London Blockchain Conference Day 1: Scaling, Lawful Blockchain Key To Solving Data Problems

The Internet has irrevocably changed the world from analog to digital systems. It has created new kinds of experiences, which have become viewed as necessities, driving the innovation of many devices, such as the computer and cellphone. And now, the world is, yet again, on the verge of a revolutionary change.

This much-needed change is brought about by the increasing number of people using the Internet. A study done 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 balloon to 16.7 billion this year. These numbers are a testament to how much data is generated by Internet users. 

According to Statista, new data creation is estimated to be at 180 zettabytes within the next three years. This poses a global problem that urgently needs to be addressed, especially when it comes to data processing, management and storage. In order for the Internet to work properly and efficiently accommodate increasing demand, the world needs to upgrade its digital systems and shift toward 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 are not aware that there are numerous underlying problems that need to be resolved in order for them to continue to enjoy the Internet; and central to these are data processing, management and storage. 

When developed and used properly, blockchain, an emerging technology better known for its use in digital currencies, has the capability to solve these data problems. And although global tech firms are aware of this fact, there remains the question of how to properly innovate blockchain in order to maximize its benefits.

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

These events are geared toward 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 is going to be an annual event, is also aimed at advancing this movement by educating the people and spreading awareness about the power of blockchain.

With the theme, “Bringing Government and Enterprise onto the Blockchain,” the London Blockchain Conference also intends to dispel any misconceptions about this emerging technology. The fact that blockchain adoption is mostly happening within the private sector does not mean that governments do not stand to benefit from it. In fact, blockchain can bring trust back to governments by enhancing their digital systems and the services they provide citizens.

It is in this light that the London Blockchain Conference is also advocating for an ecosystem that operates within the rule of law. No matter how controversial recent laws and regulations surrounding digital assets and blockchain are, there is no need to circumvent nor change them. Calvin Ayre, London Blockchain Conference producer and founder of CoinGeek Media and Ayre Group, emphasized this during his opening speech.

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

Another point that Ayre stressed is the importance of blockchains being able to scale unbounded to meet global demand. What this means is that data blocks and throughput, as measured in transactions per second (TPS) can be increased according to demand, while lowering down fees to almost nothing. Unbounded scaling does not only make the technology more efficient, but also allows for practical widespread adoption.

“In spite of us advertising for other platforms, we have been unable this year to find one other platform, other than the original Bitcoin, as launched in 2009, that is committed to unbounded scaling, nanopayments and full compliance with all existing laws,” Ayre pointed out. 

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

And because the BSV Blockchain can scale unboundedly, these figures can be increased to zettabyte-sized blocks and millions of TPS. When compared to BTC’s 2MB block size, seven TPS and current average fee of $4.43, it is obvious which chain is capable of efficiently handling the increasing demand for data processing and storage. 

“We think the chain can scale over a billion [transactions] a day. And soon, with the launch of Teranode implementation, this becomes unbounded. No other blockchain can even begin to approach these figures. The message is clear, at least as of now, without BSV, there is no Web3,” Ayre confidently stated.

The London Blockchain Conference is a three-day event held until June 2 at the Queen Elizabeth II Centre, with business leaders, executives, professionals and experts taking the stage to “offer the world a detailed preview of all that a scaling, lawful blockchain has to offer.”

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