UNISOT CEO: Ethereum Blockchain Can’t Handle Supply Chains. Exploring Blockchain technology to provide transparency and reduce transaction fees amongst crypto users.
The Bitcoin SV blockchain is gaining a foothold across the globe as a stable technology that allows for various applications and platforms to be built on it that can improve many processes and systems in different industries. It is not a surprise that many are exploring blockchain technology to be used in streamlining their supply chains, and CEO of London-based online jewelry platform MarketOrders Sukhi Jutla is one of them.
In one of the most recent episodes of CoinGeek Conversations hosted by Charles Miller, Jutla talked about how her industry is in need of a blockchain-based system that can provide transparency and decrease costs in transaction fees and delays in payment. She is currently exploring to develop a blockchain-based supply chain platform because she believes that “blockchain is actually a technology, it’s an application, it’s a different way of doing something. And in my opinion, it’s a far more trustworthy and efficient way to do a process that’s already existing.”
The whole point of the episode is for Jutla to get acquainted with Stephan Nilsson, CEO of the Oslo-based enterprise blockchain platform UNISOT, who has already built a successful seafood supply chain on the Bitcoin SV blockchain. The conversation is an exchange of ideas and advices from an experienced blockchain developer to an aspiring one. One thing that stood out is the fact that Jutla is eyeing Ethereum to build her platform in because it is popular and has many users—something that Nilsson quickly refuted.
“There is a huge community in Ethereum, there are a lot of solutions out there. But none of them are in production. No one has actually been able to actually run this in production using all the functionality of the Ethereum blockchain because it’s simply not scaling. You can do like 10-15 transactions per second, and it doesn’t work for one company even. So the problem in Ethereum is that every company that is using it now is building second and third tier solutions on top of that to try to mitigate that it doesn’t scale,” Nilsson explained.
Based on personal experience and in-depth industry and technical knowledge, Nilsson told Jutla that Bitcoin SV (BSV) is currently the only blockchain in operation that can accommodate a huge volume of low-cost transactions due to its infinitely scalable and economically incentivized network and stable protocol.
“If you want to build a company or a functionality on a system or a blockchain, you have to make sure that the technology that you’re using is actually working for you—not only today as a proof of concept, but it actually works in one, two or three years when you will have thousands or tens of thousands or millions of transactions in your system. So, you must have scalability. You just must have that. And you must have a system that is stable because you don’t want to rebuild your application or your own system every six months when a couple of developers decide to put a new function in your backend system, like in the blockchain. Of course, like in every business, it has to be cost-efficient,” Nilsson advised.
Jutla is now rethinking her options and promised to read more about Bitcoin SV and watch episodes of Theory of Bitcoin as recommended by Nilsson because it is a show by Bitcoin creator Dr. Craig S. Wright and Money Button founder Ryan X. Charles, “wherein they actually talk about every detail about how it’s not a cryptographic system, it’s not a technical system, it’s all an economic system.”