Creating the Internet of Value Through Bitcoin Data Interchange and IoT Technology
Chief Scientific Officer, Dr Craig Wright, shared a vision of global trade by leveraging IP-to-IP connectivity
News provided bynChain (957856)
May 12, 2022, 5:00 AM ET
ZUG, Switzerland, May 12, 2022 (GLOBE NEWSWIRE) -- nChain's Chief Scientist, Dr Craig S Wright, today gave a keynote presentation on the future of the internet at the Global IEEE 5G-IoT Blockchain Summit in Rabat, organised by the IEEE 5G Technical subcommittee.
In the latest in a series of presentations at IEEE events, Dr Wright focussed on the adoption of Internet Protocol version 6 (IPv6) in the context of Bitcoin (the BSV blockchain) and the Internet of things (IoT). Dr Wright explained how IP-to-IP connectivity, as part of the original design of Bitcoin, and solutions offered by nChain can secure IoT communication and streamline the exchange of digital assets and data on a global scale.
The presentation included several key takeaways:
- The peer-to-peer (P2P) nature of the Bitcoin network allows the direct exchange of digital assets (including all forms of data) between users;
- Lightweight client devices can take advantage of the IP-to-IP connectivity inherent in Bitcoin to achieve unbounded scale;
- User privacy and identifying information are protected as P2P transactions are conducted using simplified payment verification (SPV) and subsequently settled on the network;
- Network participants can be held accountable by mapping existing structures of electronic data interchange (EDI) onto Bitcoin transactions and forming an immutable audit trail; and
- IPv6 and Bitcoin payment channels provide a new level of scale and efficiency in the direct integration of data-generating IoT devices.
"Many people are still confused about how the BSV blockchain will become the plumbing for global trade. IPv6 and the BSV blockchain are technical complements that can, and will, power new models for global trade," commented Dr Wright. "IP-to-IP connectivity has always been a cornerstone of the way Bitcoin was designed. By allowing billions of devices and users to interact peer-to-peer, the system can handle unbounded volumes of transactions on a global scale. The Bitcoin network I designed gives rise to a commercial model that empowers the individual and is finally being understood by forward-thinking leaders across the globe."
Dr Wright's presentation included references to several inventions patented by nChain, and pointed to example use cases such as:
- Music and software licensing, where creators benefit from a transparent procedure to facilitate automated payment services and ensure the integrity of proprietary software or licences.
- Digital artwork, where tokens can be used to protect objects and control access, thus seamlessly and efficiently commercialising creative content.
Download a copy of the presentation here.
More information about the Global IEEE 5G-IoT Blockchain Summit can be found here.
Founded in 2015, nChain advances the potential of blockchain technology through ongoing research and development of inventions, including the maintenance of a robust patent portfolio, and by offering commercial solutions such as Kensei, a developer-friendly set of APIs built on the BSV blockchain. nChain also offers solutions in the digital payment space, along with professional services that assist enterprises of all types to benefit from blockchain technology.
Director, Communications & Corporate Development
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