GoChain tackles supply chain management with blockchain

0:20interview by getting an explanation for those who aren't familiar with go chain on what exactly is the go chain project and how are you providing enterprise blockchain blockchain solutions specifically right now yeah that's a great question so go chain actually started out as a blockchain consulting company and protocol and so we've really evolved over the

0:41past two years to be enterprise focused and so what we're doing is we've built in an established team of business professionals technology professionals engineers to be succinct that are really delivering the right solutions to the enterprise market for blockchain services as they're needed so everything across the board from supply chain to digital identity

1:06and we're really focused on meeting the market where it stands so that's really the biggest differentiator about go chain is that instead of just being a blockchain company that creates a solution and puts it out in the marketplace for others to use we're actively managing this we run go chain go chain is a startup and we're releasing products and

1:25services for the enterprise space for the mid-market level companies to use directly yeah and it seems like your team has found found your focus right on what's important and you know to dive deep into the enterprise side i'm curious you know what's your opinion on how important is the early adoption for enterprises of blockchain technology

1:46for the global adoption of blockchain as a whole yeah so that's a great question i think we're still somewhat in the early days i would say you know this is a lot of people are dipping the toe in the water and have expressed interest in blockchain i really haven't come across one enterprise company that hasn't explored blockchain as a solution to solve a multitude of

2:11problems and so we're really at that key moment here where it's this is going to be the deciding factor the marketplace is going to dictate who survives and what solutions are truly applicable to the enterprise level and truly scalable and so that's what we're trying to do again is meet the market where it stands and cater to their needs well that's

2:34great to hear that you know you haven't heard of one enterprise that isn't really experimenting with blockchain and i have seen a lot of these enterprise alliances with hundreds and hundreds of small to medium-sized enterprises and large corporations all getting interested in the technology now so you know i feel like maybe we are at that turning point and

2:54And a lot of things are happening in 2020 here and i'd like to know with go chain you know what's happened so far with 2020 with the economic pandemic and covet 19 has have you seen more interest from enterprises to start adopting or has there been any effect from from the pandemic yeah that's another great question i would say you know early on we were it

3:17was really touch and go and i think everybody was just kind of playing it by ear and trying to figure out what how this was going to shake out with code and you know interestingly enough i think it's really actually accelerated a lot of the technological developments and interest level in blockchain specifically so when we're talking about data transparency

3:41sustainable supply chains personal identity as well and protecting that identity whether you're working from home or you're a government institution or a school an education provider there's there's really a multitude of things that we've seen come to light in the middle of cove code surprisingly as a market opportunity yeah and we're going to dive into that because i know

4:05that on the supply chain side your team's really been focused on that and you are actually actively helping with certain situations in the pandemic which is helping people directly right now so it's great to see that blockchain you know is actually being put to use and providing help for people when they need it but before we get to that i have a quick

4:23question about you know the infrastructure of go chain and what allows it to be used by enterprises so easily and at scale more importantly because a lot of the major blockchains like bitcoin and ethereum there's the discussion of scaling issues and how are we going to get this to thousands and tens of thousands of transactions so that enterprises especially supply chain can run smoothly

4:46with millions of transactions potentially going on per day you know go chain has been able to get past those scalability limitations of those two major networks can you touch a little bit on you know have you done things differently and is it enough what you're doing now to support all of these enterprises moving forward yeah that's that's a really really good

5:05point and that's that's always kind of been one of the one of the main factors about go chain one of the differentiators again one of the reasons why our cto and co-founder came up with the idea and the concept of implementing go chain of creating go chain was to solve a lot of the scalability problems and high transaction costs energy inefficiency that's that

5:28plagues bitcoin and ethereum and so that's that's really where that's the that's the core of the solution at a technical level that we've provided from day one and what that comes back to is i mean if you ask our cto and co-founder travis reader again he would tell you that when he first bought the ethereum code base and started rewriting it he made a million little

5:51changes that optimized it for speeding performance and that's true along with that we have a different consensus mechanism that's called proof of reputation it's similar to proof of authority but instead of direct individuals running nodes our consortium of node signers are actually enterprise companies private companies and we also have several non-profits including

6:16conservation international a company called fins attached that specializes in shark water restoration around the world and does marine biology research so that's that's really what it comes back to is both the optimized code base and then the network that we've created so what that allows us to do is actually scale at a level that where we can run

6:40100 times the throughput of ethereum for example we can handle 1300 transactions per second our fee structure is considerably less at nearly one one one hundredth of the i'm sorry actually one ten thousandth of the cost per transaction so even actually less than that i'm sorry i'm forgetting the actual number but it's one ten thousandths of a penny per

7:07transaction so magnitude is order of magnitudes less and then along with that even the energy efficiency you know due to the actual efficiency of the network we can we actually use 1 100th the amount of energy as bitcoin and ethereum which is one of the biggest drawbacks i you know i think you can actually statistically you can run a single

7:30family home on the amount of electricity that's used to power the ethereum network per day so per node wow yeah and that's you know sustainability is something i want to touch on later because that's very important moving forward especially when you get to scale but now that you have that scalability and it's great that you also have enterprises that are helping validate

7:51the network you know in a diverse diversified way one of the initiatives that you've been working on now that you have this scale is the supply chain networks and the go trace platform which is initiative that i saw go chain came out with earlier this year and that's been helping with the coven 19 pandemic can you talk a little bit about you know how exactly are you utilizing supply

8:13chain and how are you helping these people in need yeah absolutely so what we're doing is and you're correct we actually just recently launched the goche the go trace platform and so what that allows us to do is provide a turnkey sas solution to the enterprise level to even individual users whether they're farms or fisheries or a small business even

8:39and be able to use that system the go trace platform to be succinct as a as an end-to-end supply chain track and trace platform so what that provides is transparency validation of the network so you're not using a blind supply chain you can actually see every step of the supply chain in real time and you can access that data from a mobile device

9:02you send alerts from the actual location the gps location of all of your shipments and your tracking and again what that comes back to the answer your point more directly is around sustainability is actually efficiency so instead of having major losses you can actually mitigate losses and prevent that you can increase roi and you can find those inefficient

9:25levels of your supply chain that are actually energy consumptive or excessive require excessive amounts of energy and even even structure your supply chain so it's it's functionally more efficient and effective at that level as well wow well that's really interesting especially in the time of need to come to action right right when you need it but of course there's so many

9:51other supply chains you know with every industry of products supply chains going on all over the world but it's great to see that you're actually helping people in need right now and that you're continuing to do that can we talk a little bit about the future you know what lies in the future for go chain in terms of maybe in the next six to 12 months i

10:12know you've released the go trace platform you're continuing to work on supply chain do you have some big things in the pipeline which the team is working towards right now yeah that's that's a good question so we're really this is this is a new initiative and we do have some big plans what we're trying to do is again is meet the market opportunity where it

10:35stands supply chain is a huge issue to your point earlier that's something that's really come to light in the middle of covet supply chain is changing whether it's logistics whether it's ethical supply chain and validating that level of transparency and so we're working with a number of different partners already and different users and clients

10:56and one one notable example i would point to is what we're doing with two hands and actually two hands is a lobster fishery startup out of australia and so what they've done is created a proprietary tagging solution for officers that are fresh caught day of catch flown directly to beijing or a variety of places in southeast asia to high-end hotels including the waldorf

11:21astoria and what go trace allows them to do again is validate that entire supply chain network creating that immutable and transparent ledger all the way down to the end consumer so not only just the supply chain network or the end recipient in this case being a restaurant but actually the end customer who sits down and the convenient thing and why i love

11:44the two hands example so much is that when the lobster is plated it's actually still plated with that qr code tag on one of the claws wow what we've done with the go trace platform is provided a public instance where anybody can scan that qr code and actually pull up the ledger that shows the supply chain data history and records in real time of or the historical

12:10record in that case yeah where they can look at that and see to themselves wow this was this lobster was caught two hours ago yeah four hours ago at this location and it was brought onto the dock and here it is on the plate in front of me and that's why it's it's such a premium premium product yeah well that is super cool and i know there's so many

12:33people that you know they're just they go to a restaurant and they have no idea where their meat or where their food is from or how old it is but to be able to just scan it right then and there is just the next level so that is a really cool initiative ian you know we're running out of time but if there are other enterprises that are looking at blockchain solutions they want to speak

12:54with you or there's more people that are looking to get involved with the go chain community what's the best way for them to learn more information and to reach out yeah absolutely so the best thing to do is to learn more about go trace directly or go chain is to go to our website go chain that io and we do have a page dedicated to go trace specifically anybody can sign up for a

13:16trial of go trace for 30 days whether you're an enterprise or direct user small family farm small business everything across the board from parts tracking to anti-counterfeiting and fashion agriculture fisheries as i mentioned with the example of two hands anybody can benefit from this that's that's operating in the supply chain space and we encourage you to

13:40at least explore the solution sign up for a trial and then of course reach out to us directly if you have any questions and we're always more than happy to help awesome thank you so much ian i will leave those links in the description box below for the viewers that's all the time that we have for the interview i appreciate you coming on the show all the best with go chain moving

13:59forward and let's follow up in the near future absolutely thank you for the time