OriginTrail unlocks blockchain for global supply chains

Tuesday 16 January 2018 13:00 CET | News

OriginTrail, the European IT company, has announced its development of the first blockchain protocol that is purpose-built for data exchange between organisations along the supply chain.

The company will launch a token sale, or initial coin offering (ICO) this month, with a mission to make decentralized data exchange available to every organisation and enable mass adoption on a global scale.

Supply chain 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 combines supply chain data from different IT systems, OriginTrail’s protocol can bring together the both worlds by connecting with any blockchain and any company IT system. This 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 supports GS1 global standards for data exchange and can include internet-of-things data.

The team, which has prior experience in implementing supply chain traceability and data interoperability projects for leading European food producers, will hold 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. OriginTrail is currently implementing pilot projects in food supply chains in China that will help consumers verify the provenance, authenticity and journey of their quality products.

Further implications of the protocol are much broader. OriginTrail also enables the development of business applications based on interorganizational data, such as optimization of supply chain, inventory management, or getting certified.

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Keywords: OriginTrail, blockchain, supply chain finance, ICO, protocol
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech