Hashgraph Group, a Swiss technology company based on the Hedera network, has launched TrackTrace – a platform it says will assist companies prepare for upcoming European Union product compliance requirements related to digital product passports.
TrackTrace aims to improve supply chain visibility by tracking goods and capturing product data, including emission-related information, in a way that can be used for compliance reporting and authenticity control, the company said Tuesday announcement.
The platform creates verifiable audit trails for product-specific data, sustainability, durability and repairability credentials, while leveraging agent-based artificial intelligence (AI) to automate compliance reporting workflows.
The blockchain-based solution is a response to the EU’s Ecodesign for Sustainable Products Regulation (ESPR), which came in enters into force on 18 July 2024. ESPR creates a framework for product-specific regulations, which may include a Digital Product Passport (DPP), to standardize how key product information is recorded and shared across multiple supply chains.
The most significant milestone is the EU requirement for a battery passport under the EU Battery Regulation, which is due to apply from 18 February 2027 for certain categories, including electric vehicle batteries and industrial batteries with a power of more than 2 kilowatt hours.
From July 2027, DPP requirements will cover textiles, clothing, iron, steel and other priority products.
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EU climate goals drive data demand
The European Green Deal aims to transform the bloc into a more resource-efficient economy and reduce emissions by at least 50% by 2030. It also aims to goals achieving net carbon neutrality by 2050 through the European Climate Act.
“The European Green Deal aims to create the first climate-neutral continent by 2050 and needs infrastructure that can be trusted to transform Europe into a modern, efficient and sustainable economy,” wrote Stefan Deiss, co-founder and CEO of The Hashgraph Group.
“With TrackTrace built on the Hedera platform, we provide a critical data trust infrastructure layer that enables companies to comply with DPP regulations, while strengthening global supply chain integrity and supporting the transition to a sustainable, transparent and circular economy.”
Businesses targeting EU markets will need to rely on solutions such as TrackTrace to ensure ESPR compliance.
Hashgraph Group said it is working with PwC to implement digital product passports for enterprise clients and that TrackTrace can support traceability throughout the product lifecycle. Cointelegraph reached out to The Hashgraph Group for more details about the collaboration.
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TrackTrace relies on identity tools
TrackTrace integrated Hashgraph Group’s existing decentralized identity solution, IDTrust, to provide verifiable credentials in a decentralized manner.
This enables physical events to be linked to digital records in a tamper-proof environment where digital business processes and audit trails of immutable data are anchored in the Hedera network.
Hedera claims to be the world’s most energy-efficient distributed ledger technology (DLT), managed by a board of leading global organizations such as Dell, Deutsche Telecom, EDF, FedEx, Google, Hitachi, IBM, Mondelēz and Standard Bank, among more than 30 Hedera Council members.
Competitive supply chain traceability solutions include blockchain-based IBM Sterling Transparent Supply, TraceX, Circular for batteries and plastics, and TrusTrace for fashion and textile traceability.
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