OriginTrail, a European IT company known for traceability solutions, has developed a blockchain protocol that is purpose-built for data exchange between organizations involved with the supply chain. It has announced a token sale to start in January to help make decentralized data exchange available to every organization. In creating this solution, OriginTrail aims to makes blockchain-supported data operations fast and cost-efficient, and address the $525 billion world supply chain market.
A decentralized off-chain peer-to-peer network that safely combines supply chain data from different IT systems, OriginTrail’s protocol could connect any blockchain and any company IT system, to lower adoption barrier, and stores only fingerprints of data on a blockchain. Original data is kept encrypted on a decentralized network, which enables development of decentralized apps on top of it. The protocol is supporting GS1 global standards for data exchange and can include Internet-of-Things data.
Tomaz Levak, Co-founder and CEO of OriginTrail, commented: “Our vision is to bring data integrity and transparency to supply chains worldwide. We are proud that our innovative, blockchain-based data integrity solution was already recognized by the global leaders who share our vision for transparent supply chains as a precondition for protecting consumers and brand as well as increasing efficiencies on a global level,”
Co-founder and COO who is managing operations in Shanghai, China, Ziga Drev explained: “We are currently implementing pilot projects in food supply chains in China that will help consumers in the world-largest market with 1.4 billion consumers verify the provenance, authenticity, and journey of their quality products. But further implications of the protocol are much broader – OriginTrail also enables development of business applications based on interorganizational data, such as optimization of supply chain, inventory management, or getting certified,”
A pilot project with the Chinese online food store Yimishiji was awarded by the Walmart Food Safety Collaboration Center in November and admitted into the OriginTrail Innovation Pipeline. The project is being implemented to enhance transparency, safety, fairness, and trustworthiness in food supply chains by empowering customers to verify the traceability of every item sold online.
The token presale will start on the 15th of January, 2018. It will be followed by the crowdsale which will begin on the 29th of January and will last until the 12th of February, 2018. The token sale will be implemented through a smart contract on the Ethereum blockchain and will be successful if OriginTrail raises at least USD 5 million, with a hard cap is set at USD 22.5 million.