The Hashgraph Group, a Swiss technology firm building on the Hedera network, has introduced TrackTrace, a platform designed to assist companies in complying with upcoming European Union product-compliance requirements related to digital product passports.
TrackTrace enhances supply-chain visibility by tracking goods and recording product information, including emissions data, to facilitate compliance reporting and authenticity verification, the company announced on Tuesday.
The platform creates verifiable audit trails for product-specific data, sustainability credentials, durability, and reparability, leveraging artificial intelligence to automate workflows for compliance reporting.
In response to the EU’s Ecodesign for Sustainable Product Regulation (ESPR), which became effective on July 18, 2024, the blockchain-based solution aims to meet the requirements of the regulation, including the implementation of Digital Product Passports (DPP) to standardize the recording and sharing of key product information across various supply chains.
An important milestone is the EU’s battery passport mandate under the EU Battery Regulation, which will apply from Feb. 18, 2027, for certain categories such as electric-vehicle and industrial batteries exceeding 2 kilowatt-hours.
Starting in July 2027, DPP requirements will expand to textiles, apparel, iron, steel, and other priority items.
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EU climate targets drive data requirements
The EU’s Green Deal aims to transition the bloc into a more resource-efficient economy, reduce emissions by at least 50% by 2030, and achieve net carbon neutrality by 2050 through the European Climate Act.
Stefan Deiss, co-founder, and CEO of The Hashgraph Group, stated, “The European Green Deal seeks to establish the first climate-neutral continent by 2050 and requires a trustworthy infrastructure to transform Europe into a modern, efficient, and sustainable economy.”
“With TrackTrace built on Hedera, we deliver that critical trust data infrastructure layer that enables companies to comply with DPP regulation, while strengthening global supply chain integrity and fostering the transition to a sustainable, transparent, and circular economy.”
Companies targeting EU markets will need solutions like TrackTrace to ensure compliance with the ESPR.
The Hashgraph Group has partnered with PwC to implement digital product passports for enterprise clients and ensure traceability throughout a product’s lifecycle. Cointelegraph reached out to The Hashgraph Group for further information on the collaboration.
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TrackTrace leverages identity tools
TrackTrace integrates The Hashgraph Group’s decentralized identity solution, IDTrust, to provide verifiable credentials in a decentralized manner.
This integration enables the linkage between physical events and digital records in a tamper-proof environment, where digital business processes and immutable data audit trails are anchored on the Hedera network.
Hedera claims to be the most energy-efficient distributed ledger technology (DLT) globally, governed by a council of prominent organizations such as Dell, Deutsche Telecom, EDF, FedEx, Google, Hitachi, IBM, Mondelēz, and Standard Bank, among others.
Competing solutions for supply chain traceability include IBM Sterling Transparent Supply, TraceX, Circular for batteries and plastics, and TrusTrace for fashion and textile traceability.
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