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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