Tag: Supply chain

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OriginTrail (TRAC) Soars 150% After Pharmaceutical Supply Chain Deal

TRAC, the native token for the OriginTrail network, has soared 150 percent following the rollout of its AidTrust pharmaceutical supply chain tracking system in more than 80 Indian treatment centres, and the launch of an upgrade on its testnet.

According to CoinGecko, the price of TRAC surged from a recent low of US$0.37 on March 16 to a high of US$0.90 on March 23. Over the same timeframe, 24-hour trading volume exploded from just over US$1 million to around US$30 million.

Supply Chain Tracking System Drives Price Action

The launch of AidTrust, a pharmaceutical supply chain tracking and tracing system developed in partnership with British-based BSI Group, has been a major driver of TRAC’s current price action:

The project aims to bring transparency and trust to medicine and vaccine supply chains. It is being rolled out in hospitals and treatment centres in India with plans to bring the system to more than 40 additional countries.

What is OriginTrail?

OriginTrail isn’t actually a blockchain – it’s a set of protocols run on a decentralised network of nodes that can augment blockchain functionality by enabling trusted data sharing between organisations and blockchains. 

Using OriginTrail, information from disparate sources – including different blockchains and oracles – can be shared and secured in what is known as a decentralised knowledge graph, which is searchable. It’s like a Google for blockchains.

The TRAC token functions as both collateral to ensure the accuracy and immutability of data and as a form of payment to compensate data holders for the use of their resources.

Origin Trail v6 Launched on Testnet

A second important driver of the price increases was the testnet launch on March 10 of OriginTrail v6, the latest version of the decentralised knowledge graph protocol. This update introduces a range of new features which aim to bring enhanced ‘Google-like’ capabilities to Web3:

The latest upgrade also significantly improves the scalability and performance of OriginalTrail. Following a thorough testing phase, OriginTrail v6 will launch on mainnet later in the year:

Blockchain-based supply chain tracking systems similar to OriginTrail, such as the Australian-based Security Matters, saw significant interest earlier in the Covid pandemic as transparency and trust within vaccine handling supply chains became a major point of concern.

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Blockchain Crypto News

Pearls of Australia Utilises the Blockchain to Prove Provenance and Ownership

A partnership between an Australian pearl farming and retail business and blockchain technology company Everledger will bring greater transparency to the sale and transfer of rare, high-quality pearls.

In an industry first, buyers of rare pearls produced by Pearls of Australia will gain a Statement of Provenance that guarantees certainty around the gems’ origin, attributes, sustainability practices, and journey from farm-to-market.

Sea pearls of the WA Kimberley coast. Source: Pearls of Australia

Immutable Digital Records on the Blockchain

Pearls of Australia has partnered with Australian blockchain platform Everledger – specialists in supply chain traceability – on a pilot program to provide accessible and immutable digital records for its pearl jewellery, via a platform called Provenance Proof. 

In a December 6 statement about the pilot, James Brown, managing director of Pearls of Australia and Australian Farmer of the Year 2021, said the impetus for the project was a perceived “erosion” of pearls’ value in the eyes of consumers:

We needed a way to make the value of pearls more visible and enduring beyond the dialogue we have with customers at a single point of time.

James Brown, Pearls of Australia

The Provenance Proof platform will make each pearl’s unique provenance and ownership data available to retailers and end consumers from a mobile phone or computer.

Verifiable Gems Add Value and Support Conscious Consumption

Known for its commitment to sustainability and quality, Pearls of Australia grows premium saltwater pearls across three farming operations in Western Australia and NSW, and also designs and sells luxury pearl jewellery online, at boutiques located on-farm, and through retailers. 

Everledger states that blockchain-enabled proof of provenance will add value for end customers by providing peace of mind and informing insurance or estate planning, making it easier to transfer ownership of pearl jewellery across generations. 

Everledger CEO Leanne Kemp also argues that unlike the problematic supply chains associated with diamonds, Australian pearls have a more sustainable story that can now be articulated for consumers.

“Where diamonds needed to counter conflict and human rights issues, pearls needed a platform to share their unique journey of harmonious collaboration between man and living nature,” Kemp says, adding: “There are exciting plans ahead, including how we ensure the positive impact of pearling is captured and shared.”

Blockchain solutions are increasingly being adopted to increase confidence in Australian products, including red meat and native superfood, the Kakadu plum.