Blockchain Quadrans chosen by EU-Backed TRICK Initiative on Product Tracking October 5, 2022 October 5, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 5, 2022 by Kelly Cromley

Blockchain Quadrans chosen by EU-Backed TRICK Initiative on Product Tracking

As part of the TRICK Consortium, the Quadrans Foundation will supply the blockchain technology infrastructure for the new platform’s architecture and will leverage Truebit to meet TRICK’s development objectives.

TRICK Project (product data traceability information management by blockchains interoperability and open circular service marketplace) was funded by the European Union’s Horizon 2020 research and innovation program (GA 958352) with € EUR 8 million in contributions, with the objective of developing a blockchain-based, standardized platform that will enable textile and food companies to collect product-secured data.

The project began in May 2021 with a duration of 42 months and is supported by a consortium of 32 partners from 8 EU countries and 3 additional EU-eligible countries, coordinated by Fratelli Piacenza S.p.A., an Italian leader in the production of luxury fabrics, with the participation of public institutions including ENEA, the Italian National Agency for New Technologies, Energy and Sustainable Economic Development, and ADM, the Italian Customs and Monopolies Agency.

Within the TRICK Consortium is the Quadrans Foundation, a non-profit organization governed by Swiss law that conducts research and development on the Quadrans blockchain. The Quadrans blockchain is an open-source, public, decentralized smart-contract-based blockchain with a focus on the needs of industry, complex supply chains, and IoT devices.

The Quadrans blockchain has been selected as the key technology for the TRICK infrastructure because to its unique properties, and the Quadrans Team, together with UBITECH, is dedicated to spearheading the “Design and Implementation of Blockchain Integration and Interoperability”

The project aims to develop a complete, SME-affordable, and standardized platform for data collection, secured by blockchain technology, to enable enterprises to collect product-secured data, along with a marketplace containing the required services and the generated data, which is accessible to third-party certified solutions and business models.

As many organizations are worried about data privacy and confidentiality, the TRICK Project will leverage blockchain technology and smart contracts developed by Quadrans to guarantee that all information is safeguarded and secure. Additionally, access to data will vary between levels, with certain permissions granting access to information.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.