TrackTrace Platform Launched to Aid EU Product Compliance

The Hashgraph Group, a Swiss technology firm, has introduced TrackTrace, a platform designed to assist companies in meeting upcoming European Union product-compliance requirements linked to digital product passports. According to Cointelegraph, TrackTrace aims to enhance supply-chain transparency by tracking goods and recording product data, including emissions-related information, for compliance reporting and authenticity verification. The platform creates verifiable audit trails for product-specific data, sustainability credentials, durability, and reparability, while utilizing agentic artificial intelligence (AI) to automate compliance reporting workflows. This blockchain-based solution addresses the EU’s Ecodesign for Sustainable Product Regulation (ESPR), effective from July 18, 2024. The ESPR establishes a framework for product-specific rules, potentially incorporating a Digital Product Passport (DPP) to standardize the recording and sharing of key product information across multiple supply chains. A significant early milestone is the EU’s battery passport requirement under the EU Battery Regulation, applicable from February 18, 2027, for certain categories, including electric-vehicle and industrial batteries above 2 kilowatt-hours. DPP requirements will extend to textiles, apparel, iron, steel, and other priority items starting July 2027. The EU’s Green Deal aims to transform the bloc into a more resource-efficient economy, targeting a reduction in emissions by at least 50% by 2030 and achieving net carbon neutrality by 2050 through the European Climate Act. Stefan Deiss, co-founder and CEO at The Hashgraph Group, emphasized the importance of infrastructure that can be trusted to transform Europe into a modern, efficient, and sustainable economy. TrackTrace, built on Hedera, provides the critical trust data infrastructure layer that enables companies to comply with DPP regulation, while enhancing global supply chain integrity and supporting the transition to a sustainable, transparent, and circular economy. Businesses targeting EU markets will need solutions like TrackTrace to ensure compliance with the ESPR. The Hashgraph Group is collaborating with PwC on digital product passport implementations for enterprise clients, and TrackTrace can support traceability across a product’s lifecycle. Cointelegraph reached out to The Hashgraph Group for more details on this collaboration. TrackTrace has integrated The Hashgraph Group’s decentralized identity solution, IDTrust, to provide verifiable credentials in a decentralized manner, linking physical events and digital records in a tamper-proof environment. Hedera, governed by a council of leading global organizations, claims to be the world’s most energy-efficient distributed ledger technology (DLT). Competing supply chain traceability solutions include IBM Sterling Transparent Supply, TraceX, Circular for batteries and plastics, and TrusTrace for fashion and textile traceability.