MintBlue, a company providing corporate blockchain services, is leveraging the bitcoin sv (BSV) blockchain to offer businesses increased data security, availability, interoperability, and traceability.
According to CEO Niels V. van den Bergh, MintBlue’s platform is designed to be user-friendly, allowing businesses of all sizes to easily integrate blockchain technology without requiring extensive knowledge of the underlying technology.
MintBlue’s solution leverages blockchain for immutable data storage and identity authentication ensure data protection from fraud, theft, corruption, and sudden changes in third-party terms and conditions.
Companies can maintain full ownership and control over their on-chain data, ensuring that no one else, including MintBlue, can access their information.
Van den Bergh cites several reasons for choosing the BSV blockchain, claiming that it allows for unparalleled scalability, direct data storage capabilities, and unique features well-suited for enterprise-level applications such as contract execution, tokenization, and smart contract capabilities.
He believes BSV is technically superior to bitcoin (BTC) due to its built-in scalability features, including the UTXO model and Merkle tree block structure, which enable a more distributed and scalable system.
Bitcoin and bitcoin sv are both forks of the original bitcoin protocol with the former being recognized as a continuation of the original network due to it keeping most of the community and hashrate of the previous iteration.
The latter part is particularly critical as it is an extension of the Nakamoto Consensus protocol which sees the network agree on the state of the blockchain through a combination of proof-of-work (PoW) and the longest chain rule.
“We believe that BSV is technically superior to BTC in almost all respects. Both are versions of the Bitcoin protocol and are therefore somewhat similar. Most importantly, the BSV blockchain is built to scale by leveraging the original built-in features such as the UTXO model and the Merkle tree block structure.”
Niels V. van den Bergh, MintBlue CEO.
The CEO also explained that BSV also brought back original functions that allow code to be directly written in transactions that were disabled in BTC and argued that it “allows clients to verify only those transactions on the blockchain they’re interested in, without having to download the entire blockchain.”
Bitcoin famously focused on a decentralization first strategy which has seen uses of the protocol different from simple transactions be limited in favor of a simplified and light protocol. A bitcoin full node currently only needs to store 478.68 gigabytes whereas the bitcoin sv blockchain famously crossed 7,000 gigabytes in May.
The culprit is the size of single transaction blocks on the blockchains, with bitcoin limiting its blocks to a theoretical maximum of 4 megabytes (one thousandth of a gigabyte each) and a more reasonable usual maximum of about 2 megabytes whereas bitcoin sv has a limit of 4 gigabytes per block.
This results in much higher node requirements — both when it comes to processing and storage — for bitcoin sv that limit its decentralization by increasing the bar of entry of running a full node.
On the other hand, it is much easier to simply store data on BSV — a practice that the BTC community has tried to prevent as highlighted by the controversy surrounding Bitcoin Ordinal inscription.
Still, Van den Bergh appreciates BSV’s UTXO-based system for its scalability and privacy, native traceability for tracking and tracing data, and the commitment to maintaining a stable and unchanging protocol that purportedly makes a suitable blockchain for building enterprise-level applications.
MintBlue’s adoption of the BSV blockchain for its corporate solutions highlights the various needs and diverse options in protocols to enhance data security and streamline business operations across various industries.