Can blockchain technology, which streamlines and secures supply chain operations, work in very different industries?
“Yes,” says Stephan Nilsson, founder and CEO of the Oslo-based corporate blockchain platform UNISOT. “Well, I might be persuaded,” says Sukhi Jutla, co-founder and CEO of MarketOrders, a London-based online platform for the gold and diamond jewelry industry.
The two entrepreneurs were reunited for this week’s episode of CoinGeek Conversations, in which Charles Miller invited them to compare their respective fields – jewelry for Sukhi and, as a first case study for UNISOT, Stephan’s experience with supply chains in the Norwegian fish industry. .
The discussion revolved around how blockchain would be used to establish faster and more profitable transactions, as well as to improve levels of transparency within the supply chain.
At MarketOrders, gems and jewelry are constantly being moved from one place to another and for this reason, Sukhi emphasizes that transparency is key. “When something goes wrong during the process, who is to blame? There is no transparency in the industry. To solve this problem, MarketOrders is exploring blockchain solutions.
MarketOrders published a white paper in 2020 detailing the use of blockchain technology. One use case mentioned by Sukhi is the ability of technology to provide tools that could help the business speed up payments, thus avoiding significant transaction fees. “We went so far as to create MarketOrders tokens. We believe it is about having an ecosystem on our platform where our suppliers and customers actually settle payments using tokens. “
Stephan couldn’t agree more with Sukhi when it comes to blockchain and transparency. UNISOT specializes in using blockchain to effectively manage supply chains, starting with the seafood supply chain. He highlighted some similarities between UNISOT’s goal and what MarketOrders wants. achieve. “There is a lot of the same here, we have to take care of a product that is moved around the world, and today there are a lot of problems encountered doing that, and this is where this technology can help. ”
Stephan then describes his experience working with Bitcoin SV, UNISOT’s preferred blockchain technology. It almost refers to it as the gold standard when it comes to scalability. “With this blockchain technology [BSV], it’s so scalable and so inexpensive. ”
As he points out, scalability is essential for a growing business. “You have to have a scalable system because you don’t want to rebuild your application or your entire system every six months when a couple of developers decide to put in a new feature.”
Sukhi admits she has never heard of BSV before, but after talking to Stephan about its scalability and micropayment capabilities, she was ready to explore further with Stephan, to learn more about his UNISOT solution.
Stephan didn’t hesitate to share his thoughts on Ethereum, which Sukhi had reviewed: “It doesn’t scale: Ethereum offers a lot of solutions but none of them are in production. No one has actually been able to run this production using all the features of the Ethereum blockchain because it just doesn’t scale.
The podcast ended with a brief discussion of digital currency and its price volatility. Sukhi reacts to the recent publicity around BTC saying, “Price volatility is a huge distraction and I always focus on the application of technology… blockchain is actually technology. It’s an app. It’s a different way of doing something. And in my opinion, it’s a much more reliable and efficient way to implement a process that already exists. “
Stephan ended his interview with a recommendation for Sukhi and those interested in learning more about BSV. He suggests watching Bitcoin Theory with Ryan X Charles on YouTube. “It has all the details about Bitcoin,” he says, “how it was invented, how it works, and details about the blockchain and a common misconception: blockchain is not a crypto system, it is is not a technical system, it is an economic system. ”
Listen to the full interviews with Stephan Nilsson and Sukhi Jutla on this week’s CoinGeek Conversations podcast or check out other recent episodes:
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