The world is moving towards a trend where records and systems are migrated online. In this light, the digitization of records and the digitalization of systems are necessary to adapt and innovate enterprises. Digitization refers to converting analog or paper-based information into a digital format, whereas digitalization involves transitioning from manual systems and processes to digital ones.
The digitization of records and the digitalization of systems offer several benefits, which include increased efficiency, transparency and accessibility. However, looking for a platform to build on can take time, as many options exist, and most of them are, either inefficient or too expensive—sometimes even both. Efficiency and practicality are two crucial factors to consider in the processes of digitization and digitalization.
And blockchain can be a technology substrate when migrating records and systems online. Blockchains are immutable ledgers for record-keeping and transaction processing. Each transaction is time-stamped and linked to previous transactions in a chain—creating a tamper-resistant chronological record of all activities. Because of this, it is the ideal technology when it comes to anything related to data-recording and storing.
However, not all blockchains can offer an efficient and economical way to record and store digital data. The ability to scale is a crucial consideration when choosing a blockchain to use. This allows for a blockchain’s data block size and transaction capacity to scale on demand, which then also reduces fees to the bare minimum.
For instance, the BSV Blockchain, which has the ability to scale unbounded after restoring the original Bitcoin protocol, is currently able to process 4GB data blocks and 50,000 transactions per second (TPS) at a transaction time of less that two seconds. Fees have also been reduced to an average of $0.000015 per transaction.
Compared to unscalable BTC Blockchain’s 1MB data blocks, seven TPS, transaction completion time of 10 minutes to an hour, and a current average of over $2 per transaction, it is obvious which one is capable of handling the data needs of global enterprises.
Transparency, while maintaining first-grade security and privacy, is also a feature that firms should look for in a blockchain. Contrary to popular belief that permissioned or private blockchains are the best foundations for companies that deal with sensitive and confidential information, a public blockchain actually offers more benefits.
On top of being able to provide transparency, public blockchains have measures in place to ensure that data is secure and protected. The BSV Blockchain, which is the largest public blockchain, separates the identities of the parties involved in the transaction through the use of public and private keys.
The BSV Blockchain also uses pseudonyms, so even if anyone can access blockchain data, they really will not be able to make sense of it unless they are one of the parties directly involved. It also distributes the keys that enable access to the database across different systems. In this way, sensitive information is not stored in a centralized database that can easily be hacked.
This situation wherein popular belief based on misconceptions dictates the decision of companies when transitioning to a new technology like blockchain is why the BSV Academy was established. It aims, not only to correct misunderstandings about Bitcoin and blockchain, but also to provide adequate education about the technology and what it can actually do.
Courses are available in three levels: introductory, intermediate and advanced. One of the introductory courses being offered is Bitcoin Enterprise. The course targets C-level executives who wish to build platforms by leveraging Bitcoin as a technology substrate. The course gives delves into more basic topics that will help executives make better choices for their companies.
- What is the difference between BSV and Cryptocurrency?
- What are blocks?
- What are transactions?
- Separation of blockchain vs transaction ledger
- Working blockchain – Pruning vs SPV and block linked databases
- Why fixed protocol?
- What is a ‘private blockchain’?
- Why is Proof of Work superior vs Proof of Stake/Authority/ETC?
- Why is proof of work inefficient for BTC but efficient for BSV and more efficient at scale?
- What do I need to understand to start working out how to leverage Bitcoin?
Upon completion of the course, students will receive a certificate of completion. However, the real takeaway from the program is how leaders will be given a strong understanding of how to use make sound decisions to be able to create effective solutions to their digitization and digitalization needs.
Being armed with the correct knowledge about a new technology is crucial, especially when integrating an equally new system and process into the company. This is the case when using blockchain for digitization and digitalization. It is important to know how to properly harness the technology in order to get the desired results.
Click here to know more about how to sign up for the Bitcoin Enterprise course and other BSV Academy courses.