- The IOTA Foundation has introduced three groundbreaking products in collaboration with the European Commission to enhance transparency across various sectors by utilizing blockchain technology.
- The new tools include a Digital Product Passport for electronics, a Digital Product Passport for plastics, and an Intellectual Property Rights (IPR) management solution.
In the latest development, the IOTA Foundation recently developed three revolutionary products, which they launched in association with the European Commission. With these products, IOTA focuses on raising levels of transparency in numerous industries and sectors.
Moreover, these innovations come within the framework of the European Blockchain Pre-Commercial Procurement (PCP). For context, PCP focuses on developing enhanced solutions for blockchain. Let’s take a look at all three products from IOTA.
1. Digital Product Passport For Electronics (H2)
The DPP for electronics manages the lifecycle of electronic goods. The IOTA Foundation built it in collaboration with the Technical University of Catalonia and eReuse. This tool uses blockchain to ensure that all electronics right from manufacturing to its disassembling and recycling are well recorded.
The DPP addresses key stages in an electronic device’s lifecycle: procurement of the raw materials, manufacturing, utilization, and disposal of the product. Also, there is a record of each level of the process, which guarantees proper documentation of all information about the device regarding its chemical content, breakdowns, and recycling procedures.
Furthermore, effective record-keeping also boosts the area of accountability. The DPP prototype uses IOTA Smart Contracts in order to record key information and to easily track and validate the history of electronic products throughout the chain, per the CNF report.
2. Digital Product Passport For Plastics (H2)
To tackle the ecological concern of plastic waste, the IOTA Foundation has developed a DPP prototype designed specifically for agroplastic products like agricultural mulch films. For this initiative, IOTA has partnered with Digimarc and Agro2Circula, and together, they will work on tracing the journey of plastics right from use to reuse, recycling, and reuse as products, reported Crypto Key News.
However, this operation is rather complex and implies the involvement of many parties, and its specifics depend on national legislation. Nonetheless, the solution gives a comprehensive account of the lifecycle of plastic. It also includes the journey in which the waste is disposed of through recycling and upcycling techniques.
This prototype by the IOTA Foundation provides proof of work in tracking the disposed plastic in a transparent and verifiable manner. As such, it assists in minimizing the effects of plastic waste on the environment.
3. Intellectual Property Rights (IPR) Management Solution (H2)
The third innovation is an identification model created to provide more efficient guidance on Intellectual Property Rights related to the media. IOTA was developed keeping in mind the complexity of the process of licensing music used in films. Thus, this tool uses distributed ledger technology and smart contracts for rights management and royalty payments.
The IPR Marketplace system relies on IOTA Smart Contracts that turn conventional negotiations and paperwork into digital contracts that self-execute and self-enforce. Furthermore, it ensures that rights holders can protect and claim their compensation in an orderly manner, reported CNF.
The system also supports Non-Fungible Tokens (NFTs), designed to ensure timely payment for everyone, from the performer to songwriters and record companies. These NFTs also enhance traceability and reduce disputes.
