BOS 3 Seconds LIB Makes Blockchain Applications More Efficient for Businesses
The finality of a blockchain transaction is the time when the transaction can no longer be reversed. It is also known as the LIB or Last Irreversible Block. Bitcoin has no LIB, it uses another system to determine finality. EOS has a LIB or finality of 3 minutes. Until a blockchain transaction reaches this point of LIB, it is safe to assume that it has not gone through especially if the transaction involves a large amount of money or something very valuable. This is different from the block time or confirmation time of a transaction.
The block time is the average time it takes for the network to generate one extra block in the blockchain. By the time of block completion, the included data becomes verifiable. In cryptocurrency, this is practically when the transaction takes place, so a shorter block time means faster transactions. The block time for Ethereum is set to between 14 and 15 seconds, while for bitcoin it is 10 minutes. Wikipedia.
EOS.IO blockchains have a block time of 0.5 seconds. This makes it the fastest in the blockchain industry today. Coupled with other features such as human-readable account names instead of cryptographic hashes, free transactions and sustainable and energy-efficient consensus mechanism built for performance, e.t.c, one can argue that EOS.IO is the only protocol suitable for actual real-world use-cases, day to day transactions and businesses, and applications.
Although the aforementioned features of EOS are good enough, no one really wants to wait for three minutes to be sure that their transaction cannot be reversed. With BOSCore three seconds LIB, businesses can operate on a blockchain with more confidence and speed. It brings more usability to decentralized applications and blockchains.
Some of the industries, services or businesses that would benefit from BOS 3 Seconds LIB are listed below:
The current global payments system is costly and it takes days or weeks to make cross border payments. The first and most obvious use case of BOS 3 Seconds LIB is in financial services. BOS can compete with centralized services and proffer more efficient services. With BOS you can send money to anyone anywhere in the world instantly with zero fees, without permission and pseudonymously. That’s immense value.
Imagine paying for a product only to get a text from your bank twenty-four hours later notifying you that your transaction has been reversed. This is not rare in the conventional payment systems. It’s an inefficiency that we are so used to that it is considered as normal.
The current financial system is grossly inefficient and incapable of coping with the changes that coming with the fourth industrial revolution. In a world of AI and IOT, a reversal in a transaction would be a major taboo because a lot of things are automated and could go wrong. It can even cause conflict among businesses. With BOS 3 Seconds LIB, one only has to wait three seconds and be rest assured that immutability has been achieved.
Blockchain is revolutionizing the way we transfer value. In the information age, there is an unhindered transference of information making the world a global village. In the coming years, the world is indeed going to be a true global village where value transfer is as seamless as information transfer and even more secure.
Houses or lands can have smart technology put into them. A land registry can be done on the BOS blockchain. Imagine that land titles were transferred as easily as we transfer text messages today. With BOS 3 seconds LIB, you would be able to own a property in three seconds and because of these advanced features of BOS, as soon as the land title is transferred, it is immutable and transparent on the blockchain and you can be sure that the property is truly yours. A real estate application or business on BOS would improve or disrupt the current business model because it would reduce the possibility for fraud, theft, error, and unnecessary middlemen.
BOS provides improved speed, transparency, security, and efficiency. These features are essential for the health industry which comprises of many sectors such as pharmaceutical companies, manufacturers of medical tools and devices, hospitals, medical professionals, insurance companies, e.t.c.
The current system involves a lot of paperwork which is inefficient and prone to errors. In the BOS network can provide immutable records for medical files and can be used to generate medical receipt to patients.
BOS smart contracts can enable health care-related businesses to run automatically, drastically reduces bureaucracy and increases the productivity of medical personnel. This ensures that patients get the best health care.
Luke Stokes, a founding member of EOS DAC said that “ if CandyCrush had an in-game cryptocurrency where it shared the profits with token holders and players, how much would the token be worth? They had $1.5B in revenue in 2018. Blockchain-based gaming is going to be huge”. I’d say that they would be worth a lot. Crypto games have made a bold statement in the gaming industry and are heralding a new era where blockchain games could be a potent source of revenue for players.
The new trend of blockchain gaming presents a new opportunity for games to leverage on the BOS Network. With BOS inter-blockchain communication, new innovations in the world of gaming will come up where games can interact with different blockchains and other games and dApps through the BOS Network.
BOS is the ideal blockchain for games where micropayments for in-game items is paramount. In the past, paying a cent for an in-game item could cost unreasonable transactions fees and it, therefore, makes it undesirable for players. In BOS, microtransactions of up to a cent are possible and convenient. With the 3 Seconds finality of the BOS Blockchain, people have more confidence and the true ownership of their digital game assets.
It’s time for an upgrade. BOS 3 seconds LIB, will facilitate the improvement of existing businesses and even bring about new discoveries and technologies. With BOS, businesses can interact peer to peer without the need for unnecessary intermediaries and trusted third parties. The integrity of the underlying technology and the decentralized nature makes BOS the ideal blockchain for business.
Please click on the following links to learn more about BOS.