At the London Blockchain Conference, a presentation by Brendan Lee illustrated how the BSV blockchain could give your business the competitive advantage of a lifetime.
While most people think of Bitcoin as something to buy and sell, “Bitcoin is an always-on layer of infrastructure,” Lee explained. This infrastructure layer works at low cost and even works offline for a while.
Lee encouraged the public to think of Bitcoin as paper for receipts, a new form of cash with 2.1 quadrillion base tokens. These basic tokens can be integrated by businesses for various use cases, making anything data-driven more efficient and secure. For example, each token can represent something of higher value, such as currency, vouchers, tickets, or certificates.
"Cash is an instrument for transferring value...We can break that money down into tiny amounts...We could tokenize every American coin in circulation today, and it would take 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're not talking about "something with crypto" here, where one would first have to have an account in 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 software-level business infrastructure no longer needs to validate actions on its own server. The blockchain is the server, so to speak.
“Bitcoin's benefits are realized more efficiently because it is more deeply integrated into your application (…). If you start with a piece of bitcoin and use that to start tracking your whole process and then capture the result at the end, then the benefit of that will be visible through the infrastructure and software,” explained Lee.
In other words: the more you use Bitcoin, the more Bitcoin you get!
Lee showed that Bitcoin tokens are programmable. This means we have bitcoin as money, as well as bitcoin as a tool at the same time. Lee explained how companies could trace and track everything internally and about their customers and clients.
While this might sound amazing to anyone who hasn't been following what's happening on the BSV blockchain for the past few years, Lee has tried to make it very simple. First, he recommended educational resources such as the Bitcoin SV Academy to understand the utilitarian dimension of Bitcoin. Second, Lee invited the public to understand Bitcoin as an informational commodity – a standardized “raw material” to do something with.
“The blockchain is the timestamps, and the ledger is what the timestamps index. Bitcoin is this unit of account that is used in this protocol on the network… This layer of infrastructure is inexpensive for you to operate. You don't pay a dollar to install it and you pay a thousandth of a penny every time you use it,” Lee said.
In addition to being very affordable, the BSV Blockchain offers built-in security and privacy. Even though transactions are published in blocks, it does not mean that anyone can just track what you are doing with Bitcoin. Large-scale bitcoin becomes more private.
This is another "miracle" that Lee alludes to - the more we use Bitcoin, the better Bitcoin will protect our data and digital infrastructure. Imagine Bitcoin continuously improving your security and privacy almost for free.
Three examples of Brendan Lee's Elas service where companies are already using Bitcoin
Lee's presentation was an educational lesson. However, Lee not only explains Bitcoin's true capabilities, but also shows three business use cases of Bitcoin, which is happening right now.
- Manufacturing tracks and traces luxury consumables via Blockchain BSV, assisted by Elas. Individual items are issued as Bitcoin tokens.
- pepper mint tokenizes digital media, ticketing, etc. Buzzmint users never see bitcoins applied here.
- Tokenovate manages its derivatives trade through the BSV Blockchain, while like with Buzzmint, users do not have to manage Bitcoins. Bitcoin is simply an integral part of Tokenovate's infrastructure.
Who is Brendan Lee and how can Elas power your business?
Brendan Lee is the founder and CEO of Elas and has played a large and multifaceted role in the BSV blockchain space for years. For example, one of his projects is to help the government of Tuvalu become a paperless society using the BSV blockchain.
Lee also organizes the Craig Wright Philosophy Course with Joel Dalais of the ICU MetaNet. If you want to join the upcoming classes, don't hesitate to register or take a look at the previous episodes, publicly accessible on this YouTube playlist.
With his team at Elas, Lee offers highly flexible solutions for applying the BSV blockchain in a business, whether for end users and customers, or for any internal data management needs.
Watch: Turbocharging the Digitization of the Philippines via Blockchain
New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn about bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.