BUSINESS - COMPANY NEWS
Wednesday, December 27, 2017
OriginTrail Co-founder & COO Ziga Drev at the inaugural event of the Walmart Food Safety Collaboration Center's Innovation Pipeline in Beijing (PRNewsfoto/OriginTrail)
BUSINESS - COMPANY NEWS
Source : OriginTrail
OriginTrail, European IT company known for its traceability solutions, developed the first blockchain protocol that is purpose-built for data exchange between organizations along the supply chain. It announced a token sale (ICO) starting in January with a mission to bring decentralized data exchange available to every organization. It enables mass adoption which will increase trust and efficiencies on a global scale.
Blockchain is often described as one of the best use-cases for blockchain as a trusted ledger, but no large-use case has been implemented yet. The main reason is that blockchain was not developed for operations with larger amounts of data - storing just 1 kB of data on Ethereum blockchain can cost thousands of dollars, and data queries are slow. OriginTrail is now solving this with a decentralized, off-blockchain network, purpose-built for the needs of supply chains. It makes blockchain-supported data operations fast and cost-efficient, and addresses 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 can bring together the best of both worlds by connecting with any blockchain and any company IT system, which makes for a low 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.
"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," said Tomaz Levak, Co-founder and CEO of OriginTrail.
The team that has prior experience in implementing supply chains traceability and data interoperability projects for leading European food producers is planning a token crowdsale starting in January. The roadmap envisions the development of a decentralized network and a plug-and-play solution, suitable for all product supply chains, based on a mission to bring interoperability and information integrity to the fragmented supply chain world.
Blockchain technology has huge potential to decentralize trust in supply chains and bring enormous benefits. "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," explained Ziga Drev, Co-founder and COO who is managing operations in Shanghai, China.
The pilot project with the Chinese online food store Yimishiji was in November awarded by the Walmart Food Safety Collaboration Center and admitted into its 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.
Token presale will start on January 15th, 2018. It will be immediately followed by the crowdsale which will begin on January 29th and will last until February 12th, 2018. Token sale will be implemented through a smart contract on the Ethereum blockchain. Token sale will be successful if OriginTrail raises at least USD 5 million, and the hard cap is set at USD 22.5 million.