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BSV Blockchain welcomes discussion on the social impact of blockchain

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BSV Blockchain welcomes discussion on the social impact of blockchain

The Association also highlights a new framework for assessing energy consumption and a sustainability index comparing the BSV blockchain to its competitors.

Summary: BSV Blockchain welcomes the European Parliament’s recent study and TED notice focusing on the remaining regulatory challenges in digital finance. This includes an increased focus not only on sustainability but the social impact of blockchain technology. The Association also highlights a new framework for assessing energy consumption and a sustainability index comparing the BSV blockchain to its competitors.

BSV Blockchain welcomes the European Parliament’s recent study on the remaining regulatory challenges in digital finance and crypto assets after the Markets in Crypto Assets Regulation (MiCA) entered into force in June 2023.

The study considers several regulatory challenges, including lending, staking, and non-formalised information usage. Notably, the study also highlights concerns about the energy consumption of certain blockchains and that subjecting crypto to financial regulation may further increase energy efficiency.

In addition, the European Union has issued a TED notice calling for the development of methodology and sustainability standards for mitigating the environmental impact of crypto-assets. The notice calls for an evaluation of the relationship between energy input and the societal value of outputs in different technologies.

BSV Blockchain welcomes this focus on social impact

BSV Blockchain Association, which advocates and supports the adoption of BSV blockchain technology worldwide, welcomes this increased focus on both the sustainability and social impact of blockchain.

“Striking a balance involves exploring and implementing energy-efficient solutions, transitioning towards renewable energy sources, and fostering innovation. It requires a nuanced approach that acknowledges the environmental impact while valuing the resilience and security that blockchain can provide,” said Patrick Prinz, Public Affairs Director EU at BSV Blockchain.

BSV Blockchain’s commitment to social value transcends technical aspects, emphasising the broader societal impact and benefits of blockchain technology. Prioritising Proof-of-Work (PoW), BSV maintains a robust and decentralised network, securing not only financial transactions but also enabling diverse applications.

The BSV blockchain is the only blockchain which is capable of exponential scaling. The network supports greater data capacity, higher transaction volume, fast processing, and very low transaction fees which enable developers to build creative applications that use micropayments and generate high transaction volume.

A new node software architecture, which is currently in development, will see the BSV blockchain capable of processing one million transactions per second by the end of 2023. Further scaling is expected to be driven by demand.

New white paper tackles questions about sustainability

In response to the European Union’s RFP, the team at SmartLedger has published a new white paper – A Comprehensive Approach to Blockchain Energy Efficiency: Evaluating and Enhancing Transactional Throughput and Mining Efficiency.

Authored by Bryan Daugherty (Global Public Policy Director at BSV Association) and Gregory Ward (Chief Development Officer at SmartLedger), the white paper introduces a groundbreaking suite of equations specifically designed for the assessment of energy consumption, transactional throughput, and mining efficiency in blockchain networks.

By amalgamating these metrics into an Adjusted Energy Consumption Rating, the authors provide an exhaustive and precise evaluation of a network’s operational efficiency and ecological impact.

The Blockchain Sustainability Index, developed by the team at mintBlue, also provides an in-depth calculation of blockchain emissions and their impact on nature. The index shows the clear benefits of the BSV blockchain compared to competing blockchain offerings and highlights our ongoing commitment to any initiative which aims for cost-efficient, environmentally responsible and secure blockchain-based use cases.

Ryan Brothwell

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