Blockchain
Trace Labs is driving radical transparency and trust in agri-food supply chains with OriginTrail and Oracle
Transparency and trust are crucial for well-performing and sustainable agri-food supply chains. Yet, in too many food supply chains both are lacking. Using the OriginTrail Decentralized Knowledge Graph and Oracle Blockchain Platform, Trace Labs has recently launched a solution to drive radical trust and process optimization in agri-food supply chains with the use of distributed ledger technologies (DLTs). The solution is used to set up automated trusted payments for milk to help optimize a dairy supply chain as part of SmartAgriHubs (SAH), the largest EU-funded project focusing on digitizing the European agri-food sector.
Almost one-third of global food manufacturers cannot guarantee that the ingredients they use are not fraudulent. The root cause is insufficient data exchange due to a lack of trust between different organizations. As such, data is often stored in silos at every point in the supply chain, which is a significant barrier to effective traceability and overall transparency.
Trace Labs is actively tackling this problem with unique solutions built on the open-source OriginTrail Decentralized Knowledge Graph (DKG). With the use of the OriginTrail DKG, crucial data from stakeholders across the supply chains can be connected and secured from manipulation through semantic web and blockchain technologies. Trusted and connected linked data is then used in different web applications to improve the traceability of products, increase trust, and help optimize every stage of the supply chain management process.
When a problem such as contamination is discovered, the solution enables quick discovery of the product trail end-to-end. With all the data interconnected and accessible, it is easier to track and trace the root cause of any problem that may occur. This drives down the costs of recalls and prevents food waste. The solution also provides an excellent technological infrastructure for deploying other kinds of trusted solutions for optimizing agri-food value chains, like trusted and automated payments in dairy and other value chains.
Optimizing dairy value chains with OriginTrail and Oracle technology
Milk payment is a complex process and the price of milk paid to a farmer depends on multiple factors. The quality of the milk, the quantity of the shipment, and negotiated margins all play a part in every single delivery that farmers make. Additionally, these deliveries are taken in and processed by different organizations, like farmers, agricultural cooperatives, dairies, and testing laboratories. All of this means that the current way of handling payments towards the farmers still involves significant manual effort to verify all inputs and ensure the right process is respected.
To help optimize this process, Trace Labs paired OriginTrail with the smart contract capabilities of Oracle Hyperledger Fabric to deliver a solution that showcases how blockchain-based technologies can improve efficiency, safety, and trust in food supply chains without interrupting the existing business processes. Using the two systems, the milk payment mechanism that Trace Labs developed enables automatic calculation of payments due to each of the farmers based on the trusted milk processing data stored on the OriginTrail Decentralized Network (ODN) and the contractual data stored in the Hyperledger Fabric.
Notably, the new system in no way changes the current IT landscape, nor the existing business processes. Rather, it treats both as key data sources and a starting point for improvement. Each of the involved IT systems (the dairy ERP, the cooperative ERP, and the cooperative contractual data) exports data in its existing format, Trace Labs’ solution restructures the data for interoperability and prepares it for publishing on the OriginTrail DKG.
Since a lot of the included data is very business-sensitive, data access control and permissioning is handled with great care. Critical data is kept in the secure private store of the OriginTrail node subgraph with only key integrity-assuring data points published to the public DKG (metadata for indexing and cryptographic proofs for data validation). Once the cooperative is ready to make the payment, the required payment data is taken out of the Oracle Hyperledger Fabric blockchain and restructured into a payment file.
Combining all components, Trace Labs was able to entirely automate the payment system by simultaneously increasing the integrity level of the entire process and the accountability of each supply chain partner for the parts that they are responsible for. The solution was initially deployed in the scope of the Smart Agri Hubs project supported by the European Union (EU) under Horizon 2020 research and innovation program.
OriginTrail – combining data integrity, confidentiality and connectivity for supply chain transparency and trust
The implemented solutions prove that effective and efficient blockchain solutions can be built on top of existing IT infrastructure enabling systems interoperability and linked data. There was no need for costly rip-and-replace of existing IT infrastructure for any of the stakeholders in the respective value chains when implementing the solutions.
Importantly, by enabling the users of the solutions to combine both the integrity of public networks and the confidentiality of private ones, Trace Labs ensures that agri-food stakeholders can extract tangible benefits from using blockchain-based technologies. Namely, making sure their supply chains are more efficient, more transparent, and more sustainable. All things which increase the long-term viability of their business and allow for a greater value proposition.
This project has received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement No 818182.
Blockchain
LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape
Blockchain
Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
-
Blockchain5 days ago
Bridging Innovation and Regulation: How Yellow Network is Transforming Non-Custodial Trading in a Pro-Crypto Future
-
Blockchain7 days ago
Prosper Adds 7,000 More ASIC Miners from BITMAIN To Drive Tokenization of Hashrate as Multichain RWA ; Targets 170MW Capacity With New Strategic Round
-
Blockchain Press Releases6 days ago
HTX Ventures Identifies Five Rapidly-Growing Sectors in 2024, Expects Positive Crypto Regulations Driven by Trump Next Year
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain (Reserve Bank of India (RBI), Aethir, Blockchain Center Abu Dhabi, Qubetics, )
-
Blockchain3 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain7 days ago
Loan Brokers Market Opportunities and Strategies Report to 2033 – Loan Brokers Market Poised for Strong Growth, Forecasted to Reach $947.9 Billion by 2033
-
Blockchain5 days ago
Building Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
-
Blockchain3 days ago
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)