OriginTrail, a Ljubljana, Slovenia-based provider of traceability solutions, completed its initial coin offering (ICO), reaching $22.5m.
Led by Tomaž Levak, co-founder and CEO, OriginTrail created a decentralized, off-chain network that is purpose-built for the needs of supply chains and combines supply chain data from different IT systems.
Its protocol is capable of connecting with any blockchain and any company IT system, creating a low adoption barrier, and stores only fingerprints of data on a blockchain. Original data is kept on a decentralized network, which enables the development of decentralized apps on top of it. Digital tokens, called Trace tokens, are utility tokens to be used while interacting with the OriginTrail Decentralized Network (ODN) and will function to store data to the protocol or read from it.
The company aims to protect against and prevent problems exacerbated by an opaque supply chain, including food safety violations, counterfeits, sweatshops and more.
OriginTrail will use the proceeds for the development of a decentralized network and a plug-and-play solution, suitable for all product supply chains.