OriginTrail Raises US$22.5M For Supply Chains Blockchain Protocol
Blockchain startup OriginTrail has reached the hard cap of its token sale, raising a total of US$22.5 million for its supply chains blockchain protocol.
OriginTrail is developing a blockchain protocol for data exchange between organizations along the supply chain. The technology promises to increase trust and efficiencies, and bring transparency to supply chains.
"We are honored to have experienced such a positive reception to our technology through our ICO," 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 includes the development of its decentralized network and a plug-and-play solution, suitable for all product supply chains, based on a mission to bring interoperability and information integrity.
The OriginTrail protocol will run on an off-chain decentralized peer-to-peer network, called the OriginTrail Decentralized Network (ODN). It will enable peers on the network to negotiate services, transfer, process and retrieve data, verify its integrity and availability and reimburse the provider nodes.
Using OriginTrail, all stakeholders will be able to securely share their data and keep sensitive data fully encrypted at all times. By supporting global standards for data exchange (GS1, IoT, compliance standards), OriginTrail will assure compatibility with existing ERP systems, making implementation process quick and efficient.
"Our vision is to bring data integrity and transparency to supply chains worldwide," said Levak. "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 brand as well as increasing efficiencies on a global level."
OriginTrail is part of the Bits x Bites food tech accelerator program and has already established itself within the food supply chain space. The pilot project with Chinese online food store Yimishiji was in November awarded by the Walmart Food Safety Collaboration Center and admitted into its Innovation Pipeline.
The project was implemented to enhance transparency, safety, fairness, and trustworthiness in food supply chains by allowing customers to verify the traceability of every item sold online.
"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."
OriginTrail recently joined the Enterprise Ethereum Alliance (EEA) as part of the consortium's Supply Chain Working Group. It will focus ideating, create proof-of-concepts and collaborate on ways to solve pain points existing in supply chain with blockchain solutions.