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-industry innovation across sustainable goals to highlight solutions and synergies across the globe.

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 across the world—whilst 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 anarchist system—yet there is lots of misinformation about it.

Take digital goods for example. The transfer of an item 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 moves from one owner to another.

It is taking a digital file or a broadcast—secured with encryption and digitally giving this to another person. Transferring the file deletes the previous file.

Top-secret documents would be impossible to lose. The file could be secured with a key and the key split up into 10 different keys. These keys could then be assigned to different levels of officers throughout so all officers would need to sign the authority to access the file before the file can be moved at all.

This type of immutable digital storage ensures that anyone in the government or the private sector can demonstrate that there is provably a single copy of the file. The underlying blockchain is a provable ledger proving that the file can move securely from one entity to another and guaranteeing that it will no longer exist in another place.

The BSV blockchain provides transactions now far more than 7 transactions per second offered by the BTC blockchain. And BSV is moving towards 1 million transactions per second within the year and 1 billion transaction per second planned in future. This ensures that the cost for each transaction is far cheaper than SWIFT, Amazon, or Microsoft transactions. BSV transactions cost far less than one 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 records and existing double-entry accounting records written on a paper ledger cannot be changed. You can have corrections to the existing written record appended to the paper ledger. The same is true on the digital blockchain.

In the Enron financial collapse, Enron used a variety of deceptive and fraudulent tactics and accounting practices to cover its 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 transaction. On the BSV blockchain everything can be audited down to the consumer layer—you can follow ownership in a translucent system.

There is no need to roll transaction records back. There is no encryption in bitcoin so all transactions are visible and can be traced. Bitcoin provides a full audit and accounting system. If anything happens like a government taking money from its citizens, due to its transparency, any money movements are completely traceable.

Terrorist funding and transferring funds in secret to people funding 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 they own them—there will be ownership so that any government or citizen can provide 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 on the edge of the network.

Many innovations are not new (smart concepts brought out since 1971) EDI—digital commerce and electronic contracts already exist—every major nation has already implemented the rules. And the blockchain protocol is set in stone by the white paper.

But there is hesitation from organisation who believe that a decentralised system cannot be controlled. However, you can legally control something—even across a decentralised system. Anarchists say it cannot be controlled—yet this is possible through law.

We should build products with a security model that works properly—not rely on an app-based model that gets rolled out ultra-quickly—jump in there and want to get rich. We should be building viable companies that deliver products to people—not buy a company intending to flip it and offer it for sale intending to get rich quick.

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

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

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