Supply chain management was one of the first use cases proposed for cryptocurrency and its blockchain technology.
Why Blockchain for Supply Chain?
A blockchain is an immutable public ledger, which means supply chains can use it to bring transparency to their systems without compromising on security.
However, no single blockchain solution has achieved significant traction in this space to date.
The majority of supply chains still use traditional systems that remain inefficient and often siloed.
But as crypto enters a new wave of mainstream adoption in 2024, one project—OriginTrail — looks to break this trend by making a blockchain breakthrough for supply chains.
How Does OriginTrail Work?
The OriginTrail Decentralized Knowledge Graph
The decentralized knowledge graph (DKG) is at the core of OriginTrail's functionality. This graph allows different data points from multiple supply chains to be seamlessly interconnected.
Data Creation and Entry: The process begins with Data Creator Nodes, where supply chain data is initially entered into the OriginTrail network. This data can come from various sources, including manufacturers, suppliers, and retailers. Each piece of data is assigned a cryptographic hash, which is then stored securely on the blockchain.
Data Storage and Distribution: Once the data is hashed, it is distributed to multiple decentralized Data Holder Nodes. This distribution ensures there is no single point of failure and makes it easier to retrieve and verify data across the supply chain.
Data Privacy and Control: Data creators can decide whether their data should be public or private, set expiration dates, or restrict access to specific parties. This privacy-by-design approach uses advanced cryptographic techniques, such as zero-knowledge proofs, to protect sensitive information while still allowing for the transparency and traceability needed for supply chain management.
StarFleet Chain
OriginTrail currently operates on the Ethereum, HyperLedger Fabric, xDai, and Polkadot networks. While each network offers its own benefits, none is a fully optimized fit for OriginTrail’s purpose.
OriginTrail's upcoming StarFleet Chain, developed in-house, is tailored to ensure that data operations are fast, secure, and affordable. This new chain is expected to significantly lower transaction fees compared to Ethereum, making it economically viable for a broader range of applications and users.
Real-World Applications
Several industries have already begun integrating OriginTrail to optimize their supply chain operations:
Food Safety: Companies use OriginTrail to trace food products from farm to table, ensuring quality and safety standards are met. This traceability helps in quickly identifying the source of contamination, reducing the risk of foodborne illnesses.
Pharmaceuticals: The platform helps track the authenticity and origin of pharmaceutical products, combating counterfeit drugs and ensuring regulatory compliance.
Manufacturing: Manufacturers can monitor the production process in real-time. This ensures compliance with industry standards and reduces errors and delays, leading to cost savings and better product quality.
Textile Industry: In the textile sector, OriginTrail helps track the journey of raw materials to finished garments. This transparency is crucial for verifying sustainable and ethical practices and ensuring that brands can substantiate their claims about eco-friendly and fair-trade products.
Retail: OriginTrail provides retailers with real-time insights into their inventory. This helps them manage stock, reduce waste, and enhance customer experience by providing detailed product histories and ensuring authenticity.
Agriculture: Farmers and agricultural cooperatives use OriginTrail to track crop conditions and logistics. This optimizes the supply chain from field to market, ensuring that high-quality, fresh produce reaches consumers efficiently.
Automotive: OriginTrail supports the tracking of parts and components from automotive suppliers, ensuring that vehicles are assembled with verified and high-quality materials. This traceability is essential for recalls and maintaining brand integrity.
TRAC Token Utility and Economics
OriginTrail’s native token, TRAC, is central to the network’s operations:
Staking for Participation: Both data creators and holders must stake TRAC to operate within the network. The amount staked determines the volume of data jobs they can handle.
Data Job Publishing: TRAC is used to compensate data holders for storing and managing data. The amount of TRAC varies based on data size and job duration.
Collateralization: To ensure data integrity, TRAC from the holder’s stake is locked in a smart contract and is subject to slashing if data is not provided on demand.
sTRAC Utility: The StarFleet Chain will introduce sTRAC, a wrapped version of TRAC that will allow for more accessible staking and enhance the token's utility in the ecosystem.
Knowledge Marketplaces: TRAC will be the unit of account when buying and selling proprietary data on the network, unlocking new economic opportunities.
How to Invest in OriginTrail (TRAC)
You can invest in OriginTrail directly by swapping any cryptocurrency for TRAC through the Bake app.
If you're looking for more projects like OriginTrail, the Bake Real-World Tokenizer Bundle allows you to invest in a share of TRAC, ONDO, MKR, GFI, MPL, PENDLE, CFG, TRU, PRO, and DFI in just a couple of taps.
