The Hashgraph Group, a Swiss firm leveraging the Hedera network, has introduced TrackTrace. This new platform is designed to help businesses prepare for upcoming European Union regulations mandating digital product passports.
TrackTrace enhances supply-chain visibility by tracking goods and documenting critical product data, including emissions. This information is vital for compliance reporting and verifying authenticity. The platform creates verifiable audit trails for product-specific data, sustainability credentials, durability, and reparability. It also incorporates artificial intelligence to automate compliance workflows.
This blockchain-based solution directly addresses the EU's Ecodesign for Sustainable Product Regulation (ESPR), which took effect on July 18, 2024. The ESPR establishes a framework for product-specific rules, including Digital Product Passports (DPPs) to standardize product information sharing across supply chains. Key upcoming mandates include a battery passport requirement by February 2027 and DPPs for textiles, apparel, iron, and steel by July 2027.
The EU's Green Deal, aiming for climate neutrality by 2050, drives these data requirements to foster a more resource-efficient economy. Stefan Deiss, co-founder and CEO at The Hashgraph Group, stated, "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."
Businesses targeting EU markets will require solutions like TrackTrace to meet ESPR compliance. The Hashgraph Group is collaborating with PwC on DPP implementations for enterprise clients, with TrackTrace supporting lifecycle traceability. The platform integrates The Hashgraph Group's IDTrust decentralized identity solution for verifiable credentials in a tamper-proof environment, with data anchored on the Hedera network.
Hedera is recognized for its energy-efficient distributed ledger technology, governed by a council of major global organizations.