Hashgraph Group, a Swiss technology company built on the Hedera network, has launched TrackTrace, a platform aimed at helping businesses prepare for upcoming EU product compliance requirements related to digital product passports.
TrackTrace is designed to improve supply chain visibility by tracking goods and recording product data, including emissions-related information, in a way that can be used for compliance reporting and authenticity checks, the company said in an announcement Tuesday.
The platform builds a verifiable audit trail of product-specific data, sustainability credentials, durability and repairability, while incorporating agent-based artificial intelligence (AI) to automate compliance reporting workflows.
This blockchain-based solution complies with the EU’s Ecodesign for Sustainable Products Regulation (ESPR), which came into force on July 18, 2024. ESPR creates a framework of product-specific rules that can include a digital product passport (DPP) to standardize how key product information is recorded and shared across multiple supply chains.
An early major milestone is the EU battery passport requirement under the EU Battery Regulation, which will apply from February 18, 2027 for certain categories including electric vehicle and industrial batteries over 2 kilowatt hours.
DPP requirements will also be extended to textiles, apparel, steel and other priority items from July 2027.
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EU climate change targets drive data demand
The EU’s Green Deal aims to transform the region into a more resource-efficient economy and reduce emissions by at least 50% by 2030. It also aims to achieve net carbon neutrality by 2050 through the European Climate Act.
“The European Green Deal aims to establish the first climate-neutral continent by 2050 and requires reliable infrastructure to transform Europe into a modern, efficient and sustainable economy,” wrote Stefan Dys, co-founder and CEO of Hashgraph Group.
“TrackTrace, built on Hedera, provides a critical trust data infrastructure layer that enables businesses to comply with DPP regulations, while strengthening the integrity of global supply chains and facilitating the transition to a sustainable, transparent and circular economy.”
Companies targeting the EU market must rely on solutions such as TrackTrace to ensure ESPR compliance.
Hashgraph Group said it is working with PwC to introduce a digital product passport for enterprise clients and that TrackTrace can support traceability across a product’s lifecycle. Cointelegraph has reached out to Hashgraph Group for further details on the partnership.
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TrackTrace is built on ID tools
TrackTrace integrates with Hashgraph Group’s existing decentralized identity solution, IDTrust, to provide verifiable credentials in a decentralized manner.
This enables the link 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 world’s most energy-efficient distributed ledger technology (DLT). The DLT is managed by a board of major global organizations including Dell, Deutsche Telekom, EDF, FedEx, Google, Hitachi, IBM, Mondelēz, Standard Bank, and more than 30 Hedera Board members.
Competing 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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