James Belding: BSV Smart contracts can help businesses of all sizes
Tokenized is using the massive scaling of the Bitcoin SV blockchain to introduce a world of possibilities for individuals and enterprises alike. To explain its recent ramp up and where it’s planning to go with future plans, its founder, James Belding, joined our Becky Liggero on the sidelines of the CoinGeek Toronto 2019 scaling conference.
As Belding has said before, a big game changer for Tokenized’s progress has been the expansion of the OP_RETURN payload limit, which had previously constrained them. ”We just couldn’t get what we wanted into the transaction, not enough size,” he said. “But the moment the restriction was lifted, then we had open season, we could finally fulfill the vision that we always wanted to do. That happened in February I think, and ever since then we’ve been scrambling to catch up and deliver on the promises that we had.”
The potential uses of having a law abiding token system on the Bitcoin SV (BSV) blockchain are vast, and Belding spelt some of them out for Liggero. “You’ve got your obvious token examples at multiple work now, like your financial instruments, I mean silly tokens like movie tickets, admission tickets things like that, and they offer a real significant value proposition compared to what you can do today,” he said. “But there’s much, much more that will start to be revealed and the smart contracts that we have today can be tools for governance.”
Applying tokens to enterprise governance is a truly exciting prospect, and one that will make BSV an exciting prospect to mom and pop shops and multi-national corporations alike. “When you get to the bigger levels you got lawyers to help you out and take care of administrative, but if you’re a smaller company and medium size company, it’s a tremendous amount of work, administrative work,” he explained. “A lot of little rules you gotta follow and it’s easy to forget and not do them in time, and do them in the right sequence. A smart contract can have all the rules built into it, so it can basically guide you like safety rails to make sure that you do in the right sequence. You sign it properly, it’s all done. And then of course it’s immutably stored forever on the chain right so that you don’t have to worry about managing your contracts, where do you keep them, where to keep your backups, how long if you keep them”
Liggero asked Belding what the longer term plans are for Tokenized, and the answer was to widen the appeal of tokens through applications. “Basically we’re building a full desktop app, as well as a mobile app, to basically do all these features,” he revealed. “So it’s gonna be designed for everyone. I think it’s more it’s like an iPhone right? Like business people use iPhones, regular people use iPhones, all the features you want to talk to people and all that stuff it’s the same. When it comes to management contracts and your finances, the things the same. Sometimes it gets a little more complex to the analysis and things like that, enterprise, but foundationally, it’s the same.”