Ethereum Experts Tout Real-World ETH Use Case

In addition to the price surge on crypto exchanges last month, the ethereum mainnet recently claimed dominance over its Layer 2 chains in daily transaction volume, according to data from L2Beat.

Jamie Coutts, Bloomberg crypto Analyst recently said,

“Public blockchains have immense potential to empower global citizens.”

The most popular applications on ethereum are for decentralized finance and cryptocurrency trading. But that’s not all the ethereum hash-based smart contract platform can do.

Supply Chain Management Powered by ethereum

ethereum expert Paul Brody, author of “ethereum for Business,” says blockchain can help optimize and de-risk supply chains. Peer-to-peer network programmable hash tokens can provide an efficient solution for supply chain management.

That is how he says ethereum can play a role:

“For most consumer products, the value proposition around traceability is fraud prevention and verification of sources. For many other markets, traceability provides additional authenticity and the ability for consumers to trace the history of a product.”

For example, peer-to-peer blockchain can efficiently and reliably track order batches for the pharmaceutical industry:

“The arguments for traceability become stronger as you delve deeper into products like pharmaceuticals, for which counterfeiting is potentially a life-or-death issue. In these cases, the ability to quickly trace defective batches of ingredients throughout the supply chain is invaluable.”

By using blockchain, industrial supply chains can improve data quality and efficiency. ethereum can even support a zero-carbon future with trading programs and tokenized carbon reduction caps.

Making a zero-carbon future a reality

Moving from the energy-intensive proof-of-work consensus model to proof-of-stake is not the only way ethereum can reduce the global carbon footprint. For example, Brody says:

“Regulators are working globally to start tracking and managing carbon footprints. Starting points are typically cap-and-trade rules that require companies to manage their total carbon output with the goal of adopting more efficient processes.”

Here’s how he says ethereum can help:

“Each emissions or offset token can be traced back to an original issuer. This ensures that definitions are standardized and that only companies with inspected and verified processes can issue emissions or compensation tokens.”

ethereum is not the only blockchain smart contract platform with a future in the supply chain.

In 2021, a Georgian craft winemaker implemented an anti-counterfeiting and supply chain traceability solution using Cardano. Meanwhile, ethereum competitor Solana’s low fees and high performance would do It is another ideal solution for supply chain management.

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