SAN FRANCISCO, Jan. 18, 2018 (GLOBE NEWSWIRE) — OriginTrail, a European IT company known for its traceability solutions, today announces the completion of its Trace token (TRACE) sale, or initial coin offering (ICO), reaching the funding round’s hard cap of $22.5 million. The success of the ICO underscores the demand to make decentralized data exchange available to every organization and enable mass adoption to increase trust and efficiencies within the supply chain on a global scale. By providing a technology that brings transparency to the supply chain, OriginTrail will help protect against and prevent problems exacerbated by an opaque supply chain, including food safety violations, counterfeits, sweatshops and more.
Blockchain technology, as a trusted ledger, creates an unprecedented level of accountability for supply chains. However, the technology was not initially developed for operations with large amounts of data, and was cost prohibitive to deploy. To solve this problem and bring the benefits of blockchain to the supply chain industry, OriginTrail created a decentralized, off-chain network that is purpose-built for the needs of supply chains and safely combines supply chain data from different IT systems.
OriginTrail’s protocol is capable of connecting with any blockchain and any company IT system, creating a low adoption barrier, and stores only fingerprints of data on a blockchain. Original data is kept on a decentralized network, which enables the development of decentralized apps on top of it. Digital tokens, called Trace tokens, are utility tokens to be used while interacting with the OriginTrail Decentralized Network (ODN) and will function to store data to the protocol or read from it.
“We are honored to have experienced such a positive reception to our technology through our ICO. Building a product that inspires the confidence of so many supporters has been humbling and eye-opening,” said Tomaž Levak, co-founder and CEO of OriginTrail. “With this support, we can now begin executing the entirety of our roadmap over the next three years and ensure that ODN makes its way towards becoming the open-source standard for building transparency in supply chains.”
The roadmap for OriginTrail’s growth 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. OriginTrail was also recently recognized as a member of the Enterprise Ethereum Alliance (EEA).
Already well-established in the food supply chain industry, OriginTrail is part of the Bits x Bites food tech accelerator program and recently deployed a pilot program with the Chinese online farmers market Yimishiji. The partnership brings a new degree of accountability into the Chinese food market, and will help its consumers – part of the world’s largest market, consisting of 1.4 billion consumers – verify the source, authenticity and journey of their purchases.
“As China’s first food tech accelerator VC, we set out to support startups that share our mission—to advance technology solutions to shape the future of good food,” said Matilda Ho, Founder and Managing Director of Bits x Bites, Founder and CEO of Yimishiji. “We couldn’t be more pleased to be working with OriginTrail and seeing the team revolutionize tomorrow’s food supply chains.”
For more information about OriginTrail or to download the whitepaper, visit https://origintrail.io.
OriginTrail is the first purpose-built protocol for supply chains based on blockchain technology. Blockchain technology has huge potential to decentralize trust in supply chains and bring enormous benefits. To unlock this potential, OriginTrail protocol was designed to tackle the prime challenges limiting the exchange and integrity of data in product supply chains. OriginTrail delivers IT providers in the supply chain industry quick implementation of blockchain-supported data sharing in multi-organizational environments.
OriginTrail is the missing puzzle piece that helps build transparency beyond the “one step down, one step up” principle, increasing integrity of data and saving money for stakeholders in supply chains. The first version of OriginTrail is currently in use in the food industry with the upcoming open source version applicable to any product supply chain. For more information about OriginTrail or to download the white paper, visit https://origintrail.io.
Uproar PR for OriginTrail