Blockchain technology is on the verge of completely changing how supply chain management works. Currently, supply chain data is fragmented and hidden. There is a limited ability to share it across the entire supply chain.
New startup OriginTrail is a protocol solution that will allow IT providers to set all their information on the blockchain to be easily analyzed and shared. The protocol allows for the exchange of different data sets between multi-organization supply chains no matter its complexity while ensuring the data’s quality and integrity. This will allow for tracking and transparency beyond anything yet seen, preventing fraudulent behavior, cutting costs, and saving time.
“Employing the capacity of fast-growing blockchain networks, OriginTrail will bring decentralization, interoperability, data and information integrity and trust to supply chains. Contribution to OriginTrail ecosystem is a pledge towards more transparent, collaborative, fair and trusted supply chains “
The OriginTrail Protocol is currently in pilot programs in Europe and China. The results of these pilot programs will be shared in forthcoming documents.
According to the whitepaper, and limited outside research by the author, OriginTrail will be the first blockchain solution on the market that provides the functionalities of storing, processing and interacting with highly interconnected data that is inherent to the supply chain.
TRAC token is what allows the entire OriginTrail ecosystem to run. The system consists of a network of machines (nodes) that are all running OriginTrail full software clients.
The Trace token is the means of compensation between supply chain data producers and data consumers on one side, and the OriginTrail node holders on the other. It provides the incentive to the nodes in the peer to peer network to perform the system functionality.
The current version of OriginTrail utilizes Ethereum blockchain to provide proof of concept; however, the fully developed solution will provide interfaces to many different blockchains.
Masternodes will be in play with this project. There is no answer yet as to how many tokens it will take to run a masternode.
The OriginTrail team looks solid with very intelligent leaders. They team has a history of working together, and are actively recruiting new talent. This includes the recent acquisition of a strong marketing team. The company recently won a Walmart “Food Safety Innovation Spark Award” in Bejing, beating out 12 other teams. All this despite not having a partnership agreement with the retailing giant.
It was a breath of fresh air to review this project. The team seems extremely professional and capable. Protocols are hot. This is a unique project, with several use cases.
- It’s hard for the author to come up with risks, because he believes most of them lie within the technology side of this project, and he is no expert in this field. There are ODN layers, and 2 types of nodes. It seems very complicated, and as OriginTrail said themselves, nothing like this has been built before. In other words, the project could fail. Check out the whitepaper here for more information. -2
- Possible system attacks- They go into great detail about how their complex node system is susceptible to a variety of different attacks. They explain in great detail how they plan to prevent these attacks, but it does remain a risk -2
- This distribution of the 250 million tokens they are selling is concerning. 18% goes to the founders/pre-ICO contributors. The pre token offer is a red flag, as it could mean serious early dumpage on the exchanges. I took to the Telegram chat to ask about this, and their rep replied, “These are individuals who were financially and timewise part of the project from the very beginning. For their contribution, they receive a share of the tokens. There was no pre-ICO, all the funds raised are intended for financing the development of the protocol already during the token sale and for the token sale itself. Vesting is included.” -4
- OriginTrail is a type of ecosystem, it’s not just a company. It’s a token based economy with direct relations between users and network nodes, eliminating arbitrary fees. The system must have a large community of users to get stable. luckily they offer masternodes, which investors love. +4
- The following use cases for OriginTrail are outlined in the whitepaper: product authentication, product journey visibility, product recall efficiency, product freshness for perishables, chain of custody with accountability, CSR activities support, supply chain mapping and optimization, inventory management, alert systems (exception management), supply chain compliance assurance, customs, audit and regulations process optimization, and any other supply chain application that requires transparent supply chain as a starting point +3
- Reading their whitepaper, it’s clear these guys have thought this through. One thing that stood out is how adaptive they will be to future technologies. Basically, they are trying to allow any company/blockchain to integrate their particular blockchain onto OriginTrail. +3
- Masternodes are all the rage these days. Any coin with a node is getting pumped. This is a legitimate project, with many use cases, offering masternodes. +5 (They have not shared how many tokens are needed to run a node yet.) +2
- They have a really strict KYC process that anybody trying to get into the crowdsale will have to go through. This is very good for the price action when this first hits exchanges. All the people from China, and the U.S. that aren’t able to get in will have to acquire it post ICO.+2.5
The author scores this very high, while admitting to being ignorant of the technology. So please look into it for yourselves, but hurry and sign up for the whitelist before you do, because it will fill up fast. 6.5 out of 10.
- Symbol: TRAC
- Total Supply: 500 million
- Supply for Sale: 250 million
- Presale: Jan. 15 – 28, 201 (strict KYC whitelist)
- Crowdsale: Jan. 29 – Feb. 12, 2018
- Hard Cap: $22.5 million
- Price: $0.10