Hashgraph Group, a Swiss know-how firm constructed on the Hedera community, has launched TrackTrace, a platform geared toward serving to companies put together for upcoming EU product compliance necessities associated to digital product passports.
TrackTrace is designed to enhance provide chain visibility by monitoring items and recording product information, together with emissions-related data, in a means that can be utilized for compliance reporting and authenticity checks, the corporate mentioned in an announcement Tuesday.
The platform builds a verifiable audit path of product-specific information, sustainability credentials, sturdiness and repairability, whereas incorporating agent-based synthetic intelligence (AI) to automate compliance reporting workflows.
This blockchain-based answer complies with the EU’s Ecodesign for Sustainable Merchandise Regulation (ESPR), which got here into pressure on July 18, 2024. ESPR creates a framework of product-specific guidelines that may embody a digital product passport (DPP) to standardize how key product data is recorded and shared throughout a number of provide chains.
An early main milestone is the EU battery passport requirement underneath the EU Battery Regulation, which can apply from February 18, 2027 for sure classes together with electrical car and industrial batteries over 2 kilowatt hours.
DPP necessities may even be prolonged to textiles, attire, metal and different precedence gadgets from July 2027.
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EU local weather change targets drive information demand
The EU’s Inexperienced Deal goals to rework the area right into a extra resource-efficient economic system and scale back emissions by at the very least 50% by 2030. It additionally goals to realize web carbon neutrality by 2050 via the European Local weather Act.
“The European Inexperienced Deal goals to ascertain the primary climate-neutral continent by 2050 and requires dependable infrastructure to rework Europe into a contemporary, environment friendly and sustainable economic system,” wrote Stefan Dys, co-founder and CEO of Hashgraph Group.
“TrackTrace, constructed on Hedera, offers a vital belief information infrastructure layer that allows companies to adjust to DPP laws, whereas strengthening the integrity of worldwide provide chains and facilitating the transition to a sustainable, clear and round economic system.”
Firms concentrating on the EU market should depend on options reminiscent of TrackTrace to make sure ESPR compliance.
Hashgraph Group mentioned it’s working with PwC to introduce a digital product passport for enterprise purchasers and that TrackTrace can help traceability throughout a product’s lifecycle. Cointelegraph has reached out to Hashgraph Group for additional particulars on the partnership.
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TrackTrace is constructed on ID instruments
TrackTrace integrates with Hashgraph Group’s current decentralized identification answer, IDTrust, to offer verifiable credentials in a decentralized method.
This permits the hyperlink between bodily occasions and digital data in a tamper-proof setting the place digital enterprise processes and immutable information audit trails are anchored on the Hedera community.
Hedera claims to be the world’s most energy-efficient distributed ledger know-how (DLT). The DLT is managed by a board of main world organizations together with Dell, Deutsche Telekom, EDF, FedEx, Google, Hitachi, IBM, Mondelēz, Commonplace Financial institution, and greater than 30 Hedera Board members.
Competing provide chain traceability options embody blockchain-based IBM Sterling Clear Provide, TraceX, Round for batteries and plastics, and TrusTrace for vogue and textile traceability.
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