IOTA Foundation Develops Blockchain Solutions for a More Efficient EU
More from the Author Cal Evans
The IOTA Foundation, in collaboration with the European Commission, has developed three blockchain solutions to enhance transparency in electronics, plastics, and intellectual property management.
These innovations include Digital Product Passports for tracking lifecycles and an IPR management tool leveraging smart contracts and NFTs.
The IOTA Foundation has launched three pioneering solutions aimed at improving transparency across multiple sectors, developed in partnership with the European Commission. These innovations come as part of the European Blockchain Pre-Commercial Procurement (PCP) program, which focuses on enhancing blockchain solutions to address key challenges in today’s industries.
1. Digital Product Passport for Electronics
The Digital Product Passport (DPP) for electronics is a groundbreaking tool designed to manage the lifecycle of electronic goods, from production to disposal. Developed in collaboration with the Technical University of Catalonia and eReuse, this solution utilizes blockchain to ensure that every stage of an electronic device’s journey is accurately documented.
The DPP tracks the procurement of raw materials, manufacturing processes, usage, and eventual recycling or disposal. This comprehensive tracking system records crucial data, such as chemical compositions, breakdowns, and recycling methods, providing transparent documentation that can be easily accessed and verified. The use of IOTA Smart Contracts further enhances accountability, allowing seamless tracking and validation of information throughout the supply chain.
2. Digital Product Passport for Plastics
Tackling the global challenge of plastic waste, IOTA has developed a DPP specifically for agroplastic products, including agricultural mulch films. This project, executed in collaboration with Digimarc and Agro2Circular, aims to trace the lifecycle of plastics from initial use to recycling and reuse.
This solution is tailored to the complexities of national legislation and involves multiple stakeholders. It provides a comprehensive account of plastic products’ journey, detailing the disposal, recycling, and upcycling processes. By offering transparent tracking, the DPP for plastics contributes to reducing environmental harm by ensuring that plastic waste is properly managed and accounted for.
3. Intellectual Property Rights (IPR) Management Solution
The third innovation targets the management of intellectual property rights within the media industry, specifically addressing the complexities of licensing music used in films. The IPR management tool leverages distributed ledger technology and smart contracts to streamline rights management and royalty payments.
Through the use of IOTA Smart Contracts, this system digitizes traditional processes, enabling self-executing contracts that simplify negotiations and enforce compliance. The IPR solution also supports Non-Fungible Tokens (NFTs) to ensure timely payment and enhance traceability, thereby reducing disputes between rights holders, performers, and record labels.
The post IOTA Foundation Develops Blockchain Solutions for a More Efficient EU appeared first on Crypto News Focus.
