OriginTrail, a supply chain traceability solutions provider based in Italy, announced it will conduct an initial coin offering (ICO) to further development of their blockchain protocol purpose-built for enhanced data exchange between organizations along the supply chain.
The protocol stores data in a decentralized, off chain network identified by hashes on the blockchain that can be used in queries and application design. This implementation is designed to improve the speed and efficiency of highly secure and trustless blockchain technology that can be slow and expensive into the existing supply chain ecosystem. It is designed to allow integration with any existing supply chain management system within the $525 billion market.
OriginTrail was recognized for Solutions For Information Transparency in Supply Chains by the Walmart Food Safety Collaboration Center, according to the company. The company also touts a pilot project with the Chinese online food store Yimishiji to allow customers to verify the traceabillty of items purchased online and to showcase the enhanced safety, transparency and trustworthiness.
Ziga Drev, co-founder and COO of OriginTrail, said in a statement, “We are currently implementing pilot projects in food supply chains in China that will help consumers in the world’s largest market – consisting of 1.4 billion consumers – verify the provenance, authenticity and journey of their quality products. But further implications of the protocol are much broader–OriginTrail also enables the development of business applications based on inter-organizational data, such as optimization of supply chain, inventory management or getting certified.”
The OriginTrail ICO presale will launch January 15th, 2018 and will be followed by a crowdsale from January 29th to February 12th, 2018. The minimum fundraising goal for the OriginTrail ICO will be $5 million, with the fundraiser capped at $22.5 million.
Tomaz Levak, co-founder and CEO of OriginTrail added, “Our vision is to bring data integrity and transparency to supply chains worldwide. We are proud that our innovative, blockchain-based data integrity solution was already recognized by the global leaders who share our vision for transparent supply chains as a precondition for protecting consumers and brands, as well as increasing efficiencies on a global level.”
To learn more about OriginTrail and their upcoming ICO, visit https://origintrail.io.