NEW YORK, NY, Oct. 05, 2022 (GLOBE NEWSWIRE) — Quadrans Foundation, as part of the TRICK Consortium, will provide the blockchain technology infrastructure for the new platform’s design and will use Truebit to achieve TRICK’s development goals.
The TRICK Project (Information Management for Product Data Traceability by Blockchain Interoperability and Open Circular Service Market) was funded by the EU’s Horizon 2020 research and innovation program (GA 958352) with EUR 8 million in contributions and the goal of creating a blockchain-based, standardized platform to enable for textile and food companies to collect product-secured data.
The project started 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.pA. Italian top brand in the production of luxury fabrics and the participation of public institutions such as 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, the Quadrans Foundation, a non-profit organization under Swiss law, conducts the research and development of the Quadrans blockchain: an open source, public, decentralized smart contract-based blockchain with a specific focus on the needs of industry, complex supply chains and IoT devices.
For its unique features, Quadrans blockchain has been chosen to be a central technology for the TRICK infrastructure, and the Quadrans team, together with UBITECH, is committed to leading the “Design and Implementation of Blockchain Integration and Interoperability” (Work Package 3 Tasks 3.3) ) .
As Quadrans works together with the TRICK Consortium, the main goal of the partnership is to create a safe, secure and reliable blockchain-based platform that will help standardize services for the textile and food industry across Europe.
The project aims to develop a complete, affordable and standardized platform for data collection, secured with blockchain technology, to enable companies to collect product-secured data, combined with a marketplace that includes the necessary services and data generated, open to third parties certified solutions and business models.
As many businesses are concerned with privacy and confidentiality, the TRICK project will use Quadran’s blockchain technology and smart contracts to ensure that all information is protected and secured. In addition, access to data will vary across tiers, with information available only to those with specific permissions.
TRICK’s development progress
The TRICK Project blockchain-based data collection platform has now reached a crucial design phase.
Quadrans advanced its integration and interoperability activities by using Truebit, an additional blockchain enhancement that allows Smart Contracts to securely perform complex calculations in standard programming languages, at reduced gas costs on Quadran’s blockchain.
Thanks to Truebit integration, infrastructure design and implementation for interoperability can achieve:
- A cross-chain transaction involving consensus mechanism and smart contracts;
- The authenticity, integrity and origin of the data must be verified in the chain and across the chain.
The official documentation related to Work Package (WP3) Tasks 3.3 is under processing and will be delivered to the European Commission by mid-October.
This document will present the methods of using Truebit to solve all the tasks in WP3-3.3 and will be sent to the EU which will approve it within 60 days.
About the TRICK Project
TRICK focuses on affordability as many small businesses face financial difficulties in making the change to complex technologies (e.g. blockchain) and expects to close this gap by offering its information systems management platform and supporting supply chain standardization across European textiles and foodstuffs. market.
TRICK plans to use its experience, along with collaboration and cooperation from various academic partners, government agencies and institutions to provide a blockchain-based model to the textile and food industry. Overall, the intention is to provide a much-needed improvement to the already existing process, which is lacking in many areas: counterfeiting of products and greenwashing techniques are among the widely reported ones.
Finally, TRICK expects to raise awareness of its implementation by providing a strategic roadmap to key stakeholders. Doing so will establish the legal standards, processes and methods necessary to lend credibility to these guidelines.
What will happen next?
In December this year, all TRICK members will demonstrate the platform’s development for the EU, where the Quadrans team will present the use of Truebit in detail.
Once the document has been delivered and validated by the EU, it will be published on the TRICK-Project website, in the official project documentation, under “Deliverables”.
Social links to the TRICK project
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Media contact
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SOURCE: Quadrans
