Blockchain based platforms are currently in the process of disrupting a broad spectrum of different industries. Initial coin offerings have made it possible for innovative entrepreneurs to gain the capital needed to launch a variety of different services based on dynamic blockchain technology. The most successful and innovative ICOs typically target industries and verticals that can benefit the most from the decentralized nature of blockchain tech.
The supply chain industry is one of these industries. A groundbreaking new platform that has been in development for over four years has recently provided businesses that rely heavily on supply chain infrastructure with a highly efficient alternative to the platforms that are currently in use today.
OriginTrail is a revolutionary supply chain logistics platform that functions as the very first purpose-built supply chain protocol based on blockchain technology. In this article, we’ll take a look at the OriginTrail platform and present a breakdown of its features.
What Is OriginTrail?
OriginTrail is a new supply chain logistics platform based on the blockchain that provides businesses with seamless data sharing along any supply chain. Offering a decentralized platform that ensures transparency, trust, accountability, and security, the OriginTrail solution allows organizations to exchange data instantly in a manner that protects their brand and minimizes supply chain costs.
The OriginTrail platform is planning to launch an ICO and provides interested parties with the option to sign up for ICO updates via the OriginTrail website. The primary purpose of the OriginTrail platform is to provide an alternative to inefficient centralized solutions that don’t provide advanced data relational functionality or scalability.
There are a number of data silos in existence today that are purpose-built for supply chain applications, but these solutions typically suffer from low data interoperability. There is currently no solution available to businesses that want to establish full supply chain visibility and collaborative data exchange.
The OriginTrail platform delivers complete interoperability and automatic data connection between disparate supply chain organizations, as well as consensus mechanisms that ensure data integrity. The solution also addresses cost, performance, and scalability issues.
The architecture of the OriginTrail platform boasts globally recognized GS1 standards for supply chain management, as well as consensus checks within supply chains that cross-reference independently provided data with the entire supply chain management system using zero knowledge proof protocols.
By integrating a decentralized graph database, the OriginTrail platform allows for simple and rapid manipulation of hierarchical supply chain data. The tamper-proof blockchain agnostic architecture of the OriginTrail platform provides a mutability protection layer. Transactions between nodes on the OriginTrail network use the ERC233 token, which represents a unit of machine memory in time. OriginTrail is currently being implemented at Chinese retailer Yimishiji, which will help control the supply of produce while communicating live information for each batch to shoppers in Shanghai.
OriginTrail November 2017 Update:
Recently the blockchain agnostic decentralized supply chain protocol OriginTrail was announced as the Winner of the Walmart 2017 Food Safety Innovation Award.
OriginTrail pioneering world’s first blockchain agnostic decentralized supply chain protocol with its pilot project for Yimishiji, one of China’s largest online food stores is the winner of Walmart’s Food Safety Collaboration Center’s for the year 2017. The project builds on an existing use case which is enhancing traceability in European food supply chains since 2014. The new blockchain solution enables even more credibility in the data provided.
Pretty exciting things to keep tabs on moving forward as their ICO is right around the corner.
The OriginTrail platform is already being used by over 22,500 organizations around the world, and is supported by a world-class management and development team. If you’re interested in the potential benefits of highly scalable, transparent, and decentralized blockchain based supply chain logistics, it’s definitely worth signing up for email updates on the impending OriginTrail ICO.