IOTA and Eviden launch digital product passport solution

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As a researcher with a background in supply chain management and blockchain technology, I am excited about the recent partnership between IOTA and Eviden to introduce the Eviden Digital Passport Solution (EDPS). Having worked with various organizations dealing with regulatory compliance and sustainability issues, I can see the immense potential of this DLT-based digital product passport.

IOTA just partnered with Eviden to introduce the Eviden Digital Passport Solution (EDPS).

As a DLT (Decentralized Ledger Technology) analyst, I would describe the Digital Product Passport (DPP) as follows: By using DLT, this digital passport gathers extensive data about a product’s entire life cycle, thereby significantly increasing transparency and traceability. From its creation to its disposal, every stage of the product journey can be traced in detail.

The passport will cover product sourcing and use cases, hoping to ensure accountability from a product’s advent stage to disposal. EDPS, powered by IOTA’s technology, aims to streamline regulatory compliance and promote sustainability. 

As a researcher investigating ways to streamline the adherence to EU environmental directives, I propose implementing the “passport solution.” This approach will facilitate compliance with regulations such as the EU Battery Regulation and the Ecodesign for Sustainable Products Regulation. Essentially, this means that essential information about a product’s environmental impact would be easily accessible in a standardized format, making it simpler and more efficient for businesses to ensure they meet the necessary requirements.

The European Data Protection Supervisor (EDPS) advocates for a circular economy and fortifies supply chains by effectively handling data and decreasing the amount of data used.

Two EDPS components

The solution consists of two parts: the Data Capturing Tool and the Access Provider. The Data Capturing Tool, featuring a blockchain node, gathers crucial information initially. The Access Provider enables SMEs to reach EDPS through web and app interfaces.

At first, EDPS intends to concentrate on the electric vehicle (EV) battery domain before broadening its horizons into other industries such as manufacturing, fashion, and food.

Benefits

EDPS provides numerous benefits, including assisting in informed decision-making, monitoring product lifecycles, and maximizing data utilization. The Distributed Ledger Technology (DLT) ensures an uninterrupted record of a product’s entire life cycle, ensuring affordability and traceability. By capitalizing on the data amassed throughout a product’s existence, EDPS aims to expand its applications.

Iota’s Tangle technology, renowned for its scalability and efficiency, forms the foundation of EDPS, enabling secure and unalterable transaction tracking through its innovative approach to record-keeping.

As a crypto investor in IOTA, I’m excited about this new collaboration that holds great potential for driving innovation and expanding the applications of IOTA’s technology in the realm of global digital trade and data monetization.

“Dominik Schiener, Co-Founder and Chair of the IOTA Foundation, stated, ‘Through this collaboration, we bring together our distinct advantages and form a powerful alliance of competencies.’ Udo Littke, Head of Eviden Central Europe at Atos Group, concurred, ‘This decentralized and unalterable technology lays the foundation for an open, equitable, and secure framework that fosters trust and encourages well-informed decisions.'”

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2024-07-11 16:52