In a world fast moving towards digitization, data is regarded to become gold. There is already a dynamic shift towards the growing importance of data and big corporations are known to exploit their users and violate their privacy rights by using their data – for example, the Cambridge Analytica scandal. The blockchain technology began to gain popularity because it provides an alternative to exploitive Wall Street giants.
OriginTrail is a project that is working in the data domain, given its increasing importance. The project utilizes the blockchain technology to enable a decentralized and trusted system for data sharing in order to make supply chains more efficient.
What is OriginTrail?
OriginTrail is an open-source protocol designed for data sharing between companies and organizations. The decentralized nodes and off-chain technology stack allows the network to communicate between legacy networks as well as other blockchains. By utilizing the network, businesses can improve their interoperability and ensure a trusted data exchange with other partners. The network’s proposition ensures the flow of information to be cheaper and more efficient in the supply chain industry.
Data enters the OriginTrail network through data creator nodes which could be any entity – business or blockchain. A tamper-proof fingerprint of the data is generated and placed on the blockchain which can be used later on to ensure the data has not been modified. Through a bidding process, the data is passed to data holders who then agree to hold the data for the desired amount of time in return for rewards. The data holders also act as decentralized knowledge graphs to connect data sets across supply chains or companies.
The bi-yearly report of the network lists down major developments that have put OriginTrail on track of achieving its ambitious goals. During the first six months of 2021, OriginTrail become a multichain network. The interoperability is boosting the adoption of the network’s Decentralized Knowledge Graphs – which is a revolutionary alternative to the way this technology is usually utilized. However, the developments have not ended yet. The network plans on adding additional blockchains to its ecosystem to further boost the interoperability. Polkadot and other EVM-compatible blockchains will be added next.
The future outlook for the cryptocurrency appears to be bullish. According to the estimates of Wallet Investor, OriginTrail is expected to be operating at a price level of $1.31 in a year’s time while the five-year projection places it at $2.65. At the time of writing, the token was trading hands at $0.97 apiece.