IOTA is driving innovation in digital passport technology for agricultural recycling applications. Despite a bullish trend, the price of IOTA is currently declining.
The partnership between IOTA, an open-source distributed ledger, and software company Digimarc aims to enhance the recycling potential of plastics in agriculture. This collaboration is part of the second pilot program for the blockchain-supported Digital Product Passport (DPP) regulation adopted by the European Commission.
The project leverages the European Blockchain Service Infrastructure (EBSI) to enable cross-border services in Europe. Digimarc’s digital twin technology, a sophisticated watermark or QR code, captures real-time product information, stored on the Digimarc Illuminate platform and linked to the IOTA ledger. This allows stakeholders to trace plastic from waste production to recycled products.
A key feature of the pilot project is the exploration of a permission trust model using Decentralized Identities (DIDs) and Verifiable Credentials (VCs) to prevent greenwashing. The IOTA ledger serves as the foundation for creating this trust model, ensuring that only authorized stakeholders can make claims about a product’s sustainability.
The ongoing work on DPPs goes beyond the pilot, with a focus on standardization efforts and continuous refinement of the DPP architecture. Companies are encouraged to prepare for upcoming regulations to ensure compliance by 2027, as the core requirements are well-defined.
The successful implementation of DPPs holds promise for a future of transparency, sustainability, and responsible production practices. IOTA’s commitment to blockchain development is evident through recent integrations, such as the Blast API into its Ethereum Virtual Machine (EVM) for improved dApp performance.
While these advancements bode well for the future of the IOTA network, the current market shows a 5.2% drop in IOTA’s value, trading at $0.1678 with a market cap of $555 million. Subscribe to our newsletter for more insights on IOTA and blockchain technology.