crypto-news-flash.com
- IOTA is fueling the innovation of digital passports with applications in agricultural recycling.
- Amidst the bullish twist, the price of IOTA is down at the time of writing.
IOTA, an open-source distributed ledger, recently allied with software company Digimarc to improve the recycling potential of plastics in agriculture. This partnership is part of the second pilot testing of the blockchain-backed Digital Product Passport (DPP) regulation adopted by the European Commission.
The IOTA and Digimarc Partnership
The recycling of plastics in agriculture faces notable challenges, like the need for more transparency and verifiable information. Dominque Guinard, VP of Innovation at Digimarc, noted in a blog post that the partnership with IOTA aims to tackle this challenge with support from the Agro2Circular (A2C) project.
Excited to report on the learnings from our second #DigitalProductPassport pilot. A partnership between @digimarc & @iota tested within the @Agro2Circular #EU project to improve the recycling potential of plastics in agriculture: #DID #VC @GS1 #DigitalLinkhttps://t.co/wa40YxWeQb pic.twitter.com/purh6RhJ3Z
— Dominique Guinard (@domguinard) June 21, 2024
IOTA and Digimarc leveraged the European Blockchain Service Infrastructure (EBSI), a distributed ledger technology designed to facilitate cross-border services within Europe.
The project employs Digimarc’s digital twin technology, an advanced watermark or QR code, to capture real-time product information. This data is stored on the Digimarc Illuminate platform and anchored to the IOTA ledger. It allows stakeholders to track plastic throughout its lifecycle, from waste producer to recycled product.
One of the pilot’s core strengths is exploring a permission trust model. This model utilizes Decentralized Identities (DIDs) and Verifiable Credentials (VCs). These help ensure that only authorized stakeholders can make claims about a product’s sustainability attributes. This approach effectively combats the potential for greenwashing within the system.
The IOTA distributed ledger served as the platform for creating the trust model. For instance, a central government can issue a DID to various agencies. Subsequently, these agencies can issue identities to other participants within the supply chain. Alongside these identities, pre-defined claim types and access permissions are established using the GS1 Common Business Vocabulary (CBV) standard.
Guinard noted that ongoing work on DPPs extends beyond this pilot. Specifically, the firm is actively involved in standardization efforts and is continuously refining its DPP architecture. While uncertainties remain, the VP advised companies to speed up preparations for the upcoming regulations. He stated that the core requirements are well-defined, and substantial groundwork is necessary to ensure compliance by 2027.
Notably, the successful implementation of DPPs holds immense promise for a future characterized by transparency, sustainability, and responsible production practices. The pilot project serves as a stepping stone towards achieving this vision, demonstrating the potential of blockchain and DIDs to empower a more trustworthy product ecosystem.
IOTA’s Commitment to Blockchain Development
IOTA’s commitment to blockchain development is profound. The network recently integrated the Blast API into its Ethereum Virtual Machine (EVM) for enhanced dApp performance. As previously reported by Crypto News Flash, users can expect a fast and easy connection with the IOTA EVM.
In a similar move, IOTA’s EVM has been integrated into Staragate V2 through a bridge, echoing earlier coverage by Crypto News Flash.
While these developments hold promise for the future of the IOTA network, the native-taken IOTA is currently down. At press time, IOTA is trading at $0.1678, demonstrating a 5.2% drop in 24 hours, with the market cap pegged at $555 million.