lockchain 3.0 has a major concept of DAG with which it intends to resolve issues faced in Blockchain 1.0 and Blockchain 2.0.
DAG is directed Graph data structure with topological ordering. Due to transaction speed and scalability issues with Bitcoin (and Blockchain in general), it's been improved continuously.
In the current structure, the linked storage structure allows for only one direction as POW (Proof of Work) algorithm system doesn't allow blocks to be created simultaneously. Also, it takes about 10-11 mins. For one block creation. In this technique, With Ethereum, 15-20 seconds for Block creation is also not fast enough.
On the other hand, DAG, Blockchain 3.0 doesn’t rely on Miners for Block creation and maintenance, and it helps to improve scalability by Miners working in parallel to create multiple blocks.
Unlike current Blockchain Linear linked structure, DAG functions in an interlinear fashion. This Block creation would make blockchain scalable, efficient and cheaper as well.
Few Projects implementing Blockchain 3.0
ICON
Zilliqa
Use Cases
Supply Chain
A Supply chain is a network that is established between several business owners, suppliers and regulatory bodies.
Lack of transparency what phases product has gone through and to see, number of a distinct party trying to maintain a ledger, lack of trust among parties make the supply chain a right candidate for Blockchain.
Also, Counterfeit goods are common, so Blockchain can help resolve issues of product authenticity.
This can be achieved by Blockchain’ ability to enable the digitisation of assets. With this, we can assign a unique identity to each product which is then transplanted on a blockchain.
One of the business giant Pepsico recently tried blockchain for Industrial challenges in programmatic advertising. The project was termed as Project Proton.
It carried out end-to-end supply chain reconciliation using zilliqa Blockchain platform.
Similarly, Walmart found that the pork in its retail stores of China is infected. They wanted to check where the infected stock of porks came from, but due to the lengthy and complex process of the supply chain, it was untraceable.
They had to recall all of the pork stocks which cost them millions of dollars.
So, Walmart tied up with IBM to see how blockchain can help trace food for safety purposes.
Apart from Supply chain traceability, Supply chain orchestration is a good use case to know where goods are at different point and time. This could help teams better while deciding the next step of action.
Companies like Everledger, Walmart, Pepsico are banking on Blockchain for Supply chain management for different purposes. Everledger and Walmart use Hyperledger like platforms, while Pepsico is exploring Zilliqua for tracking.
Supply chain frauds could be detected and resolved in real-time.
Study Material