The World Economic Forum has recognized OriginTrail for its proposed blockchain-based solution geared towards supply chain maintenance of COVID-19 essential resources.
OriginTrail submitted a proposal for the creation of a Trusted COVID-19 Essential Supplies Repository of certified and safe products that is vetted by blockchain technology.
📣We are honoured and humbled to see the World Economic Forum (@wef & @WEFUpLink) recognised the pioneering work of using the Decentralised Knowledge Graph to maintain veracity of claims in supply chains of COVID-19 🦠essential supplies😷👨🏼⚕️💉. #TraceOn https://t.co/1ilz7Plndx
— OriginTrail (@origin_trail) February 22, 2021
In 2011, the Slovenia-based OriginTrail started the development of traceability tools for the food industry. Since 2016, they have also leveraged blockchain technology to provide data integrity. The United Kingdom’s standards body – BSI – has been working with developers from OriginTrail on blockchain-based solutions for verification and authentication of certifications and claims.
Need for a Covid-19 Supply Chain Solution
COVID-19 exposed the problems that are associated with the procurement of medical equipment. The pandemic brought a rapid increase in demand for personal protective equipment, leading to an increase in suppliers too. However, buyers were left in a lurch as they were unable to ascertain if the supplies they were buying met specific standards or were manufactured from a trusted company.
OriginTrail presented blockchain as the solution for global supply chains. Due to its prowess as a data authentication platform, OriginTrail proposed a blockchain-based solution on UpLink, a crowdsourcing platform for innovation created by the World Economic Forum.
Leveraging Blockchain for Supply Chain Verification
OriginTrail worked with BSI to propose the development of a Trusted COVID-19 Essential Supplies Repository. This supplies repository will rely on external datasets from BSI to “show the types of business standards and certifications that are issued and valid.” OriginTrail states, “This helps eliminate false claims and misleading medical equipment supplier profiles.”
“By growing the decentralized Trusted COVID-19 Essential Supplies Repository, we seek to positively impact over 100,000 organizations (governments, hospitals, humanitarian organizations/NGOs) and over 100,000,000 people receiving treatment using reliable equipment,” OriginTrail also added.
OriginTrail’s repository – the “Trusted Explorer for Medical Device Certificates” (TEMEC) – has become one of 100+ solutions that have been proposed in response to UpLink’s COVID Challenges 2020 initiative.
According to the WEF, this initiative was opened to “technologies, innovations and solutions that will help us increase our collective readiness to respond to future crises, prevent infection, and allow for early detection of COVID-related infections.”
When UpLink was launched at Davos 2020, the aim was to crowdsource innovations that will offer solutions to pressing problems faced in the world. With this in mind, UpLink has a mission to ensure that the United Nation’s 17 Sustainable Development Goals (SDGs) are met and delivered by 2030.
OriginTrail (TRAC) Price
As of the time of publication, OriginTrail price was $0.396976 with a 24-hour trading volume of $1,026,346. TRAC price also dropped by 10% over the last 24 hours. Besides, it has a circulating supply of 353 million TRAC coins and a max supply of 500 million. KuCoin is also the current most active market trading TRAC.
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