What is OriginTrail?
OriginTrail (TRAC) is an Ethereum-based token that fuels the OriginTrail decentralized knowledge graph (DKG), a blockchain protocol that enables secure and transparent sharing of data in various industries, from supply chain management to verifying art, diplomas, and business certifications. The TRAC token serves as a means of compensation between data consumers, supply chain data producers, and the OriginTrail node holders. The token provides the incentive to the nodes in the peer-to-peer network to perform the system functionalities, such as storing, managing, and delivering data in graph form. In this article, we'll take a closer look at the OriginTrail platform, how it works, its practical applications, and the people behind its development.
OriginTrail is a decentralized protocol built on blockchain technology that aims to provide transparency and build trust in supply chain management. The platform's primary goal is to allow all parties involved in the supply chain to securely share their data and store sensitive information in an encrypted way. OriginTrail seeks to introduce full accountability for the data provided, ensuring quick and efficient implementation processes.
The platform is based on well-established industry standards from GS1 for automated compliance, and it uses blockchain technology to provide the necessary foundation to build value and trust for optimized supply chain processes. With OriginTrail, entities can check information on a specific shipment in real-time, enabling the automation of data and entry into the blockchain, which is intended to be secure and cannot be tampered with once entered. GPS data can also be included to track the shipment, and as technology evolves, shipments can have sensors that monitor the package in transit.
One practical application of OriginTrail technology is in the dairy industry. A company specializing in selling fresh milk can use OriginTrail to prove to its customers the time it took to reach them and if it was stored at the appropriate temperature the whole way to ensure its quality. This way, OriginTrail technology connects the digital and real-world in real-time. Companies can operate with different computer systems with the blockchain and its information, so no data is lost in translation between systems. The service is decentralized, which means no one person holds the keys to this data, and it can scale to meet changing demands while keeping costs low.
The OriginTrail protocol is built on the OriginTrail decentralized knowledge graph (DKG), which is a shared network of entities, including physical and digital objects, events, or concepts, that illustrate the relationship between them. The platform employs a consensus system where two parties must confirm the data to ensure that everyone agrees on the data. The OriginTrail token, TRAC, is the native token of the OriginTrail network and is a standard ERC-20 token based on the Ethereum blockchain.
The TRAC token is used to pay for data processing and storage on the network, and it seeks to serve as a mode of payment for the DApps built on OriginTrial. Resources like time, computing power, storage space, electricity, and communication bandwidth are needed in maintaining and operating the peer-to-peer network. The nodes store, manage, and deliver the data in graph form, and the token provides the incentive for the nodes to perform these functions.
Trace Labs founded the core development company in 2013, and it is a group of companies with a presence in the United Kingdom, Slovenia, Serbia, and Hong Kong. The company's founders, Žiga Drev, Tomaž Levak, and Branimir Rakić, developed the OriginTrail protocol to bring transparency and trust to the supply chain industry.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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