Immutability and the Supply Chain: GSC Platform and ETC
ETC is an acronym for Ethereum Classic, a project originating from Ethereum. The implementation of the project started after the famous DAO hack of Ethereum. For the Ethereum blockchain to survive in the cryptocurrency ecosystem after the DAO hack, three options were proposed for its survival which is: do nothing, implement a soft fork, or implement a hard fork. Most contributors to the Ethereum community agreed to allow a hard fork, but some loyal investors who opposed to the hard fork and thought Ethereum will be going against what it initially stood for by initiating a hard fork decided to remain on the old chain and coined the name Ethereum Classic.
ETC is the native token of the Ethereum Classic blockchain, it is used as gas that incentivizes the network miners through fees from transactions and smart contracts. Unlike Ethereum, ETC uses a fixed token supply system starting in 2017, with a hard cap around 210 million ETC in dollars.
One of the great benefits of using ETC is its functionality for true immutability on the network and how it makes transaction irreversible. According to writings on their official website “We believe the core value proposition of any blockchain is immutability; valid transactions can never be erased or forgotten. Individuals interacting on Ethereum Classic are governed by this reality; Code is Law.” This benefit is one of the several reasons why many startups chose to build their project on the ETC blockchain.
Ethereum Classic Labs is among the first incubators to accelerate innovative projects on the Ethereum Classic Blockchain (ETC). They are entrepreneurs and technologists who believe that good ideas thrive in a vibrant ecosystem. Their mission is to develop the ETC ecosystem and to support entrepreneurs and their enterprises. ETC Labs covers different application development areas like critical information storage, game prediction, personal loans, second-hand product record & verification, certificate record & verification, tracking systems, IoT, healthcare & medical information systems, identity management among others. What sets ETC Labs apart from others is their attention to details, also they give technical support, financial support, working space, flexible applications and guidance to every project.
Genesis Supply Chain Platform is a company based in France. Their primary aim is to develop a supply chain solution to improve part safety and streamline processes for Supply Chain Industry. They provide a platform to all purchasing professionals to improve their businesses which will result to a reduction in costs and time with an easy tool to implement using blockchain technology. The company’s goal is to simplify the processes involved in managing the supply chain and improve part safety with end to end parts tracking from manufacturer’s level to the installation level using the blockchain technology. There is the provision of efficient and powerful technical tools for securing and streamlining internal processes for suppliers and buyers. Also, through the incorporation of blockchain technology, there is an assurance of speed and security in transactions to keep immutable records of parts throughout their lifecycle.
Where ETC, ETC Labs, And GSC Platform Meets
After the DAO hack ETC has since stayed true to the foundation base of the original core principles of decentralization, immutability and unstoppable code which Ethereum stood for at the beginning. These features, especially immutability, are needed more than ever for the transformation of supply chain networks. With ETC making sure that every transaction and interaction on its technology remains valid and irreversible the Supply Chain will benefit from this feature, since there has been a number of supply chain projects being found wanting in this area, for example, products received without a serial number to track the origination of the product or the initial number been erased. Also, the high rise of counterfeit parts will be immediately checked since there is provision of open ledger where the ownership of each part can be easily checked and disputed if need be. Fraud and the exorbitant funds been spent on middlemen to track product before now will be reduced with this implementation since everything can now be done and checked within a system. The GSC Platform built in partnership with ETC Labs using the ETC blockchain is building a formidable and strong technology that will help validation, accuracy, traceability, security, product tracking and centralization for Supply Chain Management.
ETC history — https://crushcrypto.com/ethereum-classic-analysis/
ETC Labs — https://www.etclabs.org
GSC Platform — https://gscplatform.io/en/gsc-aviation/