Hassan Maishera
On Tuesday, the Avalanche Foundation announced via X that Korea’s largest steelmaker, POSCO, is bringing global trade on-chain on Avalanche.
POSCO International supplies some of the world’s largest companies, including Hyundai, Samsung, Kia, Toyota, GM, Ford, LG and more.
Together with Intain and Olea, POSCO is harnessing the power of blockchain technology to enhance their operations, while exploring digital solutions for trade and treasury management.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain, and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely, having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
AVAX is down 2.7% today and currently trades at $7.40 per coin.
