Australian Senate Committee Receives Paper Detailing Bitcoin SV Capabilities

Elas Digital, a software company in the blockchain space, has submitted a report to the Australian Senate detailing the capabilities of Bitcoin SV.

The paper was submitted as part of a larger batch of 60 papers from industry reps, including crypto exchange Kraken, banking and insurance firms, regulators, and even Australia’s central bank. Elas argues that BSV is Bitcoin as outlined in the whitepaper and that BTC is a duplicate network.

The Senate Committee had invited submissions from industry representatives as part of its Third Issues Paper. The Committee is tasked with exploring opportunities to market Australia’s strengths and position it globally as a technology and finance leader.

Elas’ paper also mentioned that Australian computer scientist Dr. Craig Wright was awarded a default judgment on the copyright to the whitepaper in the UK.

Detailing BSV’s Capabilities

As anyone operating in iGaming knows, any blockchain that will make inroads into solving some of the industry’s problems must scale massively. Elas’ paper outlined BSV’s technical capabilities, including its ability to scale to tens of thousands of transactions per second currently with millions of transactions per second on the cards in the future. Satoshi Nakamoto himself said that Bitcoin never hits a scaling ceiling, potentially making BSV the ideal blockchain for gaming.

Indeed, iGaming pioneer Calvin Ayre has already said as much. He is deeply involved in the BSV ecosystem and publicly backs BSV as the original Bitcoin protocol. He has outlined its potential to transform iGaming with immutable records, data collection and storage, and faster payments.

The Elas paper emphasizes these points, describing Bitcoin as a “once in a millennia opportunity to completely reimagine how data, identity, and records of ownership” work. These benefits can be derived by any jurisdiction at any scale.

How Could BSV Transform iGaming?

The Elas paper hints at Bitcoin being much more than a money system. While it’s easy to see how lightning-fast payments with fees of fractions of a cent could transform iGaming positively, BSV’s data management capabilities are much less widely understood. BSV blockchain enables time-stamped records of all economic activity. This could lead to easier ways to handle player disputes, provably fair game outcomes, the ability to quickly detect malfunctioning games, and more.

The paper also points out how BSV has been designed to comply with regulations and work within the law. This will be crucially important for operators who wish to utilize blockchain in regulated jurisdictions like the UK and the rapidly growing legal US iGaming market.