IOTA is revolutionizing digital passport technology with a focus on agricultural recycling applications. Despite a bullish market trend, the current price of IOTA is experiencing a decline.
Partnering with software company Digimarc, IOTA, an open-source distributed ledger, is working to enhance the recycling capabilities of plastics in agriculture. This collaboration is part of the second phase of testing for the blockchain-supported Digital Product Passport (DPP) framework sanctioned by the European Commission.
The IOTA and Digimarc alliance aims to address challenges in plastic recycling in agriculture, such as the need for increased transparency and verifiable information. Through the support of the Agro2Circular (A2C) project, Dominque Guinard, VP of Innovation at Digimarc, highlighted the significance of this partnership in a blog post.
Leveraging the European Blockchain Service Infrastructure (EBSI), IOTA and Digimarc are utilizing advanced technology like Digimarc’s digital twin technology to capture real-time product data. This information is then stored on the Digimarc Illuminate platform and linked to the IOTA ledger, enabling stakeholders to monitor plastic materials throughout their lifecycle.
The pilot project also explores a permission trust model using Decentralized Identities (DIDs) and Verifiable Credentials (VCs) to ensure that only authorized entities can make claims about a product’s sustainability attributes. By incorporating the GS1 Common Business Vocabulary (CBV) standard, access permissions and claim types are established within the system.
Guinard emphasized that the ongoing work on DPPs extends beyond the pilot phase, with a focus on standardization efforts and continual refinement of the DPP architecture. He advised companies to expedite preparations for upcoming regulations, highlighting the importance of meeting core requirements for compliance by 2027.
The successful implementation of DPPs holds great promise for a future marked by transparency, sustainability, and responsible production practices. This pilot project showcases the potential of blockchain technology and DIDs to create a more trustworthy product ecosystem.
In addition to its work on DPPs, IOTA remains committed to blockchain development by integrating the Blast API into its Ethereum Virtual Machine (EVM) to enhance dApp performance. Despite these advancements, the current price of IOTA has seen a decline, trading at $0.1678 with a 5.2% drop in 24 hours and a market cap of $555 million.
As IOTA continues to push the boundaries of blockchain technology, the potential for innovation and growth in the network remains high. Subscribe to our newsletter for more insights and updates on IOTA.