopayments and full compliance with all existing laws .” Ayre pointed out.

The original Bitcoin that Ayre refers to is actually the BSV Blockchain. After restoring the original Bitcoin design in 2020, BSV unlocked unlimited scaling. This allowed the blockchain to increase its current block size to 4 GB and its throughput to over 100,000 TPS. At the same time, fees have been reduced to just $0.000015 per transaction and transaction processing time lowered to just two seconds.

And because the BSV Blockchain is infinitely scalable, these numbers can be scaled up to zettabyte-sized blocks and millions of TPS. Compared to BTC’s 2MB block size, seven TPS and current average fee of $4.43, it is obvious which chain can effectively handle the growing demand for computing and storage.

“We think the chain can scale over a billion [transactions] one day. And soon, with the release of Teranode implementation, this will be unlimited. No other blockchain can even begin to approach these numbers. The message is clear, at least as of now, without BSV, there is no Web3,” Ayre said confidently.

The London Blockchain Conference is a three-day event running until June 2 at the Queen Elizabeth II Centre, with business leaders, managers, professionals and experts on stage to “give the world a detailed preview of all that a scalable, legal blockchain has to offer offer.”

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