OriginTrail: First Purpose-Built Protocol for Supply Chains Based on Blockchain

At the present moment, there’s a lot of confusion going on in the supply chain sphere. Yet, there’s a solution. That solution is blockchain based technology and it has a significant potential to decentralize trust in the supply chain industry creating many benefits across the chain. This potential will require some focus, someone must delve into the issue and tackle this head on and sort out this mess that plagues the supply chain world. Who has taken on the task of solving these issues? None other than OriginTrail.

OriginTrail has developed a protocol that will unlock this immense potential, the protocol was created with the primary challenges in mind. The challenges post a roadblock in the exchange and the integrity of the data in product supply chains. The situation gets even more messier with the overall supply chain data becoming increasingly fragmented, a limited scalability potential, increased costs and wasted resources in the current decentralized solutions.

What is OriginTrail?

According to their overview “OriginTrail is a unique protocol enabling IT providers in the supply chain industry quick implementation of blockchain supported data sharing in multi-organizational environments. It is a missing puzzle piece that helps build transparency beyond the “one step down, one step up” principle, increase integrity of data and save money for stakeholders in supply chains. The first version of OriginTrail is currently in use in food industry, with the upcoming open source version being applicable to any product supply chain. “

What exactly are the challenges?

There are a couple, we’ll start with the first one.

Data is fragmented. There are too many walls around pieces of data, this a problem because this causes friction for the exchange of data. These low levels of data interoperability exists everywhere, exacerbating the levels of friction and adding to the mess that is the current supply chain scene.  The problem with the interoperability is that is taking place within the organization and across multi-organization supply chains. These barriers to communication poses a critical technical challenge for the various IT providers for supply chains (software and IOT) that require a resolution in order to foster collaboration and establish full supply chain transparency.

Secondly, supply chain data is currently centralized, as noted above, they are walled up across the board. Supply chain data is collected and aggregated by either one or multiple entities prompting considerations about data integrity and omitting accountability.

Centralized administration is a boon for those who like minimal transparency and accountability. These pro non transparency enthusiasts are given a larger margin to be able to tamper with the data and this can lead to potential collusion. The object of decentralization is to have the correct data transmitted across the supply chain system within the organization and across organizations. When implementing one is integrating the aspects of accountability and transparency as the foundation as opposed to a mere afterthought. Each aspect of the data is accounted for thus rendering the chances of collusion to nil.

Solution

The solution is comprised of an off chain decentralized peer to peer network, called the OriginTrail Decentralized network. This enables peers on the platform to negotiate services, transfer, process and retrieve data, verify it’s integrity and availability and reimburse the provider nodes. This solution minimizes the amount of data stored on the blockchain in order to reduce cost and inefficiency.

The solution stack has the components of the application layer, the ODN network layer, the ODN data layer and the blockchain layer.

Token

“The ERC20 Trace token is the means of compensation between supply chain data producers and data consumers on one side and the OriginTrail node holders on the other. It provides the incentive to the nodes in the peer to peer network to perform the system functionalities.”

Origin Trail Accomplishments and Roadmap

2013 – Alpha version for organic beef products

2014 – Beta Version for dairy products, integration with Microsoft Navision

2015 – Beta version for poultry and vegetable products

   Integration with SAP and other 3rd party ERP providers

2016 – Over 20.000 unique shoppers using the system

   Over 12.00 raw material providers (farmers) tracked in the system

 Introducing blockchain

2017 – Ethereum Network

         – TGE presale

Formation of Trace Alliance of beta users with companies and institutions in the US, EU and China

2018 – March (finalization of crowdsale) Distribution of tokens. Launch of network and more!

 

Founders

Tomaž Levak -Co-founder & CEO

Žiga Drev- Co-founder & COO

Branimir Rakić -Co-founder & CTO

The team is comprised of people who have been in the industry for a while and is full of individuals who are well versed to tackle the problem adequately.

 

More information here

By | 2017-11-14T22:54:53+00:00 November 14th, 2017|Token Review|0 Comments

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