Laboratory Data Marketplace Accepted to Block.IS Experiment Stage

Trace Labs (Prospeh d.o.o), the core development team of OriginTrail has been accepted into Blockchain Innovation Spaces (Block.IS). The OriginTrail protocol will power a laboratory data marketplace, an innovative solution based on the open-source software that will contribute to food safety and trusted, sustainable supply chains. Trace Labs was one of the teams selected in the 1st Block.IS Open Call and is now proceeding to the Experiment Stage.

Jurij Skornik, General Manager of Trace Labs, attended the Innovators Assembly event in Istanbul in January. There, he presented the Laboratory Data Marketplace (LDM), a project aimed at the agrifood sector. Following the successful presentation, Trace Labs was selected to proceed to the Experiment Stage and became one of the top 23 innovators in an eight-month acceleration program. In the following months, we will be developing the LDM in close collaboration with Block.IS’s clusters networks, sector specialists, and technology experts with the goal of reaching the final Commercialise Stage.

What Is the Laboratory Data Marketplace All About?

Using the OriginTrail protocol for trusted data exchange, LDM will allow laboratories and other test owners (like food producers or other organizations along the supply chain) to sell their existing isotope reference tests — either food-product-specific, water, or soil — to other laboratories, food producers, and government agencies. By combining blockchain technology and forensic science, we aim to develop a state-of-the-art solution to combat food counterfeiting and related food safety issues.

LDM will be an innovative application of the decentralized data marketplace. Based on the open-source OriginTrail infrastructure, we are continuously developing more marketplace features for various use cases.

“It was amazing to see the interest in our solution at the Innovators Assembly. The jury recognized the value of the laboratory data marketplace, which has the potential to span beyond the agrifood industry. We will now start building a solution that can be commercially deployed.” said Jurij Skornik, General Manager of Trace Labs.

About Block.IS

Block.IS is an accelerator that received funding from the European Union’s Horizon 2020 research and innovation program. Its mission is to find SMEs and startups with strong market potential and innovative blockchain tech solutions in the agrifood, logistics, and finance sectors.

These three sectors are of significant importance for a stable EU economy. EU’s agrifood sector has a powerful global competitive position as the largest food and drink exporter with a market share of 18%. The logistics sector adds up to 14% of the EU’s GDP and is expected to grow 40% by 2040. The financial sector makes up to 20–30% of total service market revenue and about 20% of the total gross domestic product in EU economies. Their re-industrialization, leveraging innovation and digital intelligence, is crucial for the continuous growth of the EU economy.

The 21st century is marked by many auspicious and disruptive technologies. Blockchain technology is definitely one of them and has been acknowledged by many influential people and institutions including the European Commission and the World Economic Forum. Its uniqueness is a blend of elements that enables solving problems with provenance, transparency, traceability, efficiency, trust, and data sharing. With the blockchain, it is possible to generate value and information in a decentralized, trusted, and programmable way. Such groundbreaking technology could dramatically help businesses stay competitive and secure in the future.