Origin Trail, a Slovenian startup that builds the first Purpose-Built Protocol for Supply Chains Based on Blockchain, raised 1,5 million dollars just in the first hour after issuing its first ICO (initial coin offer) of tokens, startit.rs reported. The offer will be open until 12 February or until the company raise 22,5 million dollars.
Just ten days ago, the founder of Origin Trail, Tomaz Levak announced that they have exceeded the target of 10 million dollars in the presale phase. As of 15th of January, when the ICO began, those who register themselves for the presale period, were able to buy the Origin Trail’s token from 5 ETH on.(ETH stands for either – the value token of the Ethereum blockchain).
“Our vision is to bring data integrity and transparency to supply chains worldwide. 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 brands, as well as increasing efficiency on a global level”, said Tomaz Levak, co-founder and CEO of OriginTrail when announcing the news for the ICO, Blockchain News reported.
Founded in 2013 in Ljubljana Slovenia by Slovenian entrepreneurs Tomaz Levak (CEO), Žiga Drev (COO) and Branimir Rakić (CTO), OriginTrail protocol is designed to tackle the prime challenges in product supply chains with the help of blockchain. It’s a unique protocol that enables IT providers in the supply chain industry with the quick implementation of blockchain supported data sharing in multi-organizational environments.
According to the company’s official LinkedIn profile, their decentralized, blockchain-supported network protocol ensures trust, transparency, and security. It helps companies exchange relevant data seamlessly and in a secure way to build accountability, protect their brands and increase efficiency.
At the moment their specialty lays in the food department – food origin, food traceability, food products marketing, consumer confidence, etc.
According to the company data at the very beginning, OriginTrail was first recognized for Solutions For Information Transparency in Supply Chains by the Walmart Food Safety Collaboration Center. But reportedly, the company also initiated a pilot project with the Chinese online food store Yimishiji. The project’s aim was to allow customers to verify the traceability of items purchased online and to showcase the enhanced safety, transparency and trustworthiness.
The project with China’s Yimishiji was than announced by Ziga Drev, co-founder and COO of OriginTrail. In his statement reported by Blockchain news website he made the following announcement:
“We are currently implementing pilot projects in food supply chains in China that will help consumers in the world’s largest market – consisting of 1.4 billion consumers – verify the provenance, authenticity and journey of their quality products. But further implications of the protocol are much broader–OriginTrail also enables the development of business applications based on inter-organizational data, such as optimization of supply chain, inventory management or getting certified.”
Should you be interested to follow the Origina Trail’s ICO process, take a look at the following link: https://etherscan.io/address/tracetoken.eth.