OriginTrail – TRAC

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OriginTrail – TRAC

7 minutes
Contract adress: 0xaa7a9ca87d3694b5755f213b5d04094b8d0f0a6f

Origintrail protocol was established to bring transparency to the global supply chain ecosystem. Their blockchain is enabling companies and organizations to share supply chain data in a safe environment and an economically viable way.

What is OriginTrail – TRAC?

Origin Trail network has been created between a particular company and its suppliers to produce and distribute a specific product to the consumers, also known as the supply chain. The global supply chain business has been flourishing which was valued at $15.85 billion in 2020 and is still expected to grow up to $31 billion by the year 2026.

Companies have been trying to reduce costs while satisfying the demand. The other main objective has been to scale down on the wastage and maintain the quality of the product. Origintrail aims to solve these problems with the help of blockchain technology.

Origintrail wants to change the way supply chain data is transferred between organizations. It has already proven itself in the food industry with the first version of its technology that will gradually scale to other sectors. By improving data protection mechanisms and development in item tracking in supply chain networks.

This review of OriginTrail – TRAC was created for informational purposes. This article is not intended for promotion.

This review of OriginTrail – TRAC was created for informational purposes. This article is not intended for promotion.

General info about OriginTrail – TRAC

Origintrail is equipped with specific features to tackle challenges faced in the supply chain industry. These features ensure the smooth functioning of the Orgintrail ecosystem.

Interoperability and Data Integrity

Origintrail ensures interoperability as it was developed to conform to the GS1 and W3C standards. So even if data needs to be collected from multiple sources that include older legacy systems and modern blockchain systems, these global standards will allow this data to be aligned in an efficient manner. Where as consensus checks are performed after aligning the data to verify datasets.

There can be distinct types of data such as descriptive data, tracking data, and Internet-of-Things (IoT) data. Also, there is an option where third-party organizations can be automatically authorized for auditing.

The Origintrail Decentralized Network (ODN) was designed to keep sensitive data by using zero-knowledge proofs to prove data validity.

Data Immutability

Just like your mobile phone is not accessible without your fingerprint, a similar tamper-proof cryptographic hash of the data is generated on the blockchain and first published to the ODN. This makes the data immutable, that is later used to verify it has’nt been modified in any way.

Cost Efficiency and Stability

All the efforts involved in assuring data integrity and interoperability are carried out off-chain, the Origintrail graph database can operate cheaply and efficiently. Also, its open-source nature makes it easily deployable and interoperable with existing legacy systems.

Network Incentivization

In order to ensure all the parties in the network are honest, Orgintrail uses a staking system that incentivizes nodes to deliver data on demand and perform the necessary consensus checks.

Projects on Origintrail – TRAC

The Origintrail ecosystem includes projects that helped evolve the supply chain business and datatransfer between organizations.

Trace Alliance

Trace Alliance is a hub that brings together the Origintrail team, partnerships, and Trace Labs members for collaboration. It aims to create enterprise-scale blockchain-based solutions for supply chains by gathering businesses, academics, and technology leaders.

The Trace Alliance operates as a data marketplace for businesses that are willing to integrate the protocol into the existing supply chain management system. The members of the Trace Alliance have the advantage of gaining early access to developer tools and emerging technologies.

They’re also responsible for the partnerships within the network and are with 100 worldwide . It’s become a global network that includes developers, research institutions, businesses, and service providers.

Trace Labs

Trace Labs is the core technology builder for Origintrail. Trace Lab aims to facilitate organizational data-exchange with a focus on global supply chains. It’s also responsible for the project’s open-source protocol and trusted network applications which will solve the business challenges faced by supply chains globally. Well-known organizations such as Global Barcode Registration Body – GS1, Oracle, and Parity, the core Polkadot development team haver partnered with Trace Labs.

OTEGA

OTEGA was created due to the rising demand for services enabled by the Origintrail Decentralized Knowledge Graph. The project is being developed by the Starfleet task force of the Trace Alliance Working Group on Decentralized and Tokenomics.

This project has plans to utilise Origintrail with its applications, legacy systems and it’s blockchain. This by providing the required tools, frameworks, and programs for developers and system integrators.

The Team and Roadmap

The mainnet of Origintrail Decentralized Network launched in 2018 and the Alpha version of their platform was released in 2013. Since then, it has been upgrading to tend the needs of the supply chain industry. The project also consists of an experienced team who have proved themselves by attracting many partners to the project.

The founding member of Origintrail and the CEO, Tomaz Levak. He is a member of the Ethereum Enterprise Alliance Supply Chain working group and has experience managing tech projects in Europe and the Middle East. Ziga Drev is the COO and the co-founder of the project. He has exceptional knowledge in the space because he has previously managed complex supply chain setups in Europe and Asia. Branimir Rakić, the CTO and the co-founder of the project that has been working in the blockchain industry since 2016 and been trying to integrate the supply chain with blockchain technology.

According to the project’s roadmap, the development and integration of Starfleet are being done with the help of the Parity Technologies team which will help in minimizing the transaction costs for the ODN. The team always had the vision to make the Origintrail Decentralized Knowledge Graph (DKG) compatible with multiple blockchains and the launch of ODN v5 on the xDai blockchain in Q1 of 2021, has been a big step towards this goal.

There will also be two new important frameworks that will outline how developers can query the usually complex blockchain data in a semantic, connected, and trusted way on the Origintrail decentralized knowledge graph (DKG), also by  utilizing NFTs.

Use case of OriginTrail – TRAC

The TRAC token is utilized in different ways on the Origintrail Decentralized Network (ODN). There are different nodes and entities within the Origintrail framework such as data provider, data creator, data creator node, data holder node, and data viewer node. TRAC tokens are playing a critical role in the functioning of these nodes and entities.

To participate in the ODN, data creators and data holders need to stake TRAC in their nodes. The higher the staked TRAC, the higher the data jobs that can be published or held.

 

Also, the native token of StarFleet Chain is sTRAC, the wrapped version of TRAC, used on Polkadot. You can stake TRAC tokens (in the form of sTRAC) on the StarFleet Chain network to run individual nodes and businesses.

Data Creators will be able to sell their data on the open market in return for TRAC tokens. This will increase the TRAC utility within the Origintrail ecosystem.

Where to buy and sell OriginTrail – TRAC?

What do we think about OriginTrail – TRAC?

With the growing supply chain market, Origintrail has upgraded itself to meet the needs of the market. Many private and government enterprises have displayed interest in the project, the past few years. 

To encourage and enhance the over-supply chain market the project has designed two new initiatives i.e., the Trace Alliance Evangelist Program and the Working Group on Semantic Web. Those two will bring interested individuals and institutions together.  

They have already been working on government-supported projects which are now in developmental stages. Additionally, it has been stated that Origintrail is planning to expand to the healthcare industry. This will help the project attain exposure and revenue at the same time. And in the expansion process, it is receiving strategic support from the World Economic Forum 

However, VeChain has become a major player in the supply chain market which has comparatively garnered more partnerships than other projects working on enterprise traceability solutions. It will be a difficult task for Origintrail to compete with such a project which is already established in various sectors.

OriginTrail – TRAC conclusion

Since Origintrail has been integrated with the existing global standards for supply chains, there has been an increase in its adoption. The future of Origintrail completely relies on it’s capability to thwart the challenges that will arise on the journey ahead. 

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