Hashgraph Group launched a tool for the digital production of passports in the European Union
Update Feb 24, 1:28pm UTC: This article has been updated to include a comment from a Hashgraph team spokesperson.
Hashgraph Group, a Swiss technology company built on the Hedera network, is set to use a platform called TrakTrak to develop product-compliance requirements for the upcoming EU digital product passports.
TrackTrack is designed to improve supply chain visibility by tracking goods and recording product data to ensure complete reporting and accuracy of emissions-related data, the company said in a Tuesday announcement.
The platform builds audit trails for product-specific information, sustainability assurances, longevity and renewables, incorporating artificial intelligence tools to automate compliance-related workflows.
The blockchain-based solution comes in response to the European Union's Coding for Sustainable Production Regulation (ESPR), which came into effect on July 18, 2024. ESPR has created product-specific rules to standardize how the Digital Product Passport (DPP) key product information is recorded and shared across multiple supply chains.
An early milestone The EU's battery passport standard will come into effect on February 18, 2027 for certain categories, including electric-vehicle and industrial batteries above 2 kilowatt-hours.
The DPP requirements will extend from July 2027 to textiles, apparel, iron, steel and other priority items.
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EU climate targets drive data needs.
The EU's Green Deal aims to transition the Union to a more resource-efficient economy and reduce emissions by at least 55% by 2030. It aims to reach net carbon neutrality by 2050 under the European Climate Act.
“The European Green Deal seeks to establish the first climate-neutral continent by 2050 and requires the infrastructure it believes in to transform Europe into a modern, efficient and sustainable economy,” wrote Stephan Deiss, co-founder and CEO of the Hashgraph Group.
“With Trace built on Hedera, we deliver that critical trust data infrastructure that enables companies to comply with DPP regulation and strengthen the integrity of global supply chains and empower the transition to a sustainable, transparent and circular economy.”
Businesses targeting EU markets need systems capable of supporting ESPR and Digital Product Passport compliance.
Hashgraph Group said it is working with PwC on the implementation of a digital product passport for enterprise clients, and that TrackTrace supports the tracking process throughout the product lifecycle.
PWC is providing “regulatory compliance support” to TrackTrace, and the two companies are collaborating with enterprises looking to implement digital passports, a Hashgraph Group spokesperson told Cointelegraph without identifying the companies.
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TrackTrace builds on Identity Tools.
TrackTrace integrates Hashgraph Group's existing decentralized identity solution, IDTrust, with decentralized verifiable credentials.
In this environment where the relationship between physical events and digital records cannot be tampered with, digital business processes and immutable data audit trails are anchored on the Hedera network.
Hedera describes itself as one of the most energy efficient public ledger technologies. The network is governed by a council of more than 30 members from companies such as Dell, Deutsche Telekom, EDF, FedEx, Google, Hitachi, IBM, Mondelez and Standard Bank.
Competing supply chain tracking solutions include blockchain-based IBM Sterling Clear Supply, TraceX, Circular for batteries and plastics, and TrusTrace for fashion and textile tracking.
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