The goal of the Bitcoin SV blockchain is to offer a single blockchain, similar to having a single internet. This means that when you have a secure digital asset, you can transfer them between wallets. However, not all wallets are interoperable today, causing uncertainty for both consumers and developers who are not always sure if their digital assets can be transferred between wallets and platforms.
This is not because the blockchain won’t allow it, but typically because developers are looking to provide a ‘closed garden’ experience, explains SmartLedger’s Chief Development Officer, Gregory Ward.
Ward was speaking at an exclusive informational lunch event as part of the Southern California Blockchain Summit. The luncheon allowed a select group of VIP attendees to learn how scalable blockchain utility is disrupting their respective industries with a focus on the music, entertainment, retail and food industries.
In addition to various talks and presentations, the luncheon gave the community a chance to ask some of their burning questions on media in the blockchain space.
A future of interoperability and interdependency
Bryan Daugherty, Co-Founder and CEO of SmartLedger Solutions, echoed Ward’s thoughts and noted that in a perfect world, full interoperability between platforms would be ideal.
‘I think where we are is the tip of the spear of seeing where this technology is. It is very difficult because of these walled gardens. We do make it a point to work with people not just in the BSV space but outside of it too, ensuring there is an atmosphere of interoperability and interdependency.
Daugherty added that this is set to change as the technology progresses and more of these walls are torn down. ‘I do see in the future where these assets are on-chain and it’s only just a different overlay network which pulls this information for you.’ He added that wallets should be able to show any type of media, including everything from an NFT to a token.
The end of physical media
This topic is especially important when considering media as digital assets – such as books, music and movies. As physical media all but disappears from the shelves, questions are being raised about who owns digital content and what rights consumers have should media companies decide to block you from downloading it.
‘Because of digital media, you no longer have that vinyl album which you can go and buy and help you relate to the artist. Instead, it’s sitting on your Apple account. We thought about this in a way that we can give that connection back between the artist and the consumer.’
He highlighted the BSV blockchain’s ability to offer a ‘digital twin’ which allows consumers to have both a physical and digital copy of an item. ‘There are a lot of interesting ways that blockchain enhances and brings back that connection with artists or the physical way to access a network.’
Even then, physical media is unlikely to completely disappear as consumers still want to experience the purest form of music and movies, which cannot currently be offered by a compressed digital file.