Supply chain management continues to be an important area of attention and concern for the global economy, especially with the current delay in the shipment of goods in major ports around the world and the decrease in items available on the shelves of the stores.
Curiously, OriginTrail (TRAC), a blokchain protocol focused on logistics and supply chain management, has been gaining prominence over the past two months and this week the project’s native token, TRAC, hit a new all-time high.
Data of Cointelegraph Markets Pro and TradingView show that, After hitting a low of USD 0.278 on August 29, TRAC’s price soared 306% to a new high of USD 1.39 on October 28, just as its daily trade volume went from an average of USD 4.66 million to USD 11.55 million.
Let’s take a look at what could be behind TRAC’s current rally to new highs.
Decentralized knowledge graphs
October 1st OriginTrail changed its image to become the “world’s first decentralized knowledge graph” designed to “organize humanity’s most important assets, making them discoverable, verifiable and valuable.”
The idea behind this change is help better convey the network’s ability to take the current dispersed information ecosystem in web 2.0 and integrate it with web 3.0.
The data that can be stored and tracked on Origin Trail includes information on physical goods as well as digital items and assets, making them discoverable and verifiable on its decentralized network with web 3.0 capability.
This includes physical items like art and food, as well as digital items like non-fungible tokens (NFTs), certificates, diplomas, and DeFi assets.
The project has also benefited from significant partnerships, including the use of the OriginTrail blockchain to host the solution. SCAN Trusted Factory which was developed between the Supplier Compliance Audit Network (SCAN) and BSI UK.
Supply chain problems and the rise of web 3.0
Another reason for the recent spike in the token’s price is the huge struggle the global supply chain is having with shipping, unloading, tracking, and delivering goods to merchants.
Since the beginning of the COVID-19 pandemic, shortage stories have dominated the news headlines and the global supply chain has come under pressure from delivery gaps.
There are currently multi-month delays at ports around the world and a shortage of microchips has crippled the development of cars, electronics and other widely used products.
Along with TRAC, various web 3.0 protocols have seen their native tokens hit new all-time highs in recent days, including NEAR Protocol, Verasity, and Harmony.
Cointelegraph Markets Pro data, the market conditions for the TRAC token have been favorable for some time now.
The VORTECS ™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and Twitter activity.
As seen in the graphic above, TRAC’s VORTECS ™ Score began to rebound on October 4 and rose to a high of 77 about 48 hours before the price increased 180% in the next three weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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