The big thing happening on the Ethereum Network is the transition to the Proof of Stakes protocol. This is happening because PoS has lot more benefits than PoW.
The transit to PoS started with the successful implementation of the Constantinople fork which was upgraded with 5 EIP (Ethereum Improvement Proposals). With the implementation of Constantinople Ethereum achieved better stability.
POS is preferred over PoW because it offers more speed, energy, scalability and efficiency. PoS will contribute in a great way to improve enterprise and consumer adoption of blockchain technology.
More than being better money, Ethereum is about being an efficient contract and decentralized apps (dApps). They specialize on pre-programmed contracts. These contracts can be executed without an intermediary. Developers build truly decentralized, trustless, and consensus-based platforms.
The supply chain industry is a business process where multiple parties are involved and the traceability is complex, but with the coming of PoS the future of supply chain industry will change dramatically. The evolution of supply chain use case with the coming of PoS is expected to be great.
PoW makes mining not profitable anymore due to the high energy consumption and now PoS is getting introduced to deal with the issue. Of note, the PoS validators are paid a transaction fee as determined by the network, known as the gas price.
There are inbuilt mechanisms with PoS which makes the 51% attack very unlikely.
Ethereum (ETH) To Change the World of Supply Chains
Almost every product in existence has a supply chain. This ranges from supply of foods, prescription drugs, through diamonds. Every participant who work with their own data set that are from real time are sure that the details are not tampered because there is no central authority. Thus when they check their data, they are sure that no one have tampered with it.
Whether it is about identifying the source of contamination, reducing operational costs, or the authenticity of products, there is a lot that can be done with blockchains.
Several other disruptive technologies like Robotics, 3D printing, AI, IOT and Autonomous vehicles are growing faster than ever; however, Blockchain has not been able to grow because of the limitations of energy consumption and scalability issues.
There are several industries with overlapping interests. When they all work together that problem that is solved in the supply chain management of one industrial sector will also prove useful for another sector. Ethereum Network provides with the infrastructure which will truly transform the supply chains with PoS.
