Aiming to address new European Union regulations, Swiss tech giant The Hashgraph Group has introduced TrackTrace, a pioneering platform for supply chain management. This launch aligns with the upcoming demands of the Digital Product Passport, part of the EU’s Ecodesign for Sustainable Products Regulation.
Is TrackTrace Ready for the EU’s Rigorous Data Criteria?
TrackTrace is adeptly crafted to adhere strictly to the EU’s ESPR guidelines, focusing on comprehensive product data management. These regulations require transparency in areas like carbon impact and resource sourcing, critical components for aligning with the EU’s environmental goals. With the implementation of the ESPR, companies will need to prepare for Digital Product Passports by February 2027, commencing with electric-vehicle and large battery sectors.
How Does Blockchain Play a Role in Verification?
The core of TrackTrace harnesses blockchain technology to create secure, immutable audit trails. Built on Hedera’s open blockchain network, it ensures transparent data recording, easing regulatory compliance for companies. The introduction of AI within TrackTrace further cuts down regulatory complexities, transforming lengthy manual checks into automated processes.
The EU’s ESPR and DPP initiatives are pivotal to its Green Deal, striving for significant reductions in greenhouse gas emissions by 2030 and net zero by 2050. TrackTrace’s diligent data management is set to streamline compliance as industries adapt to these evolving regulations.
Additionally, TrackTrace incorporates IDTrust, making digital credentials unforgeable by linking real-world activities to blockchain records. This ensures reliable and tamper-proof product certification.
Hedera’s energy-efficient technology underpins TrackTrace, overseen by global industry leaders, enhancing trust in its robust capabilities for enterprise integrations.
Beyond TrackTrace, The Hashgraph Group is expanding its influence through strategic partnerships. Collaborations with PwC aim to facilitate broad adoption of Digital Product Passports, while October also saw the launch of AssetGuard, a sophisticated wallet for enterprise-level digital asset management.
The Hashgraph Group highlighted its partnerships and innovation pipeline, underscoring its commitment to “delivering secure and scalable solutions to enterprises grappling with complex digital regulations.”
The competitive landscape for supply chain tech continues to intensify, with TrackTrace positioned against platforms like IBM Sterling and TrusTrace. Key differentiators will include automation in compliance, reliability, and depth of data capabilities, focusing on robust digital passport and identity solutions.
